The Stock Market Is Not The Economy Thread II

[Cantih]

I do not have the skills these 6 figure jobs require.

But simply going to 50k a year would MARKEDLY improve my life & reduce worry.
If you don't have enough money, despite making 100k+, you need to go and cancel your old AOL subscription and shit, because you are fucking up HARD.

[Tyche]

It was a joke. But a 2 bedroom apartment for 3k on a 200k salary is still a heavy lift. By my very rough estimates, that's probably a third of your net pay for a single person with no dependents. If you have excessive student loans, want a family, and save money for retirement and travel, that money begins to spread thin.

My wife and I make about 170-180k a year, we are looking at a 3k mortgage by our best estimates. We aren't struggling.

But I can't imagine if I needed to pay 3k for a 2br apartment on my salary and try to save for a very expensive house because I want a family, pay all my bills and student loans, save for retirement, etc. It doesn't get so comfortable anymore.

[archibaldcrane]

(you are bad at estimating if you think that 36k is 1/3rd of 200k-taxes)

[Cantih]

He does have a LOT of kids, to be fair.
(Or am I thinking of another BGer?)

[archibaldcrane]

It's 28.4% of the most basic tax treatment of 200k salary in California.

[Tyche]

(you are bad at estimating if you think that 36k is 1/3rd of 200k-taxes)

I figured net pay would be about 10k monthly. Again, that was a quick in-my-head estimate.

[Yabby]

I wonder how hardcore the taxes are in Cali. Shit, the local school in my area has 5 millages that take an extra 4k out of me, and i live in Michigan. And that is just for the school, there are firefighting/police/park millages as well. I know rents don't have to worry about this, but my fucking summer/winter property taxes total almost 8k. Don't get me started with HSA's.

[zoobernut]

I know a few Machine learning engineer jobs around 200k that are allowing remote work, what field are you in?

I am in IT. 7 years of experience Windows and OS X support, Sonicwall, Peplink, Ubiquiti, Meraki, Azure AD, AD, JAMF. OS X end user and server certified. T4 support.

[Ayn]

Closer to about 11 or 12k I think.

CA income taxes are around 8-9%.

I'm not as well versed in this (Archi probably knows better), but for all that people complain about property taxes out here, the amount their property taxes are relative to the cost of the homes seems low.

[Yabby]

I am in IT. 7 years of experience Windows and OS X support, Sonicwall, Peplink, Ubiquiti, Meraki, Azure AD, AD, JAMF. OS X end user and server certified. T4 support.

That is a completely different skillset from ML. That said, you do have enough that you could most likely find a good 150k~ job

[Tyche]

I ran this calculator for California for a 200k salary, no deductions. This is the biweekly pay. I think my 10k estimate/30% of net is pretty close.

[Tyche]

I think Archi forgot how much taxes they take out when you don't field a football team of kids.

[Andalusian girls]

It was a joke. But a 2 bedroom apartment for 3k on a 200k salary is still a heavy lift. By my very rough estimates, that's probably a third of your net pay for a single person with no dependents. If you have excessive student loans, want a family, and save money for retirement and travel, that money begins to spread thin.

My wife and I make about 170-180k a year, we are looking at a 3k mortgage by our best estimates. We aren't struggling.

But I can't imagine if I needed to pay 3k for a 2br apartment on my salary and try to save for a very expensive house because I want a family, pay all my bills and student loans, save for retirement, etc. It doesn't get so comfortable anymore.

a joke, aight, but if in earnestness, you have totally lost perspective on how the other half lives if you think an individual making 200K is in any way 'spread thin' or 'lifting heavy'. a single person living off 100Kish a year (with a PhD program that will drastically increase their career earnings comped) after both taxes and rent is in one of the better positions of all humans on earth. people have kids and retire and go on vacations making 1/4th what we're talking about. absolute privilege hours around here smh.

[Andalusian girls]

also the top 1% of global income earners starts at like $58,000 a year (top 1% global wealth starts at like 950k)

citation needed

the world is poor as shit but this seems obscenely low

[Krandor]

I've heard that known around a few times, tho I think my source there is cause someone said it on reddit.

[zoobernut]

That is a completely different skillset from ML. That said, you do have enough that you could most likely find a good 150k~ job

Yeah I was just referring to what Buffy posted. I imagine that I could work in a data center entry level position with my experience. But that might be way off. Also I doubt a data center job can be remote.

[Ayn]

a joke, aight, but if in earnestness, you have totally lost perspective on how the other half lives if you think an individual making 200K is in any way 'spread thin' or 'lifting heavy'. a single person living off 100Kish a year (with a PhD program that will drastically increase their career earnings comped) after both taxes and rent is in one of the better positions of all humans on earth. people have kids and retire and go on vacations making 1/4th what we're talking about. absolute privilege hours around here smh.

Good point. I was annoyed when my rent went up due to a sudden move (long story; don't want to get into it) because it pushed my monthly expenses above a threshold I preferred.

That said, housing expenses taking up 30%+ of my income with what I'm making now is less of a hit than it was some years back, since I'm making more, not carrying the same debt, and live in an area that affords certain amenities previous places didn't.

Even when looking to purchase, looking at how much it takes up isn't the same "oh shit, if I pay that much and one thing goes sideways I may be broke"; there's still stress, but a different kind of stress. It's something I try to remind my friends (who either make significantly more than me, or have dual incomes) incomes.

Greatly oversimplifying it, but I do see what AG's saying. When folks out here (single person with 100k) is saying "that's not enough to live out here!" I'm more like 'yeah you can't buy a 3k square foot home you could buy in the midwest on that, but all else said you can still live a pretty decent quality of life and still invest/save'.

[archibaldcrane]

I wonder how hardcore the taxes are in Cali.

Where is your money going?
Gross Paycheck $200,000
Taxes 30.27% $60,546
Details
Federal Income 21.90% $43,800
State Income 8.37% $16,747
Local Income 0.00% $0

FICA and State Insurance Taxes 6.29% $12,587
Details
Social Security 4.27% $8,537
Medicare 1.45% $2,900
State Disability Insurance Tax 0.57% $1,150
State Unemployment Insurance Tax 0.00% $0
State Family Leave Insurance Tax 0.00% $0
State Workers Compensation Insurance Tax 0.00% $0

Pre-Tax Deductions 0.00% $0
Post-Tax Deductions 0.00% $0
Take Home Salary 63.43% $126,867

[zoobernut]

Where is your money going?
Gross Paycheck $200,000
Taxes 30.27% $60,546
Details
Federal Income 21.90% $43,800
State Income 8.37% $16,747
Local Income 0.00% $0

FICA and State Insurance Taxes 6.29% $12,587
Details
Social Security 4.27% $8,537
Medicare 1.45% $2,900
State Disability Insurance Tax 0.57% $1,150
State Unemployment Insurance Tax 0.00% $0
State Family Leave Insurance Tax 0.00% $0
State Workers Compensation Insurance Tax 0.00% $0

Pre-Tax Deductions 0.00% $0
Post-Tax Deductions 0.00% $0
Take Home Salary 63.43% $126,867

That doesn't even take into account 401k contributions and health insurance premiums which eats further into your take home income.

[synistar]

And assume max SALT deduction ($10k) because property tax (estimator says $4800 on $750k property in SF, $5400 in LA county) and definitely maxing out the mortgage interest or damn near close.