Reading the comments on here, it's incredible how many on HN don't realise how privileged they are. $75,000 is a lot of money, even in NYC and SFO, and the people who think otherwise are probably single 20-30 somethings that insist on living by themselves. Traditionally, children lived with their parents, even after marriage, until they can afford to live on their own.
There are millions of people in America living in much less than $75k per year and doing just fine even in the big cities. (Otherwise, there wouldn't be a "bad part of town") My parents raised three kids on less and they now own a house and two cars. People in higher incomes forget that there is an entire other country of people who make much less money than they do. 72% of households in the US live on less than $75k. In Manhattan, median income is $65k! There is living breathing proof of people living below these numbers everyday. These aren't unicorns. It's not rich, but nor is it poverty, which is defined as $11,500 in NYC for an individual.
Truth of the matter is, if I made $75k, I'd have a $75k lifestyle. If made $150k, I'd have a $150k lifestyle. Even if I made $1M per year, I'd have a million dollar lifestyle and probably still feel poor. I'd drive a more expensive car, buy more expensive groceries, live in more expensive housing, eat at more expensive restaurants, wear more expensive clothes, have more expensive hobbies and take more expensive vacations. What this article claims is that past the magical $75,000 mark, we are as poor as we allow ourselves to be. Saving money and not building debt is very hard to do for most people. It's a fact of life that people like to live beyond their means. I know I do.
There are millions of people in America living in much less than $75k per year and doing just fine even in the big cities. (Otherwise, there wouldn't be a "bad part of town") My parents raised three kids on less and they now own a house and two cars. People in higher incomes forget that there is an entire other country of people who make much less money than they do. 72% of households in the US live on less than $75k. In Manhattan, median income is $65k! There is living breathing proof of people living below these numbers everyday. These aren't unicorns. It's not rich, but nor is it poverty, which is defined as $11,500 in NYC for an individual.
Truth of the matter is, if I made $75k, I'd have a $75k lifestyle. If made $150k, I'd have a $150k lifestyle. Even if I made $1M per year, I'd have a million dollar lifestyle and probably still feel poor. I'd drive a more expensive car, buy more expensive groceries, live in more expensive housing, eat at more expensive restaurants, wear more expensive clothes, have more expensive hobbies and take more expensive vacations. What this article claims is that past the magical $75,000 mark, we are as poor as we allow ourselves to be. Saving money and not building debt is very hard to do for most people. It's a fact of life that people like to live beyond their means. I know I do.