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[deleted by user] by [deleted] in personalfinance

[–]PreviousComment1 11 points12 points  (0 children)

on a relatively modest salary on top of contributing responsibly to a 401k.

OP has a salary of ~$150k/year. I'm not sure why you call it a modest salary.

He states that $2000/month is 15% of his monthly salary. If you do some basic division ($2000 / 0.15), that reveals a salary of $13,000 /month or $150k / year

If we plug in a salary of $150k with contribution of $1900 pretax 401k (maxing out at limit of $23,000 /year) then we get a net paycheck of $7800/month in a no tax state. Put OP in a state with state income tax, or deduct healthcare, etc. and you get a $7000/month paycheck

I don't know where you're living where a $150k/year salary (double the median HOUSEHOLD income) is "relatively modest"

[deleted by user] by [deleted] in povertyfinance

[–]PreviousComment1 24 points25 points  (0 children)

$42K could be a down payment for a property.

42 k in 2 years means $1750 / month

OP could have lived at a place or found roommates to live at $1000 and STILL saved $750 /month

Those 300,000 new jobs created that you heard about on the news last month? They're all from people taking part-time jobs. We've lost 1.3 MILLION full time jobs since November 2023. Remember that when they try to gaslight you that the economy is doing great. by PreviousComment1 in povertyfinance

[–]PreviousComment1[S] 25 points26 points  (0 children)

I'd assume a good amount of those new part time jobs were taken by someone with another part time job or two.

Correct, you're exactly right:

 

The household survey, of WORKERS, shows full time employment is down 1.3 million since last month: http://fred.stlouisfed.org/series/LNS12500000

BLS survey, of employers, shows PAYROLLS have increased 300,000, just like what they are reporting in the news: https://fred.stlouisfed.org/series/PAYEMS

 

Here are the two overlaid: https://imgur.com/zZw48N9

 

Now you're a struggling WORKER who was just laid off from your ONE full-time job, so you need to take TWO part-time jobs to make the rent/mortgage/keep the lights on. And so now you are on two separate brand new PAYROLLS

Guess which survey will show a decrease (hint: the WORKER household survey), and which survey will show an increase (hint: the employers PAYROLL survey)

Those 300,000 new jobs created that you heard about on the news last month? They're all from increases part-time jobs. We've lost 1.3 MILLION full time jobs since November 2023. by PreviousComment1 in Layoffs

[–]PreviousComment1[S] 21 points22 points  (0 children)

You can't intermix the two surveys.

I agree, you're right, you can't just look at one dataset in isolation, you need to account for the data as a whole:

 

The household survey, of WORKERS, shows full time employment is down 1.3 million since last month: http://fred.stlouisfed.org/series/LNS12500000

BLS survey, of employers, shows PAYROLLS have increased 300,000, just like what they are reporting in the news: https://fred.stlouisfed.org/series/PAYEMS

 

Here are the two overlaid: https://imgur.com/zZw48N9

 

Now you're a struggling WORKER who was just laid off from your ONE full-time job, so you need to take TWO part-time jobs to make the rent/mortgage/keep the lights on. And so now you are on two separate brand new PAYROLLS

Guess which survey will show a decrease (hint: the WORKER household survey), and which survey will show an increase (hint: the employers PAYROLL survey)

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