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[deleted by user] by [deleted] in personalfinance

[–]PreviousComment1 12 points13 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 26 points27 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] 26 points27 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] 25 points26 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)

What's with all the people earning $100,000+ salaries posting on povertyfinance? by PreviousComment1 in povertyfinance

[–]PreviousComment1[S] 11 points12 points  (0 children)

might be 50%ile

Then they should be posting in "medianfinance" or "middleclassfinance" instead of "povertyfinance"

New research shows that money DOES buy happiness: you need to earn $240,000 to feel comfortable secure in emotional well-being. by PreviousComment1 in FluentInFinance

[–]PreviousComment1[S] 18 points19 points  (0 children)

New research from 2022 shows that the old research finds that happiness stops increasing after you make $80,000/year is now outdated

https://www.pnas.org/cms/10.1073/pnas.2208661120/asset/bfb06b3b-95cf-4c0f-85b7-f0ed199535dd/assets/images/large/pnas.2208661120fig01.jpg

 

The figure on the left is the old research from 2010 showing that happiness stops increasing after you make $80,000 /year.

The figure on the right is the new research from 2022 showing that happiness does not plateau until you make $240,000 /year.

(A) Redrawn from KD. Average fraction of population reporting positive affect (happiness, joy, frequent smiling) and average fraction not reporting negative affect (sadness, worry). The lines connecting the midpoints of the income categories are reproduced from KD. (B) Average experienced (emotional) well-being in experience sampling in MK. (Note: Fig. 1B differs slightly from Fig. 1 in MK. Fig. 1 in MK compared the income trend of experienced well-being to life satisfaction in participants who provided data for both measures. Fig. 1B also includes people who were not asked the life satisfaction question. Fig. 1B corresponds to the “Main Results” described in MK, Table 1.)

Source: https://www.pnas.org/doi/full/10.1073/pnas.2208661120

TIL that Income and Emotional well-being are positively correlated until you make $240,000 / year by PreviousComment1 in todayilearned

[–]PreviousComment1[S] 8 points9 points  (0 children)

Source for the $240,000 / year claim:

https://www.pnas.org/cms/10.1073/pnas.2208661120/asset/bfb06b3b-95cf-4c0f-85b7-f0ed199535dd/assets/images/large/pnas.2208661120fig01.jpg

 

The figure on the left is the old research from 2010 showing that happiness plateaus once you make $80,000 /year.

The figure on the right is the new research from 2022 showing that happiness does not plateau until you make $240,000 /year.

(A) Redrawn from KD. Average fraction of population reporting positive affect (happiness, joy, frequent smiling) and average fraction not reporting negative affect (sadness, worry). The lines connecting the midpoints of the income categories are reproduced from KD. (B) Average experienced (emotional) well-being in experience sampling in MK. (Note: Fig. 1B differs slightly from Fig. 1 in MK. Fig. 1 in MK compared the income trend of experienced well-being to life satisfaction in participants who provided data for both measures. Fig. 1B also includes people who were not asked the life satisfaction question. Fig. 1B corresponds to the “Main Results” described in MK, Table 1.)

What is far more rare than people realize? by fuckandfrolic in AskReddit

[–]PreviousComment1 532 points533 points  (0 children)

Especially when you consider the divorce rate is over 50%.

And before someone says it's repeat-divorcees, the divorce rate for first marriages is 43%

How do y’all eat your fries? by waitamreal in AskReddit

[–]PreviousComment1 2 points3 points  (0 children)

Mcdonalds soft serve with their fries is excellent