Tuesday, November 06, 2007

Wealthy in America

I saw this story on Yahoo about the United States and it said if you make over 40k you make more than half the people in America. Is this true do you think? This is considered household income not just one person. If so then Schmoop and I need to work at being way more frugal than we are because if so many can live on so little we are doing something wrong. I've travelled to third world countries and seen the need and devestation lack of funds can bring and it has stayed with me to my personal life. Schmoop and I believe there are some things that you just can't give enough money too but how about in our personal life. Are we being good stewards of whats been given to us? If this the below chart is true we are alot more accountable than I had originally thought. Here is the breakdown that they gave:
Income level (percentile) Median income (rounded)
Level VI (90 to 100) $170,000
Level V (80 to 89.9) $99,000
Level IV (60 to 79.9) $65,000
Level III (40 to 59.9) $40,000
Level II (20 to 39.9) $24,000
Level I (less than 20) $10,000
How does it make you feel?


mama k said...

Interesting stuff.

I think it is hard when they do averages across the country. The cost of living, as you know, changes drastically depending on where you live. For the cost of my little 20 year old rancher on the East Coast I could have a new construction in the midwest. And then you have car insurance and all the other living expenses that are more here.

Another thing to consider when looking at the stats is debt. If you are living mostly debt free, with the exception of a mortgage and maybe some student loans, you are ahead of most of America. I don't have the stats but on average, we have huge amounts of debt. So while someone may only be making 20,000 per year, they may be living on much much more thanks to credit cards.

For me, it comes down to trying to cut down on the things I can control, like groceries or utilities. And making do with many things that I'd like to replace, like old appliances or carpet. But when you go down to one income many of those things that were options aren't anymore. It comes down to getting by.

Trace said...

"How does it make you feel?" Rich and very very lucky.

Mama K raises a good point, cost of living is regional. My husband works at at fortune 500 company, and they lists the salaries for various positions. Salaries in different states are VERY different.

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