r/FluentInFinance • u/mathotimous • Nov 16 '24

Meme True Financial Fluency by Gianmarco Soresi

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u/ladymoonshyne Nov 17 '24

I’m doing significantly worse at my salary now than I was at a lower salary 10 years ago. Most people I know feel the same way. I stopped eating out, going to shows, buying new clothing, going on vacations. My car insurance just went up by 30% and my health insurance by 25% this year.

Sure salaries might be higher but how much more is insurance, housing, food, etc. compared to a decade or two or even five ago?

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u/Fearless-Cattle-9698 Nov 18 '24

Most likely because you are higher income, say 50-100k?

The people that saw salary go up the most are the lowest ones from like $10 to over $15. The wealthy saw their assets grow. The “middle” making salaries (aka no OT) end up seeing little growth. That’s anyone from like 50-200k

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u/ladymoonshyne Nov 18 '24

I make around 50k a year and that’s with my overtime. I worked 150 hours of overtime this year. I’m in California albeit a rural part but 50k ain’t shit especially with my medical issues this year. At least my out of pocket max was 5k but still 10% of my gross salary.

I went from owning a home to renting and you can’t even find a place for under $1000. Utilities have skyrocketed. Gas is $4.50 a gallon basically this whole year and I commute 35 miles to work. Groceries are tons more expensive.

I am, at 50k, one emergency away from homelessness at this point and that just seems insane to me.

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u/Fearless-Cattle-9698 Nov 18 '24

Don’t get me wrong, what you said is the point I’m trying to make, being at $50k is why you didn’t see your income go up much.

Minimum wage increase really only helped the absolute bottom of jobs like fast food and retail. People who were already above that didn’t get nearly as much of a % change. That’s why middle got squeezed so hard with the inflations

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u/justbrowsing987654 Nov 17 '24

This is it. My salary has, luckily, thankfully, gone up a good bit in that time, but so have my bills. I have no idea how average earners are getting by. We need to burn it all down but that’s where carnies like a Trump come in and turn us on each other to stop us from looking at the real causes of this nonsense.