Boston Gal's Open Wallet

I would be that of the folks who haven't moved forward in life or have fallen backwards, 90% of them own high def TVs and drive SUVs.

I own neither, and my life has never been better.

 

I was going to say the same, The middle class now has more TVs, 2 cars and a home equity loan.

It's not like the same middle class in the 70s, where a car, house and medical insurance were all you needed to be identified as middle class.

It's hard to identify what middle class is today.

 

I'm doing better, but I think that's in large part due to the fact that five years ago I was a full-time student, and now I am just starting to benefit from the degree.

 

Hi BG -when I first saw the headline, I thought "Pew Research" had something to do with church :-)

Despite all the economic turmoil, this is the first year we're actually feeling like we're getting ahead. Gas and food prices are still crazy, though, and seem to be eating away (no pun intended) at our monthly income little by little. While we make a good living, we don't buy high def TV's or expensive cars. We live in a modest home, and any major expenses are to upgrade or do a much needed improvement to the house (this year it's a new driveway). Our focus is to be debt free and build up our savings. We have a good life - we don't need more.

 

I feel like the hamster running on the wheel. I'm a single parent, live outside of Boston, grossing $65,000 annual. My salary has increased by $10,000 in the past 5 years but I've also had to move 3 times in 5 years due to landlords selling apartments. My rent has increased 50% over that time period. I have no debt, no credit cards, live within my means. Rent, elec, phone, heat, car ins, electricity, internet, food & gas consume almost all of my income. I drive a 12 yr old used car paid for in cash, have had the same t.v. for 10 years, no cable, no gadgets, I make my own coffee etc. My only indulgence is a meal out once per month.
I do contribute to retirement & savings but often the savings account is spent on car repairs security deposits for moves, son's activities, non-routine expenses. I definitely don't feel like I'm getting ahead. 5 years ago I thought a salary of $65,000 would allow me to save $ for a down payment for a condo but not in this high cost of living area and inflation.

 

For last five years, I wasn't in the market. So nothing affected me, and I was earning only $20K/yr as a grad student. I was progressing academically, but not financially.

I just started with a six-figure salary, but you can imagine my current my net-worth after being a grad student for 5 years. The only respite is that now I work for a big oil company, so maybe I will be able to beat inflation (we get big bonus as a result of high inflation). Perhaps I could say I have made some progress ....

 

I'm a single mom of two making about $25,000 a year. I am not moving ahead and am instead falling behind. My personal finance skills have made huge leaps forward thanks to Quicken and reading personal finance blogs like yours. I track my income and expenses to the penny, hold my expenses down in new ways (unplugging all of my appliances like my washer and dryer, coffee pot, and toaster when I'm not using them). Through combining errands into one car trip and the aforementioned utilities savings I have been able to absorb the increase in gas and heating without my actual bills going up. It's not enough though. I need to be saving more for retirement, a future used car purchase, an emergency fund, weddings some day, and home repairs. No SUVs, hi def TVs, cell phones, or cable bills here. I am living paycheck to paycheck however which I did not think I would be doing at my age.

 

I am definately doing better than five years ago, but the rise in prices (especially gas and food)has me feeling nervous and frustrated.

Since I'm on a quest similar to your own, I've been seeking every angle to reduce expenses and increase savings, but I'm finding that much of the cost savings I've achieved have lost again to the rising price of necessities.

 

I'm a single mom making $120K and doing much better than 5 yrs ago. I jettisoned expensive husband who consumed a lot of time and resources with very little value add, including companionship. He always needed latest and greatest. Now I have 1 yr of cash in EF, 529 plans, investment acct, no CC or heloc debt. It took me 3.5 yrs of cutting to the bone to turn the ship around but it's done. No hi def, cable, expensive vacations or new cars in the foreseeable future, but I have solid foundation.

 

I'm a single dad of two on $55k/yr. I moved back to the US from overseas 3 years ago and can not believe how backward I feel the country has gone. There are very few things made in America that anyone would want to purchase. College and beyond are both over valued and over priced. Non value adding positions are cherished and over paid. Personally It took me two years to find a full time position here and I am currently looking for a second job to up my income.
If you look at the increased costs of insurance, medical, food, utilities, housing and clothing over the last five years in the US it is little wonder most feel that they have not moved forward...

 

I'm doing better than 5 years ago. I drive the same car, live in the same house, and have the same tv, but I have more than doubled my salary. The difference goes towards savings and retirement :)