First of all, thanks for sharing numbers. I live in the UK and often hear folks from the US touting huge salaries and I figured living costs must be higher but never knew by how much.
Second, this is absolutely wild to me. Is this your monthly expenses? I live in a pretty decent sized city in the UK and my mortgage is just under 1k per month. There's no way I could even attempt to spend 2k a month on food. That said I don't send my kids to private school, the state schools in my area are very good.
The idea of earning anywhere close to 500k is utterly mind boggling to me.
Don't think of the above comment as normal. It represents perhaps .01% of Americans. The other ~99% would be just as flabbergasted after reading it as you are.
As far as income is concerned, some of us have the skills to demand that kind of comp even in the current job market, but it's rare - and more rare now than it was 2-3 years ago.
As far as expenses, it's trivially easy to slash those expenses by about a factor of 3 by living somewhere other than one of the most expensive neighborhoods in the US, and in an area with a decent public school system. 2k/month on food is also insane even for a family of 4 and implies a lot of eating out. I feed myself and my fiancée on about $450/month even buying fairly expensive ingredients, but I enjoy cooking.
Some people are just used to a certain lifestyle and are able to support it, so they consider changing it to be unthinkable. I make similar to what the person you're replying to probably makes, but my expenses are about ~$65k/year, and that includes a decent amount of spending that I consider frivolous. It would not be hard to slash another $10k/year off of that with minimal sacrifice. Not until going down toward $50k/year or below would I have to start making serious compromises.
Several millions of people in US make more than 500k, so it’s not really that rare.
$450/mo on food is probably insane for a homeless person in US, or for an average person in Uganda. Why not slash this amount to, say, $50? I’m sure you can do it if you decide to grow your own food on some remote land. Why don’t you “change your lifestyle”?
I spend 2k roughly 50/50 on groceries and eating out. Nothing fancy.
Bottom line: should I move to a shitty area, put my kids to a shitty school, and cook more (which I do not enjoy)? Why? So that whoever owns arsenal can buy an even bigger superyacht next year?
Second, this is absolutely wild to me. Is this your monthly expenses? I live in a pretty decent sized city in the UK and my mortgage is just under 1k per month. There's no way I could even attempt to spend 2k a month on food. That said I don't send my kids to private school, the state schools in my area are very good.
The idea of earning anywhere close to 500k is utterly mind boggling to me.