Articles recently published are asking high-income families to be pitied, saying that they are also battling debt and financial issues.
One example is about a couple who live in New York City. Both are lawyers with two children and each make about $250,000 a year. Their income together totals around $500,000. But from that chunk of income, $36,000 is going to their 401k, $18,000 to charity and $5,000 on the mortgage on their $1.5 million apartment in Brooklyn. They are also still paying off around $32,000 in student debt.
Of course, this sounds like essential spending. However, there is also childcare costing $42,000, three vacations in one year alone which round up to $18,000 in total, payments on two cars and also going out to expensive dinners a couple nights a week.
It seems a little odd having two cars in New York City which isn’t exactly necessary and also incredibly expensive. And the couple is paying $12,000 for their 3- and 5-year old to get piano, violin and academic lessons at such a young age.
After all of this, the couple is only left with $7,300.
But without all the extravagances like two cars, going out to fancy dinners, vacations, etc., the couple could have around $155,000 left over.
Another article claimed that a couple making a combined income of $400,000 was also suffering in $10,000 in debt. But the extra spending on non essentials causes a large loss of that income.
Some of these couples claim that the financial hardships they are facing isn't their fault at all. While some do feel sorry for them, others find the arguments utterly ‘absurd.’
See the full story on the LATIMES.com