The Dr. Housing Bubble blog recently featured a post that breaks down how quickly a family of four can spend a $100k yearly salary while living in Southern California. Or — how the top 10% of a families can spend their fortune. The list included things such as
- $350k house in Southern California
- 2 cars
- Cell phone
- Land Phone
- Dry cleaning
- $3k in annual vacation
- 1% to charity
- saving just over 10% into 401k
However, when I view this list, I don’t see a problem of too little. I see a problem of too much.
Poor six-figure wage earners. How troubled their lives must be! Never mind those beneath them. You know, the 90% of households. Let’s focus our attention how rising food and fuel costs are making things tight for those in the top 10% of households.
I suppose we could take this very list and apply it to them. There goes the 401k, vacation, and dry-cleaning. No $500/mo for “entertainment”, and definitely no $350k house in Southern California.
If only those lowly 90% would have had the gumption to invest in their education.