Monday, January 30, 2023

Did You Know Half of People Earning Six Figures Are Living Pay Check to Pay Check?

I'm surprised that so many people who earn $100,000+ are living pay check to pay check. That would indicate a couple of problems. Inflation is likely eating up some of that. I'm not sure what the other part is. It might have something to do with lifestyle but it might also have something to do with the overall value of our wages going down year after year. 

Before I go on you can read an article in Fortune 'More than half of Americans raking in $100,000 or more are living paycheck to paycheck'

First, all of this is very dependent on location. Earning $100K in one place is very different then earning $100K in another place. Let us pretend $100K is real money and a family of three could live a solid middle class lifestyle and a single person could live with a few luxuries (People in San Diego would say they are poor and people in Escanaba would say they are wealthy. Big difference in housing costs.). 

Many technology workers and digital workers start in the low six figure range with advanced degrees or specialized skills. The difference being that some are confined to where emerging tech work is being done in expensive cities while others may move wherever they want but likely because of age demographics would be attracted to an expensive city.

*FYI If your a digital nomad you might want to check out Escanaba Michigan. They have updating their data infrastructure recently. Delta County Broad Band.  

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