To most people, a hundred grand a year might sound like a pretty nice income.
But these days, it’s barely-getting-by-money, at least according to one Florida couple.
Laura Cone said her family in Tampa figured they’d be set when they crossed the six-figures annual threshold, which they recently did, but then reality set in.
She detailed their salary and expenses in a first-person piece for Yahoo.
She writes: “My lifestyle isn’t extravagant. We are spending less money on clothing, entertainment and anything that is not a necessity. We don’t have money to burn because of the high cost of gasoline, car insurance, groceries and college tuition. We also have a high tax bill every year.”
Cone said the family got burned by the housing meltdown and the stock market decline, and that its costs, most of which seem pretty normal, aren’t going down.
The one good thing, she said, is they avoided debt, so their heads are still above water.
She notes: “Although I admire people who live on fixed incomes or minimum wage, I have no idea how they do it.”
So, what’s your thinking: Is 100k a year the new minimum wage?