Why A $100,000 Salary Can’t Buy The American Dream
Video Overview & Insights
More than half (52%) of Americans say they would need at least $100,000 a year to be financially comfortable, according to the August 2023 CNBC Your Money Survey. It’s becoming increasingly more difficult to achieve the American Dream, especially as younger generations are beginning their adulthood with thousands of dollars in student loans. Watch the video above to learn more about how much it costs to achieve the American Dream.
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Chapters:
0:00 Introduction
okeee
1:35 Cost of living
3:30 Rise in consumer debt
Struggling on two grand a week? Youre fckg up somewhere
6:29 Changing American Dream
Produced by: Charlotte Morabito
Young people don't have a chance !!
Edited by: Nora Rappaport
Animation: Jason Reginato, Christina Locopo
Yes costs are up. Equal variables in this issue are the words "budget", "no", and the ability to differentiate between needs and wants.. This is why people making $70k can consistently save money while others making 4x that live paycheque to paycheque. A few examples:
1.Family vacations people used to save 3-4 years for that happened once in a childhood now happen annually charged on credit cards. 2.Granite was once an igneous rock found in New Hampshire, not in kitchen countertops.
3.Brunch was a once a year outing for either Easter or Mother's Day, not a weekly Sunday occurrence. 4.Take away food was only ordered for special annual occasions such as the Super Bowl or Kentucky Derby not for daily lunches.
5.Coffee was obtained by a coffee maker at home, not through a daily trip to a drive thru on the way to work.
6.As a Millennial, the furthest most of us travelled for sports was the local little league diamond. Now many parents sign their kids up for travel sports so the child A.doesn't feel the alleged self-esteem hit from missing out and/or B.parents living vicariously while unrealistically thinking their child will be in the less than 0.5% drafted to the NFL, NHL, or MLB. The children whose parents said no are often the real winners come college when their 529 will fund their education not the student loans and the crushing debt their travel sports counterparts will in all probability face.
I agree with Jessica: Social media has led to a new wave of materialism and overconsumption fueled by FOMO. Too many people see posts from a high school acquaintance showing off their beach vacation, kitchen remodel, or new car and feel they're behind or the kids will feel left out if they don't make similar purchases. What social media doesn't reveal is that acquaintance's personal stress due to their maxed credit card or the fact that they're one unplanned bill or HELOC callback from foreclosure or repossession. Dropping social media 6 months ago after having it 21 years (half my life) has been a game changer for me. So has keeping a written budget with all my chequing accounts, savings accounts, credit cards, and two additional categories: A monthly log tracking my dining out total, and a JOMO: Joy of Missing Out column for not making impulse purchases, gambling, or other frivolous spending.
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images
That would be a decent salary for me even in the most expensive state.
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But do you what $100,000 a year could buy? Some good drugs.
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Americans are becoming 100 percent consumers. No home ownership, No education, No car, No family, and Endless subscriptions. Just look around, it's right in front of your face.
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You really you need that much in Kentucky to feel comfortable. Making 116k in Louisville your doing very good
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That's crazy 😢 I work 80 hours at week. Around 80,000 yearly. The money doesn't have value. Inflation is high rocket. 😢
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The new American dream is leaving the usa. Greed has destroyed living standards. Save money and exit and work as a ex pac.
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american life has become greedy as hell and forever will be until something exploeds, then everybody will be running around crying poor even those at the top
Why A $100,000 Salary Can’t Buy The American Dream
Get into the medical field if you can, good job security and new grads are making 100K! The wife and I got into in about 20 years ago. We chose to work OT to maintain our lifestyles and save but it’s not necessary.
More User Perspectives
Tänk egentligen har man ju aldrig någonsin hittat ett arbete i landet oavsett vilket som man ens i närheten har kunnat leva på blev aldrig någonsin något kvar till mat, transport och nöjen osv....vi talar om hela spektrat av olika arbeten. Jag går snart i pension.
Allt ljugande på nätet bakåt och nu och framåt i betalda reklamsyften är så trist eftersom ingen inte ens når upp till närheten av hälften om deras fantasi lönenivåer!!!
What do you think will happen to this nation if you continue cutting taxes on the rich?
@corey8924Because we took the gold standard off the dollar and started printing money into oblivion just to send to communist china for crap products that get returned on Amazon at a rate of 70% and 90% in some cases. In the meantime, those corporate oligarchs got even richer while the cost of living raised and women entered the workforce making a single income family a thang of the past.
@batmansdad4978Its called the American Dream, cause you have to be asleep to believe it
@DixonButts-69THE AMERICAN DREAM IS GOVERNMENT PROPAGANDA!!! When will people figure this out? The government wants you to buy a house. If you are employee at a company then your job pays massive employee taxes for you already, then you also get taxes taken out of your paycheck. When you buy a house you pay huge property taxes every year and you pay taxes on all the products you buy for the house? You may even buy a second car. The government loves this. Tax after tax after tax. We are all just pawns in their money making machine
@authenticapparel1906Only 1% make 100k/year.
@gundam_ChaosMy wife and I make $165,000 a year. We live in a small Midwest town. We have solid health insurance and have a retirement plan set up. We have two kids… the oldest going to college in 2 years. We take 1 family vacation a year, own a home, we have 3 cars. When I watch videos like this I think it’s just as important to figure out how you’re spending your money, what do you value?
@erikwill2891Theres only two classes now. Rich and poor.
@axesofjusticeguitarsWhen I was single, I was making less than 100k and living great because I didn't have student loans and credit card debt and my mortgage was right about 25% of my monthly take home pay. Now that I am married, my wife and I bring home over 100k and we live with immense peace. Stop letting these people lie to you. 100k is still great money. Its the debt that's killing yall.
@DannysRebirthso.. get me a Dallas Cowboys Cheerleader who makes 75k
@TartaryChristReign1000USA IS A SCAMMMM
@DJKD2928It most certainly can. Stop stealing people’s hope.
@De3533NIf $1 million is not enough, your expenses are way to high.
@xlp4320It depends where you live. I make just over 100k, and I was able to buy a 2 bedroom house for $85k (10 years ago) so my mortgage is less than most people pay for rent. I can help my adult children with expenses, pay my car payment, eat out frequently, and go on vacations.
@jodieXstitchGovernment blocked Google and meta but let's Jeff besos monopoly EVERYTHING
@Sir-Ulrich-Von-LiechtensteinLife's not this bad, everyone's always complaining man
@realestateguyyyOnly 18% of Americans makes more than 100k yearly.
@brianbrown5070Living in DMV Virginia. $100K salary is a joke. Just basic spending is costing $7K a month !
@santyv9466Does anyone really think this is a problem existing only in America?? No this is a worldwide phenomenon. The rich and the big companies do not pay enough or actually no taxes it means that the avarage Joe must pay much more for everything. What can you do?? Try to invest in stocks as much as possible, because this has become the way how you can trick somehow the system. The rich has meanwhile (almost) everything instocks and their life expenses are also covered by their stocks which means the stockmarket is the best place to be, even at the current high valuations. Stockgains are not even so heavy taxed like your salary and the reason is because the rich doesn't want to pay high taxes once they sell some stocks, so in my opinion you are safe considering this part of the deal also. The world is a crazy place, nobody will save you, you have to take care of your own good. Keep investing as much as possible and buy every dips.
@joehoe6036Clinical Psychologist herself looks like a nutjob.
@Necr0Mancer666Well, people can’t get ahead if companies only want to give a 1% pay increase per year.
@babblesp1367Strongly disagree. We live Maryland one of the wealthiest states with a high cost of living, wife doesn't work & I make 105k gross. We have a modest home & pay cash for everything including vehicles. We live comfortably with an emergency fund, savings, investment & retirement accounts. Anyone who makes 100k & says it's not enough should evaluate their lifestyle choices bcz they are obviously living outside of their means.
@j887276I make 59k a year. After taxes etc its 37k. Thats poverty. Even with my raise coming this year itll only be 42k. Still poverty. Id have to make 150k after taxes etc to feel comfortable and actually happy. Sickening
@lilliebobson3146CNBC is a joke now man. 100k is still way more than enough to live happily.
@BJJMDOGHearing this is completely horrible
@ChasingvugsPeople that are evil controls business and controls the world this is what's wrong .
@conniegannon944People have to stop watching Facebook. Give up Starbucks and budget. At52 I’ve made mistakes but I have 1.5M in net worth through saving
@michaelpopp1783Maybe walking around with an $80 stanley cup that you fill multiple times a day at starbucks for up to $20 each time isn't conducive to living within your means
@ImDavidJames$100k was a standard to aim for like 20-30 years ago. Back before every house built was 2500+ sq ft. Family sizes have fallen, but home sizes have only gotten bigger.
@Taco_GodPrivate Equity and Investment companies are destroying all the cheap living places by buying them up and jacking up rents to get their return on investments at everyone's expense. People and companies buying residential homes to flip and AirBNB them are wrecking things as well by driving up costs. So people are getting hit by job creators paying bellow inflation wages and by housing as an investment that runs rampant across the country.
@cfbmoo1These people know nothing I have a 250k house making 55k a year saved up all on my own for it and single income
@fatalriot7971Earning 100k in Seattle is not the dream.
@MrWhite-yg6yk$250K is the new $100K
@omarsharifi2587We need to pause social security for 5-7 years, so that there is enough for Millennials and Gen Z. The Baby Boomers can fend for themselves for the first time in their easy lives.
@Dud-in9iu12% of americans make 100,000 higher than this it drops dramatically.
@jamesmadison7551Fake news
@plber694😂 you only discipline in your life
@plber694