Why A Six-Figure Salary No Longer Means You’re Rich
in Investing by Holly Johnson
I was born in 1980, and I still remember the days when “bringing in six figures” was a sign of extreme wealth and success. It was more than enough to buy the perfect house with a white picket fence, after all, and achieving that sort of income implied a certain level of status that nearly everyone aspired to. You could even say that a six-figure salary was seen as the real “American dream,” simply because earning that much money meant that you had “made it,” at least in financial terms. As a child, I distinctly remember dreaming of a six-figure income myself, and fantasizing about all of the amazing things I could do with so much money.
Times have changed since then, but the public’s perception of a six-figure salary hasn’t necessarily changed with it. With the median household income stuck at around $53,093 in 2014, an annual salary of nearly twice that still seems like more than enough money to succeed and thrive in any economy, no matter the circumstances. However, a convergence of factors have fundamentally changed what it means to rake in a “six-figure salary” in America, and many families who look rich on paper are merely struggling to get ahead along with everyone else.
Why Six Figures Isn’t What it Used to Be
Earning a six-figure salary is still a sign of status and success, but it no longer guarantees a lifetime of wealth like it once did, especially in certain parts of the country. A recent analysis by USA Today goes even further to say that the average price of living the American dream has now risen to $130,000 per year due the rising costs of nearly everything. The authors of the study claim that the American dream is about “finding and pursuing a rewarding career, leading a healthy and personally fulfilling life, and being able to retire in comfort,” adding that only 1 in 8 households in the U.S. currently earn enough to achieve those goals. But, what exactly has changed?
https://blog.personalcapital.com/investing/six-figure-salary/?utm_source=Twitter&utm_medium=Social&utm_campaign=Twitter-blogpost&utm_content=WhyASixFigureSalaryNoLongerMeansYoureRich
Do we really care about this> This is a great blog but do we have to hear about all the Rich people.?? Alpine and Saddle River wouldn’t lower themselves to talk about this stuff.
RW teachers average around $90k for a 10 month job with a day ending at 3pm, so its really no great accomplishment to make a six-figure salary these days.
Teachers work a lot longer hours than the ones they spend teaching. My mother was a high school teacher (not here) and was constantly correcting papers and doing lesson plans on the dining room table. She also had to meet with students after school and go to numerous evening events–besides back to school nights, there were dances to sponsor, etc.–all assigned and considered part of her job. And she left the house very early every day.
The teacher bashing is really getting old. I have 4 kids either in the Ridgewood Schools or through and I can tell you the number of outstanding, and I mean really outstanding, motivated, teachers they have/had was significant. I don’t think the average for Ridgewood teachers is even close to $90K. Sure there are teachers making that much, but that figure as an average? I doubt it. You look at what someone in another profession makes with a Bachelor’s, Masters, and Doctorate and $90K is pocket change. And don’t give me the 9:00 to 3:00 BS. Take a look at how many of our teachers are involved in clubs, school dances, outward bound programs, intramurals, athletics, bands, cheerleaders, etc….. It is a big number.
I don’t like my tax bill anymore than anyone else, believe me. But if I take the emotion out of the equation and objectively look at what we get for our money, it is pretty darn good. Talk to people in other towns about their school system, talk to a college admissions officer about what they think about “Ridgewood kids.” We get a pretty good return on our money.
A lot of this also depends on what part of the country you live in not just the greater metro areas.
Teachers have it easy compared to most any other professional.
No bashing – just truth.
$90k avg if real for RW (closer to $87 avg)
9-3 is not BS – it is the starting comparison to other professionals whose “scheduled work hours” are 9-6 and then do just as much – if not more – after hours work as any teacher.
The baseline for non-teachers is longer and the afterhours work is (at least) equivalent – so yes, teachers have it comparatively easier
…and complain much more
…and have much better benefits
The teachers deserve their pay while they are working.
It is the lifetime pensions and health benefits that are completely out of whack.