My co-workers and I earn about 30K a year, so we are nowhere near the 100k mark, but I can give some insight on how the lower income live/spend. I will start with the single people 25-35 years old. Most of them don’t have any savings. Most of them have some form of debt. Some drive cars that cost more then their annual salary. Most of them have no desire to save for the future or buy a home. With this income it’s very hard to save money or invest. Most of them live check to check. The few that are good with money, tend to work overtime when available and drive modest cars. The ones that are more in debt refuse to work overtime and are more concerned about what’s on sale at the mall. In my 17 years working here, there’s only been one person that bought a condo on their own.
For the married people between ages 25-35 with a spouse of the same income:
They are either saving for a house or already own one. Some have been saving for 5 years or longer and are in worse shape affordability wise then when they started. Most do not have any savings or investments. A few are still living check to check and in debt.
