This is actually my first post here ever and I haven't yet introduced myself, but I can't help but post this study that I saw someone post on Facebook. Click below to read the analysis and enjoy (or facepalm, throw your laptop into the fireplace, whatever):
Article: "10 Places Where You Can Earn Six Figures and Still Be Broke"
http://www.magnifymoney.com/blog/featured/10-places-can-earn-six-figures-still-broke1352891854So, I live in the DC area, which, according to this "analysis," is the #1 worst place to live for a family of three making $100,000. My fiancé and I currently make just about half of $100,000. Yet, we still manage to save some money. (For more context, we're new to MMM/FIRE and are currently in the process of improving our situation.) I'm sitting here at my desk laughing at the numbers reported in this article. $1,011 for average monthly transportation costs?? $302 for average monthly ENTERTAINMENT costs?! The provided calculations have the average DC family coming in at NEGATIVE -$315 a month. So, wipe out your entertainment costs and at least zero out! The one saving grace of the calculated average costs is that it DOES include personal savings - but only at a rate of 5%.
I just did some super quick calculations and came to this conclusion: If my fiancé and I were making $100k in our current situation, we would easily be able to save AT LEAST 50% of our income. Granted, we don't need childcare and we don't have student debt (or any debt for that matter). Still, that is SIGNIFICANT.
These kind of articles/studies in general frustrate me because it can become a cop-out for so many people who live in these areas and make a decent income. It becomes so easy to say, "oh, welp, it's really expensive to live here and there's nothing I can do about it," while simultaneously out at bottomless brunch.