In Bonfire of the Vanities, Sherman McCoy details how he makes $1 million per year and is barely getting by. The goal of the exercise is to make you sick at the extreme wealth enjoyed by this “Master Of The Universe,” but I remember reading the book as a student and thinking that it’s all relative.
After all, if you make $20 million a year as a hedge fund manager it’s unlikely that you’re spending your evenings trolling Priceline for the least expensive motel so you can afford that vacation in the Outer Banks; rather, you’re thinking about which airline’s first-class seats are most comfortable for the annual family outing to Europe.
It’s sad, but it’s reality. The super-rich live differently than you and I.
As a bankruptcy lawyer, I spend a lot of time looking at median income figures. If a client of mine earns above median income then I need to do some additional calculations to see how I can help, whereas below median income households find a simpler means of ending their bill problems.
From Sherman McCoy on one end of the spectrum to a single parent living on the edges of society, “just getting by” means different things to different people.
But what’s the real cost?
According to Dr. Amy K. Glasmeier and The Pennsylvania State University, the Living Wage Calculator shows numbers a bit different than most would consider. The site details the true living wage in different cities and counties, and it’s an eye-opener.
I encourage you to check it out and use the numbers as a guidepost in your search for a balanced personal budget in 2012 and beyond.
Image credit: katerw
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Hi Jay,
Wow, I just jumped over to the calculator – I’m poor and didn’t even know it!! Seriously, we are above the figures but we find it hard to do whatever we want without careful planning. I know those other numbers are horrid. We really all need to help do something about poverty. It’s a disgrace to our country. Thanks for showing that info.
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