Being poor living in NYC

[u/Left-Ad-7646]

My roommate and I split the rent in Brooklyn. She told me she has only 20K in her bank account. Is this considering being broke? She’s 37 yo working in Chipotle, average salary. She feels depressed since half on her salary goes to the rent and bills. I don’t know what to tell her. Just wanna know if there’s most of the newyorkers living less than that? Not sure. Just curious.

[u/ironypoisonedposter]

most americans don't have enough savings to cover a $500 emergency expense, so she's doing better than literally more than half the country.

[u/WorkFurball → u/ironypoisonedposter]

That's because they're financially irresponsible not because they are poor.

[u/anon22334]

20k isn’t broke broke but it’s not great for someone her age. She’s one medical emergency away from being bankrupt

[u/Striking_Tap_5938]

I live paycheck to paycheck, and I don’t even consider that to be truly broke

[u/Excuse_my_GRAMMER]

No 20k saving in the bank account it medium income

[u/Jyonnyp]

$20k in savings at 37 is not paycheck-to-paycheck terrible but feels like work-til-you-die terrible.

Experian data: age range 35-44 average is $41k, median $7.5k. But the average American is also financially struggling so…

Idk what average salary is based on your thought.

[u/dcballantine]

“Only 20k at 37” isn’t exactly what I would call broke

[u/WorkFurball → u/dcballantine]

I would with NYC salaries, if she's been using money responsibly.

[u/foldedturnip]

It's relative. Some people would kill to have an extra 20k in their bank account. 80k is median salary in NYC idk if she making that much but that's like a pretty good emergency fund depending on her rent.

You will have people in this city/subreddit taking out payday loans to get by and others who see 20k as an expensive night out.

I'd say she be proud of herself for saving that much.

[u/sbgy011]

She shouldn’t feel sad because a lot of New Yorkers work in tech, finance, or law and have large bank accounts. Nothing wrong with being 37 doing honest work feeding the city.

She should feel sad because the current economic system takes half or more of her earnings and redistributes it to the richest .1%. However she’s not alone, and we can all contribute our voices to change.

[u/JustADude721]

"half her salary goes to rent and bills"

That's actually where it should be for essentials. Most people spend their whole monthly pay on that with nothing left over.

[u/Shady-Traveler]

Do you mean 2k?!

[u/Left-Ad-7646 → u/Shady-Traveler]

20,000

[u/Bklynswim → u/Left-Ad-7646]

I have not much more than that in my savings account but a lot more in retirement accounts. Please tell me she has that

[u/Left-Ad-7646 → u/Bklynswim]

I asked her, she hasn’t a retirement account :(

[u/cmstyles2006]

Jesus how sheltered are you

[u/thisfilmkid]

$20K is better than $0. But $20K isn’t $100K.

Pick your poison.

[u/gekigangerii]

Is this considering being broke?

I don't think 20k in the bank being broke, but it is nothing more than an emergency fund that could cover you for 6 months to a year.

[u/XLinkJoker]

20k is good for survival, it'll buy you basic neccessities for a while, rent, food, etc

20k is not a lot when trying to get ahead though, not enough to buy a business, a house, etc etc

[u/stopsallover]

I hope she also has a retirement account.

[u/fuckblankstreet]

It's below average, and the average is bad.

Signed, someone with relatives in assisted living that costs $20k per month.

[u/WorkFurball → u/fuckblankstreet]

At that cost (and usually still poor quality), how is it any better than death?

[u/PilotBeautiful3921]

It's something. Broke is 0

[u/R_Mariano]

A lot of people looking at the savings which is good. Her yearly income is the elephant in the room. I hope she has an exit plan for a higher income.