Welcome back! Stars will be appearing at the Met Gala in New York today. But there is something that shines even brighter than the participants. their incredibly expensive jewelry.
Today's big story focuses on people who feel like they're on a middle-class salary. Not equivalent to a middle class lifestyle.
What's on deck:
But first, six digits is not what it used to be.
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big story
collapse of the middle class
“Recently I feel like I'm in last. The best is over.”
It's been 25 years since Tony Soprano lamented his life. opening scene of “The Sopranos.'' A quarter of a century later, many Americans feel the same way about the middle class.
Business Insider's Jennifer So reports on people earning six figures or more who think they're living the middle-class lifestyle they've always dreamed of. Not realistic considering their salary. In the case of Vincent, a 29-year-old pharmaceutical sales representative, he makes $130,000 a year, but feels he can't afford big-ticket items like a house or a car.
The obituary of the middle class has been written before. In 2015, the Pew Research Center found that middle-income households was in a disadvantageous position.
Still, it got even harder. Owning a home, an important part of middle-class life, has become impossible for many people. According to a recent report from Zillow, homebuyers need to earn more than 80% of ~ Before the pandemic.
But it's not just about life-changing purchases. Stubborn inflation has made everyday shopping a burden, even for something as simple as fast food. And good luck climbing the career ladder to get a higher-paying job. they are not hiring.
Let's address the elephant in the room. Even a six-figure salary is still a lot of money.
What may seem like a bummer to some will be a godsend to others. barely getting by.
Location is a big factor. The aforementioned Vincent lives in Santa Barbara, California, one of the most expensive cities in the most expensive state.
Then why not try living in a city with a more affordable cost of living?
Relocating is easier said than done. Cities with a higher cost of living tend to have more employment opportunities and better jobs. (nevertheless, it is changing.) And, again, even if you're lucky enough to land a fully remote job; Good luck — moving away from big cities Can be costly in the long run.
But for some people, perception is just as harmful as reality. It's always been easy to believe that the grass is greener on the other side, but now with social media he can see it 20 times a day.
Always make sure you're doing well others It's easy to feel bad about your current situation if you look like you're doing it.That's why people like to spend time with friends Someone they consider less valuable than themselves.
News summary
Catch up on Monday's headlines
A quick summary of the weekend's top news.
Three things in the market
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Investors' summer vacation may be cancelled. Rising inflation and stock market volatility have Wall Street workers dreaming of spending their summers in the Hamptons. may be placed on ice.
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Nvidia is dominating earnings season and hasn't even reported yet. The chipmaker has been mentioned directly and indirectly in several of the biggest tech companies' earnings calls this spring. Terms like “AI infrastructure” and “generative AI” Point out that more money is headed to Nvidia Adopts the popular H100 GPU chip.
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Warren Buffett sounds the alarm on AI.At Berkshire Hathaway's annual shareholder meeting on Saturday, Buffett said: Comparing AI to an atomic bomb, said the world had “let the genie out of the bottle.” He also joked about his age and expressed thoughts such as: How would the company proceed without him?.
Three things about technology
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The Seed 100: The Best Early Stage Investors of 2024. Behind most startup founders is an investor who saw their potential, nurtured their ambition, and backed their idea. Now in its fourth year, our list celebrates these numbers. From OpenAI's Sam Altman to Verge Genomics' Alice Zhang. We also highlight the top 40 early-stage female investors. Including Serena Williams of Serena Ventures and Shruti Gandhi of Array Ventures..
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The EV market isn't in crisis, it's just changing. The industry is currently undergoing its biggest change ever. It doesn't mean it's all bad news. Despite how it feels, demand for EVs hasn't completely dried up, and traditional car companies aren't ready to give up on EVs just yet.
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Jack Dorsey is no longer in Blue Sky. Amid the frenzy of posts on X, Dorsey was spilling tea all over the platform — Dorsey Announces that he has left Blue Skiesthe Twitter offshoot that helped him get off the ground
3 things in business
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WorkDay is the worst part of many workers' workdays. WorkDay is supposed to make everyone's life easier, but job seekers, employees, and human resources professionals say it does the opposite. Despite near-universal distaste, more than half of Fortune 500 companies continue to use it. In reality, its advantages outweigh its disadvantages.
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The days of McDonald's dollar menu are long gone. Fast food prices have soared since the pandemic began, and people are tired of it and are ordering smaller portions or choosing to cook at home instead. Calming food inflation, rising wages, etc. Responsible for price increases.
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We need to talk about what's going on with Starbucks drinks. Iced Lavender Oat Milk Matcha, Anyone? BI's Katie Notopoulos was perplexed by the bizarre, multi-ingredient sugary drinks currently available at Starbucks, but said the rise in complex concoctions coincides with the rise in popularity of the Starbucks app.? It pointed out.
What happened today
Insider Today Team: Dan DeFrancesco, deputy editor and anchor based in New York. Jordan Parker Erb is an editor based in New York. Hallam Block, editor, lives in London. Reporter George Glover lives in London. Grace Lett, associate editor, lives in Chicago.
