A surprising revelation by Silicon Valley CEO Damon Chen has shed light on the financial struggles of a tech-employed couple, despite their high income. Chen, founder of Testimonial.to, recently shared the story of his friend, a Google employee, and his wife, who manage to spend a staggering $30,000 per month (approximately ₹25 lakh) on their lifestyle, leaving them living paycheck to paycheck.
Initially skeptical, Chen was shocked to discover the breakdown of the couple’s monthly expenditures. The couple spends $17,000 each month on the mortgage for their $3 million home in the San Francisco Bay Area, while property taxes and private school fees for their child cost an additional $3,000 each. Other costs such as utilities, groceries, dining out, travel, and car maintenance pushed their total monthly expenses to $30,000.
My friend told me he and his wife live paycheck to paycheck.
I don’t believe it because they both are high earners in tech, and he even works for Google. But after doing a little bit of math, I found out he didn’t lie.
• Mortgage: $17,000/month for a $3M home
• Property Tax:…— Damon Chen (@damengchen) October 19, 2024
Despite their impressive earnings, the couple struggles to save due to what some describe as lifestyle inflation.
Chen’s story prompted discussions on social media, with many pointing out the difference between truly living paycheck to paycheck and excessive spending. Some respondents questioned the couple’s financial decisions, noting that owning a $3 million home and still claiming to live paycheck to paycheck may be more about overspending than necessity. One user remarked, “This isn’t paycheck to paycheck; it’s lifestyle inflation and excessive spending.”
Others emphasized the difficulty of living in high-cost areas like the Bay Area, but still criticized the couple’s choice of an extravagant lifestyle without adequate savings.
The conversation highlighted the ongoing debate about wealth, spending habits, and the cost of living in affluent regions like Silicon Valley.
