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Started By
Message
re: Perfect Annual Salary?
Posted on 7/28/13 at 12:52 pm to I Love Bama
Posted on 7/28/13 at 12:52 pm to I Love Bama
quote:
$100, 000 goes fast. I'm 30 and around this number.
I don't feel even close to well off.
100k should easily make you feel comfortable. You can afford a nice house, car and send your kids to private schools. Of course more money would be great but 100K should be enough to live happy
400k/yr is absolutely ridiculous if you need that to make you feel "happy"
4
Posted on 7/28/13 at 12:53 pm to Lsut81
quote:
I don't know if you are just making up numbers or if this is your scenario, but you're telling me with itemized deductions, you are paying a 30% tax rate???
My gross is just under $100k - my take home is about $5k per month, so whatever numbers he is using he is not "making" them up - I assure you.
Federal and state taxes, a very modest 401k deduction (5%), plus health insurance, group life insurance, etc. - all adds up, brah.
Posted on 7/28/13 at 12:54 pm to trident
quote:
You can afford a nice house, car and send your kids to private schools.
There is...no way...I could afford to send kids to private school on my current salary.
No way...whatsoever.
Posted on 7/28/13 at 12:56 pm to Ace Midnight
quote:
There is...no way...I could afford to send kids to private school on my current salary.
No way...whatsoever.
get out of debt then
Posted on 7/28/13 at 12:58 pm to trident
quote:
get out of debt then
I'm not carrying a whole ton of debt. Stuff just costs money. I don't know what else to tell you.
We are only operating on one income (ETA: Strike that, 2 incomes, I work 2 jobs) - the wife could work and give her entire salary to the private school - but my kids are grown, so we don't have to do that.
This post was edited on 7/28/13 at 12:59 pm
Posted on 7/28/13 at 12:59 pm to trident
I don't live in a nice house.
I drive a ten year old car
No way in hell can I afford any of that stuff right now
I drive a ten year old car
No way in hell can I afford any of that stuff right now
Posted on 7/28/13 at 1:00 pm to I Love Bama
quote:
I don't live in a nice house.
I drive a ten year old car
I live in a 50 year old house. My 2 cars, both in the used market, cost $36k, total, hardly extravagent.
We traveled a bunch this year, but mostly paid for by the military. We clip coupons, I brown bag lunch at work, etc.
No way I could carve out $300 or $400 for private school tuition.
Posted on 7/28/13 at 1:03 pm to trident
quote:
400k/yr is absolutely ridiculous if you need that to make you feel "happy"
That wasn't the OP's question. I could be "happy" living in a one-bedroom apartment reading books and enjoying strolls through the park.
quote:
Something that you can live comfortably off of, have nice things, invest well, and not have to worry about finances...
That number really increases with kids and in an area of high cost of living, especially if the alternative to private schools is "urban" public schools.
And yes, I agree with others that 250k should work in Baton Rouge. My 400k figure included very aggressive savings (what I would WANT to do) and a higher cost of living area.
This post was edited on 7/28/13 at 1:43 pm
Posted on 7/28/13 at 1:07 pm to Ace Midnight
How much is an average daycare for a newborn per month?
My wife and I gross 85k. We have one kid on the way.
$870 mortgage, no debt other than that and I'm holding off long as possible. My goal is to max out both ROTH's each year.
My wife and I gross 85k. We have one kid on the way.
$870 mortgage, no debt other than that and I'm holding off long as possible. My goal is to max out both ROTH's each year.
Posted on 7/28/13 at 1:13 pm to wegotdatwood
quote:
How much is an average daycare for a newborn per month?
Having to look into this as well. We plan on making surprise visits to see which ones we like best. If they say we have to have an appointment, it's a 'no'.
Posted on 7/28/13 at 1:15 pm to wegotdatwood
quote:
My goal is to max out both ROTH's each year.
That's a good plan. That would be Baby Step 4. I'm kind of sort of there.
quote:
How much is an average daycare for a newborn per month?
quote:
We have one kid on the way.
It's not the end of the world, financially, but you will quickly begin to question where all the money went. There is too much emotionality involved in children's expenses. Getting a handle on it early and rediscovering the great and powerful, ancient word, "No" will be key to your survival.
Posted on 7/28/13 at 1:22 pm to Lsut81
quote:
Also, does this change with age and if so, what are those numbers (say at 30/40/50)?
It changes from several issues:
1. Your parents. I grew up in poverty. Food was scarce and Bro and I had malnutrition issues. As children we had no idea we were poor. We discovered it when we went to college on scholarships (our parents had no money to send us to college).
2. When I was in my 20s-30s money became important. I knew where every dollar went. If there was a penny in the parking lot, I picked it up. Clipped coupons, etc.
3. 40s - 50s ..I realized I could have made more money taking a different route. But I was happy that I made a lot more than my parents which was what I was accustomed to.
4. 60s and beyond.. I still retain some vestiges of my poverty. I have a hard time buying nice clothes or taking a vacation trip. But I buy expensive cuts of meat, I don't clip coupons and I don't pick up pennies, nickels or dimes.
I do pick up quarters.
This post was edited on 7/28/13 at 1:24 pm
Posted on 7/28/13 at 1:23 pm to Zach
quote:
I do pick up quarters.
And folding money.
Posted on 7/28/13 at 1:26 pm to Ace Midnight
quote:
And folding money.
Hey, I probably have 10 bucks worth of change that has dropped under the seat of my car but I'm too lazy to get a flashlight and check it out.
Posted on 7/28/13 at 1:27 pm to Ace Midnight
That $100k estimate is pretty accurate. It's not as much as it seems, and it doesn't stretch very far. Health care, family costs, and reasonable "living" expenses (ie eating out, golf, 1-2 small trips in summer, etc.).
Daycare for a newborn, in greater BR area, is about $125-200/week. That shite will add up quick, although it is tax deductible. Not to mention cost of diapers, formula, milk, food, etc. plus clothes (they grow like weeds), toys, bottles, etc.
I'd be "happy" with a household income around $250k at this point (effectively 1.5x current, 27yo wife/child). This would allow me to live in a bigger house, support additional kid soon, contribute more to retirement than current, and maintain current vehicle notes/status.
Daycare for a newborn, in greater BR area, is about $125-200/week. That shite will add up quick, although it is tax deductible. Not to mention cost of diapers, formula, milk, food, etc. plus clothes (they grow like weeds), toys, bottles, etc.
I'd be "happy" with a household income around $250k at this point (effectively 1.5x current, 27yo wife/child). This would allow me to live in a bigger house, support additional kid soon, contribute more to retirement than current, and maintain current vehicle notes/status.
Posted on 7/28/13 at 1:32 pm to LSUtigerME
I would ask the OT their opinion on daycares around the area, but I know the responses would consist mostly of bars, strip clubs, and shady posters' homes.
Posted on 7/28/13 at 1:32 pm to LSUtigerME
quote:
be "happy" with a household income around $250k at this point
In BR that would be just about right. Where I'm at, I could do it with $165k, but my kids are grown. $100k is just barely enough to tread water. (And I'm mid-40s.)
Posted on 7/28/13 at 1:34 pm to LSUtigerME
This reminds me of a study I read about 10 years ago, How much money does one need to make to be considered rich?
Over 80% of the respondents regardless of income, provided the same answer. They listed an income that was double what they were making.
Over 80% of the respondents regardless of income, provided the same answer. They listed an income that was double what they were making.
Posted on 7/28/13 at 1:48 pm to Lsut81
This is so subjective but ill give my personal experience..
Household numbers
Was making 120-175k with no children and felt extremely comfortable in late 20's.
Now making over 300 with two children and feel less secure.. The added responsibility weights heavily on me. The pressure is more and the expenses are much more but I do feel relatively easy when I take a step back.
I also believe being self employed adds to the uneasiness.. Being responsible for others well being besides family sometimes takes a toll when I see them struggle.
Household numbers
Was making 120-175k with no children and felt extremely comfortable in late 20's.
Now making over 300 with two children and feel less secure.. The added responsibility weights heavily on me. The pressure is more and the expenses are much more but I do feel relatively easy when I take a step back.
I also believe being self employed adds to the uneasiness.. Being responsible for others well being besides family sometimes takes a toll when I see them struggle.
This post was edited on 7/28/13 at 1:51 pm
Posted on 7/28/13 at 1:51 pm to Lsut81
I'm not near this and do feel pretty comfortable at my current pay but I would say $500k gross is when I would start having less worries.
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