Perfect Annual Salary? - Page 6 - TigerDroppings.com

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yellowfin
Illinois Fan
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re: Perfect Annual Salary?


you are always going to notice the people that have more than you more than you will those that have less

and lots of them are living on borrowed money

I live off around 100k a year, have a home, 2 vehicles, 2 kids, private school, full time nanny/housekeeper and still have plenty of money left for hobbies. It's all about budgeting






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Thomas Hudson
LSU Fan
Dallas
Member since Dec 2006
7263 posts

re: Perfect Annual Salary?


"Well off" is certainly relative, but here are some personal criteria I've developed:
1) ability to send kids to best schools through high school, whether that means private or affording a house in the best public school district
2) ability to fund children's public college education without any loans
3) ability to eat out at actual restaurants multiple times per week, and ability to travel reasonably well at least twice per year
4) fully funded 401K and 6-12 months emergency (or saving enough to get there soon)
5) ability to throw some additional cash into equity or other investments
6) ability to save and pay cash for $50K+ car (not that you necessarily should)
7) ablility to free pursue other hobbies without serious financial barriers
8) ability to give generously to multiple worthy causes.

Having all this in Manhattan will definitely require greater income than having it in Baton Rouge. In Dallas, which I think is generally pretty average when it comes to cost of living, I think about $250k-$300k should get you there.






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Salmon
USA Fan
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re: Perfect Annual Salary?


yeah I live off a little more than $100k/year and we have a nice home, our oldest vehicle is 3 years old, a newborn, in-home nanny, go on nice vacations and we still put 25%-30% into savings.

I consider myself "well off". We do not worry about money.



This post was edited on 7/29 at 2:06 pm


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Ace Midnight
LSU Fan
Ball, LA - Home, Sweet Home
Member since Dec 2006
29262 posts

re: Perfect Annual Salary?


quote:

live off around 100k a year, have a home, 2 vehicles, 2 kids, private school, full time nanny/housekeeper and still have plenty of money left for hobbies. It's all about budgeting


There is no way I could afford private school or a nanny. No way.

And we tightly budget everything - have for 4 years. I'll admit the student loan debt is the 600 pound gorilla in the room, but a lot of that is prospective - I've only paid about $7k over the past 3 years, and I'm going to be exceeding that every year for the next 7. However, that's it.

No way I could afford the freight for the stuff you guys describe. I should be in a $200k house, and would be, but for the student loans, but that's it.

AND I'm not maxed out on retirement yet.



This post was edited on 7/29 at 2:10 pm


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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32067 posts

re: Perfect Annual Salary?


I don't see how this is possible but props.





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Thomas Hudson
LSU Fan
Dallas
Member since Dec 2006
7263 posts

re: Perfect Annual Salary?


quote:

I don't see how this is possible but props.

I think a lot of it has to do with how long you've been earning that salary too. Your first few years of making $100K might not feel nearly as flush as your 20th year because you haven't had time to do things like pay down student loans or build savings yet.






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Salmon
USA Fan
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re: Perfect Annual Salary?


I guess being poor in college taught me how to manage money..?





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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10807 posts

re: Perfect Annual Salary?


quote:

Years ago I read a poll where they asked people what salary they'd have to make to consider themselves "rich," and people almost universally gave a number about twice what they were currently making.


Anyone that associates yearly income from salary with being "rich" doesn't have a clue how to accumulate wealth.






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yellowfin
Illinois Fan
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re: Perfect Annual Salary?


My wife takes care of all our finances





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AUFanInSoCal
Auburn Fan
Huntington Beach,CA
Member since Nov 2007
905 posts

re: Perfect Annual Salary?


The current salary I have now. But I would like to change my location to Madison,Al.





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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6207 posts

re: Perfect Annual Salary?


quote:

I don't see how this is possible but props.


+1. My house note and nanny are 4k/mo.






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Salmon
USA Fan
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re: Perfect Annual Salary?


...congrats?







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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
10284 posts

re: Perfect Annual Salary?


I didn't read the whole thread.

My "perfect salary" is $150k living in south LA(meaning minimum I have to make to let wife quit). That doesn't include wife's salary. That annual salary would allow her to quit work and still live a comfortable upper middle class lifestyle with 2.3 kids. So, for the foreseeable future wife gon work.



This post was edited on 7/29 at 3:24 pm


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GregYoureMyBoyBlue
Georgia Fan
Member since Apr 2011
2694 posts

re: Perfect Annual Salary?


quote:

Anyone that associates yearly income from salary with being "rich" doesn't have a clue how to accumulate wealth.


Aaand bingo






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EA6B
Navy Fan
TX
Member since Dec 2012
1324 posts

re: Perfect Annual Salary?


quote:

Anyone that associates yearly income from salary with being "rich" doesn't have a clue how to accumulate wealth.


There seems to be only a small correlation between how much a person earns and their ability to manage and invest the money. Many people that made less than 100K/year for their entire working life retire with several million while others that earned hundreds of thousands per year arrive at what would have been their retirement years with only debt.






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southernelite
Iowa State Fan
New Orleans
Member since Sep 2009
40814 posts

re: Perfect Annual Salary?


quote:

you are always going to notice the people that have more than you more than you will those that have less

and lots of them are living on borrowed money

I live off around 100k a year, have a home, 2 vehicles, 2 kids, private school, full time nanny/housekeeper and still have plenty of money left for hobbies. It's all about budgeting


um, doesn't your wife have a trust fund?






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rintintin
New Orleans Saints Fan
Life is Life
Member since Nov 2008
7683 posts
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re: Perfect Annual Salary?


quote:


+1. My house note and nanny are 4k/mo.


Soooo, you spend $48,000 per year on your house note and a nanny. That means you spend $48,000 per year on a house note and nanny, not that you can't manage with less than $100,000/year.






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10807 posts

re: Perfect Annual Salary?


If I spent $48k on a house note and a nanny I'd expect to make multiples of $100k a year.

Fortunately, I don't have a house note or a nanny.






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Ace Midnight
LSU Fan
Ball, LA - Home, Sweet Home
Member since Dec 2006
29262 posts

re: Perfect Annual Salary?


quote:

Many people that made less than 100K/year for their entire working life retire with several million


How is this funded? You mean "some people" who either start saving very, very early (like teens) or people who inherit money, land or businesses, right?

Because several million is more than 2, right? And to get to 3 million dollars in 40 years of working (saving) would require a monthly deposit of around $1500, assuming 6% return over that 40 years.

Even with a more generous 8%, you're still at $900 per month.

But, your broader point is well taken. Millionaires are people who spend less (particularly young), spend smarter and focus on the long game, not necessarily those who earn more money (though it is easier for the high earners to get there.)




This post was edited on 7/29 at 4:41 pm


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Sid in Lakeshore
LSU Fan
Member since Oct 2008
21444 posts

re: Perfect Annual Salary?


quote:

Lsut81


Area of the country impacts this greatly.

In NOLA, you better have $200K household to be "happy". Less will be "a little tight".






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