Perfect Annual Salary? | Page 7 | TigerDroppings.com
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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
74610 posts

re: Perfect Annual Salary?

quote:

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


That's why I said "live off" and not "make", we make much more but do not use it.


I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
33667 posts

re: Perfect Annual Salary?
She got sisters brah?


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bulldog95
LSU Fan
North Louisiana
Member since Jan 2011
12836 posts

re: Perfect Annual Salary?
This depends on family, where you live, what you do with free time.

I live in a rural setting, ride atv and hunt for fun, we go on 1 family vacation a year, have 0 credit card debt with a student loan.

Wife and I are both mid 30's and together make $100,00+.

We own 300+ acres, 2 gas wells and an oil well.

If we don't make more than this we can live comfortable.


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7186 posts

re: Perfect Annual Salary?
quote:

...congrats?


I would think the congrats are for you, you do all this with more or less half the pay. I just don't see how you tuck 30%, have a full time nanny, mortgage, newer cars, take nice vacations, etc...after taxes.

We either have different opinions of nice or tax evasion is a hobby?


jimbeam
USA Fan
University of LSU
Member since Oct 2011
35756 posts
Online

re: Perfect Annual Salary?
holy shite. this thread is making me feel stressed out already and i'm not even out of school


southernelite
McNeese State Fan
New Orleans
Member since Sep 2009
42527 posts

re: Perfect Annual Salary?
quote:

holy shite. this thread is making me feel stressed out already and i'm not even out of school



i've been stressed, and I have a lot less lofty goals than most in this thread.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
35756 posts
Online

re: Perfect Annual Salary?
hell i'd be stoked to make 100k in my lifetime


wegotdatwood
Member since Aug 2009
17094 posts

re: Perfect Annual Salary?
Sounds like no kids to me.


I'm curious the impact of one kid on our finances. Hoping we can still max our ROTH's.

My wife is itching to get a new SUV. I don't know how long I can hold her off.


southernelite
McNeese State Fan
New Orleans
Member since Sep 2009
42527 posts

re: Perfect Annual Salary?
quote:

hell i'd be stoked to make 100k in my lifetime

I mean, I figure I'll eventually get close or surpass once I get out of college and get in a job and do a few things to enhance my stock as an employee.

I honestly wonder what some of these dudes do, though.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
35756 posts
Online

re: Perfect Annual Salary?
Same. But making 300k won't ever happen for me I'd think


Sigma_
Wake Forest Fan
Member since Jun 2013
46 posts

re: Perfect Annual Salary?
quote:

Same. But making 300k won't ever happen for me I'd think
Hey, don't despair.

If inflation accelerates at some point, it might just do the trick. You may even become a millionaire too.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
35756 posts
Online

re: Perfect Annual Salary?
300k in 2013 dollars


Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
2307 posts

re: Perfect Annual Salary?
quote:

I'm curious the impact of one kid on our finances. Hoping we can still max our ROTH's.


I have a 5 month old. My wife refuses to buy powder formula, changes a diaper whether the color indicator has changed or not, felt we needed every piece of baby equipment available, etc. The special liquid only formula is the killer....$400 a month we are averaging. Just formula.

The money flows out like you wouldn't believe.

We've kept up the retirement contributions but regular saving has definitely taken a hit.


wegotdatwood
Member since Aug 2009
17094 posts

re: Perfect Annual Salary?
quote:

I'm curious the impact of one kid on our finances. Hoping we can still max our ROTH's.


I have a 5 month old. My wife refuses to buy powder formula, changes a diaper whether the color indicator has changed or not, felt we needed every piece of baby equipment available, etc. The special liquid only formula is the killer....$400 a month we are averaging. Just formula.

The money flows out like you wouldn't believe.

We've kept up the retirement contributions but regular saving has definitely taken a hit.





I imagine. That's why I don't want to buy a car.

She'll breast feed and do some bottle. I think she's okay with powder, too. I don't know the science on either.


How much do you spend on diapers? How much do yall net each month?


Right now, debt wise we're doing great. No car notes or student loans, only a mortgage.

When she heads back to work after she has the baby we'll be netting around 5k a month.


I really want to max our ROTH's, it's important to me.



This post was edited on 7/29 at 11:29 pm


Hand
Army Fan
far side of the moon
Member since Dec 2007
2008 posts

re: Perfect Annual Salary?
Purely hypothetical example of a $100k single earner in his late 20s:

$100k
-20k federal
-4.5k state
-6k social security
-1.5k medicare
-1.5k hdhp
-1k disability
-17.5k 401k
-5.5k roth ira
-3.25k hsa
= $39.25k =  $3,270 per month

$3,270
-405 electricity/water/sewage/trash/natty gas/cell phone/internet
-890 car/insurance/gasoline (a not completely shitty 30k car)
-200 consumer debt
-1300 house/insurance/taxes (a not completely shitty 160k house or a not completely shitty apartment)
= $880 = $220 per week

$220
-50 groceries
-75 going out (maybe 2x)
-25 household goods
= $70 per week = $3,640 per year

$3,640
-home repairs & maintenance
-car repairs &maintenance
-lawncare/furnishings/appliances (frick you $800 a pop appliances)
-life insurance
-golf/fishing/hunting
-entertainment/movies/books/netflix/siriusxm/itunes
-replace tv/computer/phone/ipad
-clothing/dry cleaning/gym/haircuts
-charity/gifts/vacations
-etc.

It's not a struggle by any means, but it's not the magic number that our psyche has led us to believe, and it's certainly not the perfect salary because tradeoffs still exist attempting a basic middle class lifestyle.

The hypothetical person in the example probably knows he is fortunate and is appreciative, but due to cognitive biases, he can't shake what Biggie said: mo' money mo' problems. Being poor, you have nothing to lose. Being rich, you can afford to lose. Being in the middle, you're always getting fricked and about to lose it all.


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Hand
Army Fan
far side of the moon
Member since Dec 2007
2008 posts

re: Perfect Annual Salary?
FWIW I read some article a few months ago stating the cost to raise a child to 18 years old in today's dollars is somewhere between $250k and $280k.


wegotdatwood
Member since Aug 2009
17094 posts

re: Perfect Annual Salary?
quote:

FWIW I read some article a few months ago stating the cost to raise a child to 18 years old in today's dollars is somewhere between $250k and $280k.



Yeah, I read the same thing.

I don't know how they can figure that really.



My wife was crying tonight because I said we're not buying a car.

Her car is 6 years old and only has 72k on it.

My car is two years old with 40k on it. I'm hoping we aren't car shopping for a very long time.




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Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
2307 posts

re: Perfect Annual Salary?
quote:

How much do you spend on diapers? How much do yall net each month?


We go through a diaper at every feeding plus some in between. I'd say 8-10 a day. But that's only $60-$70 a month.

quote:

She'll breast feed and do some bottle. I think she's okay with powder, too. I don't know the science on either.


If you can do this, you'll be ok.

In all honesty, none of it really bothers me. He's our first and will be our only, so I'm just soaking everything in.

Eta: we net about $6500/ mo. Mortgage only debt.
This post was edited on 7/29 at 11:53 pm


wegotdatwood
Member since Aug 2009
17094 posts

re: Perfect Annual Salary?
We plan on having two. I'm really excited for our first. How much do you spend on daycare?


Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
2307 posts

re: Perfect Annual Salary?
quote:

We plan on having two. I'm really excited for our first. How much do you spend on daycare?


Its wonderful, just be ready. Ours was 2 months early!

Fortunately my wife works from home and her patents live nearby.


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