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Started By
Message
Perfect Annual Salary?
Posted on 7/28/13 at 12:11 pm
Posted on 7/28/13 at 12:11 pm
Just curious what the MTB thinks on the issue.
IYO, what is the perfect salary? Not being greedy, because of course more is better. But what $$$ amount in your mind is something to be proud of, comfortable with, livable? Something that you can live comfortably off of, have nice things, invest well, and not have to worry about finances...
Also, does this change with age and if so, what are those numbers (say at 30/40/50)?
IYO, what is the perfect salary? Not being greedy, because of course more is better. But what $$$ amount in your mind is something to be proud of, comfortable with, livable? Something that you can live comfortably off of, have nice things, invest well, and not have to worry about finances...
Also, does this change with age and if so, what are those numbers (say at 30/40/50)?
16
Posted on 7/28/13 at 12:16 pm to Lsut81
Probably making around $400k per year (including bonus) would be a comfortable place in life, without being so much that you would go crazy spending it.
Posted on 7/28/13 at 12:17 pm to Sigma_
quote:
$400k per year
jesus
I was thinking 100k would be a good life, not a baller but a decent lifestyle
Posted on 7/28/13 at 12:18 pm to Lsut81
I'll take a stab:
25 - 50k+
30 - 100k+
40 - 150k+
50 - 200k+
"No worries" number - 300k+
25 - 50k+
30 - 100k+
40 - 150k+
50 - 200k+
"No worries" number - 300k+
This post was edited on 7/28/13 at 12:19 pm
Posted on 7/28/13 at 12:18 pm to trident
$100, 000 goes fast. I'm 30 and around this number.
I don't feel even close to well off.
I don't feel even close to well off.
Posted on 7/28/13 at 12:21 pm to I Love Bama
$90,000 to $100,000 doesn't go as far as it used to.
Posted on 7/28/13 at 12:21 pm to I Love Bama
Damn, y'all are all fricking ballers...
I mean, when the median income for a male 25-35 with a bachelors degree is somewhere around 50k.
I was thinking in the 70-100k ball park
Again, I'm not talking about the number you'd love to be at to live the wild life, I'm talking about respectable, happy, no worries.
I mean, when the median income for a male 25-35 with a bachelors degree is somewhere around 50k.
I was thinking in the 70-100k ball park
Again, I'm not talking about the number you'd love to be at to live the wild life, I'm talking about respectable, happy, no worries.
This post was edited on 7/28/13 at 12:22 pm
Posted on 7/28/13 at 12:21 pm to Lsut81
quote:
IYO, what is the perfect salary?
Obviously, it depends on situation. But I think the better term would be "household" salary. Once you're married and kids get in the picture, 100k pre-tax won't get you so far with a mortgage, car payment, and student loans.
Household:
25: 100k
30: 130k
40: 175k
50: 250k
Posted on 7/28/13 at 12:23 pm to Lsut81
What kind of question is this? There isn't really a reasonable answer, because everyone has different goals.
There's tons of people living happily at $50k and disgruntled people at $500k.
If I made more, I could simply retire earlier. I'd also maybe travel more than I'm planning to. What about kids? More means giving them more and providing for the start of their adult life.
It definitely changes with age/life. Early on it would be lower, steadily growing to a peak, then falling off at the end.
There's tons of people living happily at $50k and disgruntled people at $500k.
If I made more, I could simply retire earlier. I'd also maybe travel more than I'm planning to. What about kids? More means giving them more and providing for the start of their adult life.
It definitely changes with age/life. Early on it would be lower, steadily growing to a peak, then falling off at the end.
Posted on 7/28/13 at 12:23 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 and 30 and single and you don't feel well off? jesus man.
Posted on 7/28/13 at 12:24 pm to trident
100k would be alright. you still have trade offs between roi and rol. 150k would give you an extra ~2k per month to have fun with.
Posted on 7/28/13 at 12:27 pm to southernelite
quote:
100k and 30 and single and you don't feel well off? jesus man.
No fricking shite.. But like someone pointed out, to each his own.
I know its a hard question, I was just curious what everyone thought. Like I said, the median for a male with a bachelors is around 50k. Thats why I pegged in the 70-100k as being well off.
That easily affords you a 250k mortgage, a nice car, spending money, and putting away a few thousand a month.
Posted on 7/28/13 at 12:32 pm to trident
I guess I was thinking 400k if you wanted to send two kids to private school and save 100k per year. Without that 250k would be a very comfortable place to be in life.
The question was about doing all of these nice things and not worrying about money.
The question was about doing all of these nice things and not worrying about money.
Posted on 7/28/13 at 12:35 pm to Lsut81
quote:
That easily affords you a 250k mortgage, a nice car, spending money, and putting away a few thousand a month.
Not really.
100k/year means taking home about 70k or 6k/month. But then there's health insurance, and whatever you put in 401k or the like. So let's say 5k goes into your bank.
Mortage + Escrow: 1500
Car: 450
TV/Internet: 130
Water/Gas: 100
Energy: 250
Security System: 60
Gasoline: 400
Groceries: 300
Car ins in LA: 200
Student Loans: 400
Cell Phone: 80
So that gives you just over 1000 for everything else.
This post was edited on 7/28/13 at 12:38 pm
Posted on 7/28/13 at 12:38 pm to Sigma_
The answer is that there is no answer. I used to make $80k/year and saved plenty and felt I lived a good life. Then I inherited a few businesses from my uncle and make significantly more but now pay more for housing,dinners,trips,etc so I now feel what i make isn't enough and that more is better. It really doesn't matter how much you make you will always want more bc your spending will go up with your income even though you might save the same percentage of your income. To me, I personally feel that when my investments can earn me enough to make what I make now without working.....that is when my goal is accomplished and I can retire.
It's all about a perfect amount of money to fit your needs. I went to a high school that cost $15k in the late 1990's, the kids had money, but my best friend never cared about money or the big house he grew up in and he's a high school baseball coach today and teaches private lessons so to him making $100k isn't even important, his happiness is. We all have different goals, so there is no perfect number.
FWIW, my perfect number is $1M haha.
It's all about a perfect amount of money to fit your needs. I went to a high school that cost $15k in the late 1990's, the kids had money, but my best friend never cared about money or the big house he grew up in and he's a high school baseball coach today and teaches private lessons so to him making $100k isn't even important, his happiness is. We all have different goals, so there is no perfect number.
FWIW, my perfect number is $1M haha.
This post was edited on 7/28/13 at 12:40 pm
Posted on 7/28/13 at 12:42 pm to ell_13
quote:
100k/year means taking home about 70k or 6k/month. But then there's health insurance, and whatever you put in 401k or the like. So let's say 5k goes into your bank.
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???
Posted on 7/28/13 at 12:45 pm to Lsut81
I'm married with a kid on the way. This is not my situation or my expenses. But if you're single with a 100k salary, bringing home 72k is pretty close to the truth unless you have some serious deductions.
ETA: Federal + State + SS + Med
ETA: Federal + State + SS + Med
This post was edited on 7/28/13 at 12:50 pm
Posted on 7/28/13 at 12:48 pm to ell_13
quote:
bringing home 72k is pretty close to the truth unless you have some serious deductions.
Just went to bankrates estimator and on 100k with no exemption, your 1040 estimated tax is 18k
Posted on 7/28/13 at 12:51 pm to trident
quote:
I was thinking 100k would be a good life, not a baller but a decent lifestyle
Nope. I'm there and it's just "okay" - and I live in a hella low cost of living area.
I think the right number is about 2 fiddy.
Posted on 7/28/13 at 12:52 pm to Lsut81
Add payroll and state taxes to that
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