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re: At which salary level is an individual “doing well”?
Posted on 4/2/21 at 3:21 pm to white beans
Posted on 4/2/21 at 3:21 pm to white beans
I am a single guy with no kids. I make about $100k and don’t feel like I am doing well. Considering even basic houses around me go for over $300k I certainly don’t feel like a baller.
The thought of having a family with kids and tuition gives me anxiety
The thought of having a family with kids and tuition gives me anxiety
This post was edited on 4/2/21 at 3:23 pm
Posted on 4/2/21 at 3:21 pm to BeerMoney
quote:
The more I make, the more my wife and kids spend. I was happiest when I made about half what I make now.
I will +1 to this. I used to think 6 figures was the threshold to happiness. We live very comfortably, but spent much of my late 20s and early 30s paying off my early 20s. Lots of mistakes back then. 6 figures doesn’t mean shite if you can’t afford to live.
Your magic number depends on probably dozens of factors. I have friends who make $200K a year but can’t afford to go out to eat.
Posted on 4/2/21 at 3:21 pm to baldona
quote:
$400k house
In the bay area, this would be an empty lot.
In most of the country, a 400k house is overkill, unless you have a lot of property.
Posted on 4/2/21 at 3:21 pm to BeerMoney
quote:So all you need is......BeerMoney?
The more I make, the more my wife and kids spend. I was happiest when I made about half what I make now.
Posted on 4/2/21 at 3:24 pm to BeerMoney
quote:
The more I make, the more my wife and kids spend. I was happiest when I made about half what I make now.
Debt and an extravagant lifestyle can tie you to a career you learn to hate.
I think you're doing well if you can pay your bills and have the freedom to quit your work on your own terms.
Posted on 4/2/21 at 3:27 pm to danilo
quote:
I am a single guy with no kids. I make about $100k and don’t feel like I am doing well.
Do you live in San Francisco?
Come the frick on, man.
Posted on 4/2/21 at 3:31 pm to white beans
(no message)
This post was edited on 4/7/21 at 1:21 pm
Posted on 4/2/21 at 3:31 pm to RogerTheShrubber
quote:
In the bay area, this would be an empty lot.
In most of the country, a 400k house is overkill, unless you have a lot of property.
Ha, well certainly but if you are in the Bay area your salary is likely double other places.
I agree with you, but the standard new build neighborhood "starter" homes in most of the south are right around $400k give or take for the cost of living.
Posted on 4/2/21 at 3:34 pm to Paul Allen
quote:
Plenty of people making between 120k-150k live in a 400k house. You don’t need 200k to afford/qualify for a 400k house.
Did you not read my post at all? That's for ALL of those items...
Posted on 4/2/21 at 3:34 pm to white beans
I was still living paycheck to paycheck when I crossed the $100,000 magical number. It was when I hit the $200,000/year salary when I started feeling really comfortable
Posted on 4/2/21 at 3:34 pm to white beans
As long as you live below your means you can be fine. A guy making $200k with a huge mortgage payment and car notes might look rich. A guy making $60k that never had student loans, owns an older car, and has a small house or apt can look poor but probably has less stress.
A homeless man can technically have more money than a person with a job who is in debt from school, cars or homes.
A homeless man can technically have more money than a person with a job who is in debt from school, cars or homes.
Posted on 4/2/21 at 3:35 pm to RogerTheShrubber
$200K/per year in Seattle, doesn't get you a lot by any means.
Posted on 4/2/21 at 3:36 pm to white beans
Someone in Louisiana who makes 50,000 can be way better off living within their means than someone making making 100,000 trading cars in every year or two with a house note they can barely afford.
Posted on 4/2/21 at 3:36 pm to danilo
(no message)
This post was edited on 4/7/21 at 1:19 pm
Posted on 4/2/21 at 3:36 pm to white beans
I’m at $71K, single, 30 and no kids.
I pretty much buy or do whatever I want when I want. Money very rarely is a detriment towards things I enjoy doing.
I will say if I had a kid or a wife I’d need at least twice as much.
I pretty much buy or do whatever I want when I want. Money very rarely is a detriment towards things I enjoy doing.
I will say if I had a kid or a wife I’d need at least twice as much.
Posted on 4/2/21 at 3:37 pm to white beans
Depends on age and where you live but I’d say if you’re in your 30s and not in a place with high living expenses 75-100k is going well. If you’re single
Posted on 4/2/21 at 3:38 pm to McCaigBro69
quote:
I’m at $71K, single, 30 and no kids.
Posted on 4/2/21 at 3:38 pm to baldona
I am gonna need to see your math.
Posted on 4/2/21 at 3:41 pm to RogerTheShrubber
quote:
What's your goal?
I'm not particularly materialistic. I'd just like to exit the rat race as early as possible.
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