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re: At which salary level is an individual “doing well”?
Posted on 4/2/21 at 3:15 pm to RogerTheShrubber
Posted on 4/2/21 at 3:15 pm to RogerTheShrubber
IMO about $200k. This basically allows you to have all of the "normal" american items:
1.) $400k house
2.) Newish Truck
3.) Newish 2nd vehicle
4.) Save 15-20% to retirement
5.) Decent boat
6.) 1-2 Nice vacations a year.
7.) Eat out a couple times a month for dinner
8.) Not have to pinch pennies
Less than that, and you are cutting out likely at least one of those.
This does not include private school. So would need to be more for that.
ETA: I figured I'd get downvoted but I'd like to hear your opinions? I had a down year last year due to Covid but I made almost $200k in 2019 and after retirement savings I by no means felt like a baller with 3 kids.
1.) $400k house
2.) Newish Truck
3.) Newish 2nd vehicle
4.) Save 15-20% to retirement
5.) Decent boat
6.) 1-2 Nice vacations a year.
7.) Eat out a couple times a month for dinner
8.) Not have to pinch pennies
Less than that, and you are cutting out likely at least one of those.
This does not include private school. So would need to be more for that.
ETA: I figured I'd get downvoted but I'd like to hear your opinions? I had a down year last year due to Covid but I made almost $200k in 2019 and after retirement savings I by no means felt like a baller with 3 kids.
This post was edited on 4/2/21 at 3:33 pm
6
Posted on 4/2/21 at 3:19 pm to baldona
quote:
$400k house
Plenty of people making between 120k-150k live in a 400k house. You don’t need 200k to afford/qualify for a 400k house.
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 3:38 pm to baldona
I am gonna need to see your math.
Posted on 4/2/21 at 7:12 pm to baldona
quote:
Eat out a couple times a month for dinner
My biggest problem. We eat out 3-4 times a week minimum.
Posted on 4/2/21 at 10:35 pm to baldona
quote:
IMO about $200k. This basically allows you to have all of the "normal" american items:
1.) $400k house
With interest rates what they are, a $600k house is affordable on a 200k salary.
As for question of OP, it is all relative. We do well for
ourselves and live like we could live on one salary (we both work).
Posted on 4/3/21 at 7:31 am to baldona
I make around 80k now running my own business but I am also completely tied to the everyday in and outs so I am always working. My house is nearly paid off but don't have much for retirement.
I recently decided that when i finish my current run of contracts, another couple months, I am going to close the doors and go work for a large company with good retirement and some other benefits. They offered me 100k plus annual raises and bonuses and I won't have my hand in the dirt day in and day out. I have spent the last year and a half putting close to 35% of my salary into debt and retirement. My wife makes roughly 50k and has some debt.
Overall, I think we make plenty of money for us, especially once the house is paid off this year.
I recently decided that when i finish my current run of contracts, another couple months, I am going to close the doors and go work for a large company with good retirement and some other benefits. They offered me 100k plus annual raises and bonuses and I won't have my hand in the dirt day in and day out. I have spent the last year and a half putting close to 35% of my salary into debt and retirement. My wife makes roughly 50k and has some debt.
Overall, I think we make plenty of money for us, especially once the house is paid off this year.
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