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re: 100k Club
Posted on 8/22/22 at 12:09 pm to deeprig9
Posted on 8/22/22 at 12:09 pm to deeprig9
quote:
We went from $38k to 75k and that was life changing.
Going from 75k to 100k was cool, but not life changing.
Law of Diminishing returns.
Oh so you're telling me nearly doubling your salary was life changing, and getting a 33% increase wasn't?
I am shocked. Shocked, I tell you.
0
Posted on 8/22/22 at 12:25 pm to Roy Curado
quote:
The jump from the state to private sector allowed me to get my dream truck, afford more nice clothes, furniture, etc., not worry about spending at the grocery store and still have about 2,000$ leftover at the end of the month to save.
Wait until you get married and start having kids you can kiss those leftovers goodbye
Posted on 8/22/22 at 12:32 pm to BadatBourre
Definitely not what I thought it would be coming out of college. You still feel broke ish.Alot goes to investments though. 401k/Bitcoin.
This post was edited on 8/22/22 at 12:33 pm
Posted on 8/22/22 at 12:45 pm to deeprig9
quote:
We went from $38k to 75k and that was life changing.
Going from 75k to 100k was cool, but not life changing.
I have heard that earning anything over ~$60k you are only upgrading your quality of life.( house instead of apartment , nicer car etc... Below that, you are adding things you should have had in the first place. ( insurance, 3 healthy meals, etc)
Posted on 8/22/22 at 2:16 pm to FLObserver
Oh I know, luckily my girlfriend is the biggest saver and I hope that continues through marriage.
Posted on 8/22/22 at 3:29 pm to BadatBourre
Money is the great dissatisfier.
Where thirst is quenched by water, hunger satisfied with food, weather elements turned away by shelter...
That pesky human brain that acquires more money and, before you know it, that 'satisfaction' fades away to be supplanted with the quest for even more.
Point? It don't matter. After you get to 100k, you will be looking for 125k, 150k, etc.
Put the "more time to do what you want" club as high as your 100k Club. Good luck!
Where thirst is quenched by water, hunger satisfied with food, weather elements turned away by shelter...
That pesky human brain that acquires more money and, before you know it, that 'satisfaction' fades away to be supplanted with the quest for even more.
Point? It don't matter. After you get to 100k, you will be looking for 125k, 150k, etc.
Put the "more time to do what you want" club as high as your 100k Club. Good luck!
Posted on 8/22/22 at 3:37 pm to BadatBourre
Don't get too excited. Especially if you're thinking about buying a new house and/or car. In Joe Biden's America, $100K is the new $60K.
Posted on 8/22/22 at 3:58 pm to BadatBourre
The jump I made from 42 --> 60K was more impactful then when I jumped from 92K to $130K.
I'll never forget how much my life changed making $60K a year.
I'll never forget how much my life changed making $60K a year.
Posted on 8/22/22 at 6:20 pm to DiamondDog
200k seems like the new 100k. 5 mil is probably the new 1 mil.
Posted on 8/23/22 at 12:28 am to BadatBourre
Wife and I are both in that club. Unfortunately, we live in Cali so it doesn’t stretch as far as you would think.
Posted on 8/23/22 at 12:57 am to Mingo Was His NameO
quote:
It's like $1,500 a month after tax. Not to mention it's a 25% increase in your pretax contributions.
I am terrible with math. I actually thought it was a 33% increase (25k is 33% of 75k). It’s significant, though.
Investing $1500 a month (after tax amount) for 20 years at 5% returns is $600,000. That’s a second home at a desirable location or retiring two-three years earlier for most.
Posted on 8/23/22 at 9:02 am to 21JumpStreet
quote:
200k seems like the new 100k. 5 mil is probably the new 1 mil.
Nah. There comes a point where, if you don't excessively balloon your spending by changing your life style, you can just sort of stop worrying about money. For most people with their head on straight (and not living in an area with dumb housing prices) that range is likely $400-$600k. Seven figures not much different.
I think that if you get too high you start to increase you cost of living too much (camps, second homes, boats, cars) and it can take your monthly spend into the stratosphere. Not sure where that income level is and is likely variable for each family and location.
The danger is that high incomes tend to be pretty variable so + or - $200k per year is pretty normal.
Posted on 8/23/22 at 9:04 am to BadatBourre
None. Because you should save/pay off all debts with the extra cash and not waste it.
Posted on 8/23/22 at 9:51 am to BadatBourre
it's been 6 years since ive started my full time career, since then ive moved well into the $100k+ area
as it increased all ive done is saved more money
as it increased all ive done is saved more money
Posted on 8/23/22 at 10:33 am to FLObserver
quote:
Wait until you get married and start having kids you can kiss those leftovers goodbye
Years ago when I was single and made 1/3 of what I make now and it was only my income, every 3-4 months I would put an entire two week paycheck into an investment account. Now I make a lot more and we have my wife's income as well...I couldn't even come close to putting an entire paycheck in savings/investment
Posted on 8/23/22 at 10:57 am to BadatBourre
100k "ain't what it used to be" .
It takes about that to get by with a mortgage, cars, insurance, 401k, health expenses, food , entertainment.
If you make 100k you would bring home around $5,800.00 or so a month after all deductions, then deduct all of the above from it and there isn't much left
It takes about that to get by with a mortgage, cars, insurance, 401k, health expenses, food , entertainment.
If you make 100k you would bring home around $5,800.00 or so a month after all deductions, then deduct all of the above from it and there isn't much left
Posted on 8/23/22 at 12:38 pm to BadatBourre
Congrats
keep going
Compounded returns are a lovely thing
keep going
Compounded returns are a lovely thing
Posted on 8/23/22 at 1:02 pm to The Torch
Add in 4 kids, single income.... Definitely not the flex it used to be but should be proud for sure.
Posted on 8/23/22 at 1:11 pm to Maderan
quote:
Nah. There comes a point where, if you don't excessively balloon your spending by changing your life style, you can just sort of stop worrying about money. For most people with their head on straight (and not living in an area with dumb housing prices) that range is likely $400-$600k. Seven figures not much different.
I think that if you get too high you start to increase you cost of living too much (camps, second homes, boats, cars) and it can take your monthly spend into the stratosphere. Not sure where that income level is and is likely variable for each family and location.
The danger is that high incomes tend to be pretty variable so + or - $200k per year is pretty normal.
This post is really only applicable for the MTB slice of posters...a miniscule percent of the population ever touches 400K HH income or more.
Posted on 8/23/22 at 1:22 pm to lynxcat
quote:
This post is really only applicable for the MTB slice of posters...a miniscule percent of the population ever touches 400K HH income or more.
It is bigger than you think probably due to income mobility. $400k is the top 1.8% of households but 12% of the population will find themselves in the top 1% for at least 1 year. 39% will be in the top 5% at least 1 year.
The first link I clicked on didn't have the numbers to reach top 2% but probably around 20% based on the 12% and 39% numbers.
This post was edited on 8/23/22 at 1:22 pm
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