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1
Posted on 7/25/17 at 10:55 am to Displaced
quote:
In 98% of the country, you can live like a damn king on $100k if single/no kids.
I agree
Posted on 7/25/17 at 10:56 am to Mingo Was His NameO
quote:
you need $300,000 a year for many years to build personal wealth
quote:
That's over $30,000 a month
I'm going to pass on financial advice from you.
Posted on 7/25/17 at 10:56 am to Mingo Was His NameO
quote:
300,000 a year for many years to build personal wealth
quote:
That's over $30,000 a month
Sweet math bro.
Posted on 7/25/17 at 10:56 am to 50_Tiger
Dallas is pretty average in terms of cost of living. It's not LA/NYC but pricier than Des Moines.
$100K for a family of 4 in Dallas is stretched pretty thin. No kids and single you're living quite comfortably and should be saving a lot.
$100K for a family of 4 in Dallas is stretched pretty thin. No kids and single you're living quite comfortably and should be saving a lot.
Posted on 7/25/17 at 10:56 am to 50_Tiger
$100K isn't enough for the family of 4, where the parents each drive a $50k vehicle, send kids to private schools, live in a $400k house, eat out every weekend, play travel ball, and take a $3K vacation every summer.
Not going to work.
But, it will work for a family of 4, where the parents are smart and manage money well. It can be done - people do it everyday - and still save money and have a nice life.
Not going to work.
But, it will work for a family of 4, where the parents are smart and manage money well. It can be done - people do it everyday - and still save money and have a nice life.
Posted on 7/25/17 at 10:58 am to Salmon
quote:
It's plenty for 95% of the places in the world
Not all of us are citizens of the world, Salmon
Posted on 7/25/17 at 10:58 am to member12
Just for shits and giggles. 300k w/ maxed out 401k.
https://smartasset.com/taxes/texas-tax-calculator#F3xNSEhuHw
208k leftover for the year.
You have to be knee deep in hookers and blow to not live like a baller in Dallas.
https://smartasset.com/taxes/texas-tax-calculator#F3xNSEhuHw
208k leftover for the year.
You have to be knee deep in hookers and blow to not live like a baller in Dallas.
Posted on 7/25/17 at 10:58 am to btnetigers
quote:
take a $3K vacation every summer.
Where are you going for 3k?
Posted on 7/25/17 at 10:58 am to Pettifogger
My household income, including investment income hovers around 100k.. we dont live like royalty.. but id say we are pretty comfortable. Moderately priced house, one new vehicle, etc. Sure we need to plan ahead for big purchases, but i could go out and and say get a new gun or TV anytime I want..
Im not into keeping up with my neighbors though and live well within my means. Some times its not about what you make, more what you spend.
Then again i only have 1 kid and a bunch of nieces/nephews i buy stuff for so having multiple kids may be different.
Overall it may come down to perspective.. i am better off than 99% of the world and probably own more and have more luxuries than someone in 1980
Im not into keeping up with my neighbors though and live well within my means. Some times its not about what you make, more what you spend.
Then again i only have 1 kid and a bunch of nieces/nephews i buy stuff for so having multiple kids may be different.
Overall it may come down to perspective.. i am better off than 99% of the world and probably own more and have more luxuries than someone in 1980
Posted on 7/25/17 at 10:58 am to member12
For some reason I forgot how many months are in a year.
Posted on 7/25/17 at 10:59 am to cjared036
quote:
I agree. $100,000 is not a whole lot of money. it may keep you afloat and allow you to do a trip a year. but you are not getting wealthy off of it.
you need $300,000 a year for many years to build personal wealth.
Huh?
Even at a modest 6.2% rate of return, 2.7% annual wage growth, saving 15% of your pre-tax income leaves you with over $2.5MM in 35 years. In today's dollars, that is the equivalent of $1MM. That is still significant personal wealth.
Posted on 7/25/17 at 10:59 am to Capo Losi
quote:
its not about what you make, more what you keep.
Posted on 7/25/17 at 11:01 am to TejasHorn
quote:
$100K for a family of 4 in Dallas is stretched pretty thin. No kids and single you're living quite comfortably and should be saving a lot.
Eh depends on the area and if you are sending kids to public schools like most do.
I live like a damn king currently. Hence why I am in no rush to have a ball and chain and procreate
.Posted on 7/25/17 at 11:02 am to Capo Losi
You can definitely live a comfortable life in BR with a household income of 100K.
Posted on 7/25/17 at 11:03 am to jdeval1
Most could live comfortable without making $100,000. It's those damn student loans and credit card bills that kick arse.
Posted on 7/25/17 at 11:03 am to LNCHBOX
quote:
ETA: And for a great many people, less than $100k is a very liveable number. Not everyone desires extravagant lifestyles, so they don't go out of their way to make it.
I agree. I really think a problem in this country is that there are a lot of people who make $100,000 who attempt to live/spend like someone who makes $350,000, when they really should be more similar to someone making $50,000.
Posted on 7/25/17 at 11:03 am to btnetigers
quote:
$100K isn't enough for the family of 4, where the parents each drive a $50k vehicle, send kids to private schools, live in a $400k house, eat out every weekend, play travel ball, and take a $3K vacation every summer.
Not going to work.
But, it will work for a family of 4, where the parents are smart and manage money well. It can be done - people do it everyday - and still save money and have a nice life.
Haha, yes, I agree people are over leveraged.
But there are a lot of urban areas where living on 100k for a family of four means your kids are going to shitty schools and you live in a bad neighborhood. That's even true for plenty of suburban areas.
Now, sure, you can move somewhere else, and kudos to those who decide they need to do so. But, some people are tied to urban areas for jobs or other reasons.
I think it's fair to say that any family of 4 should be able to get by just fine on 100k. But, that doesn't mean you may not have to make pretty meaningful sacrifices (and not just expensive cars - school systems which play into college options, etc.)
Posted on 7/25/17 at 11:06 am to Pettifogger
quote:
Now, sure, you can move somewhere else, and kudos to those who decide they need to do so. But, some people are tied to urban areas for jobs or other reasons.
if I was tied to a job in an urban area that had that high of a COL, I would expect to be paid as such
Posted on 7/25/17 at 11:06 am to bawbarn
quote:
I agree. I really think a problem in this country is that there are a lot of people who make $100,000 who attempt to live/spend like someone who makes $350,000, when they really should be more similar to someone making $50,000.
I remember the financial phases of my life by how I would panic if my account hit a certain number.
Graduated High School: $150 bucks
In College: $750 buck
1st year out of college: $2k (paying debt is fun)
Now: ~$4-5k (I actually learned from here (money board) that keeping too much cash on hand actually is BAD) I try to roll in into my brokerage account and invest. I have a separate rainy day savings.
Life changed quickly after college lol.
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