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re: At which salary level is an individual “doing well”?

Posted on 4/2/21 at 3:21 pm to
Posted by danilo
Member since Nov 2008
20152 posts
Posted on 4/2/21 at 3:21 pm to
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
This post was edited on 4/2/21 at 3:23 pm
Posted by Tuscaloosa
11x Award Winning SECRant user
Member since Dec 2011
46625 posts
Posted on 4/2/21 at 3:21 pm to
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 by RogerTheShrubber
Juneau, AK
Member since Jan 2009
260852 posts
Posted on 4/2/21 at 3:21 pm to
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 by soccerfüt
Location: A Series of Tubes
Member since May 2013
65737 posts
Posted on 4/2/21 at 3:21 pm to
quote:

The more I make, the more my wife and kids spend. I was happiest when I made about half what I make now.
So all you need is......BeerMoney?
Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
260852 posts
Posted on 4/2/21 at 3:24 pm to
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 by StringedInstruments
Member since Oct 2013
18419 posts
Posted on 4/2/21 at 3:27 pm to
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 by bigblake
Member since Jun 2011
2502 posts
Posted on 4/2/21 at 3:31 pm to
(no message)
This post was edited on 4/7/21 at 1:21 pm
Posted by baldona
Florida
Member since Feb 2016
20481 posts
Posted on 4/2/21 at 3:31 pm to
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 by baldona
Florida
Member since Feb 2016
20481 posts
Posted on 4/2/21 at 3:34 pm to
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 by texasmason
Dallas
Member since Apr 2019
1300 posts
Posted on 4/2/21 at 3:34 pm to
Posted by BabyTac
Austin, TX
Member since Jun 2008
12178 posts
Posted on 4/2/21 at 3:34 pm to
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 by Clark W Griswold
THE USA
Member since Sep 2012
10510 posts
Posted on 4/2/21 at 3:34 pm to
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.
Posted by Breauxsif
Member since May 2012
22290 posts
Posted on 4/2/21 at 3:35 pm to
$200K/per year in Seattle, doesn't get you a lot by any means.
Posted by SelaTiger
Member since Aug 2016
18040 posts
Posted on 4/2/21 at 3:36 pm to
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 by bigblake
Member since Jun 2011
2502 posts
Posted on 4/2/21 at 3:36 pm to
(no message)
This post was edited on 4/7/21 at 1:19 pm
Posted by McCaigBro69
TigerDroppings Premium Member
Member since Oct 2014
45086 posts
Posted on 4/2/21 at 3:36 pm to
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.
Posted by deltaland
Member since Mar 2011
90685 posts
Posted on 4/2/21 at 3:37 pm to
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 by S
RIP Wayde
Member since Jan 2007
155707 posts
Posted on 4/2/21 at 3:38 pm to
quote:

I’m at $71K, single, 30 and no kids.



Posted by TigerCoon
Member since Nov 2005
18866 posts
Posted on 4/2/21 at 3:38 pm to
I am gonna need to see your math.
Posted by fallguy_1978
Best States #50
Member since Feb 2018
48587 posts
Posted on 4/2/21 at 3:41 pm to
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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