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re: At which salary level is an individual “doing well”?
Posted on 4/2/21 at 10:23 pm to white beans
Posted on 4/2/21 at 10:23 pm to white beans
$35K in Bawcomville = $200K in San Francisco.
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 4/2/21 at 10:37 pm to CunningLinguist
When you have more than you can reasonably spend.
Posted on 4/2/21 at 10:44 pm to white beans
In New Orleans I would put it at over $150,000 for a single, and over $275,000 for a couple with 2 kids.
Posted on 4/3/21 at 6:19 am to white beans
Whatever mud til may makes
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.
Posted on 4/3/21 at 7:34 am to ned nederlander
quote:
In New Orleans I would put it at over $150,000 for a single, and over $275,000 for a couple with 2 kids.
Lol although you are technically right that you would be well off making that much, you couldn’t be more wrong with saying that is the threshold. Anyone making over 110k jointly or 70k individually can live a solid lifestyle in LA. Especially right now with the interest rates, you can afford 400k plus housing with that type of salary.
Posted on 4/3/21 at 7:57 am to Warfarer
quote:
, I am going to close the doors and go work for a large company with good retirement and some other benefits.
I did this and the stress went away over night. I had a construction company for 13 years. I worked everyday . Paid off everything I owned but didn't have a retirement account. Now I work 14 days a month I have a pension 401k and 6 weeks vacation. Life is too short to work all the time.
Posted on 4/3/21 at 8:01 am to Fox McCloud
quote:
70k individually can live a solid lifestyle in LA.
Did it for a while. Can confirm. Owned a house and had a damn good tine.
Posted on 4/3/21 at 8:05 am to GATORGAR247
Last year I got irritated about my job on Feb 28. On Feb 29, I went in to the office, packed my shite and peaced out.
I will never work another day of my life doing something I don't want to do. At 46 that is an awesome feeling.
I will never work another day of my life doing something I don't want to do. At 46 that is an awesome feeling.
Posted on 4/3/21 at 8:47 am to white beans
I've always seen, in most places, under 30k tough, 30-50k okay, 50-75k getting there, 75k plus doing well.
Posted on 4/3/21 at 9:07 am to white beans
I’m 33 and not where I want to be, but I’m also not planning for marriage or kids. Is what it is... I don’t even get pets because I spend too much discretionary income.
I’ve got a 401k with my job and standard retirement and just started Acorns for an investment account and Roth IRA account. Dabbling in Robinhood a bit.
I also live in the south so cost of living is cheap; I’d be a lot more comfortable with a house/mortgage than getting fleeced by an apartment but I don’t want the headache of home ownership right now.
I’ve got a 401k with my job and standard retirement and just started Acorns for an investment account and Roth IRA account. Dabbling in Robinhood a bit.
I also live in the south so cost of living is cheap; I’d be a lot more comfortable with a house/mortgage than getting fleeced by an apartment but I don’t want the headache of home ownership right now.
This post was edited on 4/3/21 at 9:09 am
Posted on 4/3/21 at 9:07 am to white beans
In small town La, you can make 100k and live like a king baw. Like you said its all subjective, and how many kids you have is a major factor.
Posted on 4/3/21 at 9:25 am to ItNeverRains
quote:
50% over median income where you reside
That dog don’t hunt.
The median household in Lafayette is 50k, 75k still isn’t shite around here.
Posted on 4/3/21 at 9:31 am to Epic Cajun
quote:
The median household in Lafayette is 50k, 75k still isn’t shite around here.
Home of the $30k millionaires
Posted on 4/3/21 at 9:42 am to Jcorye1
quote:
I've always seen, in most places, under 30k tough, 30-50k okay, 50-75k getting there, 75k plus doing well.
"Well" is relative.
When i was 18+, under 30k was great.
At 25+ and married, 50-75 was very, very good.
But with a kid and stay at home wife a few years later, it was tight.
It all boils down to wants/needs.
Do you need a phone or want a new iphone/watch/airpod?
Do you need a car or want a new car/truck?
Do you need a home or want a subdivision?
Does furniture cost $500 or cost $4k?
Do we cook? Buy pizza? Eat fast food? Or eat out?
Are we drinking milk, water and coffee at home? Or beer/wine/soft drinks?
The great thing about me being poor and frugal when i was young is that i appreciate small levels of want and can live extremely below our means.
We can live on half of our current income. Retirement and investments would take a huge hit. But my mortgage payment is the payment my wife and i could afford waiting tables. My 2007 honda accord is about to hit 200k miles. My wifes 2014 town and country is approaching 115k. In the near future, our $200k household income may feel tight as we get 4 kids into college. But that seems to be the natural progression (or maybe not because im cheap as shite).
Posted on 4/3/21 at 10:23 am to Fox McCloud
quote:
Anyone making over 110k jointly or 70k individually can live a solid lifestyle in LA.
In the city of New Orleans? If you have kids? No.
Posted on 4/3/21 at 10:30 am to ned nederlander
quote:
In New Orleans I would put it at over $150,000 for a single, and over $275,000 for a couple with 2 kids.
Thats a comfortable living in new orleans but you can get by for much less and still send you kids to a private school...whether you're single or married..even with 2 kids. I know people that do it.....granted you would be shocked how many people in this city 1. live way beyond their means and 2. are grown adults and their parents/grandparents pay their bills and kids tutions....as well as the amount of well off couples that receive financial aid to send their kids to private schools.
Posted on 4/3/21 at 10:38 am to white beans
My wife and I live outside of Greenville SC. I’m a flight attendant and she’s a travel nurse. Combined our income is probably around $150,000. However the majority of her income is not taxed. We have zero kids, have one car paid off, the other is very cheap, and our mortgage is very cheap. We rarely eat out. And I rarely buy new clothes or shoes.
Both of our jobs we leave at work, pick when we want to work, and in general have ZERO stress. While we may not seem to have as much as some others, internally I am happy as I’ve ever been and we have plenty of savings and investments. We love to travel and thankfully flights aren’t an expense for us.
Both of our jobs we leave at work, pick when we want to work, and in general have ZERO stress. While we may not seem to have as much as some others, internally I am happy as I’ve ever been and we have plenty of savings and investments. We love to travel and thankfully flights aren’t an expense for us.
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