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re: How much money does one need to make to be comfortable?
Posted on 2/7/19 at 9:04 am to Arch Madness
Posted on 2/7/19 at 9:04 am to Arch Madness
Not in NYC. Also depends if you have kids and related expenses for kids. Our tuition for two kids in pre-school is more than 3x non-resident LSU tuition. fricking preschool!
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Posted on 2/7/19 at 9:07 am to Epic Cajun
quote:
200k household income is rich, then what is 1 million household income? Those two incomes live a completely different lifestyle
Exactly. This is going to be a bold statement that will be disagreed with, but as someone who grew up in a ~60k income household and now lives in a much higher income household, 200k and 60k have much more in common than 200k and households I know that are truly "rich". Yeah, they are a lot different. I'd categorize 60k as middle class and 200k as upper middle. But it just takes a bit more to crack true upper class.
Posted on 2/7/19 at 9:07 am to Epic Cajun
(no message)
This post was edited on 6/14/20 at 10:06 pm
Posted on 2/7/19 at 9:10 am to Ricardo
quote:
I could take care of a family of four on less than $90k a year without problem and still save for retirement.
I could live pretty cheaply if needed. When I was younger my wife and I had a family of 4 on about 60k per year. We owned a modest home and had a kid in daycare.
Posted on 2/7/19 at 9:10 am to GRTiger
quote:
When you say rich, you're putting it in the same class as every income range above 200k. That's stupid.
Just because their are different levels of rich doesn't mean $200k is "upper middle class". That's pure horseshite.
Plus, with that income, you're well on your way to being a multimillionaire with accumulated wealth.
quote:
That's also stupid
People who make $200k don't want to admit they're very, very well off. They like the folksy nature that middle class exudes, yet they spend money keeping up with the Joneses.
The very fact that people making that kind of money have the audacity to call themselves upper middle class proves that fact.
This post was edited on 2/7/19 at 9:11 am
Posted on 2/7/19 at 9:11 am to Ricardo
quote:
How much do you have to piss away to think less than $100k is not comfortable?
I don't think anyone is arguing that. I grew up on much less than 100k in a family of 4 and my parents sent me and my sister to college debt free. We were very comfortable.
I think the argument spun into where do you go from comfortable to rich. Plus there's the whole, what is comfortable to one is not to another. Some people are comfortable living with credit card debt, some are going to find it necessary to have 6 months savings in case they are laid off. So numbers are going to vary greatly.
Posted on 2/7/19 at 9:13 am to slackster
quote:
Somewhere around $120k or so for household income. That puts you in the 75th percentile.
That is definitely better than the vast majority of people, but it's still not "rich".
For example, I have a friend who is a pharmacist, and probably makes around 120k. His wife doesn't work, she stays home with their 3 kids. He's going to put all 3 of those kids through private school. Do you think he's living some sort of lavish lifestyle after paying private school tuition for 3 kids, a mortgage, two car notes, and saving for retirement?
Are they doing well, and fortunate to be able to send their kids to private school? Definitely. Are they rich? No, not quite.
Posted on 2/7/19 at 9:13 am to fallguy_1978
quote:
Our household income is higher than that and I've always thought of us an upper middle class.
Of course you did, because like I said, everyone wants to be upper middle class.
It's fair to say you've got more in common with a family making $80k than you do Jeff Bezos, but you're still making an upper class income.
Posted on 2/7/19 at 9:14 am to Epic Cajun
200K
Posted on 2/7/19 at 9:15 am to Epic Cajun
quote:
Are they doing well, and fortunate to be able to send their kids to private school? Definitely. Are they rich? No, not quite.
There is quite a significant gap between $120k and $200k though. If you're making $200k in household income, you're generating more income that all but 7% of the families in the US. If that's not rich, or we'll on the way to being rich, I don't know what is.
Posted on 2/7/19 at 9:16 am to slackster
It’s hard to ascribe an exact number to what is “rich” vs. “upper middle class”.
Where you live, whether you’re single, marred, kids/no kids, etc. play a huge factor into that.
Where you live, whether you’re single, marred, kids/no kids, etc. play a huge factor into that.
Posted on 2/7/19 at 9:20 am to Epic Cajun
quote:
If you’re making 80k and you have 1k rent and a reasonable vehicle, you’ll be fine.
You should be taking home around $4500 a month or so with that income.
If you're making 80K and paying 1K rent - thats nuts.
You can afford a 200K home for under 1K/month.
Posted on 2/7/19 at 9:21 am to Ricardo
quote:
What the hell do you guys need to be comfortable?
I don't classify comfortable and rich as equal.
quote:
I could take care of a family of four on less than $90k a year without problem and still save for retirement.
Sure, I don't think that's outlandish. My parents made less than that and I got through undergrad without taking out any loans.
quote:
How much do you have to piss away to think less than $100k is not comfortable?
Comfortable is a relative term, it's going to mean different things to different people. Again, I don't define comfortable and rich as the same thing.
Posted on 2/7/19 at 9:22 am to Epic Cajun
quote:
Comfortable is a relative term,
Absolutely. I'm pretty much a minimalist, so it doesn't take very many material things for me to be comfortable.
Posted on 2/7/19 at 9:22 am to Supermoto Tiger
quote:
If you're making 80K and paying 1K rent - thats nuts.
You can afford a 200K home for under 1K/month
Not with taxes and insurance. Also, you'll need a down payment, so where does one live until that down payment is saved?
Posted on 2/7/19 at 9:22 am to Supermoto Tiger
quote:
If you're making 80K and paying 1K rent - thats nuts.
I'm not sure what you mean here? Is 1k high? It's very dependent upon where you live.
quote:
You can afford a 200K home for under 1K/month.
Well, you can't by a 200k home in some cities (not that you'd want to live in anyway)
Posted on 2/7/19 at 9:23 am to slackster
quote:
There is quite a significant gap between $120k and $200k though.
But apparently both still "rich" or "upper class" right?
Top of line expenses:
401(k) x2 - $38,000
Health - $12,000
HSA - $6,700
That's nearly 50% (120k) and 30% (200K) of your income you never see, before taxes. If standard needs plus top of line savings accounts for 1/3 or more of your gross pay, you're not rich, bubba.
Posted on 2/7/19 at 9:27 am to slackster
quote:
There is quite a significant gap between $120k and $200k though. If you're making $200k in household income, you're generating more income that all but 7% of the families in the US. If that's not rich, or we'll on the way to being rich, I don't know what is.
You are likely sending your kids to the same schools, diving relatively similar vehicles, and probably not too far off on house value at 120k and 200k. Yeah, 200k family may have the LTZ Tahoe compared the LT, and their house might cost 75k more, but it's in the same realm. Therefore they can be tied to that class. Is it distinctly different from lower middle class.....no doubt about it. But it's not rich yet.
Posted on 2/7/19 at 9:31 am to Lsuhack1
quote:
Your top end number doesn’t really matter.
Step 1.
Take your monthly rent/ mortgage and multiply it by 4. If you take home that much your good.
That's the perfect advice.
Your mortgage / rent should not exceed 25% of your after tax take home pay!
THAT is living within your means.
Posted on 2/7/19 at 9:37 am to Supermoto Tiger
quote:
Your mortgage / rent should not exceed 25% of your after tax take home pay!
THAT is living within your means.
quote:
If you're making 80K and paying 1K rent - thats nuts.
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