How much income is enough?

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Caliane

Caliane

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I think the 75k that gets floated around is about right.
That figure is comfortable living, basic cost of living, (phone, mortgage, health insurance,etc) and enough to set aside savings. And, where any unexpected financial hardship won't end you, unless its obscene.
Less then that is sacrifices in savings, or day to day living. More then that is luxury.

And as noted, kids and living location can change that value of course.
 
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Adebisi

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If I was making what I'm making now and living how I was 14 years ago I'd feel like a millionaire.

14 years ago I lived in a room I rented in my buddies house for 300/month all inclusive. Took the bus everywhere. Lived off pasta. Played Tony Hawk nonstop. Drank only the cheapest of beers.

Now I have a wife, kids, mortgage, car payments, insurance...
 
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AladainAF

AladainAF

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Swagdaddy said:
Smart internet stranger bros, how much income do you think would be the minimum cutoff to live comfortably (Owning your own home, one vacation a year, realistic retirement savings, college for kids etc) do you think a typical american family in an average cost of living area whould be?

I don't know very many educated or wealthy people, and I'd like more perspective than people thinking anything over 30k is "rich" (im not kidding)

Maybe to give it some structure something "like X amount by age X" ?
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It depends where you live, and what your definition of "comfortably" is. A lot of that can make a huge difference - for example, I'm well off, but I don't have what most "poor" people have - for example, I don't pay for cable TV, I have a really basic cell phone plan ($60 a month) and have a very dated phone (Wife has a Samsung S4 and I have an S5).

But assuming you want to have a nice respectable house in a nice place, support a family of 4, and have the retirement, etc to quit comfortably around your retirement age (assuming 67 for most of us) and have all the basics like cable TV, etc... I think you can do that in Texas pretty much anywhere except maybe Austin area on 100k-120k a year.
 
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BrutulTM

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It can make a pretty drastic difference how you handle money as well. If you're the type to lease a new car every 3 years vs. someone who pays cash for a 2 year old car and keeps it for 10 years, the difference can be thousands of dollars per year just for transportation. Shit like clothes, restaurants, entertainment, services, etc. can move the needle tens of thousands of dollars.

Also, people don't realize how badly they're getting fucked by living in fancy areas. People in LA not only pay more for their house, but EVERYTHING is more expensive, from parking, to day care, to haircuts, to hiring contractors, to eating out. And people there do shit that most folks in other areas don't even think about, like yoga, therapy, farmer's markets, plastic surgery, etc. They hire housekeepers, dog walkers, live-in nannies, etc. Sure you don't have to do any of that shit, but when people around you are doing it, that affects how you feel about your situation. Driving a 5 year old car in LA will make people judge you, and it better have leather seats and ideally come from Germany. It's not just the price of housing, it's the expectations people have as well.

I make less than half the money now that I did living in the SF Bay Area, but I would say I'm more "comfortable" now than I was then by a large margin.
 
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Blazin

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One of the best things you can do to change lifestyle is to move. The more expensive areas just aren't worth it IMO even if pay seems higher. I use to live on Long Island and everything was silly expensive but I never really appreciated how much more money it was taking to live there till I moved to PA. It takes 80k a year in this area to live comfortably for a lot of families.
 
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ZyyzYzzy

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BrutulTM said:
It can make a pretty drastic difference how you handle money as well. If you're the type to lease a new car every 3 years vs. someone who pays cash for a 2 year old car and keeps it for 10 years, the difference can be thousands of dollars per year just for transportation. Shit like clothes, restaurants, entertainment, services, etc. can move the needle tens of thousands of dollars.

Also, people don't realize how badly they're getting fucked by living in fancy areas. People in LA not only pay more for their house, but EVERYTHING is more expensive, from parking, to day care, to haircuts, to hiring contractors, to eating out. And people there do shit that most folks in other areas don't even think about, like yoga, therapy, farmer's markets, plastic surgery, etc. They hire housekeepers, dog walkers, live-in nannies, etc. Sure you don't have to do any of that shit, but when people around you are doing it, that affects how you feel about your situation. Driving a 5 year old car in LA will make people judge you, and it better have leather seats and ideally come from Germany. It's not just the price of housing, it's the expectations people have as well.

I make less than half the money now that I did living in the SF Bay Area, but I would say I'm more "comfortable" now than I was then by a large margin.
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I can give two shits about living in a fancy area. I give a shit about not having a 4+ hour commute every day and seeing my family. High cost of living places tend to be convenient in regards to getting to high paying positions
 
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Noodleface

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I will let you know when I get there.

I feel I make a good amount of money but it is never enough.
 
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Khane

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The number is just a barometer. Really what the study is pointing out is that more money will indeed help relieve stress and make you happier up until the point where your life's necessities are covered comfortably. After that point there is a very large diminishing return on higher income.
 
Noodleface

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Khane said:
The number is just a barometer. Really what the study is pointing out is that more money will indeed help relieve stress and make you happier up until the point where your life's necessities are covered comfortably. After that point there is a very large diminishing return on higher income.
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Yeah if I were at a point where I never worried about money I would definitely be way happier. Not to say I'm unhappy now, but some months when it gets tight I could see a change.
 
Hekotat

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I pushed 75k in the DFW area last year and was very comfortable. I think I could do with a bit less (And I'm about to have to) but I also do not have a kid or a wife.
 
Shonuff

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Khane said:
I think there was a study done about this. Obviously it greatly varies depending on where you live. Yep found it

Money can buy happiness, but only to a point
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I make way more than I spend. I'm a simple guy. Let me spend time with my family, train in MMA and life weights, and I'm good. I only have one house (no beach house) and I work all the time, so no expensive vacation trips. If I'm on vacation, it's to visit family. I draw 20% of what my business makes in a month (I live in the midwest). The other 80 gets reinvested in the business.
 
Khane

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Haha, really guys? "It's not that I'm happy. I'm just not the opposite of happy"
 
Koushirou

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My first job I was making around $40k/yr. Got a new job and now I'm at $60k/yr but it honestly doesn't feel like I have any more buffer now than when I did before and bills are going to go up soon anyway for my rent and loans this year. Don't know where the fuck all the additional income is going so I'm still stressed to fuck about it.
 
Shonuff

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Palum said:
Yea I'd say money can't make someone happy but a lack of sufficient money can make anyone unhappy.

If that makes sense.
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I remember a time when I was in my 20's, where I was so poor, I would look at soda vending machines and be envious of people that could afford to buy a single soda. I look at where I'm now, and I don't regret those times.
 
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Deruvian

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I do wonder if I'll ever be able to have as much disposal income in my 30s being married and eventually having kids as I did in my 20s being single. Sure salary goes bananas, but I think worrying about spending that on a mortgage and saving for college, etc, are going to seriously put a damper on things. Doesn't help that the fiance has 130k in law school debt.
 
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