100K isn't that much today. It is livable, but nothing extravagant. Especially when you have student loans, day care etc... After all the taxes your lucky to get half of that.
EX: Let's say 100K...
Take away $11K in daycare = 89K
Take away property taxes, IL so very high 10K= 79K
Take away federal income tax. Let's go /w 15% after deductions 15K = 63K
Take away health insurance, 6K and that's /w employer coverage =57K
Take away State Income Tax - 5K = 52K
Then we'll add the 5% (It's actually higher) that goes to 401K now we're down to 47K
So thats BEFORE actual other expenses... Toss in a mortgage, food etc... and watch how quickly it goes away.
I feel 200-250K is the true well off category.
Yeah it just depends what kind of life style you want to live. Me wanting to do stuff and travel and buy toys when I want is why I push myself to make more money.You have to consider that being "well-off" is only meaningful if you spend or need the money (nice cars every few years, 2 houses, boat, vacations, etc.). A household with $30k left over every single year (more for dual income) is still doing fine in the savings department and can also grow that money over time. Some are misers despite making a lot so being well-off means absolutely nothing if there is nothing in return. Even in retirement. They'll likely just pass on the money to their kids.
They are married with kids, as are my wife and I. Some vacations we go on with our son some we don't. We're taking him to Aruba with us for a week in 10 days. But yes that is my point that they don't have a lot of extra disposable income after all bills and everyone just has different priorities. My brother and his wife probably make 1/2 of what my wife and I make and they bought a house a couple years ago that they probably shouldn't have, even though they had a lot of equity they put into it. Part of the reason I haven't moved to San Diego is because I don't want to go live somewhere and be house poor, I still want to be able to travel multiple times a year. I could easily find a job out there that would be livable but not in the way I want to be able to live.^ depends if your brother/sister are single and only started working, or have kids too. "A lot of money" is relative but they have to consider their current savings and what needs to be spent on daily living too. To me, under $3k for 5 days all inclusive is a bit much to spend at once. That cost for an entire family of 4 and being able to share memories with their own offspring would lessen the blow though.
I looked up a Turks & Caicos vaca for this year and it was in the $6k range for us. Nope, can't do it even though we have it.
That's a really crappy stipend. I hope you're in a really low COL area. When I was a PhD student, it worked out to be at least $30k/yr.20k/yr, I'm still a grad assistant living in the basement.
Mail-order brides bro.
This whole thread is so rude Our household income is well over $100K, but why would you bring that up to anyone?
Plenty of people make do, considering the median household income in NYC is ~$50k/year. Housing costs more, but when you live in NYC, you don't need a car, so you lose that potentially large monthly expense. And as far as housing goes, there are plenty of neighborhoods that are still affordable and not too bad of a commute into the Manhattan. Property taxes in NYC are also much lower than the surrounding counties, so you gain a little break there as well if you buy.I'm in the Tampa FL area and I'm a little north of $100k for database/data architecture work. We have it pretty comfortable with dual incomes and a low COL. I couldn't imagine trying to live on the same $$ in Cali or NY.
Yay I can post in this thread now! Just got a salary bump to $100,000.15 / year + bonus
28 years old
Work for equipment manufacturer - primarily oil & gas
Engineering degree
Won't post job title.
More wealth than you can imagine, lead software developer, Seattle area in WA.
You people need to not be single when mentioning HCOL areas. A lot of people have the mentality that job A needs to pay at least $150k because that's how much you need there. Umm... dual income! Nobody is expected to live in a HCOL area by themselves so don't talk like it should be the case.
damn you dual income families, damn you to hell.
100K isn't that much today. It is livable, but nothing extravagant. Especially when you have student loans, day care etc... After all the taxes your lucky to get half of that.
EX: Let's say 100K...
Take away $11K in daycare = 89K
Take away property taxes, IL so very high 10K= 79K
Take away federal income tax. Let's go /w 15% after deductions 15K = 63K
Take away health insurance, 6K and that's /w employer coverage =57K
Take away State Income Tax - 5K = 52K
Then we'll add the 5% (It's actually higher) that goes to 401K now we're down to 47K
So thats BEFORE actual other expenses... Toss in a mortgage, food etc... and watch how quickly it goes away.
I feel 200-250K is the true well off category.
damn you dual income families, damn you to hell.
damn you dual income families, damn you to hell.
IL.... my house isn't even 400k. Property taxes are insane. Want to leave trust me.Totally dependent on area.
Where do you live so I make sure not to ever live there. $200/wk for daycare? $800/mo for property taxes? I assume that means you have a million dollar house on that property?
Small town living isn't for every one, but shit I'd take it over that BS.