Is six figures that exclusive?

[RaistlinZ]

IMO, you're not really "rich" until you no longer have to work for a paycheck.

I'd rather have no job, have my house and car paid for, and make $1,000/mo in passive rental income than make $100,000/yr working 60-70hrs per week and living paycheck to paycheck.

 

[Engineer]

IMO, you're not really "rich" until you no longer have to work for a paycheck.

I'd rather have no job, have my house and car paid for, and make $1,000/mo in passive rental income than make $100,000/yr working 60-70hrs per week and living paycheck to paycheck.

I have a job, have my house and cars paid for and couldn't come close to living off $1,000 per month right now but then again, I have kids going to college soon, lol!

 

[ponyo]

IMO, you're not really "rich" until you no longer have to work for a paycheck.

I'd rather have no job, have my house and car paid for, and make $1,000/mo in passive rental income than make $100,000/yr working 60-70hrs per week and living paycheck to paycheck.

Lol. You think $1000 a month is going to cover property tax, insurance, and utilties? And are you not going to eat?

 

[Engineer]

Lol. You think $1000 a month is going to cover property tax, insurance, and utilties? And are you not going to eat?

It would cover the tax, insurance and utilities here but as for eating, not even close currently (kids eat a lot). Might squeeze by on $2,000 to $2,500 per month if I "had" to though.

 

[RbSX]

i dunno if i'd consider 30 or so people an adequate sample size to say 6-figures isn't exclusive, Mr Nelson Rockefeller.

I never said it was, I just said to me it wasn't.

 

[gophins72]

Not that it isn't a lot of money, but it is definitely not the lap of luxury I imagined it to be when I was younger.

according to inflation calculators:
What cost $100000 in 1980 would cost $256997.56 in 2009.
What cost $100000 in 1990 would cost $162075.98 in 2009.
What cost $100000 in 2000 would cost $123356.60 in 2009.

so depending on when you were younger is probably why it isnt what you thought it was

 

[CrazyAznDriver]

My wife just finished her residency and is making around 400k now from about 50k before. Now its time to pay off the debt that accumulated in the last 5 years in residency. I don't see us living too differently at the moment. We bought a nice sized house and a new car, a toyota for her.

 

[thepd7]

There should be about $100k in income before purchasing a $250k house.

Making anything less will make you house poor.

Right, so as I said you can have a great house in one of the really nice neighborhoods with $100k. If you live 25 minutes from the city you can get a brand new 1500 sq ft house for $130k.

 

[Spikesoldier]

you know what sucks about making six figures? handing five or six figures in taxes.

 

[MovingTarget]

you know what sucks about making six figures? handing five or six figures in taxes.

Boohoo. I make slightly below the median wage in the US and my taxes are lower. Wanna trade? I certainly would.

 

[gophins72]

hire an accountant, start a tax shelter business

 

[OulOat]

I lived in Austin making $60k, $100k is a ridiculous amount. You can get an oustanding house for $250k in the nice areas still within city limits.

I agree that there are affordable housing close to downtown. However, I don't think 250k can buy anything outstanding in the 15 min radius from DT. Circle C starts at 300k, and I don't consider them outstanding. The homes in Westlake with the crazy hill views are very nice, but they start at 500k. New DT condos been selling (albeit slower now) at a 300k with a crazy monthly HOA.

My point is that someone is raking in the dough and buying these properties. I don't think 100k in small cities is that special anymore.

 

[OulOat]

according to inflation calculators:
What cost $100000 in 1980 would cost $256997.56 in 2009.
What cost $100000 in 1990 would cost $162075.98 in 2009.
What cost $100000 in 2000 would cost $123356.60 in 2009.

so depending on when you were younger is probably why it isnt what you thought it was

Aye, inflation is a thorn on my side. Looking at those figures, I see I must set my goals higher than 100k. I just hope inflation rises slower than my salary.

 

[GTaudiophile]

Aye, inflation is a thorn on my side. Looking at those figures, I see I must set my goals higher than 100k. I just hope inflation rises slower than my salary.

That rarely happens.

 

[Engineer]

That rarely happens.

Not sure about "rarely" but the decade of 2000-2009 was the first decade in US history that both college grads as well as high school grads made less after inflation at the end of the decade than at the start.

 

[BoomerD]

according to inflation calculators:
What cost $100000 in 1980 would cost $256997.56 in 2009.
What cost $100000 in 1990 would cost $162075.98 in 2009.
What cost $100000 in 2000 would cost $123356.60 in 2009.

so depending on when you were younger is probably why it isnt what you thought it was

Step back another ten years and the calculation changes quite a bit:

What cost $100000 in 1970 would cost $546391.77 in 2009.

Also, if you were to buy exactly the same products in 2009 and 1970,
they would cost you $100000 and $17213.11 respectively.

 

[Engineer]

Step back another ten years and the calculation changes quite a bit:

What cost $100000 in 1970 would cost $546391.77 in 2009.

Also, if you were to buy exactly the same products in 2009 and 1970,
they would cost you $100000 and $17213.11 respectively.

And just think how bad it would be without all of the cheap, Chinese (and other sub-wage countries) made stuff were not here?

/sarcasm

 

[ultimatebob]

Hey... If I can make over 100K in a year by doing IT consulting, almost anyone can.

 

[Riceninja]

most of my college friends are making 6 figs...and no one has a family yet. while we're all comfortable, drive nice cars and take vacations twice a year, none of us think we're "rich". the people we work for are "rich".

 

[Craig234]

Another interesting statistic:

If US income distribution had remained at the norm it had been at for decades before the period since Reagan took office, salaries would be about triple what they are.

So much for 'it doesn't hurt you if a few people are extremely rich'.

 

[Argo]

Six figures is living without need.

Seven figures is luxury.

The difference between $250k/year and $1m/year is huge.

That. I'd even venture to say, that if you have a family, then "barely making 6 figures" is still not comfortable. You probably need around $200k for that.

 

[DaWhim]

I worked at a private bank. i considered 6 figures was the low-end.

the more u make, the more u get taxed.

 

[fantolay]

6% is a small amount of the entire population but a huge amount of people.

In my town the average house costs $1.5million. The town is still full and everyone makes > $100k/year (I HOPE) but nobody feels like part of a special club. They have to be members of the Country Club and have a 3D HDTV, 2 guest rooms in their house, a cleaning service, and a couple of maxxed out luxury sedans and THEN they are part of a more exclusive group of people.

 

[JD50]

6 figures isn't as great as I thought it would be either. But it's also different when you've got several kids and the wife doesn't work. I couldn't imagine making the money that I make AND being single.

 

[JD50]

Another interesting statistic:

If US income distribution had remained at the norm it had been at for decades before the period since Reagan took office, salaries would be about triple what they are.

So much for 'it doesn't hurt you if a few people are extremely rich'.

lolcraig