How much $$ do you need to make to feel comfortable?

01-10-2023, 09:42 AM

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#61

katya422

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Originally Posted By Destor⏩

I think $70kish would be pretty good for a single person in my area for baseline comfort

I think this is fair outside of high COL areas.

How are we defining comfortable?

subsistence: can just cover bare essentials

comfortable: can cover needs, invest and splurge a little

well off: can cover needs and long term investments, have emergencies covered [insurance/cash], and enjoy spending on nicer experiences and things without any stress

There was an experiment done back around 2017/2018 that found subjects could identify who was poor [under $35K] and who was rich [over $150K] just by looking at a face pic.

Bjornsdottir and her co-author, psychology professor Nicholas O. Rule, had undergraduate subjects of various ethnicities look at gray-scale photographs of 80 white males and 80 white females. None showed any tattoos or piercings. Half of the photos were of people who made over $150,000 a year, which they designated as upper class, and the other half were people who made under $35,000, or working class.

When the subjects were asked to guess the class of the people in the photos, they did so correctly 68 percent of the time, significantly higher than random chance.

Link:
https://www.cnbc.com/2018/03/02/stud...your-face.html

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Originally Posted By TaeBoNinja⏩

Yep. And rent is where many fall behind bigtime. Home ownership is better in the long run, but it's hard for many to get their starter.

Long term, I wouldn't trust any industry over the next 20-30 years.Things are changing rapidly, so people better stack their wealth and use the tools available to invest or build side incomes.

Definitely a good idea to have multiple skills and sources of income if you are able. Must say that we aren't likely to run out of old/sick people for at least a decade or so. Now if those people have any money, or if anyone is paying well to care for them? Different question.

Originally Posted By MikeLowrrrey⏩

Is Texas good living? Would love to leave Illinois, been thinking about relocating to Houston.

Lot of good things about TX and some things suck. No income tax is nice I guess, but property tax is bad and your property tax doesn't move up an down with your income, it moves up and down with property values and how much the localities want to wring out of the local tax base.

Also beware toll roads, high homeowner's and auto insurance, and high medical expenses. Sales tax is no bargain either.

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01-10-2023, 10:40 AM

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#62

AccountingMajor
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Originally Posted By AlexxVann⏩

Me $135k
Partner $75k

$210k combined income.

We have no kids, albeit we did purchase a $900,000 house.
We're more than comfortable at the moment, add higher interest rates and potentially a kid in the new couple of years and we'll be in a much different financial situation.

Why buy a house with someone you're not married to?

Partner either implies you are not married and just living with your girlfriend or gay.

01-10-2023, 10:55 AM

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#63

HayZues Christi
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Originally Posted By AlexxVann⏩

Me $135k
Partner $75k

$210k combined income.

We have no kids, albeit we did purchase a $900,000 house.
We're more than comfortable at the moment, add higher interest rates and potentially a kid in the new couple of years and we'll be in a much different financial situation.

What do you mean higher interest rates?

Did you get an ARM?

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01-10-2023, 10:59 AM

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#64

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Basically what I make now. Enough to pay all my bills, travel when I want, save on the side and buy whatever BS I want without thinking "can I afford that?"

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01-10-2023, 12:20 PM

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#65

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Originally Posted By elterrible987⏩

"I used to hear that your quality of life never really improved much after 70k a year. "

yeah they been saying that for 20 years now so its probably like 150k now

bump that to 200k

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01-10-2023, 12:27 PM

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#66

BrightThru2014
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Net family income probably in the $550-650k range. I live in a high COL area and that would probably be enough for 1) decent house (and related upkeep); 2) private school; 3) nice vacations; 4) savings (retirement; college; rainy day); 5) childcare; 6) nice car(s); 7) comfortable disposable income to do more or less what we want on a week-to-week basis without having to think about it. We'll be at about $400k~ this year with my wife.

01-10-2023, 12:33 PM

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#67

chad12121
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01-10-2023, 01:15 PM

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#68

AccountingMajor
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Originally Posted By elterrible987⏩

one big ratio would be annual income vs cost of a house.

Also would have to look at jobs in the area.

Like I have said many many times. The avg job here pays $60K. Any jobs that pay more disappear instantly since everyone wants those.

01-10-2023, 01:26 PM

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#69

LinuxJon

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I made around $160k last year and feel like we checked most of the boxes.

Honestly it's more about efficiency for me. I could make more money, but I'd have to be in the office more. I like my noon to 5pm schedule.

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01-10-2023, 01:28 PM

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#70

LinuxJon

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Originally Posted By BrightThru2014⏩

Net family income probably in the $550-650k range. I live in a high COL area and that would probably be enough for 1) decent house (and related upkeep); 2) private school; 3) nice vacations; 4) savings (retirement; college; rainy day); 5) childcare; 6) nice car(s); 7) comfortable disposable income to do more or less what we want on a week-to-week basis without having to think about it. We'll be at about $400k~ this year with my wife.

Geezus. Where and what is the COL?

Housing is the big wild card. I have a buddy who lives on the coast in central CA. Wife owns a real estate biz there, so they can't move. Their mortgage was like $9000/mo for the cheapest home possible that has one bedroom per kid (3 kids, so 4 bedroom).

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01-10-2023, 01:44 PM

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#71

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For me it’s about $800,0000 to $1M a year. Even that isn’t enough money to be truly wealthy, but I could live a middle class life and not have to worry about money

01-10-2023, 02:01 PM

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#72

AccountingMajor
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Originally Posted By LinuxJon⏩

Geezus. Where and what is the COL?

Housing is the big wild card. I have a buddy who lives on the coast in central CA. Wife owns a real estate biz there, so they can't move. Their mortgage was like $9000/mo for the cheapest home possible that has one bedroom per kid (3 kids, so 4 bedroom).

My old supervisor was like this. Both him and wife had to have made over $400K together, and own a home in San Diego.
They lived in the nice area (not around all the Mexicans in a shack) looked sort of like this. They also had 3 kids (that I've seen)

https://www.zillow.com/homedetails/1...16867952_zpid/

It's still 50% of their income. But the alternative is you live in a Mexican neighborhood which a lot of people do not want:

https://www.zillow.com/homedetails/5...17089299_zpid/

01-10-2023, 02:26 PM

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#73

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I see a lot of rental applications where couples make $300k+ a year and living paycheck to paycheck with $60k in credit card debt.

01-10-2023, 02:29 PM

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#74

kingHanley
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Can confirm , made $111,000 last year and live paycheck to paycheck srs

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01-10-2023, 02:36 PM

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#75

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Income is just one aspect of it. The type of income (passive vs wagie), your debt, your assets, COL, and the hours you invest for your income all factor in imo. I’d need a good balance. Assuming no debt, 50% of my income being passive, at least 500k in assets, no more than 40 hrs a week, and a low to medium COL area, I’d need 200k at the bare minimum to really relax and stop looking closely at finances.

01-10-2023, 02:46 PM

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#76

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100k passive income to feel comfortable.

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01-10-2023, 02:47 PM

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#77

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Originally Posted By Adam16121⏩

Income is just one aspect of it. The type of income (passive vs wagie), your debt, your assets, COL, and the hours you invest for your income all factor in imo. I’d need a good balance. Assuming no debt, 50% of my income being passive, at least 500k in assets, no more than 40 hrs a week, and a low to medium COL area, I’d need 200k at the bare minimum to really relax and stop looking closely at finances.

Yes, people should be earning side incomes. Most aren't going to pull down a heavy salary from a wage job. That's where most people don't even try. Those that do profit.

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01-10-2023, 03:47 PM

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#78

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Originally Posted By kingHanley⏩

Can confirm , made $111,000 last year and live paycheck to paycheck srs

Is AZ that expensive or you just have a lot of bills/kids/family?

01-10-2023, 04:02 PM

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#79

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I’d feel comfy at around a consistent 40-50k/month. Have too many things to pay for nowadays

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01-10-2023, 04:14 PM

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#80

AccountingMajor
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Originally Posted By Jaydawg08⏩

Is AZ that expensive or you just have a lot of bills/kids/family?

AZ rent is getting expensive. It's almost like San Diego was 6 years ago.

01-10-2023, 04:26 PM

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#81

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Originally Posted By bsrkoacar2⏩

I brought in $140k last year and live comfortably. My mortgage pays for itself plus 500 profit. 2 house lot, rent the 5 bedroom and live in the second house. Find a way to pay your mortgage without using income from your job. Makes a big difference

This fukn bro thinks everyone can have a 2 house lot with one of those being a 5 bedroom house. The fuk am I reading

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01-10-2023, 05:27 PM

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#82

kingHanley
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Originally Posted By Jaydawg08⏩

Is AZ that expensive or you just have a lot of bills/kids/family?

My mortgage is $1776 no kids and I buy a lot of guns and ammo (srs)

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01-10-2023, 06:45 PM

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#83

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Originally Posted By drvillain⏩

some of us already make more than 100k. Thats why we're quoting higher numbers

It doesn't matter how much you make. Your figure is still dumb.

Originally Posted By TaeBoNinja⏩

lol @ live like a king on 60k

For world class cities, you need 400k(household)+

For average cities you need around 200k

If you make under 100k then it's poverty time

The highest cost of living city in the United States has a medium HOUSEHOLD income of 120k...You need to get to populations sub 40k people to have median incomes over 200k.

01-10-2023, 06:48 PM

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#84

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Originally Posted By dyee4613⏩

It doesn't matter how much you make. Your figure is still dumb.

Some people are definitely citing the number where they feel they’d be comfortable not pushing for more, like peak earnings, rather than the amount that would provide a comfortable quality of life

If we’re talking about peak earnings, I don’t think any number is ever enough. You get to some number you thought was enough and then it’s old news three months later.

01-10-2023, 06:49 PM

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#85

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Originally Posted By Jaydawg08⏩

TX bros don't count , lucky dudes over there.

I constantly consider putting in a transfer there

I don't understand. Didn't you ask how much do "You" need to earn implying it was on an individual basis and personal expenses?

Originally Posted By Jaydawg08⏩

Hbu? What's the number that will make you say "alright yeah I'm upper middle class and comfortable"

...

01-10-2023, 06:49 PM

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#86

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01-11-2023, 11:24 AM

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#87

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I'm at 110k partner at 150k living in LA with cheap rent (1800 considered cheap for our area). Most expensive monthly payment is $900 for a tesla model y. Eat out at most once a week and still wouldn't say we're comfortable yet. Getting rekt with high taxes in this ****hole lib city. I need a gt3 to consider myself comfortable

01-11-2023, 11:30 AM

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#88

BrightThru2014
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Originally Posted By LinuxJon⏩

Geezus. Where and what is the COL?

Housing is the big wild card. I have a buddy who lives on the coast in central CA. Wife owns a real estate biz there, so they can't move. Their mortgage was like $9000/mo for the cheapest home possible that has one bedroom per kid (3 kids, so 4 bedroom).

Rather not say where but essentially you need to be in the $1.5-2 million range to have a reasonable house with a reasonable commute in a good school district. On the bright side your neighbors are all mostly in the same boat (or old White people who have been there for at least a decade), so it makes for a nice safe community.