What is a comfortable salary for you?

I'm lucky to be paying less than half normal rent for my area (rent out basement at friend's house) so I'm fairly comfortable at my current ~$35K in NoVa, but for those who have normal rent/mortgage costs, at least $60K is needed around here to not have to worry about too much.

I'm 23 and grateful to be making this much, hopefully moving to new career within next year or two and would be making a little more with room to move up.

Matt

 

$6,782,950

mo money mo problems


I will say, that a higher salary usually brings on higher expenses. it's challenging for the average people to live a cheap life pretending they only make $40k, when in reality they make over $100k...

 

owning and trying to maintain the struggle bus isn't fun...don't worry i feel your pain man, i make 32k where i live and thank god my rent is $500/month and i don't require a lot of food just so i can enjoy time off and explore 1 time a month...hope is the only thing that is free in this world

 

Agree with the more money more problems bit lol. After working your ass off, treating yourself just seems to make more sense than saving any extra earnings haha.

 

Comfortable without nice things or retirement money? ~80k. Comfortable with one or the other, but not both? ~120k. Comfortable with both? ~200k. Lavish? ~500k.

This is in SoCal. Greater LA area.

 

I'll let you know when I actually make a "comfortable" salary. "Comfortable" is relative, right? For me, there is no such thing as enough $$$$.

 

I think part of the reason it's hard is because when you make 100k but spend like you only make 40k, you attract other people that only make 40k. Not people that make 100k.

 

Try having to live off 2 school salaries. Combined we are around 75k, paying off a house and raising 2 kids, we struggle at times but keep getting by. Interestingly, about 5 years ago, I made 60 plus myself while the wife was mid to low 30s, but I was not happy at my job, clinicaly depressed and had to quit. So I learned money isn't everything, in fact it ain't shit if you can't function to use it.

The real issue for me, is how to find the time to get my teaching cert, which will require at least one, if not 2 semesters not working to finalize my degree. That will bankrupt us.

 

Which UofM you at?

 

I make about $10k a year. Im glad Im not living on my own yet
I feel like I could live pretty comfortably with $80k-$100k a year depending on where Im living.

 

I'd disagree with this - I have plenty of friends who make much less than I do, and I have plenty of friends who make more than I do. And there's plenty of friends who make the same as I do. doesn't matter how much you make, but how you manage/spend.

 

I was very fortunate to have my college and living expenses paid for. If it wasn't for that I am not sure where I would be right now. I keep comparing my salary and life style to my coworkers. I am not sure how anyone can afford kids but maybe they aren't as expensive as I think.

 

https://youtu.be/BsDhn4Qxoko

 

I didnt know people were so open about how much they make, I always assumed discussing salary was a huge no no

 

If nobody discussed their salary companies would have an easier time taking advantage of people and offer them a lower wage. Knowing how much your co-workers or similar positions pay at different companies will really help to push your salary higher when it comes to your yearly review.

 

Good, there are too many here already and more born every day. At 40k things are tight, can't afford a vacation with the time available not working. At 50k there's less stress. At 60k finances are fine but I've worked so much there wasn't time to travel. I do own my home(halfway there). I'll be the wrinkled old man making keys at orchard someday for my retirement.

 

80k here, wife is CFO otherwise we'd be broke. 2 small kids. It's all about how you spend it. Comfortable is relative. Modest home, modest vehicle. Got a coworker that makes the same (union job). Spends like crazy, huge house, huge truck and huge divorce not sure how he does it.

 

Yea. I picked a number that I thought would out pace my wants. Up to that point, I could easily find things to spend the extra income on.

 

That's if you don't have kids. Add at least $1000/month per kid for full time daycare plus about $200/month for health insurance plus food and other supplies to take care of them and more rent for a bigger place with more bedrooms. And let's see where we are: $100k if you have two kids. Just ballparking it.

 

Ha... great question... as many people have said, comfortable is relative. I’m currently bringing in $180k plus a moderate bonus. But living in San Diego, that is not necessarily comfortable. I have a hefty mortgage and a 12 year old son for whom we’re trying to put money away for college. Plus, we need to plan for retirement. My wife is a stay at home mom so no extra income there. I like to have fun so not a spendthrift. Oh well, as they say... you can’t take it with you!