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What is a comfortable salary for you?

Discussion in 'Jobs & Careers' started by BabyTaco, Oct 6, 2017.

  1. Oct 6, 2017 at 12:21 PM
    #1
    BabyTaco

    BabyTaco [OP] Well-Known Member

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    Hey guys!

    I decided to sit down and project the future of my pay if I stayed in this job. Basically I will be at 60k in 2 years with the possibility to jump to 70k a long time down the road and probably max at 90k without venturing too far from being a fish biologist. That's like after 20+ years of work though. The majority of my time working will be between 60-70k.

    I am a happy guy, living a great life, and doing cool things. I feel financially secured at 40k. I work hard to keep debt down and I am a reasonable spender 90% of the year.

    I decided to google and see how much people need to be comfortable. That brought up articles saying 60k is the sweet spot for most people in most places. Any less and you might be depressed, any more and you wouldn't see a real "gain" in happiness.

    Obviously my small town of 3,000 people has a different cost of living than NYC. My "needs" are not of those in other areas and I wear carharts/hoodies to work and not suits.

    That said, I found it really interesting to read about what people thought their ideal comfort income was. Assuming you were happy and not depressed by other things, how much money would you need to make a year to be in a spot where you were happy/comfortable?
     
  2. Oct 6, 2017 at 12:27 PM
    #2
    AntMan408

    AntMan408 Well-Known Member

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    $140,000 a year to be “comfortable” not not own my own home or anything else. Area I live in is overly expensive for housing and pretty much everything else.
     
  3. Oct 6, 2017 at 12:29 PM
    #3
    EatSleepTacos

    EatSleepTacos South Texas OverAsphalting Association Treasurer

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    It depends on a lot of factors, but between my wife and I we're pulling in $130k, and it's very comfortable. It's extremely nice not having to worry about emergency expenditures because the money is there due to my wifes great financial prowess. We could definitely be comfortable with less, but it's fun being able to buy truck parts like I do.
     
    Last edited: Oct 6, 2017
    pickup Noob likes this.
  4. Oct 6, 2017 at 12:31 PM
    #4
    memario1214

    memario1214 Vivid Illumination Vendor

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    "Comfortable" for me would sit around 100k in an area without an outrageous cost of living. That would/should keep the debt monsters away and still allow you to have some nice things/take some nice vacations should you choose to do so. That said, every persons goals and financial desires vary so wildly that its hard to put a number on it.
     
    Solid Seung and ramonortiz55 like this.
  5. Oct 6, 2017 at 12:37 PM
    #5
    JonathanH

    JonathanH Well-Known Member

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    Running boards and roof rack. That's about it for now.
    Yep, my wife or as i call her, the CFO, keeps us on budget.
     
  6. Oct 6, 2017 at 12:39 PM
    #6
    jowybyo

    jowybyo Mobtown Offroad

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    $750,000.
     
  7. Oct 6, 2017 at 12:41 PM
    #7
    eon_blue

    eon_blue got boost?

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    $60k in most states is a respectable yearly income, unfortunately here in SoCal it isn't. I've been at $60k/year at my current job for the past 9 months and I'm much more comfortable than I was before, but I still have to watch my spending and I can't afford to pay more than $1100/month in rent. Fortunately I live with my girlfriend so we split rent on a nice little 2 bedroom house for $2100, and I make about another $10k/year in freelance gigs. In the future when we look to start family, I'm going to have to rethink my current position work-wise. $60k/year in CA is alright for a single guy with no kids, you'd need to be well into 6 figures to afford having a family comfortably here though. Then there's retirement savings to have to think about as well, so on and so forth.

    Heard on the local radio the other day that $80k is necessary in Orange County to be considered above the local poverty line, that's effing crazy to me.
     
    TacoTRD78 and dtaco06 like this.
  8. Oct 6, 2017 at 12:53 PM
    #8
    hr206

    hr206 Well-Known Member

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    This is a really broad question that needs to factor in where you live and what you like to do outside of driving around in your Taco.

    In my area last I saw, $88k/yr was the poverty line. Housing is about $5k/month for a average house in a nicer area with an acceptable commute (Watch out to all those cities that want Amazon to move in)

    I don't know how people do it, but I'd say it's hard to live in my neck of the woods for less than $200k/yr. I'd say $300k/yr to live w/o stressing about money, being able to do most of the fun stuff and being able to retire while I'm still young enough to have fun. Ideally around $500k/yr to also do "optionally" fun stuff and retire earlier.
     
    Wyckedan likes this.
  9. Oct 11, 2017 at 8:28 AM
    #9
    kingston73

    kingston73 Well-Known Member

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    Holy s**t batman! $5000 for housing? I thought my area was kind of high and we're paying $2000/month mortgage on a 1/2 acre lot/1800 sq ft house. It really is area dependent. Between the wife and I we are at about $100,000 per year and things get pretty tight sometimes.
     
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  10. Oct 11, 2017 at 8:38 AM
    #10
    Clearwater Bill

    Clearwater Bill Retire from work, but not from life.

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    Question is too broad, as any answer would require a lot of 'why's'.

    The good news is that you are content, your needs are met, and you enjoy your work.

    Avoiding debt and living below your means is key to a lot of that for anyone. Instant gratification and lousy choices are the killer for a very high percentage of folks in financial trouble.

    Along the way though you need to be preparing for retirement. I'm there, and grateful I did. I look around and see many my age doing well, but I also see many who are not. And often because they didn't plan/save/invest enough.
     
    syswalla and hr206 like this.
  11. Oct 11, 2017 at 8:09 PM
    #11
    hr206

    hr206 Well-Known Member

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    Not that hard to get there. $1M house, 20% down is about $3800/mo over 30 years. $700/mo in property taxes + insurance + utilities. A 2000-2750 sq ft house on a 5000 or 8000 sqft lot. Could get the same house but with an extra 60 to 90 minutes of commute time a day for half the cost.

    10 years ago I was having a conversation with my wife's friend in the San Francisco area. I was complaining that earthquake insurance was $600. Later we realized I was talking about $600/yr and she was talking $600/mo. :eek:
     
  12. Oct 11, 2017 at 9:08 PM
    #12
    BabyTaco

    BabyTaco [OP] Well-Known Member

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    I don't want to live anywhere you guys live haha
     
  13. Oct 11, 2017 at 9:15 PM
    #13
    kodiakisland

    kodiakisland Well-Known Member

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    Comfortable is relative. My wife's idea is vastly different than mine. Also, huge difference between comfortable and subsisting. We take 2 or 3 vacations a year and consider that comfortable, others would call that luxury. Wife and I make a little over 250K and are certainly comfortable. I have no idea what we could reduce that to and still have the same comfort. I only work every other week but have no interest in making more.
     
    hr206 likes this.
  14. Nov 1, 2017 at 4:48 PM
    #14
    dtaco06

    dtaco06 Well-Known Member

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    You can live in OC for 40-60k, as a single person. It's doable, you're just limited to living situations. You either have roommates, or you live in a studio/very small apt. I'm just over 60k/year in Orange County. I COULD live comfortably if I wasn't a single dad (as you noted, it's easier with no kids). I need to be somewhere around 80-100k to be incredibly comfortable. With 2-3% raises each year I should hit 70k in about 4 years.
     
    eon_blue likes this.
  15. Nov 1, 2017 at 4:55 PM
    #15
    Extra Hard Taco

    Extra Hard Taco Well-Known Member

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  16. Nov 1, 2017 at 4:56 PM
    #16
    Tcoma16

    Tcoma16 Blue Goo

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    To cover the basic essentials.
     
  17. Nov 3, 2017 at 2:00 AM
    #17
    navynuke

    navynuke Well-Known Member

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    Gotta remember to put money away for retirement. I don't see how you can live comfortably (ie have a decent place to live and have some money to spend on luxuries like vacations and hobbies) and put enough away to retire before the age of 75 making 60k a year. If you aren't thinking about retirement, you should be.
     
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  18. Nov 3, 2017 at 2:58 AM
    #18
    Maint1

    Maint1 Well-Known Member

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    It's not how much you make, but what you do with what you make! If that makes sense? Sort of off topic, but I have found if you want to make more money then travel (for a job) or move.
     
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  19. Nov 3, 2017 at 3:32 AM
    #19
    airsavage

    airsavage Well-Known Member

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    100K does us well in Tennessee.
     
  20. Nov 3, 2017 at 5:37 AM
    #20
    cory02taco

    cory02taco Well-Known Member

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    I make 32k as a journeyman electrician at a state university, which is pretty crappy pay, but I'm here for the 13 paid holidays, cheap insurance, and the paid vacation days. None of which I had when I was a construction electrician.
     
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