is $100,000 / year still a good salary?

[OILFIELDTRASH]

ATOT is such a crock of sh@t. Only on the Internet do you find such a collection of people that would laugh at 100k a year. I doubt most of you have even had a girlfriend or even moved out of your parents house. I'd estimate probably half of ATOT lives at home with mommy and daddy and 25% are on some kind of govt assistance. The other 25% are made up of working adults with maybe one percent making 100k+.

 

[Zargon]

I would be friggin really happy for 100K. almost double my income.

refi the mortgage, pay off the wifes car, and have a nice heap of retirement savings and disposable income.

 

[FallenHero]

ATOT is such a crock of sh@t. Only on the Internet do you find such a collection of people that would laugh at 100k a year. I doubt most of you have even had a girlfriend or even moved out of your parents house. I'd estimate probably half of ATOT lives at home with mommy and daddy and 25% are on some kind of govt assistance. The other 25% are made up of working adults with maybe one percent making 100k+.

This.

 

[child of wonder]

I didn't see food(besides the school lunch budget) and gasoline, assuming gas is only used for heating, in your budget, and those 2 are sizable omissions. My expenses are pretty close to that but those 2 items add up to about $800/mo and we don't have kids.

I listed $1,600 per month as "living expenses" which would include food, gas, entertainment, etc. That then leaves $850 per month to save.

 

[classy]

I live near the Twin Cities and $100k can support a family of four.

If you're the type of person that has to have car loans and CC debt up the ass, then, no, you probably won't find $100k is enough.

$100k is still a very good salary but not the "OMFG you make $100k" like it was 10+ years ago.

EDIT:

According to Paycheckcity.com, $100k/year in Minnesota with 4 allowances (family of 4), 10% saved for 401k, $250 per paycheck for health insurance, gives one a 2 week paycheck of $2,550. That's $5,100 every 4 weeks.

This could be their monthly expenses:

$1,400 Mortgage
$300 Utilities (Elec, Gas, Water, Sewer, Garbage)
$100 Cell Phones
$150 TV and Internet
$100 School Lunches for 2 kids
$100 Car Insurance
$300 Car Payment
$200 Misc (Life insurance, student loan, etc.)

$2,650 Total expenses

$2,450 Disposable income

If the family saves $850 per month and lives off of $1,600, that's a very comfortable wage.

That seems about right. The problem with 100K today that is not being taken into account is the massive credit card debt most people are in. When you are paying $500+ in credit cards that quickly eats away disposable income. And that $1400 mortage in reality is lil higher too across the nation.

 

[GotIssues]

Can support is the key difference and your estimates are low. My utilities/monthly bills alone are almost 800/mo. A 1400 mortgage puts them at a 200k house, while a good idea, it goes along with your other underestimates on living.

But that proves my point further, it's not a lot of money and will allow one to "get by" and save some for retirement.

It's not some magic number and quite normal for professionals these days.

I live in the Minneapolis area and I can assure you that $300 for utilities is not low. Mortgage payment is spot on. I pay about $1400 for a $250k house, but then again, we put down 20%.

If your utilities are $800/mo, then you live in a high priced area and/or you are wasting an awful lot of energy/resources.

 

[TheSlamma]

Can support is the key difference and your estimates are low. My utilities/monthly bills alone are almost 800/mo.

Man what does that include?!

My wife just paid our Gas/Elec yesterday and it was $66

All together our gas/elec/water, cell phones, cable internet and auto insurance is under $400 for BOTH of us

100K a year is good money if you are not a glutton.

 

[Fritzo]

In the mid-west, that's a nice middle class income for a husband/wife and two kids. Coastal cities---might be a bit tight.

 

[Fausto]

In the mid-west, that's a nice middle class income for a husband/wife and two kids. Coastal cities---might be a bit tight.

There are lots of variables in this question.

What is your mortgage?

Kids?

In private school?

Saving for retirement? How much?


100k seems like a lot of money, but it may or may not be.

 

[child of wonder]

That seems about right. The problem with 100K today that is not being taken into account is the massive credit card debt most people are in. When you are paying $500+ in credit cards that quickly eats away disposable income. And that $1400 mortage in reality is lil higher too across the nation.

I'm sure it is higher across the nation. My example was about the Minneapolis/St. Paul area.

 

[Fritzo]

Man what does that include?!

My wife just paid our Gas/Elec yesterday and it was $66

All together our gas/elec/water, cell phones, cable internet and auto insurance is under $400 for BOTH of us

100K a year is good money if you are not a glutton.

A house and an apartment are two different things.

My electric bill was $280 last month. We have central air, a pool filter, a garage refrigerator, and two teens that like to stay up until 3am during the summer. My water bill is usually $90 a month, that's just standard for everyone, and my gas bill goes from $30 in the summer to $200 or so in the winter (the electric goes down to $130 in the winter).

$400 - $500/month for utilities is pretty normal for a family.

Other costs- $1700/month mortgage, $500/month car payment, $400/month food, $200/month for phones/internet, $100/month for sat. TV service, $500/month for savings/401K, fuel runs $200/month, various debt payments and bills can be $1000/month....it adds up quick.

 

[GotIssues]

There are lots of variables in this question.

What is your mortgage?

Kids?

In private school?

Saving for retirement? How much?


100k seems like a lot of money, but it may or may not be.

This falls back to living in your means. Too many people think that making more means they have to spend more. "Being a fiscal moron" isn't a valid expense to write off in a "what can you live off of" discussion.

After going through an extended period of unemployment when I was single, I have a pretty good grasp of what the minimum I need to live on is, and its quite a bit below $50k, let alone $100k. It boils down to making the tough decisions of what is actually needed versus what is desired. 98% of Americans can't make this distinction, hence the much of the CC debt, foreclosures, and other various financial issues.

(Important note: Not all CC debt, foreclosures, etc are due to idiocrisy, just most of them. Some people do fall into very unfortunate circumstances that lead to these ends, but a vast majority of them don't. If you were foreclosed on your interest only loan or because of some minor to medium financial blip, it's because you over-extended yourself and did not plan very well).

 

[Fausto]

This falls back to living in your means. Too many people think that making more means they have to spend more. "Being a fiscal moron" isn't a valid expense to write off in a "what can you live off of" discussion.

After going through an extended period of unemployment when I was single, I have a pretty good grasp of what the minimum I need to live on is, and its quite a bit below $50k, let alone $100k. It boils down to making the tough decisions of what is actually needed versus what is desired. 98% of Americans can't make this distinction, hence the much of the CC debt, foreclosures, and other various financial issues.

(Important note: Not all CC debt, foreclosures, etc are due to idiocrisy, just most of them. Some people do fall into very unfortunate circumstances that lead to these ends, but a vast majority of them don't. If you were foreclosed on your interest only loan or because of some minor to medium financial blip, it's because you over-extended yourself and did not plan very well).

I'm not even talking about living beyonds one's means, I'm saying if you have a reasonable mortgage, two kids, and private school tuition, $100k is not a tremendous amount of money to live on.

...and before anyone yells about private school, I will point out that you pay one way or the other. Cheap house + private schools, or house in good school district that's the same size as your cheap one but but triple the mortgage.

 

[GotIssues]

A house and an apartment are two different things.

My electric bill was $280 last month. We have central air, a pool filter, a garage refrigerator, and two teens that like to stay up until 3am during the summer. My water bill is usually $90 a month, that's just standard for everyone, and my gas bill goes from $30 in the summer to $200 or so in the winter (the electric goes down to $130 in the winter).

$400 - $500/month for utilities is pretty normal for a family.

Right. Because everyone is running their house at 62, have a pool, a second full sided fridge, have two retarded teenagers, and piss away electricity at every turn.

2400 sqft house at 72, extra mini-fridge in the basement, and the "normal" additional appliances (dehumidifier, sump-pump) and my bill runs, at max, $120. The biggest Gas + Electricity bill I've seen was $150 - and that was because we were running our gas fireplace a lot this past winter. Water and sewer runs $40-ish.

Just because you piss money away running everything you possibly can at all times doesn't mean everyone does. Upgrade your appliances and insulation, and teach your kids to not piss away electrity and you'd be surprised how much your bill drops.

 

[GotIssues]

I'm not even talking about living beyonds one's means, I'm saying if you have a reasonable mortgage, two kids, and private school tuition, $100k is not a tremendous amount of money to live on.

...and before anyone yells about private school, I will point out that you pay one way or the other. Cheap house + private schools, or house in good school district that's the same size as your cheap one but but triple the mortgage.

And on $100k, how are you supposed to afford to fly First Class to New York, Paris, and LA each month? Before anyone yells about flying first class around the world, I will point out that you are flying anyway, what's the point of going business class? I mean, have you SEEN how they are cramped back there?

EDIT: For the record, myself and 2 siblings went to private school for Pre-school through high school and my parents earned around $100k. My dad retired at 55, mom retired at 60.

 

[Fausto]

And on $100k, how are you supposed to afford to fly First Class to New York, Paris, and LA each month? Before anyone yells about flying first class around the world, I will point out that you are flying anyway, what's the point of going business class? I mean, have you SEEN how they are cramped back there?

The fuck are you talking about?

 

[Fausto]

I'm not saying it can't be done, I'm saying it takes discipline. Therefore, $100k is not the massive figure is appears to be at first glance.

 

[DrPizza]

I'm not even talking about living beyonds one's means, I'm saying if you have a reasonable mortgage, two kids, and private school tuition, $100k is not a tremendous amount of money to live on.

...and before anyone yells about private school, I will point out that you pay one way or the other. Cheap house + private schools, or house in good school district that's the same size as your cheap one but but triple the mortgage.

That depends a lot on the state. I saw that down south when I was considering moving, but up here, there's usually not much of a difference in house prices from one school district to the neighboring school district (for the same type/size of house.)

<edit>
<whistling>
I still haven't seen a link to this alleged article about $100,000 salaries.

 

[Fausto]

That depends a lot on the state. I saw that down south when I was considering moving, but up here, there's usually not much of a difference in house prices from one school district to the neighboring school district (for the same type/size of house.)

Huge difference here because most of the schools are crap (see: cheating scandal in APS). A 3/2 in a meh area could be as low as $120k, but it'll be at least $350k if it feeds a good elementary school.

 

[maxSe]

I'm not even talking about living beyonds one's means, I'm saying if you have a reasonable mortgage, two kids, and private school tuition, $100k is not a tremendous amount of money to live on.

...and before anyone yells about private school, I will point out that you pay one way or the other. Cheap house + private schools, or house in good school district that's the same size as your cheap one but but triple the mortgage.

+1. $100k doesn't really get you too far.. Granted I live in one of the most expensive metro areas (live in NJ and work in NYC), entire one of my 2 paychecks is spent on mortgage, utility & real estate taxes.. We're planning to have kids, and I honestly don't know whether I'll be able to cover..

Buddy of mine makes about $200k (him and his wife combined) and they recently bought a house in one of the better school district areas. His real estate taxes are $20k/year. He can't cover all the bills with his salary alone...

 

[Fausto]

<edit>
<whistling>
I still haven't seen a link to this alleged article about $100,000 salaries.

That's because SandEagle is a worthless troll. It's still an interesting thing to debate either way.

 

[TheSlamma]

A house and an apartment are two different things.

My electric bill was $280 last month. We have central air, a pool filter, a garage refrigerator, and two teens that like to stay up until 3am during the summer. My water bill is usually $90 a month, that's just standard for everyone, and my gas bill goes from $30 in the summer to $200 or so in the winter (the electric goes down to $130 in the winter).

$400 - $500/month for utilities is pretty normal for a family.

Other costs- $1700/month mortgage, $500/month car payment, $400/month food, $200/month for phones/internet, $100/month for sat. TV service, $500/month for savings/401K, fuel runs $200/month, various debt payments and bills can be $1000/month....it adds up quick.

I do have a house.

But I go back to the gluttony statement I made in my post. You have things like a pool and $100 sat tv bills, $500 a month car payments and $1700 a month on a house payment. I know that you having teens can raise the cost on some of this, but at the same time you are also not holding back on much either it sounds like.

Americans have gotten to a point that having a couple kids means they have to have 3000+sq ft to live in, meanwhile my best friend was 1 of 5 kids in a 1800sqft home and he and his siblings all grew up just fine, my dad was 1 of 7 and again they all grew up just fine. Americans today are way too entitled to things they don't need and in HUGE quantities of it on top of it.

Does this mean I'm saying everyone should grow up in a small house? No, but it means the argument that 100K is a good salary for many people is valid, but for people who choose to have "the right" to buy all this extra crap should not be considered the norm.

 

[TheSlamma]

Buddy of mine makes about $200k (him and his wife combined) and they recently bought a house in one of the better school district areas. His real estate taxes are $20k/year. He can't cover all the bills with his salary alone...

I find this to be one of the worst practices families can ever make. Since when are jobs guaranteed for life? Why do people still think the days of "My grandad worked at the plant all his life, from 18 till retirement" still exist? Welcome to the 21st century where EVERYONE is disposable. People really want to put themselves in a position where if 1 of the parents lose their job they can't afford their cost to live?

No wonder foreclosure rates are so high, it really shouldn't take an economist to say, if you can't live on 1 salary then your costs are way too much.

 

[DAGTA]

Right. Because everyone is running their house at 62, have a pool, a second full sided fridge, have two retarded teenagers, and piss away electricity at every turn.

2400 sqft house at 72, extra mini-fridge in the basement, and the "normal" additional appliances (dehumidifier, sump-pump) and my bill runs, at max, $120. The biggest Gas + Electricity bill I've seen was $150 - and that was because we were running our gas fireplace a lot this past winter. Water and sewer runs $40-ish.

Just because you piss money away running everything you possibly can at all times doesn't mean everyone does. Upgrade your appliances and insulation, and teach your kids to not piss away electrity and you'd be surprised how much your bill drops.

I run my house at 81F in the day and 76F at night. One 'fridge in the entire house and usually only the radio, one laptop and one light on when i'm home alone. My electric bill is sometimes around $300 in the summer.

 

[Fausto]

I run my house at 81F in the day and 76F at night. One 'fridge in the entire house and usually only the radio, one laptop and one light on when i'm home alone. My electric bill is sometimes around $300 in the summer.

GI seems to think everyone here has the same cost of living as Minnesota.