what would be the minimum yearly net income have to be to make you satisfied?

[GasX]

Originally posted by: stickshift
I dunno, we seriously live like poor folk with my dad making ~$140k..I guess my dad's just the cheapest man alive (greedy bastard is probably waiting till we both graduate from college till he spends it).

Hell, my sister just started med school, and he claims he can't afford tuition ($40k/year), so my sister, who's sick and tired of this crap, decided to just take out loans and basically pay her own way through med school..she did get a new sentra gxe from him though. Yay. At least she got a car...I had to buy my own fvcking car.

Anyway...i'm gonna need tons of money to make up for all the crap I was denied as a child (i fvcking hate indians, because most are cheap just like my parents...hell, my cousin is 25, and doesn't even have his drivers license yet because he's to cheap to pay for insurance)..WHATS THE POINT OF MAKING MONEY IF YOU REFUSE TO SPEND IT?

Are you kidding? please tell me you are kidding...

 

[Shockwave]

A) Money isnt the determing factor to my happiness. Be it 40k or 100k, I'm quite happy without being rich.
B) If you cant live "happily" off 50k a year, then you've been so brainwashed by society that you have become a mindless materialistic zombie, and you have my sympathy. (In regards to the kid who's dad makes 140k a year for sure...)

 

[Kaervak]

At this point in time to live comfortably, $40,000 a year would be plenty fine with me. Later on, when I own my own home, possibly start a family I'm sure that amount would have to increase.

 

[Lucky]

Even 50K net could be extraordinarily tight in some areas. Try and support a family of, say, four in NYC on that. 25K/year (or mortgage), 5K/year insurance, 5K car/transportation, 15K clothes/food/utilities, that's 50k right there.

OTOH I gross about 25K a year right now in SW Michigan and can live decently, although certainly not extravagantly by myself in a small one bedroom apartment thats below market value in rent.

 

[brtspears2]

By myself with my el cheapo rent, $35K-40K. With a wife, 2 kids, and a dog... closer to $75K.

 

[Shockwave]

Originally posted by: Lucky
Even 50K net could be extraordinarily tight in some areas. Try and support a family of, say, four in NYC on that. 25K/year (or mortgage), 5K/year insurance, 5K car/transportation, 15K clothes/food/utilities, that's 50k right there.

OTOH I gross about 25K a year right now in SW Michigan and can live decently, although certainly not extravagantly by myself in a small one bedroom apartment thats below market value in rent.

Yeah, where you live is a huge facor. I dont even hit 50k gross, and I'm supporting a family of 5. (Myself, wife and 3 kids) We moved into our new house about 2 months ago, brand spankin new built to spec.
Have 2 cars, house. And we live fairly well. I just dont see how people need 100k to live well.....

 

[yoda291]

Originally posted by: Judgement

Originally posted by: Heisenberg
Anything less than 100k today is crap.

I'm sorry my aspirations to be a manager at taco bell don't live up to your expectations :frown:

lol

if you owned the franchise, you "might" pull in six figures. closer to 80k prolly tho.

 

[Chaotic42]

Living here? Maybe $35,000. I only have about $400/mo in living expenses and that includes $100 for cable/internet. I'd like to live in say Slidell, LA where I'd rather have something like $50 or $60,000.

 

[Ameesh]

there is no number

 

[dullard]

For the last five years I've lived on about $25,000 a year (grad student + wife works part time through college herself). We have a great apartment (brand new when we moved in, 2 bedroom, 2 bath, 800 sq foot, in a great area of the city). We have great furnature even though 90% of it was used (you'd never know it if you saw it). We have a new 2001 Honda Civic. We go out whenever we want for entertainment or for food. We don't skimp on groceries or any other wants. I have everything I really need (sure I don't have a 50" panel TV but that isn't a need, a couple small TVs with cable is enough to be satisfied). I have a computer I bought new at the end of last year. We take a decent budget (think Rossman) vacation every year (including 2 months in Germany for under $4000 total). Honestly I'm quite satisfied. I would however like to save for retirement. So if I had $5000 more per year I'd be set. So yes you can be quite satisfied with not much money.

On the other hand, I knew two people personally who thought money was the only important goal in life. They worked hard up the ladder, and the stress added with each promotion. A $150k+ salary wasn't enough - they needed more. They both committed suicide (separate events) leaving behind a wife and some children...

Moral: More money won't make you more satisfied.

 

[CaseTragedy]

satisified? 50k
it doesn't take much--but this is assuming theres no one dependent on me.

if i had a housewife and a child--probably 70k+ would be needed.

 

[Red]

My father (god love him) is the greatest guy in the world but has poor money management skills. My parents joint taxes last year were 155k... my dad made 115k, my mom 40k. My dad has been making over 100k for the past 7-8 years and before that made just shy of that. We have lived in a suburban neighbor hood with 100k houses for 18 years... my dad has always leased vehicles and my mother drives a crappy 89 Buick Lesabre. My dad has a nice savings/401k but has nothing else to show for making 1million+ dollars in the past 10 years. He has about $50,000-$100,000 in credit card debt between him and mom (he has never told me, but I know it's at least $50,000) and he hasn't paid off ANY amount of our house because he has always paid stuff off with refinancing and kept adding on it...

On top of that, he and my mom smoke and drink and do not live happy lives. They make 150k+ and money is always an issue and live in a sub-average home.

 

[vi edit]

50k post tax would set me up quite well. That's just over $4,000 a month. My wife will end up bringing more than that in a couple years when she get's out of school. We'll easily have over $8,000 a month in post tax cash.

Sock away 20% for midterm, and long term investment. That leaves $6400.
Figure a $1500 mortgage payment. That leaves $4900.
Cars & insurance for $500. $4500.
$1000 a month for utlities and food. $3500 left over.
$1000 or so for kids and kids college fund. $2500 left over.
$500 a piece for me and the wife to spend on stuff. $1500 left over.

Remaining $1500 as a hedge fund and possible vacation fund.

I would call that living very comfortably.

 

[SCSIfreek]

Originally posted by: Spac3d

Originally posted by: stickshift
I dunno, we seriously live like poor folk with my dad making ~$140k..I guess my dad's just the cheapest man alive (greedy bastard is probably waiting till we both graduate from college till he spends it).

Hell, my sister just started med school, and he claims he can't afford tuition ($40k/year), so my sister, who's sick and tired of this crap, decided to just take out loans and basically pay her own way through med school..she did get a new sentra gxe from him though. Yay. At least she got a car...I had to buy my own fvcking car.

Anyway...i'm gonna need tons of money to make up for all the crap I was denied as a child (i fvcking hate indians, because most are cheap just like my parents...hell, my cousin is 25, and doesn't even have his drivers license yet because he's to cheap to pay for insurance)..WHATS THE POINT OF MAKING MONEY IF YOU REFUSE TO SPEND IT?

You are an idiot

well said. spac3d.

 

[radioouman]

Satisified? Between my wife and I, we would need to make $80-$100,00 per year.
I am one year out of college and my wife is three years out. We just bought a decent house ($150,000) but didn't have any money saved to put down on it, so our monthly mortgage payment is fairly high ($1200). We have one car that we bought new at 0%, so our payment is $370. I drive a 10 year old 4x4 with 150,000 miles that is paid for and insurance is cheap. On top of that, we have my wife's college loan payment, normal utilities, normal expenses such as food, and I contribute 10% to my company's 401k. We bought a jetski just so we could keep our sanity, so that is financed too.

Currently, I gross $45k, and my wife is at $25k. $70k before taxes is just enough to get by and save a tiny amount. I'm satisfied with what I have now, but if I would have to buy a new car, have a major repair, or pay for my graduate work, I'd be screwed.

 

[DT4K]

Originally posted by: Shockwave
A) Money isnt the determing factor to my happiness. Be it 40k or 100k, I'm quite happy without being rich.
B) If you cant live "happily" off 50k a year, then you've been so brainwashed by society that you have become a mindless materialistic zombie, and you have my sympathy. (In regards to the kid who's dad makes 140k a year for sure...)

The question was how much would make you satisfied, not happy.
I'm happy, but I'm not satisfied with my income.
3 years ago, when I was a poor college student, I thought I would be rich making 50k.
Now I do make 50k and I feel like I'm always broke.
If I was single and lived in a small apartment, I'd have plenty of money.
But having a stay-at-home wife and 3 kids(soon to be 4) and having just bought a new house (1500 sq. ft, 3 bedroom), I have very little spending money.
After taxes, health insurance and a 5% contribution to my 401K, I'm left with about $2800 a month. $1200 for mortgage, $300 for gas, electric, and cell phones, $75 for internet and cable tv, $100 for car insurance, $300 for car payment, $150 for credit card payments (we went into a lot of debt when I was in college), $300 for student loans.
So I'm left with about $400-$500 each month for groceries and all other misc expenses like car repairs, clothes, etc.

So no, I'm not satisfied because I don't have ANY spending money for fun stuff.
But even though I am broke, I sometimes have to stop and think about all the things my 50K does bring me.
I live in a brand new house(be nice if it was bigger, but 1500 sq. ft is fine for now) that has gone up 25k in value in the 9 months since we bought it.
We can afford a decent car, cable internet(thank god), 2 cell phones, 401k savings for retirement, and not be going further into debt.

I think I would be truly satisfied with my income if it was enough to afford the following items:
New house (5 bedroom, 3500 sq. ft.)
All new furniture.
Two brand new cars (Suburban and pickup)
Ski boat
Drift boat
Golf a couple of times a month.
Skiing for the whole family at least 4 times a year.
New computer once a year.
Dinner and a movie with my wife at least once a week.
At least two week-long vacations with my family each year. (Disney World, Carribean cruise, Hawaii, Europe)

To get there, I'd probably need 150K a year where I live.

 

[Orsorum]

Bump.

 

[Hector13]

Originally posted by: Orsorum
Let's see... $1300 a month for savings ($300 for IRA, $1000 for taxable portfolio), $2000 a month for a reasonable mortgage on a house, $200 a month for car insurance, $100 a month for maintenance/gas, $400 for other stuff.

$48,000 a year (Net Income, of course)

400 a month will barely cover food, let alone all the other bills you might have in one month (phone, cable, internet, etc.).

 

[Imported]

$70k-$100k a year after taxes.

 

[Hector13]

Originally posted by: Shockwave
B) If you cant live "happily" off 50k a year, then you've been so brainwashed by society that you have become a mindless materialistic zombie, and you have my sympathy. (In regards to the kid who's dad makes 140k a year for sure...)

try living at all with 50k in NYC. My rent is just about half of that by itslef and I live alone in a studio (albeit, a nice one).

 

[StageLeft]

You'd be amazed how much a person will change their spending patterns as they grow in income to reflect this. Really there is no set amount that is perfect. I said $40k. I've had times in my life where I've made much less and times where I've made a good bit more. As long as you're good with money 2 X $40k (wife and husband) can actually get you quite a lot: decent house, two decent cars, education for kids. No, you can't buy everything you want, but if you approach finances intelligently that is enough to get me a life style I'd be comfortable with.

Of course I would want more than that. $100k for a family will start getting you nicer things, just as $150k will get you yet better. So really the question is what's the minimum amount I'd need to reach my monetary goals of education for kids, occasional vacation, retirement, etc.? And 2X $40k would do it.

Oh I just realized that was net. Well 40k gross is about 30k net at least in bama - so really 60k net would do it. That's $5k month. In Birmingham that will get you a decent house, two cars, all bills, utilities, education for kids, savings, etc. etc. Anything extra is gravy - and there are happy people who live on far less.

 

[FuZoR]

50k by myself.

with a family 100k!

 

[StageLeft]

Originally posted by: radioouman
Satisified? Between my wife and I, we would need to make $80-$100,00 per year.
I am one year out of college and my wife is three years out. We just bought a decent house ($150,000) but didn't have any money saved to put down on it, so our monthly mortgage payment is fairly high ($1200). We have one car that we bought new at 0%, so our payment is $370. I drive a 10 year old 4x4 with 150,000 miles that is paid for and insurance is cheap. On top of that, we have my wife's college loan payment, normal utilities, normal expenses such as food, and I contribute 10% to my company's 401k. We bought a jetski just so we could keep our sanity, so that is financed too.

Currently, I gross $45k, and my wife is at $25k. $70k before taxes is just enough to get by and save a tiny amount. I'm satisfied with what I have now, but if I would have to buy a new car, have a major repair, or pay for my graduate work, I'd be screwed.

I'd recommend less financing. If you have to finance anything but a car or a house (many hate to finance even a car) then you can't afford it. Also that $20k car was not needed. I don't want to come down on you, but this is kind of what I was talking about in terms of learning how to use what you have, so that when you have more you can take better advantage of it.

It's really quite shocking how little money I was making 3 years ago compared to today. I found myself going into debt and using my credit card to supplement my income. One day I read the millionaire next door and it was like a smack in the head. Since then I've had a progressive view towards personal wealth and that is why I can so confidently say that $60k (adjusted for inflation) net would be plenty for mrsskoorb and I and a family. I got a significant raise a couple of weeks ago and the extra money coming in is was never expected. More importantly it's not going to fill in holes left by over extending ourselves before, and so now the extra money I can throw into a savings account. We drive a car we paid $15k for last year and a 93 sentra now that I still have no intentions of replacing even though the car payments on a new car would be so insignificant. We have no credit card debt. Consumer debts are just more headache than they're worth. You worry about them and they flatten your safety cushion in case you run into a financial catastrophe such as job loss or long term sickness.

I now have a nice house and at least one nice car, home theater etc. Am I really any happier than I was 3 years ago sharing a bachelor apartment with mrsskoorb and taking a bus to work? No, not at all. Spending is an addiction in society we all feel compelled to embrace, but the less you can do it the better you'll be. Although we all strive towards more money I realize it's quite unlikely to make my life much better.