Is this potential salary livable in Seattle or surroundings? (renter, credit card)

[RustinginSeattle]

If you're wondering why you're not saving it's because you're spending WAY too much on rent for a single person and way too much on taxis (can you join one of those share car services) and too much on cable.

$100K will get you by just fine, but you need to do a much better job of managing your spending and be ready for the unexpected (job loss??). Getting a job is not a guarantee of keeping your job.

Go over to the mr money mustache website and do some research. You don't have to be That frugal, but you should be saving one third of a $100K salary as a single person without a car or debt (I assume). Money buys you freedom - freedom to move away from a place you don't like living in, freedom to quit a job you don't like, freedom to travel, etch. Debt is a form of imprisonment that forces you to keep doing the things you hate.

[MayouInSeattle]

True that!

[pikabike]

Read the OP's posts again.

One person--subtract $24000 for child care
Lower food costs because it is one person, not 2 or 3
Subtract the $12300 for car and gas expenses
Subtract $5000 for child lessons
Subtract $3600 home maintenance because he is renting
Lower the $36000 mortgage expense because apartments don't have to cost $3000/month
Subtract $9000 for property tax and insurance because he is renting.

That is at least $65900 lower if using $2000/month rent estimate. The lower food expense and bus/cab fares will partly offset each other. Which leaves annual expenses at less than $55800 even retaining the high-prices vacation expenses, and even retaining consumer debt of $3000.

So yeah, $100k gross is enough.

And it is a relief to see that a few people actually worry about their above-average salary being insufficient to live on. Most of the posts seem to express this weird unrealistic thought that minimum-wage jobs, that they might not even have yet, will support two adults, a couple of kids, and a dog in a "nice, safe neighborhood with lots of great things to do for fun!"

[lostsoul2015]

thank you - I appreciate it

[noah]

While you can understand how they got some of these numbers, some of the items for most of us that aren't in the top 5% of earners just sound crazy.

$4,800 for gas - at $2/gallon that is 2,400 gallons = 60,000 miles/yr for a 25mpg car. Assume $4 gas and its still 30,000 miles or 576 miles per week. If one is driving that far to work you could make the assumption they wouldn't need to spend $700k on a house.

Life Insurance $800 - depends on your age but this is really high, someone in their 30's could get that type of term coverage for around $250.

Childcare $24,000 - Even if you go for one that costs that much (again if you live far enough away you are driving 576 miles per week or based on $2 gas 1100 miles+, chances are you can find child care for much less BUT lets assume its $24k, this costs will go down significantly as your child gets into their school years.

Childrens Lessions $5k - not sure you would have this costs plus full daycare. Depends on their age.

Assuming it is all true and you just have to have that $700k house, between 401k (18k) and paying down your home on a 30yr mortgage you are adding to your wealth/savings $25k+ per year. Once your kid only needs after school care that could increase to $30k+, not bad year after year. Figure out a way to use a bonus and pay cash for a car and you have another $6k a year. Without giving up much lifestyle they could easily be saving $40-50k a year not far down the road. Not bad considering thats close to the medium income for metro Seattle.

Originally Posted by MayouInSeattle

True that!

[cmswazey]

Originally Posted by lostsoul2015

lol.


I don't have a lavish lifestyle or anything but now in my life I need to start treating myself a little better rather than live pay check to pay check. I used to save lots but due to other reasons, things have not been so well! I now have this potential opportunity so want to make sure nothing goes wrong (or as much as possible) and not thinking it through.

I've owned small homes in pleasant neighborhoods since I was 29. My husband took early retirement and I make a bit less hourly than I used to at this job (but I get bonuses and stuff I didn't get before). Including our rental income, we almost break 100k. We withhold a lot for retirement from my paycheck which affects our net. We have no problem replacing cars, handling emergencies, going out to eat, shopping, travelling on vacation-on this type of income.

In my opinion, some of this may depend on number of dependents, debt you may already have and how much money you deduct for 401k and other savings.

[cmswazey]

Originally Posted by pikabike

Read the OP's posts again.

One person--subtract $24000 for child care
Lower food costs because it is one person, not 2 or 3
Subtract the $12300 for car and gas expenses
Subtract $5000 for child lessons
Subtract $3600 home maintenance because he is renting
Lower the $36000 mortgage expense because apartments don't have to cost $3000/month
Subtract $9000 for property tax and insurance because he is renting.

That is at least $65900 lower if using $2000/month rent estimate. The lower food expense and bus/cab fares will partly offset each other. Which leaves annual expenses at less than $55800 even retaining the high-prices vacation expenses, and even retaining consumer debt of $3000.

So yeah, $100k gross is enough.

And it is a relief to see that a few people actually worry about their above-average salary being insufficient to live on. Most of the posts seem to express this weird unrealistic thought that minimum-wage jobs, that they might not even have yet, will support two adults, a couple of kids, and a dog in a "nice, safe neighborhood with lots of great things to do for fun!"

I hear you. I was once showing our rental house to prospective tenants and there was an adorable couple with a baby. He made just over minimum wage at a chain taco place and she stayed home with the baby. The place is not large and expensive but I still could not see how they could have paid rent, utilities, food, and other living expenses.

A lot of people are trying to get by on very little. People want a nice quality of life and they sometimes over commit themselves.

[cchip55]

No, these days 100k isn't enough in this city. My car tab fees have nearly doubled, property tax went up over $700 in a single year (don't think being a renter protects you, have you checked out the ridiculous rents?), a handful of 4 carrots at the farmer's markets are now close to $6, we have the highest gas prices in the nation except for Hawaii due to the highest gas tax..oh speaking of that sales tax is almost 10%, again in the top 5 highest in the nation. You would be better off finding someplace else that may not pay you a 100k salary, but bc of lower cost of living your money would go much farther.

Basically, Seattle is fast becoming the new San Francisco.

[DutchessCottonPuff]

Originally Posted by VirtualErik

if 100k per year can't get you by, then my pitiful 40k / year would have me homeless lol

So would our $57,000 .

[Legacy Bear]

I always read about high paying jobs, but in the wanted section, I‘ve seen an array of positions, both higher and lower.