How long did it take you to reach $100k (2013, find a job, tax)
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Took me about 5 years out of college to hit the 100k mark. Worked about 60-70 hour weeks. Quality of family life was suffering, could only do it for another 5 years before I got laid off (blessing in disguise).
Did some soul searching while out of work for 10 months, collecting unemployment, being Mr. Mom while my wife worked (we were a dual income family) and luckily, we didn't lose our house.
Got a job with a local government contractor, making almost as much as I did before but not working crazy long hours. Current job is much easier, though. Family life is outstanding, I can be around for my wife and kids at dinner time and on weekends, like normal people do.
$100k salary has been known to be the "dream salary" to live comfy, while this may not be the case for many cities. I am curious on how long it has taken you to reach this milestone? I am currently 25 making $60k a year, wondering am I too ambitious by wanting to hit this milestone before 30 years old?
I thought $75k was the salary that studies showed was the salary that made people the most content.
At any rate, the highest salary I've been offered so far is $75k as a Senior Business Analyst. I turned down that salary for better benefits and a more stable position, or so I thought. I make about $66k in salary, with a total comp package of about $85k/yr.
Salary isn't everything. I'll take better benefits and work/life balance over a high salary any day.
I thought $75k was the salary that studies showed was the salary that made people the most content.
At any rate, the highest salary I've been offered so far is $75k as a Senior Business Analyst. I turned down that salary for better benefits and a more stable position, or so I thought. I make about $66k in salary, with a total comp package of about $85k/yr.
Salary isn't everything. I'll take better benefits and work/life balance over a high salary any day.
Me too.
I'll also take a lower salary that isn't eaten up by state and local taxes too. I'll also take lower housing costs, lower food costs, etc. Frankly I'm content with my salary and the amount of work that I do. Besides, I'm part of a dual earner household
I really can't believe alot of these salaries on here. (100K by 30 years old, 80K in their early mid 20's). You would think Bill Clinton was still the president and the economy was booming. Jobs being created a record pace
I don't believe alot of these stories with kids making bank like they say they do. Maybe they aren't sharing they live in a ridiculously high cost of living area in which making that amount is pretty much average/below average.
Sorry Im not that gullible.
I know here in Texas, people sure as hell aren't making that kind of salary unless they are doctors, Lawyers etc. People that have been with companies here for Years and years are clearing maybe 65-70 (with quite a bit of hours). And then I listen to kids on here making 100K? ROFLMAO!!!!! Please
I see the salaries of people in their 20s on here - and millenials are always complaining that the Baby Boomers had it easier than they do?
Mainly because of the dual forces during the 1980's and 1990's, of (A) Falling interest rates which drove up asset prices, and (B) Falling tax rates which created a large amount of public debt.
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No Baby Boomers I know were making anywhere near that much money in their 20s
That's because someone making $100k in 1970 would be like someone making $620,000 today.
$100,000 in 2016 dollars is equal to $16,097 in 1970 dollars, and $34,185 in 1980 dollars.
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My brother is two years from retirement. He makes a very good salary - not sure of the amount, but over $100,000. But it took him 30 years to work up to the salary. New hires just out of college that he is training have a starting salary near what he is making after 40 years of work.
Well, young people need high salaries if they're going to buy boomers' overpriced houses and fund their social security and medicare costs.
The Affordable Health Care Act, Government take over of Student Loans and the Lowest Mortgage Interest Rates in History have addressed this.
I wasn't aware that the ACA has addressed Medicare cost overruns. I'm pretty sure Medicare still borrows heavily from the general revenue fund, in addition to FICA funding. In any event it has a provision that the most expensive plan cannot have premiums higher than 3x the rate of the cheapest one. Regardless of the benefits of the ACA, young/healthy people's premiums went from ~$50/mo to $350/mo in order to keep the premiums for older people down.
The "Lowest Mortgage Interest Rates in History" are one of the primary reasons housing prices are high in the first place. In the U.S., housing asset prices respond directly to interest rate changes.
"Gov't taking over student loans," if you want to characterize it as such, isn't relevant to my comment.
Seems every time a cure comes along... the situation fundamentally remains or even becomes worse.
Several have posted about the cost of education citing massive debt taken on.
Living in the SF Bay Area has produced plenty of 20 somethings earning a 100k...
I'm in the Medical Field and a 100k is basic starting full time wage for a new college grad RN with a BSN degree.
Government policy is to prop up housing... only need to look back to 2009-12 to see homes in my area down as much as 80%... this is not a typo.
The home next to my first home sold for 520k in 2007... in 2009 it sold for 100k... last year it sold for 500k...
Certainly lots of price movement on local Real Estate here in Oakland California...
The wages needed to pay a mortgage on a 100k home vs a 500k is what has changed... the 1922 Craftsman Bungalow with 3 bedrooms and 1100 square feet remains unchanged.
Some people need a lot of money to support their desired lifestyle and others can do nicely with much less...
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