Is $200k salary the new $100k? (expenses, money, financial, cost)
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With inflation and money being thrown around by big businesses trying to attract top talent, it sure seems that way in the tech/finance industry.
I'd argue that even $300k is not enough to entice some people.
If you look at law firm starting salaries, which have tracked the cost of living better than other professions, you were looking at six figures in the late 90s. Now it's over $200k.
I'm not sure what you're trying to say with this post. Top talent has always been paid well compared to everyone else.
What I'm trying to say is $100k used to be considered a great salary, a magic number that most people strive for. Nowadays, with salaries so inflated, $100k isn't difficult to achieve so it feels like $200k is the new $100k target salary that gets you into upper middle class.
You should be able to live comfortably in just about any metro area on that salary.
If you can't, then you need to learn how to manage your finances better.
My post was inspired by this article, where they were discussing young, rich professionals earning $100k or more fleeing CA and NY.
I just don't think $100k places you into the "rich" category unless you are living extremely frugally since living expenses eats away at most of it. TBH, I didn't start feeling comfortable until I was making $300k, also in a high CoL area. I'm over $400k now, and just over the 35 year old age bracket that the article refers to, and still don't feel rich.
And yes, I manage my finances well. I have a ton of disposable income and savings that's just parked in cash accounts because I don't like the current economic climate.
What I'm trying to say is $100k used to be considered a great salary, a magic number that most people strive for. Nowadays, with salaries so inflated, $100k isn't difficult to achieve so it feels like $200k is the new $100k target salary that gets you into upper middle class.
I get it, but 100k a year is still a pretty sweet income.
For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. Those who earn more than $373,894 are rich.
Since the topic is income...
[URL]https://money.usnews.com/money/personal-finance/family-finance/articles/where-do-i-fall-in-the-american-economic-class-system[/URL]
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From the same article...
Quote:
When it comes to defining the middle class, Gallup senior editor Jeffery M. Jones says, "It’s more of a feeling. It’s about economic security, being able to afford what you need but then also maybe a bit beyond the basics. Maybe vacations, something extra recreational, a third car, money to do things beyond what you need to live."
That's what I'm asking about. Is it strictly income for you, or are there other considerations?
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