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Exactly. When you're a young graduate making $40K, $100K sounds like a lot. When you're a young DINK couple making $100K, $200K sounds like a lot. Once you have little kids, $1 MM sounds like a lot.
I can't speak for everyone. I live in NJ. My husband and I make a household income that more than 100k. I don't want to get into how much. I never said you a million dollars if you want children. If you live in a high cost of living area, like NJ, 100K is not getting a five person family far. Like I said 100K will get you far if you're single and/or if you have a family and don't want a decent home and car and don't mind living in a shady area. Now, notice I'm saying decent. I'm not talking about a bmw and a mansion.
100K isn't a lot of money in 2014. In many places, you can't even buy a former crack house for 100K. 100K goes fast if you want a house you don't have to put tens of thousands of dollars of repair work into in a somewhat decent area, a decent car (I don't want my car breaking down with my children in it), and if you have any child care costs (daycare/private school if you're not happy with your school system).
100K goes very far if you want to live in a little slum apartment (good luck not getting robbed or assaulted on your way there/out of it) and ride a hoopdee (that can break down at any time). Then, you'll have lots of disposable income. What's the point of having say a 500 dollar phone if you know someone can easily break into your apartment and steal it at any time?
Well, you could certainly get approved and easily afford the mortgage on a $100,000 former crack house...
In all seriousness, I don't mean to imply that $100K is rich money because it isn't. What I was trying to convey is that earning $100K in a year is more than enough to comfortably support a family, but obviously not enough that you don't have to be sensible. At any rate, if someone thinks you are worth paying $100,000 a year to, then you're doing better than most people ever will and shouldn't forget that.
I would actually ask "what's the point of having a $500 phone?"
in the 90s it was a dream to make 100k. nowadays with costs of goods and services going up due to inflation, does 100k/year sound as enticing as it did back then? personally i would guess that 150k/year is the new 100k. thoughts?
in the 90s it was a dream to make 100k. nowadays with costs of goods and services going up due to inflation, does 100k/year sound as enticing as it did back then? personally i would guess that 150k/year is the new 100k. thoughts?
Depends on how you make that money. If it's slaving at the office 60+ hours no way. If it's investment income, even if half is investment income. I'd say its a very good life.
in the 90s it was a dream to make 100k. nowadays with costs of goods and services going up due to inflation, does 100k/year sound as enticing as it did back then? personally i would guess that 150k/year is the new 100k. thoughts?
Perhaps $150k is the new $100k. However, the only two things that matter to me in regards to income are location and how much of it is going out. Obviously, if you want to drive 2dr sports cars and eat steak and lobster a few times a week, you'll be pressing your luck without a budget.
Personally, if I made $100k...I'd be feeling pretty good about myself.
I can't speak for everyone. I live in NJ. My husband and I make a household income that more than 100k. I don't want to get into how much. I never said you a million dollars if you want children. If you live in a high cost of living area, like NJ, 100K is not getting a five person family far. Like I said 100K will get you far if you're single and/or if you have a family and don't want a decent home and car and don't mind living in a shady area. Now, notice I'm saying decent. I'm not talking about a bmw and a mansion.
Even in NJ with 3 kids, 100K/yr can get you into a non-shady area. I'm not saying that's with scads of disposable income to spare, just saying that you can, in fact, live a decent life (albeit with careful attention to bills and budgeting), even in a high COL area on 100K/yr, even with kids.
It's easy for all of us to get used to certain markers and think that we're "struggling" (there's various cognitive biases we all have, and one is "anchoring" - if we're in X environment we think of that as the norm and everything above and below as unusual), but overall, 100K is pretty decent even with "5 kids in NJ". Note that I'm saying "decent", not BMW in the driveway. So we're not disagreeing by much, as I also agree that 100K in that situation doesn't go THAT far, whereas 100K for a single 20-something in Tulsa, OK is a hella-big paycheck.
(And not that it matters, but I've lived in high COL areas and low COL areas, I've lived in dumpy little apartments in questionable areas and...well, not-so-dumpy places in areas with fewer questions , so yes, there is some real-life experience as well as looking at data, it's not saying "well goll-ee, 100K is a LOT, why would anyone complain?")
Let's contextualize it. Here in Seattle: $100k per individual... good. $100k per family.... not so good. A family can expect to pay about $2k in rent/mortgage, if not higher now since we're the fastest growing in the country right now. So $25k is just going to the dwelling and doesn't include anything like utilities. Factor in the rest of the fixed costs (food, insurances, cars, etc..) and it's really easy to see how $100k doesn't keep up with the pace of life here.
Well, you could certainly get approved and easily afford the mortgage on a $100,000 former crack house...
In all seriousness, I don't mean to imply that $100K is rich money because it isn't. What I was trying to convey is that earning $100K in a year is more than enough to comfortably support a family, but obviously not enough that you don't have to be sensible. At any rate, if someone thinks you are worth paying $100,000 a year to, then you're doing better than most people ever will and shouldn't forget that.
I would actually ask "what's the point of having a $500 phone?"
Ask the millions of people (including my husband ) who have iPhones.
in the 90s it was a dream to make 100k. nowadays with costs of goods and services going up due to inflation, does 100k/year sound as enticing as it did back then? personally i would guess that 150k/year is the new 100k. thoughts?
In the 1990s, my mother said it was the minimum you needed to make to live a secure, comfortable life.
That was her opinion, anyway.
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, so yes, there is some real-life experience as well as looking at data, it's not saying "well goll-ee, 100K is a LOT, why would anyone complain?")
) who have iPhones.
