Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
100k... It's never enough, is it? Before you hit the 6 figure mark, you think all your financial problems will go away once you reach that level. Then you reach it and find that it really doesn't seem to go as far as you thought it would.
This year, I'm going to make about 20k more than I did last year. But at the end of the year, my wife is probably going to quit her job to be a SAHM, so we lose $60k there. I suppose we'll be saving more in gas and tolls since she has a long commute, so it's probably more like $55k. But still, that's 35k less than what we're doing right now.
It's hard to go back to living on less once you've had a higher income. Not sure what adjustments we will have to make to compensate, but I'm not looking forward to it.
Learn to live on less from the get go and it makes everything easier. If I made an additional 20-30k next year it wouldn't change anything but my savings and taxes, same would go for my wife if she decided to stay home.
Here in Indiana, $100k per year as a single guy would buy me most of what I want. I could have a nice home, own a boat, pay off my car, etc. Hell, on $50k here, I have a brand new car with nearly $3k in stereo upgrades, no debt but the car, live in a reasonably nice apartment with W/D and water included for $700/month. I have everything I need, and then some, but on $100k I'd have most all I'd want. My coworker who has been here for a year is moving to an $80k position. At $80k in Indy, I'd be doing quite well.
It depends upon your location. In NYC or San Jose, you'd be average, with an average lifestyle. The largest expense is housing. If you have a $100K/year salary and live in Idaho, you're laughing. On the average though, I'd call it decent money. Much more than most people make.
Other things to factor into this equation: work benefits. Do you get any? Pension? Medical/dental? Company daycare? Do you pay for parking for work or is it included? Etc. Some people who have $100k/yr salaries plus generous benefits, actually augment their salaries by up to 25% with their benefits added in.
location and lifestyle are the determining factors. here in nyc we have folks living at the poverty level and surviving and folks earning 150-200k and just getting by.
there is no answer to the question , it will be unique to only you.
we set a retirement budget of over 100k here in nyc and we do not live in manhattan.
healthcare costs,long term care costs and housing costs will easily consume a good part of that and we have no family to support anymore ,just ourselves.
the better way to judge is add up all the non discretionary bills you will have . then times that by at least 2x to include everything else. then see how that compares to your income.
It all depends on what you've allowed yourself to become used to. I was able to save money on a graduate stipend (~$20k/year), but lived with a roommate, had no cable or cell phone, ate frugally, and didn't have any expensive hobbies. And this was in a non-shady part of NJ.
As salaries increase, so often does the concept of what's necessary. When you make more than a graduate student, you no longer want to live with a roommate, eat rice and beans, and spend all your time working.
$100k is an above average salary and could probably be considered good. You won't be able to spend indiscriminately, but you should be able to support yourself anywhere in the USA. If you're used to a $200k salary, however, it might seem impossible.
It all depends on what you've allowed yourself to become used to. I was able to save money on a graduate stipend (~$20k/year), but lived with a roommate, had no cable or cell phone, ate frugally, and didn't have any expensive hobbies. And this was in a non-shady part of NJ.
As salaries increase, so often does the concept of what's necessary. When you make more than a graduate student, you no longer want to live with a roommate, eat rice and beans, and spend all your time working.
$100k is an above average salary and could probably be considered good. You won't be able to spend indiscriminately, but you should be able to support yourself anywhere in the USA. If you're used to a $200k salary, however, it might seem impossible.
Exactly. The more you make, unless you dedicate the extra salary to a savings account or "don't see it", you're likely to move up in lifestyle. Then you see that as your new normal, and many people consider this "getting by" when really, it's hardly just "getting by" and just the result of them upping lifestyle and "needs".
I find it very, very hard to believe people can hardly get by on a 100K salary, even in a big city. If you are in a big city, get a room mate or move somewhere cheaper (with a lesser salary). It's really a trade off. Now if you add several kids, a stay at home parent, medical bills (especially if you have a special needs child) and rent/mortgage, I can see how that 100K will be stretched.
If you're making 100K and have two kids and a SAHP, you might not have any business living in Manhattan. Don't come here and complain about it. Are you really surprised?
100K is a great salary. It's peoples standards and the need to buy what we see in the commercials/Kardashians that makes us think it's not.
I'm not saying that 100K with a couple kids in a high COL area is living the life of Riley. It's not "easy" and it means budgeting and prioritizing and all that. I'm just saying that hearing "OMG, on 100K you're BARELY GETTING BY" is a bit silly when I know people who live in high COL areas who get half that, with a kid, and they could tell you what "barely getting by" really means. Again, I understand it (having just had convos along these lines in our household last week), you reach a certain point and you look around and you think "we're earning X, why are things still so difficult?", but you forget that there are things Back Then that you could only dream about having that now you take for granted.
100K's not bad. It may not be quite as good as some people might imagine, but even in a demanding situation, it's pretty OK, ya know?
I'm grew up in Texas and moved to NNJ a while back. I used to think the same. I am not the type of person that lives large and enjoys all sorts of nice things. I live simply.
You are wrong. $100k HH income is very difficult to manage in Northern NJ what in Texans define as a middle class lifestyle for a family with children. Now I agree... what people mean by "Barely getting by" can vary from being truthful to overtly dramatic. However, most of what people say no matter how dramatic is rooted in truth. Its easy to pass judgement until you realize that the "little" things add up; things like $30/day in tolls to commute, $1000-1500 per child per month in daycare, high automotive insurance.. etc...
Furthermore, the responses on these boards is usually simply "cut your expenses", "you spend too much", "manage your money better" etc... Well that's not answering the question. People are not questioning why they can't make bills/expenses, people are questioning why they can't afford the lifestyle that $100k should be able afford. Cutting expenses does not improve ones' lifestyle.... now does it? The answer is simply, $100k isn't enough given the locale for a family. It is the reality. You either accept it, find ways to make more money (while keeping your expenses in check) or move elsewhere. Its not a great answer, I know.... but that's the only answer.
As to the person you are responding too, 6k after taxes is probably not accurate. Its probably 6k take home after federal, state (yes.. I know its easy to forget in TX), SS, health insurance etc... Never the less, their statement that 6k (assuming take home) isn't all that much still stands some truth. I was at that income range at some point and that's pretty much what came home.
Childcare expenses are HUGE! A $100k single-income family that doesn't require childcare is going to live a lot more comfortably on $100k than a double-income family that does.
Last edited by randomparent; 07-04-2014 at 08:35 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
