What Do You Consider an Acceptable Income?

[Wallace Stevens]

This recession has made paupers out of some of my peers, especially the ones who were no-offered by their summer firms. The subsequent chaos has made me think long and hard about financial security.

I'm curious for what would be an acceptable income for many of you. 40k? 80k? 160k? Assume no children and a median COL. (Not SF or NYC, but not Waterloo, Iowa, either.)

[Illusional]

i live in hawaii and honestly i think that if yu make atleast 50K, then you're considered to live a suitable lifestyle.

raverboy

[vashti]

This entirely depends on where you live and what sort of lifestyle you expect for yourself. Also, whether or not you have kids, and what level of financial responsibility you intend to take for their educational costs.

[Wallace Stevens]

This entirely depends on where you live and what sort of lifestyle you expect for yourself. Also, whether or not you have kids, and what level of financial responsibility you intend to take for their educational costs.

Agreed, but I'm curious for each poster's personal thoughts, rather than some grand schema of financial security.

[Illusional]

v money vengeance...

Assume no children and a median COL. (Not SF or NYC, but not Waterloo, Iowa, either.)

uh oh... somebody didn't read...

raverboy

[Cain]

I want financial stability to be able to do whatever I want regardless of whether I'm the only one seeing my income or not. Once I finish my Master's I'll be making around $120k. That will be suitable for me at this point, but I will be working to increase that.

[vashti]

v money vengeance...



uh oh... somebody didn't read...

raverboy

SMACK!

Shut up.

The median income in my neighborhood is $87,688. To be honest, I don't know how people get by on that amount of money if they have kids, unless they aren't saving anything for retirement and don't plan to pay for college. I think I live in an average neighborhood with a lower than average crime rate and great schools.

[CocoChanel]

You might want to add Hawaii and Washington DC Metropolitan Area.

50k is... so/so. Anything below 50k is ridiculous.
60k is fair...
So I think over 70k is living comfortable and doing well.

If you have children... you'll need way more than that.

[IndiReloaded]

You don't need much really, with a paid-for house and car. Think of your disposable income without house, car, children expenses.

[Illusional]

well if you live in hawaii, you can pitch a tent on the beach and live there for FREE..

raverboy

[tooxshort]

The median income in my neighborhood is $87,688. To be honest, I don't know how people get by on that amount of money if they have kids, unless they aren't saving anything for retirement and don't plan to pay for college. I think I live in an average neighborhood with a lower than average crime rate and great schools.

My parents made less than that and provided for me just fine.

I live in a good area and I'm never worried about crime unless I'm in a danger zone. They also owned a home and 3 cars ...

My parents are retired and having a ball on fixed income ... traveling and enjoying time with their granddaughter ...

Then again, maybe the cost of living in your burb is more than SF? I don't know ... I thought LA was as equally crappy ... Also, perhaps their investments helped boost 'em too ... They also bought their home in the 80s. I'm guessing me and the wife will end up making a lot more, but inflation will be a bitch.

[vashti]

My parents made less than that and provided for me just fine.

I live in a good area and I'm never worried about crime unless I'm in a danger zone. They also owned a home and 3 cars ...

My parents are retired and having a ball on fixed income ... traveling and enjoying time with their granddaughter ...

Then again, maybe the cost of living in your burb is more than SF? I don't know ... I thought LA was as equally crappy ... Also, perhaps their investments helped boost 'em too ... They also bought their home in the 80s. I'm guessing me and the wife will end up making a lot more, but inflation will be a bitch.

I doubt it costs more to live here for an equivelent lifestyle, but I forgot to mention that my husband bred like a Catholic.

Also, our medical expenses are higher than average because I have a kid with a chronic condition, and we save a lot for college and retirement. One of my biggest concerns in life is that I will live long enough to be a financial burden to my kids.

[ecojeanne]

it depends what you want indeed. you could set yourself up to not depend on money at all. barter, self sustain with renewable energy and grow your own food, a lot of people are now bartering services and excluding money as much as possible and it has indeed made life a lot easier and happier due to the community involvement tbh. it's up to you how much you want to depend on and how much happiness you derive from things.

[Lipp]

it depends what you want indeed. you could set yourself up to not depend on money at all. barter, self sustain with renewable energy and grow your own food, a lot of people are now bartering services and excluding money as much as possible and it has indeed made life a lot easier and happier due to the community involvement tbh. it's up to you how much you want to depend on and how much happiness you derive from things.

A client for another group who wants her house to be fully self-sustainable has recently been associated with the term "hippie".

[Mish]

Huh? There are posts disappearing from this thread