Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

How much money would you have to make a year to feel "comfortable" ?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (01/01/06 through 01/22/2007) Donate to DU
 
Herman Munster Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:29 PM
Original message
How much money would you have to make a year to feel "comfortable" ?
I'm sure this will vary depending on the cost of living where you live and the size of your family.


Printer Friendly | Permalink |  | Top
Saphire Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:30 PM
Response to Original message
1. twice as much as I make now.
Printer Friendly | Permalink |  | Top
 
Cronus Protagonist Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:31 PM
Response to Original message
2. $100,000
If I had that, I could pay all my bills, have an expanding savings account, buy health insurance and donate cash to charity.
Printer Friendly | Permalink |  | Top
 
UndertheOcean Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:31 PM
Response to Original message
3. 2 people , no children , I'd say $30k in florida..
n/t
Printer Friendly | Permalink |  | Top
 
Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:50 PM
Response to Reply #3
13. $30k in Florida will almost pay your homeowners insurance
Not to mention real estate taxes.
Printer Friendly | Permalink |  | Top
 
UndertheOcean Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:52 PM
Response to Reply #13
16. We are currently managing with $20k and renting .... not great , but we are not in debt...
but $30k would be great!
Printer Friendly | Permalink |  | Top
 
theoldman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:33 PM
Response to Original message
4. I can answer that for a retired person living in an average cost
of living area. My wife and I can live comfortably on about $30K but I admit that $40K would be better. If you still have house payments make that $50K.
Printer Friendly | Permalink |  | Top
 
rosesaylavee Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:35 PM
Response to Original message
5. $100,000
would give us the security we would need. We could prepare better for retirement (or get to have one) and pay for our son's college if he needs that from us.
Printer Friendly | Permalink |  | Top
 
CGrantt57 Donating Member (245 posts) Send PM | Profile | Ignore Fri Dec-15-06 04:35 PM
Response to Original message
6. It's not how much you make.
It's how much you spend.

I consider myself "comfortable" right now.

I only have two credit cards with outstanding balances. And, both balances together only account for 5 percent of my monthly salary.

Our mortgage is only 10% of our monthly salary.

We shop the specials, buy frugally at the supermarket, and put whatever "extra" we have at the end of the month into savings.

Remember the Yankee Maxim: Use it up; wear it out; make it do, or do without.

Wise words.

Printer Friendly | Permalink |  | Top
 
Sherman A1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:39 PM
Response to Reply #6
8. Agreed and Well Said.
wife and I are comfortable, we don't live extravagantly but have all the creature comforts. More money would of course be better, but we don't seem to want for anything.
Printer Friendly | Permalink |  | Top
 
Midlodemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:52 PM
Original message
You're exactly right. The more you make, the more you spend.
Printer Friendly | Permalink |  | Top
 
Viva_La_Revolution Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 05:32 PM
Response to Reply #6
18. 10% of my income would be $130 per month
if only I could find a 3 bdrm for that price. :(
Printer Friendly | Permalink |  | Top
 
malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 06:05 PM
Response to Reply #6
22. Absolutely correct
and stay away from the malls. Buy cash always and save with the Credit Union.
Printer Friendly | Permalink |  | Top
 
CGrantt57 Donating Member (245 posts) Send PM | Profile | Ignore Sat Dec-16-06 07:27 AM
Response to Reply #22
30. Saving is good...
but, I go with the higher yield accounts.

For examples, HSBC offers 5% APR on its internet savings account. You'd be hard pressed to find that anywhere else.
Printer Friendly | Permalink |  | Top
 
Ariana Celeste Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 07:24 PM
Response to Reply #6
29. You are absolutely right, man.
:thumbsup:

my SO and I live off of just over $25,000/yr.

No kids. 1 dog. No cable, no long distance. We live in a nice apt in the greater Indianapolis area. We don't go out to eat and cook mainly from scratch. We don't drive at all, we have no need to. So we can manage very easily on $25,000/yr.

We've already decided that when I am working, too, we will put most of my paycheck into savings and continue living the way we do now.
Printer Friendly | Permalink |  | Top
 
jgraz Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:38 PM
Response to Original message
7. My only "discomfort" is my outrageously high SF-area mortgage
If l lose my job -- even for a couple months -- I'm totally screwn.

Printer Friendly | Permalink |  | Top
 
CrispyQ Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:39 PM
Response to Original message
9. These people are having a hard time scrapping by on $150k a year.
http://money.cnn.com/2006/12/13/magazines/moneymag/scra...

snip...

NEW YORK (Money Magazine) -- If she thought it would really fix her family's finances, Amy Schuett would make it her New Year's resolution to squeeze every bit of extra spending from the family budget.

But she's already slashed so many little luxuries - the gourmet coffee, the restaurant lunches, the weekly dates with husband Brian - that she's fresh out of ideas.

Cable TV? Unplugged. Pool membership? Down the drain.

They've even considered giving up their unlisted phone number. At a cost of $3 a month, this move wouldn't save much - even over, say, 150 years - but it shows how desperate the couple feel about easing their financial strain. "We're struggling week to week to get by," says Brian, 42. "Any money that comes in gets chewed up right away."

Digesting that fact becomes harder when you consider that the Schuetts earn a comfortable living, with Amy, 39, pulling in $150,000 a year as a hospital psychiatrist. True, their income did take a big hit last summer when Brian got laid off from his job as a sales rep for a pharmaceutical firm (he'd been making a base salary of $82,000 a year, plus commissions as high as $24,000).

Printer Friendly | Permalink |  | Top
 
tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:41 PM
Response to Original message
10. I would like to make around $30K
Things are tight. I have no credit card debt, a small amount in a 401k and my health insurance isn't much each week. No cable, no internet at home, etc.

I currently will make around $25K this year. If I was at $30K, I could put more in savings and more into the 401k.
Printer Friendly | Permalink |  | Top
 
Geoff R. Casavant Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:42 PM
Response to Original message
11. Well, we just found out we have a new baby on the way.
So I expect our definition of "enough to be comfortable" is about to go way, way up.
Printer Friendly | Permalink |  | Top
 
SmokingJacket Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 07:09 PM
Response to Reply #11
27. Actually they're pretty cheap for a few years, as long as you have
good health insurance.

When you start paying for preschool or daycare, it gets tricky.

Congratulations! I love babies. :loveya:
Printer Friendly | Permalink |  | Top
 
Withywindle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:46 PM
Response to Original message
12. It's always just a little more than you have, isn't it?
I say 50K. I'd be able to save a lot more, and then I'd feel a lot more secure. Right now I'm on about 36K (in Chicago) and getting by alright, but sometimes it is a little tense and I don't have much of a safety net.
Printer Friendly | Permalink |  | Top
 
pdrichards114 Donating Member (215 posts) Send PM | Profile | Ignore Fri Dec-15-06 04:51 PM
Response to Original message
14. They couple in the article had FOUR kids!!!
From everything I've heard kids are worse than the IRS!!. Don't have four kids is the lesson here, not how/or why should we make more money. More people excacerbate an already 6.something billion person problem. Want to stretch a thin budget? Have a kid. Nowadays, thats almost like signing a loan for $500k, if you plan on sending them to a state college. More like $400k if they are not going to college.
Printer Friendly | Permalink |  | Top
 
Nikia Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-16-06 10:32 AM
Response to Reply #14
31. While expensive, 4 in 1 family is cheaper than 1 in 4 different families
It depends on the attitude of the family of course. Some families with multiple children save money by reusing or sharing clothes, infant/toddler furniture, toys, and bedrooms.
This family has no childcare expenses. Some families with multiple children do have childcare expenses and it might be more economical for a lower earning parent to stay at home if the children are close in age when they are young. A higher earning family might find it more economical to hire someone themselves rather than taking the children to a daycare center if they can't find a good center that offers mulitple children discounts.
Each extra children of course costs more in food. The more people there are, the greater in savings to eat at home vs dining out. When big families dine out, they usually do go to restaurants that offer inexpensive/free children's food or have family meal deals where each individual piece of food is cheaper when one buys more, such as buckets of chicken.
Of course some families do buy new clothes for their children each year and would never dream of having a younger child wear their older siblings clothes when they grow into the clothes. Some families would buy a big enough house for each child to have their own room. Some families would buy just as many toys for each individual child as they would if they only had one child.
I am saying that there are ways for bigger families to save money if they encourage sharing and reusing amongst their children.
Printer Friendly | Permalink |  | Top
 
Drops_not_Dope Donating Member (362 posts) Send PM | Profile | Ignore Fri Dec-15-06 04:52 PM
Response to Original message
15. Comfort?
What is that?
Printer Friendly | Permalink |  | Top
 
tigereye Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 04:57 PM
Response to Original message
17. what's odd is that it is very easy to spend up
to the level that you are paid. Bigger houses, more expensive cars, more take-out, private schools for kids... what have you. The culture really encourages moving up to the "next big expense." When I think about how little husband and I used to live on 20 years ago, prior to becoming parents, and what we now have to pay for - mortgage, cars, tuition, health and other insurance, computer fees, professional fees, what have you - it's kind of shocking. And we aren't exactly flush and don't have an expensive house, fancy cars or even fancy furniture! Maybe it's all those books and electronic gadgets that break the budget! ;) I often see people driving around in really pricey cars and into houses that I know most cost 350,000 and up and I think - where do people get so much money if the median income is only around 45,000?

What shocks me is that anyone is this country is making 30,000 per year or less. There hasn't really been much improvement in actual buying power since, what, the 60s?
Printer Friendly | Permalink |  | Top
 
Shipwack Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 05:40 PM
Response to Original message
19. $56,000, in Space Coast Florida.
The key word is comfortable... I was quite comfortable with that amount. I can live on less, and will have to soon. Currently retired Navy, still unemployed. Odds of getting a job for 40K (or 16/hr) are looking worse all the time.

56K pays rent, car payments,insurance, other living expenses, pay off debt, give (non court mandated) child support, and donate to progressive causes, and spend a little on myself.
Printer Friendly | Permalink |  | Top
 
nashville_brook Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 05:53 PM
Response to Reply #19
20. hey! Satellite Beach here!
grew up here.

unemployed, though -- so, i'm prolly going to have to move closer to orlando. bleh.
Printer Friendly | Permalink |  | Top
 
Blue_In_AK Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 06:02 PM
Response to Original message
21. About $50,000 is working well for my H and me here in Alaska.
Edited on Fri Dec-15-06 06:04 PM by Blue_In_AK
When I was living alone I got by on quite a bit less, but didn't have as much fun. :)
Printer Friendly | Permalink |  | Top
 
taught_me_patience Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 06:59 PM
Response to Original message
23. 250k
Los Angeles for 2 people would be "comfortable" but by no means "rich".


taught.
Printer Friendly | Permalink |  | Top
 
Nikia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 07:05 PM
Response to Original message
24. Around $40,000 per year
Which I hope to be making in a few years.
Printer Friendly | Permalink |  | Top
 
SmokingJacket Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 07:06 PM
Response to Original message
25. Here in upstate NY, I think $40K is around the cutoff for a family of 4
Comfortable meaning you can have a decent used car, afford the payments on a decent but modest-sized house, eat out occasionally, and you don't panic when the heating bill arrives. Maybe put a little aside for vacations/renovations/college. Oh, yeah: your job would also have to give you good health insurance. If it doesn't, 40K isn't enough.

If you want all the extra shit that most Americans deem necessary (a new car, or two cars, new clothes all the time, latest gadgets, etc) you'd probably have to make closer to $60K or so. Here, anyway.

Printer Friendly | Permalink |  | Top
 
rolleitreks Donating Member (282 posts) Send PM | Profile | Ignore Fri Dec-15-06 07:07 PM
Response to Original message
26. I think the rule of thumb is 25% more than you make. n/t
Printer Friendly | Permalink |  | Top
 
ikojo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-15-06 07:09 PM
Response to Original message
28. I'd like to make $60k a year
which is about $22k more than what I currently make.
Printer Friendly | Permalink |  | Top
 
Tierra_y_Libertad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-16-06 10:34 AM
Response to Original message
32. We're retired and quite comfortable on $56k a year.
But, we have no kids. No debt (save our mortgage). And, we're cheap dates who enjoy books more than trips to Disneyland.

SW Washington State.
Printer Friendly | Permalink |  | Top
 
Rosemary2205 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-16-06 10:36 AM
Response to Original message
33. 30k in Atlanta is plenty
unless of course you and hubby get hit by a drunk. Disabled for life, go 4 years with NO income and still fighting with the drunk's insurance carrier and SSDI. Rack up nearly 2 million in medical debts......but other than that 30k for a couple is plenty around here.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Aug 27th 2014, 08:43 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (01/01/06 through 01/22/2007) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC