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| sdfsdfsdsd |
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I make 7$ per week on nothing but saying the word "Hozanka" from the roofs of buildings (yes, I get paid for it) but this will not be 100,000 |
| l;jl;sjsl;ad |
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Seriously, no. Raising a family is like running a small business, you have to watch your expenses all the time. The killer is debt. We have all been hood-winked by the liberals into borrowing tons of money for a college degree, when it is no more valuable than a high school diploma. |
| The Mick |
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Liberals hood-winked you into borrowing money? hahahaha. Do you want to make $100,000? Well, I'm a Nigerian millionaire prince with a little problem you might be able to help me with... |
| Mojo Jerkin |
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Check out this site: http://earlyretirementextreme.com/about This guy retired at 33, never made more than $40K, and didn't hit anything big like the lottery, etc. It is an extreme case with a lot of lessons for the less extreme. His life isn't for most, but it certainly shows that if you follow some of his advice, there is no reason why you can't retire very early on a very modest income. |
| thats a stupid question |
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who the hell needs to make $100,000?? i can't even image how i'd spend $100,000 a year. take away about 25k for taxes (probably actually less than that), now use $25k for yourself (meaning rent, bills, food, insurance, spending money, etc. That should be PLENTY unless you are intentionally trying to spend a ton, for instance i spend well less than that), spend $25k on family (i imagine you'd have a lot left over here too), and then the rest goes to savings and retirement, $25k plus extra from others (~$15k). there ya go, you're saving $40k a year just based off a single salary, throw in a spouse's salary and you can buy a new car every single year or something stupid like that and still save a boatload every year. so yes, you can spend plenty of money, support a family, and still save a lot of money every year off $100,000 even with no 2nd income from spouse. |
| buzszkill |
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You're going to have to take away alot more than $25,000 for taxes. Medicare, Medicaid, and Social Security alone will be around there. Also, you are going to have to factor in some pretty substantial student loan debt, I would bet the number of people that have no advanced degree and earn more than $100k is less than 10% and the proprotion with no college degree is probably less than 1% |
| teacher peacher |
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Yes, life is grand for a teacher working only 8 months out of the year but still collecting a healthy paycheck (despite it likely being less than 100K) and reaping the benefits of health insurance, pensions and guaranteed job security. Supplement your income by taking on another job for the other 4 months and enjoy easy street! |
| MOrks |
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People, in general, have terrible money management skills. I live on about $10,000/year. I also do not have kids or a mortgage, but I also don't feel like I go without much of anything and could live on significantly less if I needed to (I've lived off of ~7k/year before). I honestly don't understand what people spend their money on. It seems everyone wants to live above their means and blows all their money before they can save any of it. If you gave them $10,000 they'd have it all spent in a month and be no better off than they were before. I worked with two guys one summer on a job that paid us $1000/week. We were all young college guys, and they were living with a relative who didn't even charge them rent, and yet they were still broke all the time. I saved close to $9000 that summer (I was a student and needed the money for the rest of the year). I don't think they saved anything. I see stuff like that all the time. |
| thats a stupid question |
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to buzskill, how the heck would payroll taxes alone be 25k? payroll taxes for someone making $100,000 are less than $6k. although yeah when you add that to the income tax it comes out to $27k. so if you add in other taxes like state taxes you'll be paying between $30-$35k. so my bad, instead of saving $40k a year you'd maybe save $33k a year. Now if you make $100,000 and you want to live frugally, and are single, say $32k in all taxes and spend $18k and you're saving $50,000 a year. I generally spend $1000 a month. Add a bit extra over christmas or if I travel somewhere and I spend less than $14k a year. I couldn't imagine spending over $20k. |
| I make 100k+ and have a budget |
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I think that your estimates are a bit off. I make 100k+ and am frugal, but I 'only' manage to save about 36k a year. When my car is paid off next year I will probably up my savings to 40k. I have no kids, but live in an expensive city. Even if I moved to the suburbs I would not be able to save 50k... unless I took on some roomates, which I am not willing to do. Housing expenses + food alone are $2000 a month.
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| Here's what you missed |
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| I make 100k+ and have a budget |
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$300 a month for a used volvo... lavish I know. |
| A. Gigolo |
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I gotta ask for a raise! They're only paying me $6.50! Guess I will have to marry a frustrated heiress to make ends meet. |
| dumb |
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Wrong |
| Here's what you missed |
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That's correct. |
| Voice of experience |
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Well, if you have kids, are saving to send them to college, are saving properly for retirement, want to live an a reasonable area, I guarantee this all adds up to at least 100k year. Sure, you can live on less, if you have no intentions of helping your kids or not having a miserably poor old age. I make about 220k / year and I sock most of it away on the above - do the math. You need a lot put away for retirement . It's scary |
| smart is as smart does |
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sure, you could, but why bother? it's not difficult make better choices along the way, son. |
| thats a stupid question |
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$2000 a month is A LOT to pay for food and rent. That's a choice that you made to live in an expensive place and by yourself. This is the first year that I've ever even spent a third that much, and right now its only because I live in an expensive city now, and still I spend about $700 a month on those two things. Just saying, if you make $100k and 'only manage' that means you probably waste a lot of money. If you refuse to spend less money to maintain a certain lifestyle then that's fine, but don't say you 'only manage', because you COULD manage on far far less. |
| dumb |
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How expensive are we talking, really unless you want to share a bathroom with two or three roommates or commute three hours a day you can't live for $700/month in places like NYC, Boston, LA, Chicago |
| We've had this conversation... |
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We've had this discussion plenty of times before. A lot of the people who can't live off of less than 100k aren't willing to live the way you would have to live on less. There are plenty of people (including me) making 40k who are doing just fine. I went to a private college and have student loan bills, I have a car payment, I have a mortgage. I don't have a smart phone, an iPad, an iAnything other than an iPod from 2007 that I got for opening a checking account. I eat out maybe once a week. I'm getting married next year, so a lot of my extra money is being saved for the wedding. I know a lot of people wouldn't want to live that life. Heck, I work with people who must spend thousands a year at restaurants and would go broke before they gave that up. If you spend $50 a week going out to lunch, $40 going out to dinner, and $100 a month for a smart phone plan, you can't say that you can't live on less money, because there is a way to save $400 a month right there! That's $4800 a year! Put that away for your kid's college, or whatever you complain about not having money for. If you did that for 18 years, that's enough to pay cash for 2 years at an expensive university or all 4 at a public one. If you invested it, obviously you could have even more. It's fine if you don't want to give that stuff up, but don't complain when your own choices put you in the situation that you're in. |
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