What prices of housing can you afford,cars and in long term investment marks?
What prices of housing can you afford,cars and in long term investment marks?
happiness stops increasing at 75k
All I need is vegan food, running gear (shoes and clothes), and my parent's house to bum around in. So, I don't need much money.
Kevin- wrote:
What prices of housing can you afford,cars and in long term investment marks?
If you’re worried about what car you’re driving, you’ll need more money than that.
minty wrote:
happiness stops increasing at 75k
I remember hearing that exact figure back when i graduated college 15 years ago, funny how it doesn't change. Factor in inflation, its got to be at least 100k today.
to answer your question - you will be comfortable, and can buy what you want/need, but you won't be wealthy or even sub-wealthy, you'll be hobby wealthy.
I wouldn't call fruits vegetables starch grains legumes nuts and seeds vegan food I'd just call it food.
Kevin- wrote:
What prices of housing can you afford,cars and in long term investment marks?
The answer to this depends on wear you live. Unless the 100k is cost of living-adjusted.
If you benchmark the 100k to a location for example Dallas, then you would have a sliding scale to evaluate on.
Using this calculator I can I see what a Dallas-based 100k means in other locations
http://money.cnn.com/calculator/pf/cost-of-living/index.htmlExample:
Indianapolis - 90K
Seattle- 147K
(Disclaimer: I do not, nor have I ever lived in Dallas)
You need to look at it net of tax. So 120k probably nets to about $7000/month. A house payment plus utilities, prop taxes and maint. is going to run at least $2000. Add in car payment/upkeep/insurance at, say, 600/month, add in groceries, clothing and all the other costs and you sort of se why many of us have hustled hard to make it up the ladder. Add in kids, pets, and the hope for some travel or hobbies and savings, and things get tight quick. I'm not trying to be a downer, but you will one day have expenses you have never even considered, such as the out of pocket cost of health care, prescriptions, a layouf or job loss at some point, etc. When/if you get married, it gets more complicated and becomes less about what you want or how much you think is enough. Most women have an idea of how they want to live and that has to be reconciled with your resources. Marry Daddy's girl who always had the finest and you will be expected to provide the same or better. Again, not being a downer, because we all started much lower than that and had to work our way up with long hours, and hustle.
This is all accurate and also hints at the importance of income to debt ratio in this question. Essentially, it’s the percentage of your gross monthly income (before taxes) that goes towards payments for rent, mortgage, credit cards, or other debt.
Every dollar you are paying debt on (and paying interest) is potentially a dollar you are not investing and gaining interest on. The easiest way to avoid unnecessary debt is to only pay cash for vehicles. If you can't you are probably spending too much on a car.
Depends where you live and what you need. I make almost $120K and live in San Diego. The only reason I could afford a $600K house here b/c I sold a property that skyrocketed years ago and bought another and that one also appreciated, so I had a $300K down payment.
But $600K here gets you around 1300 sq ft if you want to be near the coast. I don't car much. Don't need much space. Don't have any kids. My g/f and her son (half the time) lives with us.
I live pretty good. Not a huge spender except for my Mustang GT.
48yroldrunna wrote:
Not a huge spender except for my Mustang GT.
That's cute.
$130000 and $31000 are two reference numbers I like to use when looking at earnings and lifestyle
130000 amount when SS taxes cap and 31000 the max benefit you can get FROM SS.
Plug those in to the calc posted above and you get a snapshot of comfortable living and realistic poverty levels in the target city.
48yroldrunna wrote:
Depends where you live and what you need. I make almost $120K and live in San Diego. The only reason I could afford a $600K house here b/c I sold a property that skyrocketed years ago and bought another and that one also appreciated, so I had a $300K down payment.
But $600K here gets you around 1300 sq ft if you want to be near the coast. I don't car much. Don't need much space. Don't have any kids. My g/f and her son (half the time) lives with us.
I live pretty good. Not a huge spender except for my Mustang GT.
What about property taxes on that 600k house in San Diego?
yes to the coast wrote:
48yroldrunna wrote:
Depends where you live and what you need. I make almost $120K and live in San Diego. The only reason I could afford a $600K house here b/c I sold a property that skyrocketed years ago and bought another and that one also appreciated, so I had a $300K down payment.
But $600K here gets you around 1300 sq ft if you want to be near the coast. I don't car much. Don't need much space. Don't have any kids. My g/f and her son (half the time) lives with us.
I live pretty good. Not a huge spender except for my Mustang GT.
What about property taxes on that 600k house in San Diego?
1.1% approx so almost $7K/yr which is baked into your mortgage.
Damn this is depressing. I almost don't even want to grow up. What's the point. That sounds like hell unless you're working a 9-5 you actually enjoy (2% shot).
Don’t look at it as depressing, but rather that the reality is you have to live within your means and work hard. Work is often what you make of it and your having a positive attitude about it. My first salary in my field after college in early 1980’s was $15k. I thought that if i ever got to $50k i would be set for life! Problem was when i got to that number, lifestyle creep and family expenses were eating it up. Young guys believe me, chasing bigger homes, fast cars and more junk is a rat race. Live good but moderate, enjoy experiences and invest all you can. I learned this stuff the hard way, and finally lost interest in all the trappings before it was too late.
It shouldn't be depressing. To the extent the generation now coming up was taught from infancy that life is fair and you can have it all, that's the depressing part. Neither of those things is true and misleading youth about it all is truly a shame.
In life, only a handful of people can truly have it all. Basically, they're either (1) born into extraordinary wealth, (2) lucky to strike it rich with a business move that pays incredibly, or (3) gifted with incredible physical looks/skills that allow them to make income with no direct connection to the amount of work expended. Those folks are far less than 1% of the population. The other 99% work for a living and earn income that is proportionate to the amount of work they do.
Back to the OP's question, you can live nicely on 100-120 a year everywhere in the US except in the major cities. You'll be able to afford an average or better home, drive an average or better car, and have some discretionary saving or spending.
Kevin- wrote:
What prices of housing can you afford,cars and in long term investment marks?
Start over. Duh fuq are you talking about?
minty wrote:
I wouldn't call fruits vegetables starch grains legumes nuts and seeds vegan food I'd just call it food.
I would not call fruits vegetables or starch grains either. Is it really this challenging for you each day?
Fine
/EOT/