Is an annual income of $300,000 enough to do basically whatever you want, within reason?

$240K here. Live in your typical suburban area where the cost of living is on par with the majority of the country. Kids are grown and out. We live comfortably. We eat out frequently and vacation often. We drive decent cars, and live in a house that's your typical middle class America house. Our bills are paid, and we want for very little that is beyond our means. I don't care how wealthy you are, we all dream about bigger things. I want a fishing boat. Zuckerberg wants a mega-yacht. We have money saved for retirement and unlike a lot of folks, handle unexpected expenses, be it medical, house or auto repairs etc. Our total assets are right around $1 million. Growing up, that was rich. These days, it's middle class. All that said, if you live within your means, whatever your means are, then theeoretically you should have enough. When I made $3.65 an hour back in the 80's I lived like I made $3.65 an hour. Is $300K enough? Yes. $50K is enough if you can live with lifestyle $50K affords you.

$1M net worth puts a household in the top 18% in the USA. A household that is wealthier than 4 out of 5 households in the USA can easily afford a life equivalent to what was considered middle-class decades ago. The main problem is that the definition of middle-class life has changed. Houses have gotten bigger, families own multiple cars, people aren't as willing to move, vacations have gotten more exotic, there is less home cooking, there is overall less do-it-yourself (e.g. nowadays people pay somebody to put up their Christmas lights so that they can spend their weekend browsing social media), and the list goes on.

However, defining class in terms of net worth assumes that net worth correlates with income. That sad fact is that need money rolling in every month in order to pay bills. For example, somebody with a $40K/yr income who receives a $1M inheritance, although they are in the top 18% of households in terms of net worth, can't magically live an upper-middle-class life. Moving into a house in an upper-middle-class zip code would mean property taxes alone eat up half their post-tax income.

More on the previous paragraph. Doctors who graduate medical school and have massive negative net worths still live better (and are probably more financially secure) than the "millionaire next door" type if we're being honest.

I’ve hit over 300k 3 of the last 5 years. I do live in NYC but kind of won the lottery a few years back by getting a rent controlled apartment. My wife and I split the rent (she makes almost as much as me),so I would say my living costs are roughly equal to someone living in a fairly decent 3br house in a nice neighborhood in the Midwest.

It depends what you mean by ‘whatever you want within reason’. I live pretty frugally considering my income. I drive a 10 year old Toyota, fly economy, buy my work clothes at Uniqlo, etc.

The real game changer has been the ability to actually save some money for the future. I’ve been able to build an emergency fund, max out my retirement accounts, and start a taxable brokerage account too. I grew up lower middle class, and knowing I have a financial cushion for the future makes me feel happier than I ever thought it would.

I also travel every couple of months without worrying too much about the cost, and eat out once or twice a week at decent restaurants, and domt worry about little things like oil changes, or grabbing a few drinks at a bar.

Those things have completely changed my life from when I was making 70k and basically living paycheck to paycheck.

So in that way, I would say I have ‘whatever I want’, but I don’t need a mansion, or to fly first class, or to drive a Mercedes. I also don’t have kids yet, which I know will take a big dent out of my budget.

My income is around $300k...gives me around $21,000 per month to spend, after taxes. Around $4000 of that is for housing.

I bought a $50,000 car so I'm making $4,000/m payments until it's gone.

that's up to $8,000.

other fixed items gets me to maybe $12,000/month.

So that leaves me around $9,000 to spend as I please. I find that is enough, yes, to do whatever I want. I don't have to think about spending $1000 here or there, which is my definition of being wealthy.

I am 60 and still work but I'm starting to wonder why I do that. I have enough money saved that if I retired today I'd only have to cut spending $1000 0r $2000/month. Totally doable.

I live in a very high tax place.

So yes, $300k income or maybe $5m non-real estate investments is enough to do what you want. Depends if you are on SS yet though, I suppose, and how you have to pay for health care.

If you clear 1.3 million and don’t fly first class on your international vacations… what’s the point man.

Very late to this - but in Canada income is taxed at the individual level, even if you are married and file "jointly" there is no income splitting. As a result, a couple where both individuals earn $150,000 will have an overall lower tax bill than a single earner taking in $300,000.

I remember when terrorism and oil, not drugs and oil, was used an an excuse to start wars

Similar monthly take home pay here but different situation. Our household annual income is ~$600k. Less my annual bonus it’s about $450k. Monthly take home is about the same-$21k. I defer about $125k pre tax into retirement accounts. Yes our income is high now but really only hit this range about 6 years ago. In regards to our lifestyle, yes we don’t have to worry about money but there are limits to how much we can spend. We bought a vacation property about 4 years ago that’s paid off but still increases our expenses a bit. We have 3 adult kids in their 20’s and have always put a priority around supporting them financially in regards school/weddings/vehicles etc which gives them a financial tailwind as they are building careers. However that pulls a lot of $$ out of our cash flow. Retirement in ~3 years will reduce the support to the kids dramatically. Will have main home and vacation property paid for and lower tax bracket so expect to live comfortably in retirement on $250k annual income.

If you have a job, are you doing "whatever you want"? Maybe yes, maybe no.

I got out of college, moved 3,000 miles from parental dictums on how to run my life, started a business on a wing and a prayer. I was doing EXACTLY what I wanted, it did not take a huge bankroll.

Free your mind.

I think that's a very sensible definition.

If you cant visualize making 1.3M and not seeing any value in first class airplane seats you will never achieve that level. The point is that many people at those income levels dont see the value in a $8,000k airplane ticket vs a $1200 coach international seat. Most of the truly wealthy people I know don't like to overspend on anything that's not a long term investment, like education, housing. The image portrayed in our society of rich people vs how they actually are is totally wrong. For every one rich person you see in a jet, or with a ferrari, there are 50 others that you would never know have the same amount of wealth. I can afford first class but its the last thing I would spend money on. I can sleep fine in any airplane seat.

Yes $300K for an individual means you are rich. The top 2%. So if you can't do most things its your fault.

As someone who has been making over 300k for 4 years in a major metro not mentioned. I have a fun life but doesn't mean I am living in top 1% in my city. Infact no where near them.

What I do:

1. Week long vacation internationally with wife each year (no kids yet but still could afford that)

2. can move somewhere for 2-4 months each year

3. Can take about 5-10 trips within north America each year.

4. Fine dining (Michelin guide level restaurants) on the above trips plus a few times locally.

5. Top level produce and food (think competitor of whole foods but much higher quality than that even though not really more expensive)

What I can't do:

1. Afford to live in any of the top 5 neighborhoods in my city nor will I ever be able to. You have to get to annual income of well over 500k figures and networth of at least 10 mil.

2. Fly first class on any trip.

3. Send kids to private school

Now could I stretch and do 1 of the 2 above: yes but that would sacrifice other life goals namely: retiring in my 40s and be more active in raising kids if they come along.

When you get beyond 100k you start to be able to do luxurious things but you must do them wisely. Only pick one at a time and make it a very special thing like 2x per year then as pay increases you can slowly lifestyle creep into the ones that bring fullfilment. Note I didn't say happiness. Happiness is as cheap as cheap liquor and as fleeting as the puke that follows.

Another interesting thing I have found is if you make less that 100k certain parts of your life can still be luxurious. If you work in restaurants: food, in hospitality or transportation: vacations/travel if you work on cars: cars. If you work in construction: home. You can often take what you do professionally and get a huge discount for yourself for that item/experience at much lower than market value.

You might be able to live comfortably if you do not live in a very expensive area of the country. High income earners pay a lot of taxes too.

You'd live very comfortably even in an expensive area. Tell me in which town you can't live well on $20K/month of take-home pay? I just checked Malibu, CA real estate listings and found a small but not shabby 3bd / 2ba house with a view of the ocean for $1,295,000. It's not right on the beach, but it's in a nice, secluded neighborhood up in the hills. The maintenance, property taxes and insurance would probably add up to $2,500/month, leaving you with $17,500/month after housing costs are subtracted.

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If you can't live well on $300,000/year in the United States of America, you are either an idiot or choose to live uneconomically.

"$300K is barely scraping by in NYC"

Even with the high state taxes, you should be taking home ~$210K/yr = ~$17,500/month.

Let's say you splurge and rent a 2 bdrm condo right along Central Park. I just checked rental listings and found one on 5th Ave and 76th St for $6,400/month (and older unit but remodeled and it overlooks Central Park).

Oh no!!!!!!!!!!!!!!!! Such unaffordability!!!!!!!!!!!! A crisis!!!!!!!!!!!!!!!!!!!!!!!!! You only have $11,100/month extra for food, transportation (unlimited subway pass is like $30/month) and such. How are you going to put the recommended 15% of your income into a retirement account??? There's not enough month left at the end of the money!

As someone who makes over that and has lived on both coast and Chicago....It really depends on where you live and do you have children....I'm child free and don't have to worry about living in a certain district or having to pay tuition

Children don't cost that much, maybe $1000/month/child.