You guys have it great. Making 300-600k...even 200k. That's alot of money, but if it isn't then you must have alot of debt.
My wife and I still live on 27k per year (net) lol. What do you guys who make 500K+ annually spend all that money on?!
My wife and I still live on 27k per year (net) lol. What do you guys who make 500K+ annually spend all that money on?!
We spent so many years as poor ass college students that we still live that way even though we make 4x what we need now. I figure we'll step up and spend some money eventually but for now we are just paying off our first home very quickly (3 years) and then we are just gonna relax, take vacations, etc.
And yes, some of us live in pricier 'hoods.
Try mines for example:
http://www.forbes.com/lists/2006/7/ZIP94024.html
When you state net is that after Mormon taxes?
And yes, some of us live in pricier 'hoods.
http://www.forbes.com/lists/2006/7/ZIP94024.html
If everyone from this forum lived in my 'hood there would be ALOT less NSX owners and NSX's would be worthless with the decreased demand.
I live in arizona... but that's not the point. Your idea of what would make me comfortable is probably unrelated to what i think would make me comfy.
I already said I thought $800k was "enough." I'm sure most people would agree that's enough no matter where you live. But again... that's just my personal thought.. unrelated to what you would think.
It sure is nice to sit around and say "All i need is my health and a roof over my head." I also (if that is to be beleived) expect all the excess portion of your income to go to charity in that case. Or you would only work the minimum weeks/yr required to make the house and car payments.
There's a reason most people like getting raises... and it's usually not so they can keep the exact same lifestyle while donating all the newfound income to the homeless shelter. Why is it so hard for people to admit that? I'm not asking what your w2 or 1099 says.
For arguments sake let's assume the median income in the USA is somewhere around $40k/yr before taxes per person.
In the area you live, $400K is very comfy life. Don't ask for more or be greedy because money would never be enough. It is like a drug addiction. More you make, the more you spend; and the more money you want. It never ends period.
Really? Wow...perhaps a trip to Africa or another impoverished nation will make you think twice.
People definately don't know how good they have it.
Money is just a means of exchange nothing more.
So 17 answers, and only 2 with actual relative dollar amounts.
I know that it's all relative. That's why i was asking.
For Miner, thinking if someone "needs" a million a year, they are "part of the problem," I'd like to ask which problem is that? People that make a lot of money tend to spend a lot of money, supporting others who need them to spend that money. The guy who buys the mercedes needs a mechanic to maintain it, a detailer to clean it, gas to drive it, tires from the tire guy, etc etc.
If someone out there feels that they need more money to somehow buy happiness, and is willing to bust ass to make it, why would you care?
Not that money buys happiness... but I'd sure as hell rather be crying in my NSX than in my CRX.
First off, I know how good I have it. Your comment almost insinuates (and insults) that I didn't do anything to earn or deserve what I made, nor appreciate what I did earn. Both of which I would disagree with. I could easily wag my finger at you and tell you that you lived a life of excess and selfishness because of how much poorer other people in the world live than you, but what in the world does that have to do with your own personal financial success and the drive it took for you to get there???
However, that wasn't the point I was trying to make. It's not the actual money amount that can determine what is "enough". It's a frame of mind. In reality, people need very little money to survive, like the impoverished nations in Africa you speak of. However, for some people, there is no "enough" and they can never make too much. It is the engine that drives them. You can always strive for more and for some it is the motivation that keeps you going. It like a runner asking what marathon time is good enough? If they are serious about running, then no time is ever enough; the will always strive to improve to do better. I fit into that category. I enjoy making more money. I enjoy the challenge and it's what drives me. Should I be crucified because I chose making money as my motivator instead of running?
Secondly, why are you making money out to be such an evil and the desire for more of it be equally as bad? With more money I earn, the more good I can do with it. What if for each dollar I earn, the more money I give to support the impoverished nations in Africa and the more support they recieve? In that regard, can I ever earn too much? And you have to realize, when I make more money, I'm not stealing it away from anyone else. I'm not robbing someone. I'm developing and growing it. I'm generating it. And where do you think it goes? Right back into the system. I buy goods which lets people keep their jobs. I pay a massive amount of taxes that pay for the military and welfare and medicade. I've paid well over 100 times over the amount services that I will ever use in one lifetime, and who benefits from that? Other people. People who use the police, firemen, and public schools. I've been able to help my dad retire and pay for a college fund for my nieces and nephews. I've donated a lot more to charity since earning more money. Just look at Bill Gates and the Gates foundation and how much he has done for humanity. And he's another guy who never felt like he had "enough" either. So is wanting to earn more such a bad thing?
If anything, not making more money is selfish. Say we were farmers in a village, and I worked 7 days a week and I made enough food for 10 families. Now I keep 7 portions of it and eat like a king, but I also am required to give 3 portions of my food away as "taxes" but it feeds 3 other families. Meanwhile you make "enough" food for your own family in 3 days and decide to spend the other 4 days of the week, relaxing and just doing the things you want to do. Now replace food with money. In that case, is making enough a good thing? You have to realize we are all living in the same planet. The more we produce, the more we ALL benefit; after all there is more to go around. If everyone just looked out for their own, then there is less and less to go around.
Whoa partner. I don't believe you do realize how good you have it because earning either 30k or 600k whatever it was still left you thinking it wasn't enough. In my mind that's sad.
I didn't mean to offend you but maybe have a think about how good your life is instead of being fixated on earning money. You've clearly done well for yourself and all the kudos to you.
Just look at the other side of the fence sometime...
Whoa partner. I don't believe you do realize how good you have it because earning either 30k or 600k whatever it was still left you thinking it wasn't enough. In my mind that's sad.
I didn't mean to offend you but maybe have a think about how good your life is instead of being fixated on earning money. You've clearly done well for yourself and all the kudos to you.
Just look at the other side of the fence sometime...
Enough is when one's income is greater than one's needs. Some people need more and some people need less. That reminds me of the phrase "If your outgo exceeds your income, your upkeep will be your downfall." Therefore, as long as one spends below his/her means, then his/her income is always enough. It's not the income, but the expenses.
In summary, I like to add to the OP's question. How much spending per year is enough?