- 5 months ago
I’m just curious how this perspective varies across different cities and countries. And this is just your sole income, not household income.
1. How much do you think you need to earn to live well?
2. What do you define as living well?
Obviously this will vary greatly, based on what your spouse earns, tax rates, how many dependent children you have, what city you live in, current debt/savings, what you define as living well etc
1. For myself I would need 200k pre-tax annually to live well, or a household income of at least 350k (currently child free).
2. I define living well as being able to afford a house at the median price without mortage stress, being able to take at least 1 overseas holiday a year (premium economy flights, 3-4 star hotels), being able to buy a brand new mid range car every 5 years, eating out once a week, affording nice clothes and 1-2designer bags and having the option to send my (non existent) children to private school. Once I actually have 2-3 kids I would think I would need at least 350k a year and a household income of at least 550k annually.