Post # 61
idontevenknow : that’s so good to hear! Obviously being content with less is far better than needing more money to fund an extravagant lifestyle. Money can’t buy happiness.
You are fortunate to live in what sounds like a city with low COL. Where I’m in, an old dilapidated small 3 bedroom house is around 1.8mil. I couldn’t live in it comfortably without doing major renovation and it wouldn’t accommodate my future 3 children.
Of course I could just move somewhere else where the same house would be under 300k, but hence I asked what you need to be to live well in your area.
nightskyforest : I am not expecting anyone to agree with my definitions, hence I’m asking for yours! And yes I was wrong to not leave a <50k option. Personally I was in that position years ago where I had almost zero expenses living at home, no desire to travel or own nice clothes. I think I lived off under 2k a year and I probably felt better than I do now. You earn more, you spend more.
Post # 62
dianaj17 : not just time but satisfaction in the job you do. Eg my husband could earn 2k/day picking up shifts that he’s not as passionate about. So we could just live off working 2 or 3 days a week. However because be loves his current role, working 80 hrs a week in that job is fulfilling and is him “living well”. But I get what you are saying. Time is finite and should be spent well.
techmom : I don’t think you can compare everyone’s situation. Surely you would prefer a lower income with lower COL, no debt, plenty of savings vs a higher one where to afford a sub par house is 1.8mil and you are up to the eyeballs in debt? Far too many factors to consider hence I didn’t think anyone could take my situation, apply it to theirs, and feel bad as a result.
I do believe in manifestation and to not use words like “struggling”, and instead practice saying things like “money flows to me” to shift my way of thinking. On another thread I lamented our inability to afford 2 business class flights and was told to just get a job that pays more. I had assumed everyone agreed it wasn’t that hard to do? I’m hoping to start a business to bring home ideally mid 6 figures one day and ideally retire in my mid 30s to raise my kids in a nice neighbourhood, private school, extracurricular lessons etc.
These are MY goals, I don’t expect anyone else to share the same. And I certainly don’t think these goals are any “better” than anyone else’s or what others should emulate at all. What a boring world that would be!
Post # 63
bougainvillea : My primary issue was with your equating an income figure to living well. There are more dimensions to a good life than money and people tend to lose sight of that.
On the rest, it’s a tall order but fair enough and more power to you in getting there!
Post # 64
techmom : I’ll acknowledge some people don’t need any money to live well which is why I asked it in 2 parts: what do you need to earn to live well, and how do you define living well? I never meant to say everyone had to associate living well with large sums of money or I would not have bothered asking the second question.
My mistake was not putting under 50k as an option in the polls.
Post # 65
I don’t see how it is possible to work 80 hours per week and live anything resembling “well”…how does one have time for dates? Hobbies? TV? Gloriously lazy Tuesday nights? Family time? I’m not super surprised that some people feel they need huge sums to live well, but I am surprised that people feel that a work-life balance isn’t a crucial part of living well.
Post # 66
bougainvillea : I think you’re still missing the point. It’s possible to live “well” on under 50k without living at home and not having expenses, and to still dress well, take good care of yourself, and travel to boot. Especially if you have 2 incomes, but even with just one. I lived comfortably on 36k when I was single. I may not have had a ton of luxuries, but I had a very good quality of life, including numerous luxuries like meals and drinks out with friends, cute clothes, manicures, a cute studio apartment in a trendy area of a big city.
Also, I have to laugh at the idea of “manifesting” a 200k salary and business class travel. Couldn’t help but think of this meme.
Post # 67
konablend : do you mind me asking what strategies you used to save for a house solo on under 50k?
I’ve mentioned before an average at best, old, 3 bedroom house is 1.8 mil, maybe 1.4 mil if I got an even more run down house. A 20% deposit would already be 280k plus 62k stamp duty. I would need 340k minimum to put down in cash. I could put in less but then I would have to pay lenders mortgage insurance.
We are considering moving to another city where 1.4mil gets you a much nicer and bigger, 5 bedroom house, but our budget at the moment is still to save 350k in cash and be able to buy a house by our late 20s.
I don’t know many people who have bought a home solo so I find this to be so impressive!
Post # 68
This post reminded me of this meme.
Post # 69
i also think this has a lot to do with where you live, and what lifestyle you live and/or how much of your income your spending on rent/mortgage, etc. You may live pretty well in a rural town on less then 50k, but might not be living too well in say San Francisco, nyc, etc on that kind of income.
if i was single 50k sounds pretty amazing, but maybe not if that was combined income with a husband and kids…..
Post # 70
I think this question is extremely relative which is why the second question is needed. For me, I was not living well when I made less than $50k. BUT what I want in order to live well could be extremely different compared to other people.
i don’t think anyone should be shamed for needing $1 million or $10k per year in order to live well according to them. Money may not buy you happiness but for me it sure helped make me happy cause having more of it took away a lot of stress and helped me afford things I had always wanted and I was able to do it by myself which makes me super happy.
Post # 71
“Living well” equates to “living HAPPY” to me. That is an entirely different survey than what you listed, and has nothing to do with money.
For any Bee this post made feel badly, I make in the highest bracket category on this survey. My DH’s salary is a seven figure one. When we got together, I made 48k in residency and my Darling Husband made slightly more. We rented a small apartment with a sweetheart of a cat. Things were simple, and we appreciated small things.
In our new income bracket and neighborhood, in a high COL area, people constantly are in our business. We have to attend charitable events and donate to causes that our neighbors participate in “for fun” as bored housewives just so we won’t be the black sheep of the area.
Our jobs are emotionally taxing. I was injured in an accident and broke my spine and spent over a year recovering with no income. Darling Husband worked harder, and received a promotion that put him into a category that most will never, ever see. But we have little time for each other sometimes now. Only a few nights ago, we had a date night that involved shopping, and Darling Husband produced an 18k Hermès item I had been dreaming of for several years. 24 hours later, we were arguing over something small that hurt my feelings (I wanted an apology) while he argued that he’d done something so generous for me that I shouldn’t be fighting for my emotional validaiton on the other topic and he shouldn’t have to apologize.
We’re sleeping in opposite ends of a large, empty home in a glorious neighborhood that many people know by name because he took the fight to a below the belt punch that I am still reeling from. There is nothing “well” about the terrible pain I feel.
Money is a curse.
Happiness is food on your plate, a child or pet to hold close, and a partner who holds you up when you are feeling weak and protects you when you are feeling vulnerable.
And I don’t see that option on THIS list.
OP, learn to love your current life and be happy within yourself and your partnership rather than chasing some ideal of what you THINK is living “well.”
Post # 72
dianaj17 : Same. I work a job where I do almost zero overtime (sometimes it’s unavoidable) because I value my time outside of work. I enjoy my job but I enjoy my life with my family, friends, and hobbies more. Working even 45 hours a week sounds miserable to me.
Post # 73
OP, you keep saying that you should have put an under 50k option on your poll because you were at that point at one time and lived at home, had no desire to travel or wear nice clothes. I am under 50k (more with my husband but the majority of his paycheck goes right into our savings for now)and own my own home (in a medium col area) , travel (go on 1-2 vacations a year) and wear nice clothes (shop mostly bargain but do splurge on local boutique clothes every few months) I am able to afford all this because of no debt, no kids, and I take advantage of deals. You probably have more expensive tastes than me but not everyone under 50k is living in their parent’s basement eating grocery store ramen every night.
Post # 74
$50k is a good amount of money where I live. I could stay at home instead of working, we can have our new house built really quickly, newer cars….$50k and we would be pretty great. We aren’t particularly materialistic people though. As long as everyone is happy, healthy and safe that’s all we really care about.
Post # 75
notmeeither : thanks for being so honest. Money absolutely doesn’t buy happiness – just means people arrive at their problems in style