(Closed) What do you consider well off?

posted 5 years ago in The Lounge
Post # 2
Member
3169 posts
Sugar bee

Individual salary? 

under 30: $90K plus

30 – 40: $150 – $200K plus 

40 same as above however with more assets And perhaps drawing that income from a smaller salary + rental income and / or share dividend 

 

Post # 3
Member
2699 posts
Sugar bee
  • Wedding: March 2015

I think 400 without kids and 700 with kids but I live in NYC where everything is crazy expensive. A mil a year covers most things, nice sized apartment, private school, vacations, retirement funding etc.

Post # 5
Member
3169 posts
Sugar bee

jily:  $700K per person? I need to move to NYC! 

Post # 6
Member
1284 posts
Bumble bee
  • Wedding: September 2014

Interesting question, but I think it’s going to range sooooo much regionally.

I’m in the inland northwestern US, from a small town, and we make a lot of money compared to our friends at ~110k.  We are early 20s and most people we know have kids, make 40k, and are comfortable.  The low cost of living here allows us to save half of our income, but I am sure that in NYC or Boston we’d be barely scraping by!

Also, a single man making 80k is “well-off” but if he’s supporting a wife and two kids, then maybe not.  There is so much variance based on location and circumstance.  BUT, for our area and demographic, I would say that anyone making 80k or more is doing well.

Post # 8
Member
784 posts
Busy bee
  • Wedding: April 2016

hihothedairyo:  Yes, region should have definitely been included. Fiance and I make almost $200k in the south of the US and I promise we live quite comfortably. 

I grew up in a house where the yearly income was probably never over $100k a year, and even in the 90’s and early 00’s it was still a quite comfortable existance. 

ETA: We are mid 30’s with 4 kids, 2 cars and a mortgage. And I think maybe you mean west coast, or upper east coast. 

Post # 9
Member
2699 posts
Sugar bee
  • Wedding: March 2015

christabel:  700 per family, the cost of everything here is ridiculous… 🙁

Post # 10
Member
8686 posts
Bumble Beekeeper
  • Wedding: September 2013

jily:  I agree. I’m in Northern NJ. I used to live in Brooklyn. 

Post # 11
Member
2699 posts
Sugar bee
  • Wedding: March 2015

gelaine22:  it’s really the housing that drives me insane, hubby and I bought an renovated an 1800 sq ft cape, all in 700k….it’s ridiculous. My parents bought the brick row house we grew up in for 220k and the damn thing had RENTAL income…forgive me…I’m bitter…it’s tax season…

Post # 12
Member
300 posts
Helper bee
  • Wedding: August 2015

Wowza! lol I live in Colorado, so if your making over six figures (low six figures) you’re well off!

Post # 13
Member
799 posts
Busy bee
  • Wedding: October 2014

I guess I’m another that is curious about others and in other regions.  We just moved from Savannah to Chicago, so we’ve obviously just dealt with a little bit of sticker shock… In our rental and our expectations for what we thought we would be able to eventually buy

Post # 14
Member
2878 posts
Sugar bee
  • Wedding: May 2015

hihothedairyo: if one can afford to buy a home in SF is what I consider well off.

For context, Fiance and I will qualify for accredited investor status on income soon (HHI of $300k+ / year for at least 2 consecutive years, which is typically tougher than qualifying on assets of $1M+, excluding the residental home) and we can’t afford to buy a home in SF. FML. 

Post # 15
Member
9042 posts
Buzzing Beekeeper

I think well off is a subjective thing. To me being well off is more than earnings. It is no good earning $700k a year if you are $1.5mil in debt and it costs you $600k a year to survive in the city you live in.

Making $700k but having no life because you work all the time also does not equal well off to me. Sure you have cash but what about health and wellbeing.

Being well off to me is being debt free, having a secure job that has good work/life balance, having a comfortable buffer in emergency savings, living in a secure, safe and growing community and having a comfortable income that allows you to continue to save. For some that could be achieved on $25k a year and for others that could be $500k a year. 

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