How much income is enough?

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Noodleface

A Mod Real Quick
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He's one of those guys with funny money

Also all his money is in a savings account (90k)

He's financially stable but financially stupid
 

Noodleface

A Mod Real Quick
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14,508
90k!!! He's set for retirement
I know you joke but for a 30 year old dude he's probably miles above his peers

Unfortunately he's retarded and won't invest it or max his retirement or anything

Instead he buys a WRX

To drive to Boston

In 1mph traffic
 

Picasso3

Silver Baronet of the Realm
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I know you joke but for a 30 year old dude he's probably miles above his peers

Unfortunately he's retarded and won't invest it or max his retirement or anything

Instead he buys a WRX

To drive to Boston

In 1mph traffic

90k at 30 is def solid, if he gets 8% he has 3 doubles easy, 720k.

I wouldn't say wrx is crazy, it's still a Subaru and good for winter.
 
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Tenks

Bronze Knight of the Realm
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Thats why I bought my WRX. After comping out other brands once you upgrade the model to AWD Subaru isn't really that much more expensive.
 

Vinen

God is dead
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The WRX is perfect for our weather I agree

Love my WRX. Seriously been the best car I've owned.
Cheap, Performant and has all the amenities that I wanted.

Your brother is still an idiot. 2 cars in 2 years? That's pissing money away faster than you can on a gacha game.
 

splorge

Silver Knight of the Realm
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Income & expenses:

Household income is approx USD 220k per year, not including bonuses, stock options or ancillary benefits (which can be material). My family of four lives in one of the most expensive cities in the world (Hong Kong). With two kids, private school, and a live-in helper it takes USD 12k/month to run the family. The rest goes to taxes, savings, and discretionary income (in that order). I do not consider myself wealthy.

How much I need:

Once school bills and mortgage payments subside, my wife and I (currently age 35) could comfortably live on USD 100k per year to support our hobbies, some of which are relatively expensive. At a 5% draw down this would require savings of USD 2 million today, or an inflation adjusted USD 5 million by the time we retire in 30 years. Those figures protect the principal ad infinitum, but if i did not plan to leave money to the kids I could budget it to last until age 115 and retire with considerably less in savings. Although Hong Kong recently introduced a mandatory retirement scheme, it is relatively tiny and cannot be relied on like social security like the U.S. Therefore, all retirement support must come from personal savings.
 
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Nija

<Silver Donator>
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Bumping a kind of old thread.

I think the sweet spot is about 4x the median income where you are. That may be extreme, but there is something really satisfying about saving 2/3rds of your income each month.

Retirement? Fuck retirement. I'm going to work on cutting edge technology (the correct ones - not bullshit like MongoDB, node, and docker) until my brain no longer functions.
 

Jackie Treehorn

<Gold Donor>
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I have total compensation of around 125k in the bay area as a single guy. I can't complain but I'm sure as hell no baller. If I made another 50k I'd be happ(ier.)

My base pay will be about 125 in a couple of years. At some point I may be able to move up to a position that gives me up to 10 percent bonus also. So I'll peak at about 150k total eventually.

The good thing is I can take this job anywhere in our range if the position in the right regional office comes up, but honestly I don't know if I'll stay in California. I feel like I'm living like a college student in my 30s renting an apartment. Not really what I dream of. I can't possibly afford a house here.

A guy friend of mine who has multiple streams of income and came from a wealthy family says "the more money you make, the more money you spend." I find that to be the case. I blow too much money on food and dating.
 
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Xarpolis

Life's a Dream
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15,565
You only spend more because it's easier to justify. If you made $40,000 a year and that 100% went into your bills and stuff, you would look at any extra purchase as putting you in debt. But realistically, you make $125k a year. You make enough to cover your rent and utilities. So you have enough extra to do some things you enjoy. In this case, going out to eat. If you were struggling, you wouldn't go out. Then you would save money.
 
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