Whats a good salary to you?

[gbflyer]

Wife did and owns her own practice that employees 15 other people two of them docs, I make 100 and wife makes 6x or more than me, it’s great, it’s also super stressful some days and it is constant work for her being the boss, gotta make a lot of money to pay 15 people and keep the lights on and pay yourself to make it worth it. Plus wait till the tax man comes and takes about 180k of your money away every year… well there goes my entire salary and then another good paying salary…

My BIL and sis in the same boat. He finally bought a building to help with some of it but they really spank docs. No deductions to speak of.

 

[KsRancher]

I agree. I'm also a teacher making the same range

I know it really varies on state, yrs of employment and bachelor's vs master. My wife is a HS english teacher grossing around $44k with a bachelor's

 

[ddowning]

People wonder why folks get creative with tax planning and try to find loopholes… this is why. All the hard work and it feels like you take two steps forward, 1 step back some days

My tax accountant is well paid, well appreciated, and a bargain.

 

[Ridgerunner1]

Where I live at 100k a yr and you got a real good job .

 

[manitou1]

This was pretty eye-opening and makes me feel like I'm doing alright. At the end of the day, the real key is to live within your means despite your income. Too many times I've seen friends get into trouble financially by increasing spending with each salary increase.

Growing up and making $30k/year in the military for years, I used to think $100k would make you "rich". Turns out I was wrong; 12 years with a loving wife and two kids later I stopped chasing the dollar and spend that time on what really matters now.

Man I looked at those numbers in the calculator/chart for Wyoming and there is no way we could make it on that in our county. Another 50% and it would be slim.

 

[Marble]

Spent my 20’s to mid 30’s in school & training. Work Emergency Medicine and have been in a fortunate practice setting. Added below just to put numbers to the taxes you mentioned in your post. It does sting see that amount go out in taxes!

View attachment 863190

What is interesting about my situation is the company pays taxes on our profits, then we get taxed again when we pay ourselves dividends. So out of 100% of the money. We end up getting to keep less than half.



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[Marble]

But isn’t that the American dream?
Win capitalism, be king of the castle, have/do cool stuff ?

I don't think it is. What he's describing is living outside of your means. If you use debt to live your life and finance things you purchase, then by definition, you are living outside your means.

I think instead of the American dream, it's the American nightmare. People are conditioned and expect to be in debt and are consumed with their credit scores. Banks and credit institutions give horrible financial advice.

How finances work, explaining interest, debt, and investments, should be part of the education of our kids in school. It's surprising to see how little is taught about finances in school.

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[Mangata]

What is interesting about my situation is the company pays taxes on our profits, then we get taxed again when we pay ourselves dividends. So out of 100% of the money. We end up getting to keep less than half.



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That is brutal

 

[MountainTracker]

I don't think it is. What he's describing is living outside of your means. If you use debt to live your life and finance things you purchase, then by definition, you are living outside your means.

I think instead of the American dream, it's the American nightmare. People are conditioned and expect to be in debt and are consumed with their credit scores. Banks and credit institutions give horrible financial advice.

How finances work, explaining interest, debt, and investments, should be part of the education of our kids in school. It's surprising to see how little is taught about finances in school.

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It’s not taught by design. The system is based on debit, it allows for a higher velocity of the money. While the average American is using the debit to purchase goods that depreciate a very small amount use the debit to purchase commodities that gain in value.

Dump the items that don’t appreciate and buy those that do.

Dump useless subscriptions to open up funds.


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[thinhorn_AK]

Just make sure you get married to somebody who is also bringing in a good salary.

My buddy makes ~100k/year but his wife only brings in around 40k. With their two young kids and a mortgage, they are pretty much broke all the time.

You have to be really ******* careful about who you marry and/or have kids with.

 

[Loo.wii]

I think the American dream is the opportunity we have, not the entitlement that is currently consuming us.

What do you mean by entitlement? I think if you mean people think they deserve this or that i might agree.

 

[Loo.wii]

Just make sure you get married to somebody who is also bringing in a good salary.

My buddy makes ~100k/year but his wife only brings in around 40k. With their two young kids and a mortgage, they are pretty much broke all the time.

You have to be really ******* careful about who you marry and/or have kids with.

facts. love does not pay bills.

 

[Loo.wii]

The American dream in that sense I believe is just chasing after the wind. If that is the motivation, I think it leads to lack of fulfillment and contentment.

I guess I believe living a life motivated by biblical values and service leads to fulfillment and contentment.

Is ambition chasing the wind? Im not one for religion but i see your point about service. Money doesn't buy happiness but i would rather be depressed in a mansion than a shack.

 

[Krolly]

My wife stopped working when the first of three kids came 17 years ago. I’m lucky to be a good bit above the 100k mark on my industrial construction job so we get by. We have a small farm that doesn’t make money. The boys 4h animals are their college/truck fund. I pay for feed and they do the work raising them. Always said we’d be way more comfortable without the animals but the farm with horses, cows, goats etc was our dream. I do taxidermy on the side but might as well be another full time job. In one hand and out the other….

 

[Loo.wii]

I know it really varies on state, yrs of employment and bachelor's vs master. My wife is a HS english teacher grossing around $44k with a bachelor's

!!! thats insanity. ik people who make 5 times that with a HS dip

 

[KsRancher]

Just make sure you get married to somebody who is also bringing in a good salary.

My buddy makes ~100k/year but his wife only brings in around 40k. With their two young kids and a mortgage, they are pretty much broke all the time.

You have to be really ******* careful about who you marry and/or have kids with.

WOW. That is quite the way to look at life. I will gladly be always on the verge of broke if it means keeping the great woman and 4 kids I have. What she made or makes had and have ABSOLUTELY no bearing on us being together. To each their own though.

 

[jpmulk]

Is ambition chasing the wind? Im not one for religion but i see your point about service. Money doesn't buy happiness but i would rather be depressed in a mansion than a shack.

Not at all. Ambition is important. It’s more about what is the motivation and heart behind the ambition. Even if religion is not your thing, I think it’s evident that living as a producer and not a consumer, a helper and not all about self service, leads to fulfillment.

 

[MountainTracker]

Just make sure you get married to somebody who is also bringing in a good salary.

My buddy makes ~100k/year but his wife only brings in around 40k. With their two young kids and a mortgage, they are pretty much broke all the time.

You have to be really ******* careful about who you marry and/or have kids with.

This does bring up an interesting question that I have for dual income homes. In the situation you described are they paying for daycare? I ask bc more often than not one of the incomes is only covering the daycare and contributing very little to the needed things.

When I hear of these situations I ask why work just to pay for someone else to watch your children. Not saying that is what is happening in your description, but I have come across it multiple times.

Idk what it costs to pay for daycare daily but if the % a day vs what a person makes daily is very high then why do it?


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[Loo.wii]

Not at all. Ambition is important. It’s more about what is the motivation and heart behind the ambition. Even if religion is not your thing, I think it’s evident that living as a producer and not a consumer, a helper and not all about self service, leads to fulfillment.

I dont disagree.

This does bring up an interesting question that I have for dual income homes. In the situation you described are they paying for daycare? I ask bc more often than not one of the incomes is only covering the daycare and contributing very little to the needed things.

When I hear of these situations I ask why work just to pay for someone else to watch your children. Not saying that is what is happening in your description, but I have come across it multiple times.

Idk what it costs to pay for daycare daily but if the % a day vs what a person makes daily is very high then why do it?


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not in this situation yet I think working only makes sense if the couple is working for low wages , salary is 3 or more times more than child care, or there is a very specific career goal that keeps both working

 

[Danny Hoey]

Married filing jointly with 2 kids on 100k a year is poverty level pretty much anywhere

I don’t think that’s even close to reality.