Whats a good salary to you?

[maxx075]

I live in an area where over the course of the last 5 years, housing prices have increased 73.5%. Those 2-4% raises per year don't come close to making up that kind of difference, even when making over 100k/year. I feel for some of you guys because Idaho was close to 92% increase.

 

[Maxhunter]

$100k is a very good income in most places. It’s the debt ratio that makes $100k seem not enough. I personally see to many folks trying to keep up with Jones next door. Like they say don’t try to live a champagne lifestyle with a beer budget.

 

[cnelk]

Check out the Living Wage Calculator from MIT

Select > State > County

Living Wage Calculator

livingwage.mit.edu

 

[ddowning]

Check out the Living Wage Calculator from MIT

Select > State > County

Living Wage Calculator

livingwage.mit.edu

Looking at that, I feel very blessed. Ignoring income and looking only at accomplishments, I have barely started and have a very long way to go. Also, given the current state of society, it is sad that only the highest paying occupations provide a living wage for a one worker household of four. Having your kids raised by a daycare provider is a coin flip at best.

 

[dirtshooter]

In 18 years in the same industry the least I ever made was 50k and the most I ever made was 211k. I had to work so much and miss so much to make that 211 that I have no real desire to do it again. If I can make 160k I'm happy, anything more is a bonus. Being home with my family is the most important part. I have a buddy who makes over 200k per year but is always gone on rotation 16 days on 12 off. He always talks money and I always talk hunting, fishing and about being home. I have a coworker who is obsessed with chasing money and works away from his almost 3 year old son and a coworker that probably doubled my 160 working away in camp 2 weeks on 1 week off 3 weeks on 2 weeks off and I just found out that guy is on SSRIs. I'd be depressed too if I left my wife and young kids to go to camp for 2+ years.

 

[gbflyer]

The total cost of living in my little AK town is super cheap even though some things are more than normal. Land is cheap, no property or state income tax, other than a small grocery the shopping choices are Amazon or EBay so temptation is low, and there is plenty of work to do if you don’t mind doing it. $70K is a great income here if your tastes aren’t exquisite. Also now that there is Starlink remote tech workers can be here too. Paradise, really.

 

[mountainman406]

Check out the Living Wage Calculator from MIT

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Living Wage Calculator

livingwage.mit.edu

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.

 

[ReaptheHeat]

Check out the Living Wage Calculator from MIT

Select > State > County

Living Wage Calculator

livingwage.mit.edu

Lol children are expensive!

 

[Pony Soldier]

You folks make infinitly more than I ever have but most relates to expenses. Once my truck and ranch were paid off then my needs related more towards replacement costs for farm machinery and operating costs. Before that life was a struggle for two of us to cover costs. At one point some divine idiot in govt changed me from monthly paychcks to bimonthly which changed cashflow by month by $200. The two extra checks rarely covered losses and interest. Four years later they changed back and after a year we kind of caught up.

After I retired I took a job at over $110K. I paid things off and the company lost its funding and I went back to about $50K plus retirement.

Now I scramble with contracts plus retirement to meet my needs which is largely fuel costs plus taxes.

When I moved back to Montana in the late 80s I started work at about $30K. As my wages crept up so did my costs. Everytime I get a surge in income I encounter a corresponding financial crisis to suck it up. My last was a good contract summer that was cancelled out by having to buy a new baler. Living in the rural west is a financial struggle to keep two incomes (wife and mine) balanced to stay ahead. Surplus cash is called a modest dinner out once a month. I will likely be still working into my 80s.

 

[CorbLand]

The problem with questions like this is that its far different based on where you live and what time period you started in.

The cost of living has increased so much in the last 40 years that the amount someone needs are drastically different. Someone that bought their house in the 80/90s versus someone who bought in the last 5 years are going to have vastly different numbers.

I worked with a guy that built his house in the 80s for 37,000. He always talked about how he lived a great life making 50K a year as a manager at a retail store. I pointed out that he made roughly 25% more a year than he paid for his house. In order for me to do the same, I would have to make roughly 550K.

My wife and I combined make close to six digits. We do ok and have a good life but we dont have many luxuries in life. We are going to one income in a month. We will be scrapping by, if not dipping into savings to make it happen.

 

[DangerRanger]

Depends where and how you live. in my area I’d say 125 for a household starts the good bracket.

also depends if you bought a house pre 2020 or not I guess

 

[S.Clancy]

Depends where and how you live. in my area I’d say 125 for a household starts the good bracket.

also depends if you bought a house pre 2020 or not I guess

I agree to a point. Lets just take our house for example. Total cost (mortgage and all utilities) is around 3K a month. Lets say pre 2020, it was half (which is pretty generous, it would prob be more like 70% because utilities haven't gone up much since then in our area), so $1500 a month. Differential in cost is 18K, post- tax. Pre-tax income more like 23-24K. That is split between 2 incomes. It sounds like a lot, but in the under 3 years since we bought our house we almost doubled that income difference with raises or new positions, because we are in in-demand fields.

I do feel for people in different fields tho. If I was still in fisheries, financial life would suck a fair bit, but I also may have bought a house in 2016 or 2017 instead of going back to school. There is a lot of random chance in the game of life.

 

[Bama67]

Tell you what; I ain't living on 150k in North Idaho like I was in Alabama.
But I willingly sacrifice wealth for happiness.
I like it here.

Also, my wife could add to our income substantially, but she quit her job 9 years ago to homeschool and raise our 3 kids.
They are done with school every day by 1pm and spend the summer working in our large garden where we grow most of our food, usually when they are done with that, they play in the river.

Money is not everything.

That said, I love motorcycles and old cars, always have, so that is literally the only battle I fight.
When I see a clean, supercab 1979 Ford 4x4 on Marketplace for decent price, or a cheap Moto Guzzi I legit have to have a heart to heart with my inner self. "Whew, breathe, you don't need this. You have enough on your plate already" lol

 

[HuntHarder]

100% depends on which state/ part of the country, you live in. My trade can have $70,000 swings in base salary, depending on which state you work in. We also tend to double our base on OT or premium pay. In Az, I'd say comfortable, 200k between 2 parents combined with kids. 300k to not really have to worry about money too often. Again, tons of variables determine a family's needs tho.

 

[DangerRanger]

I agree to a point. Lets just take our house for example. Total cost (mortgage and all utilities) is around 3K a month. Lets say pre 2020, it was half (which is pretty generous, it would prob be more like 70% because utilities haven't gone up much since then in our area), so $1500 a month. Differential in cost is 18K, post- tax. Pre-tax income more like 23-24K. That is split between 2 incomes. It sounds like a lot, but in the under 3 years since we bought our house we almost doubled that income difference with raises or new positions, because we are in in-demand fields.

I do feel for people in different fields tho. If I was still in fisheries, financial life would suck a fair bit, but I also may have bought a house in 2016 or 2017 instead of going back to school. There is a lot of random chance in the game of life.

Yeah, I’m a scientist so that kind of pay increase just isn’t happening, I am lucky and am about 15% over what I was 5 years ago.

in 6 years my home value has gone up 90% taxes have gone up and interest rates have doubled. My mortgage is almost half what my family that bought last years is for a way bigger house.

 

[Loo.wii]

Not sure how to answer this. A good salary relative to my area and line of work or just a general good salary for my area?

EIther

 

[Hnthrdr]

Back in the day i used to think 100k was a great salary these days that doesn't go that far. Based on my industry a decent salary is about 140k. What is a decent, good, great salary to you?

6 years ago I would have said 100k in the Denver metro, today to “live pretty comfortably, save, have a stay at home wife” probably closer to 180k or so * this is if you don’t currently own a home and want to. If you own a place and maybe hustle on the side 130k seems doable for where I’m at on the front range.

 

[Loo.wii]

The problem with questions like this is that its far different based on where you live and what time period you started in.

The cost of living has increased so much in the last 40 years that the amount someone needs are drastically different. Someone that bought their house in the 80/90s versus someone who bought in the last 5 years are going to have vastly different numbers.

I worked with a guy that built his house in the 80s for 37,000. He always talked about how he lived a great life making 50K a year as a manager at a retail store. I pointed out that he made roughly 25% more a year than he paid for his house. In order for me to do the same, I would have to make roughly 550K.

My wife and I combined make close to six digits. We do ok and have a good life but we dont have many luxuries in life. We are going to one income in a month. We will be scrapping by, if not dipping into savings to make it happen.

550K!!!!! do you have enough time in your hour glass to make it through med schoold and become a surgeon? all jokes aside i dont understand how this is sustainable. pretty soon 200K will become a decent salary.

 

[KsRancher]

Lol children are expensive!

View attachment 862808

Yes they are. And they don't even have columns in the children line for me and my wife . But I wouldn't trade it for the world. That link was eye opening for me also. I feel like my wife and I are on the better side of income for our area. And we never seem to be where we think we should be. We are well under the living wage for out area. And that's just going off of 3 kids and we have 4.

 

[Hnthrdr]

All I've decided about $$$ is that you always want more, no matter how much you make.

It can definitely make life easier, but it doesn’t make you happy, I know that. I also know the more things you own the more they end up owning you… rentals, vacation homes, toys with motors, ect…