Define "good money"

[DanC78]

Spin off from "Staying in the job too long"

I always think I know what "good money" is, and then I make it and realize it's not enough.

how much does one need to make in order to feel secure?

75K?
100K?
150K?
200K?
300K
500K?
1M ?

if you are brave enough, let us know what your annual income is.

 

[Formerly Rockymtnole]

I don't think security is necessarily how much you make as much as how much you have.

 

[Formerly Rockymtnole]

What's really interesting is looking at the income levels in the US. If you have a household income of ~$110k you're in the top 10%

 

[Random_John]

Good money would tie into no debt as well.

 

[Nole Lou]

Spin off from "Staying in the job too long"

I always think I know what "good money" is, and then I make it and realize it's not enough.

how much does one need to make in order to feel secure?

75K?
100K?
150K?
200K?
300K
500K?
1M ?

if you are brave enough, let us know what your annual income is.

Totally depends on your lifestyle. Where I live, it's pretty tough to "live well" as it would be defined by people here, on $150k. But you can live comfortably.

However, a different location and different lifestyle, you could be very comfortable on half that. Or you could go out to San Francisco on $150k a year and live in a shelter.

I by no means make "good money" for where I live now. But if I moved back to my hometown with the same income I would probably be considered wealthy.

 

[DanC78]

I just found out my brother in law makes WAY less than I thought. He's been with HP (now DXC) for 15 years. I make about 60% more than he does, but he and my sister live so much better than we do. He has hit a point where he wants to look else where, (should put this in other thread). I told him to do it; he's 50 now, and imo he should be at least making $160 to upwards of $250.

My OTE is well over 250, but making that number is a different story.

And I lived the best when I was single, no kids, no debt, and made 90k a year, and my rent was $800 a month for a 1800sqft house with pool; was nice enough. I drove a two door jeep (i did have debt there I guess, $400ish a month) and did just about whatever I wanted on the weekends within reason.

Got married, doubled income, bought house, bought and paid off new cars, furniture, appliances, two kids, blah blah.....I now complain when my wife buys toilet paper at the grocery store and not Costco, I get REALLY frustrated when her and I go out to eat and we both have 2 drinks, and share a couple appatizers, get the kids chicken nuggets, and then the bill comes and it's $80. Holy crap that pisses me off.....used not even care.

I'm rambling. Making money is overrated, it's all about how you manage it.

 

[FSUTribe76]

Spin off from "Staying in the job too long"

I always think I know what "good money" is, and then I make it and realize it's not enough.

how much does one need to make in order to feel secure?

75K?
100K?
150K?
200K?
300K
500K?
1M ?

if you are brave enough, let us know what your annual income is.

When I was just an attorney working for the state making I think it was just $60k something at the end, maybe under and my wife made $40k something I did NOT feel comfortable. And that’s with a loan situation where my wife owed nothing and I “only” owed about $70k or so due to scholarships and no rugrats or dogs to eat up our income. So when we had a combined household income around $100k give or take with low loans for an advanced degree and no rugrats or pets other than fish, I still felt like we were living paycheck to paycheck. Considering the average household in Florida is combined somewhere in the $40s...I honestly don’t know how people make it. I know I couldn’t.

Now that I went private I’m feeling very comfortable and I’ll leave it at that.

 

[FlashFSU]

60k, single income household with 2 kids.

Kill me

 

[DanC78]

When I was just an attorney working for the state making I think it was just $60k something at the end, maybe under and my wife made $40k something I did NOT feel comfortable. And that’s with a loan situation where my wife owed nothing and I “only” owed about $70k or so due to scholarships and no rugrats or dogs to eat up our income. So when we had a combined household income around $100k give or take with low loans for an advanced degree and no rugrats or pets other than fish, I still felt like we were living paycheck to paycheck. Considering the average household in Florida is combined somewhere in the $40s...I honestly don’t know how people make it. I know I couldn’t.

Now that I went private I’m feeling very comfortable and I’ll leave it at that.

You know...when I was happy making my 90k and single...I spent every dollar of it, wasn't saving a dadgum penny of it. That is not the case now. I constantly am looking in our savings, thinking how long would we make it if I were jobless, when can we retire..if ever...and where can I invest what little is left over.

i count every last penny now.

 

[goldmom]

Way too many variables. Where you live, cost of living there, debt, are you head of household with children, etc.
Most posters on here got that part right.

 

[DanC78]

Way too many variables. Where you live, cost of living there, debt, are you head of household with children, etc.
Most posters on here got that part right.

Jax, 2 kids

 

[seminole97]

You can be broke at any income level.

I remember reading a decade or two ago about Chinese incomes and that their average household is something like 30%.

For a host of reasons we’ve pretty effectively sundered that urge in our society.

 

[NoleFan2U]

Good money is a dollar more than I will ever need.

 

[Gonolz]

Spin off from "Staying in the job too long"

I always think I know what "good money" is, and then I make it and realize it's not enough.

how much does one need to make in order to feel secure?

75K?
100K?
150K?
200K?
300K
500K?
1M ?

if you are brave enough, let us know what your annual income is.

I think most long-time Locker Roomers know some about my background. I worked in a job in D.C. making good money. If I had stayed in my old job, I would have been making "good money" or "great money" depending on your perspective, probably $500k+, possibly $1mil+. That is if I didn't have a heart attack or kill myself. Despite being in a prestigious job with the highest level of work in the industry, I was miserable and tired of dealing with certain types of people who value money and power over integrity and a fulfilling personal life. So I quit and took a few years off. I found an interesting job where I make less than 20% of what I could have in the old gig. Sometimes I wish I made more money and think about kicking myself for making such a stupid financial decision. Then I realize, that I still do incredibly interesting work, work with nice people, work 95% of the time from home, am usually off by 3:30pm (as opposed to some 3:30am nights), and have an incredible amount of flexibility and control over my schedule and work. I live in a much lower cost of living area, so I didn't need to drop $1mil+ on a house. I don't think I make "good money", but I think I make enough.

 

[billanole]

I think most long-time Locker Roomers know some about my background. I worked in a job in D.C. making good money. If I had stayed in my old job, I would have been making "good money" or "great money" depending on your perspective, probably $500k+, possibly $1mil+. That is if I didn't have a heart attack or kill myself. Despite being in a prestigious job with the highest level of work in the industry, I was miserable and tired of dealing with certain types of people who value money and power over integrity and a fulfilling personal life. So I quit and took a few years off. I found an interesting job where I make less than 20% of what I could have in the old gig. Sometimes I wish I made more money and think about kicking myself for making such a stupid financial decision. Then I realize, that I still do incredibly interesting work, work with nice people, work 95% of the time from home, am usually off by 3:30pm (as opposed to some 3:30am nights), and have an incredible amount of flexibility and control over my schedule and work. I live in a much lower cost of living area, so I didn't need to drop $1mil+ on a house. I don't think I make "good money", but I think I make enough.

Prolly have time for a box sit every once in a while now. Not so with the old schedule. Life is good.

 

[NDallasRuss]

Good money is a dollar more than I will ever need.

Similar to what I was going to say.

If I end the month wth a dollar more than I needed, then isn't that "good money"?

 

[Random_John]

I feel like a major problem with my generation (Gen X) as a whole, with money, is that we came up in the debt growth era. We were taught to get credit cards, student loans, car notes, mortgages, store credit cards, etc. I remember walking through the union and people offered free t-shirts and cups just sign up for a credit card. My generation was a spending generation and we spent at an amazing clip. Now for the next several years we'll be paying that debt and lucky if we pay it all.

 

[Gonolz]

I feel like a major problem with my generation (Gen X) as a whole, with money, is that we came up in the debt growth era. We were taught to get credit cards, student loans, car notes, mortgages, store credit cards, etc. I remember walking through the union and people offered free t-shirts and cups just sign up for a credit card. My generation was a spending generation and we spent at an amazing clip. Now for the next several years we'll be paying that debt and lucky if we pay it all.

This is a good point. I don't want to start a generational war, but will say that I really agree with the way that the Greatest Generation viewed financial matters. They experienced the Great Depression and knew what it was like to have to suffer through financial challenges without government help and how to really sacrifice while enduring a major war.

I recently lost my Grandmother. She was 92. She worked hard all her life as did my Grandfather, who died 20 years ago. They never made a lot of money, never relied on government help, but but raised a family of 3 kids and put 2 of the kids through college. They lived in the same modest house for 65 years. They had decent cars to get where they needed to go and kept the house in good shape and there was always food on the table and they always had the basics. My Grandfather retired early due to health reasons and she retired at 65. As she was getting older and 20+ years of retirement the family was worried about whether she had enough money to get by. She said she would get by fine. After she passed, it surprised everyone that she still had a large amount of money left. They never borrowed or relied on credit cards. They paid off their house. They didn't buy cars they couldn't afford. They saved everything they could.

If my Grandmother answered this thread, she would say they made good money. Baby Boomers, Gen X, Gen Y, and Millennials or whatever the latest generation is would say they lived like "poors". Thinking of her, I am shaking my head at how our society currently views financial matters. I don't mean to lead to a political discussion, but our current national government debt is $20 trillion.

Is having $20 trillion in debt ok if you are making "good money"?

 

[F4Gary]

We were taught to get credit cards, student loans, car notes, mortgages, store credit cards, etc.

Bull crap. You weren't taught that. You fell for it.
Mortgages are a great tool. You can buy a nice house...if you can afford the payments. Smart people figure out if they can. Same with car loans and credit cards.

 

[Gonolz]

Bull crap. You weren't taught that. You fell for it.
Mortgages are a great tool. You can buy a nice house...if you can afford the payments. Smart people figure out if they can. Same with car loans and credit cards.

I would accept "enticed" as an alternative word for taught. Companies making money off your poor financial decisions are going to entice you. Personal accountability is a beeotch to acknowledge and accept. If more people would accept personal responsibility, we all would be much better off.

 

[EveryoneBleedsGarnet]

I just want to be making 7 figures while the IRS thinks I'm making 6.

 

[Formerly Rockymtnole]

Keepin up with the Joneses is a trap a lot of people fall into. I see my neighbors' and friends' fancy vehicles and sometimes think I'll go buy something similar, but then I think it's a waste so I stick with my plain Jane sedan. Or the million dollar home and latest gadgets. I like socking money away because I don't want to have to work into my 70s.

 

[F4Gary]

Keepin up with the Joneses is a trap a lot of people fall into. I see my neighbors' and friends' fancy vehicles and sometimes think I'll go buy something similar, but then I think it's a waste so I stick with my plain Jane sedan. Or the million dollar home and latest gadgets. I like socking money away because I don't want to have to work into my 70s.

I never bought the "Captain's house". I stayed in my First Officer house.

 

[seminole97]

Similar to what I was going to say.

If I end the month wth a dollar more than I needed, then isn't that "good money"?

Would depend to me what savings rate was factored in those 'needs'. Otherwise it sounds like you're living hand to mouth.

 

[RunRonnieRun]

Biggie got it...Mo Money, Mo Problems. The more you make, the nicer your cars tend to get, the nicer vacations you take. Outback turns into Chops. Hampton Inn turns into Ritz-Carlton.

The points that have nailed it so far:

1. How much do you owe The Man? When you don't have debt, you have more money.
2. How much are you paying yourself? Once you're debt-free, savings & investing need to be the top line item on your personal budget.

 

[NDallasRuss]

Would depend to me what savings rate was factored in those 'needs'. Otherwise it sounds like you're living hand to mouth.

I'd say it also depends on what all is included in that month. If it also includes all the fun things like vacations, going out for dinner/ theater, etc, the n its not exactly hand to mouth - which, to me, implies simply covering expenses related to basic sustenance.

I guess my point is that if $100k covered everything you would want it to, then you wouldn't have to say that $200k is "good money" just because that seems like it allows for more excess cash each month.

 

[Fijimn]

Every time I think I need more money and more things, I just grave Willie, Waylon and the boys and head to Lukenbach Texas

 

[RunRonnieRun]

Every time I think I need more money and more things, I just grave Willie, Waylon and the boys and head to Lukenbach Texas

Do you sell your diamond rings to buy some boots and faded jeans?

 

[LesClaypool]

I want more money to travel. To buy good beer and travel. That's really it. If I get a bonus, it goes straight into my travel fund. I track my spending to the day, and shift what's left over each month into that same travel fund. The only thing I spend any money on during the month, for myself, that isn't a necessity (mortgage, utilities, groceries, insurance, et. al.) is beer.

Otherwise, I'm very fond of this quote: "Often when looking at a mass of things for sale, he would say to himself, 'how many things for which I have no need.'" -Socrates

 

[SoddyNole]

Ones needs should not increase with income level. I suspect very few if any on here are good at that, myself included.

For example, my brother-in-law has a great job as a mid level engineer working at various power plants in the SE. His wife is respiratory therapist. They have lived the last 20 years in their grandmothers bequeathed 40+ year house that is approx 1200 sq ft maybe less. They have no children, rarely eat out, take a paid non working vacation about once every 5+ years, buy cheap clothes and been know to purchase at second hand stores and bought 1 car in the last 10 years. They never had a mortgage or car note. The food they purchase is always on discount and up to recent used rabbit ears instead of purchasing cable lol. He maxes out their retirement and without knowing for sure I suspect he has somewhere between 1-2 million saved up outside of retirement in his early 40s. My wife asked her brother what he is going to do with all his money when he dies. He said give it away to charity. Does their lifestyle create less happiness? It doesn't appear so on the surface. Possibly there could be some regrets with not having children but I can not say.

 

[cmanole]

You know...when I was happy making my 90k and single...I spent every dollar of it, wasn't saving a dadgum penny of it. That is not the case now. I constantly am looking in our savings, thinking how long would we make it if I were jobless, when can we retire..if ever...and where can I invest what little is left over.

i count every last penny now.

You're not stressing because of the money, you're stressing because of the responsibility. You're responsibile for four lives now, not just one. Just continue to do the right thing and you'll be ok...

 

[SeaPA]

It's interesting how opinions & thoughts vary on "how much is enough." The guy who is the wealthiest of all of my clients is a great example of this. He's worth many millions, but if you saw him on the street you'd likely think he is a panhandler. Last time he was in the office, the clothing he was wearing was threadbare, and his shoes were literally held together with duct tape.
He's a great guy, but he grew up dirt poor. Built a very successful business & saved most everything he ever made.

 

[ericram]

Most people match or exceed their income no matter what it is. Sad but true. The vast majority of Americans live paycheck to paycheck no matter what they make and rarely save anything.

 

[AdNole]

Jax, 2 kids

I thought you moved to Georgia. Have you moved again already?

 

[Nole Lou]

Ones needs should not increase with income level. I suspect very few if any on here are good at that, myself included.

For example, my brother-in-law has a great job as a mid level engineer working at various power plants in the SE. His wife is respiratory therapist. They have lived the last 20 years in their grandmothers bequeathed 40+ year house that is approx 1200 sq ft maybe less. They have no children, rarely eat out, take a paid non working vacation about once every 5+ years, buy cheap clothes and been know to purchase at second hand stores and bought 1 car in the last 10 years. They never had a mortgage or car note. The food they purchase is always on discount and up to recent used rabbit ears instead of purchasing cable lol. He maxes out their retirement and without knowing for sure I suspect he has somewhere between 1-2 million saved up outside of retirement in his early 40s. My wife asked her brother what he is going to do with all his money when he dies. He said give it away to charity. Does their lifestyle create less happiness? It doesn't appear so on the surface. Possibly their could be some regrets with not having children but I can not say.

Not having kids would certainly create a lot less happiness in my life.

I'm a huge believer in family and kids, but there's no doubt that changes everything. 1200sf doesn't work, driving unreliable cars doesn't work anymore, living someplace with bad/mediocre schools doesn't work anymore. Just trying to raise kids in a nice space, safe area, with good schools is a huge game changer that can easily take you from a $90k nut to a $350k nut for your home.

I also think that the "keeping up with the Joneses" aspect gets ramped up big time with kids. I don't give a crap what neighbors think of the car I drive. But when you start hearing about the vacations other families are going on, some of the programs their kids participate in, you do want your kids to have similar opportunities. Our kids have certainly never believed we were rich, but I've also never wanted them to feel like they were poor either. I'm cheap as hell...but I've always wanted our kids to think of us as thrifty, not poor. However, providing them a "middle" range upbringing is still pretty aggressive when the top end is set by kids with multiple horses or whose hobby is auto racing.

 

[RunRonnieRun]

It's interesting how opinions & thoughts vary on "how much is enough." The guy who is the wealthiest of all of my clients is a great example of this. He's worth many millions, but if you saw him on the street you'd likely think he is a panhandler. Last time he was in the office, the clothing he was wearing was threadbare, and his shoes were literally held together with duct tape.
He's a great guy, but he grew up dirt poor. Built a very successful business & saved most everything he ever made.

I admire the hell out of guys like that.

 

[SeaPA]

I admire the hell out of guys like that.

I do, too. I greatly enjoy working with him, as well as just chatting with him. When he comes in, we'll typically meet for a couple of hours, even though we only really talk business for 15 minutes. He's a very interesting guy (but the duct-taped shoes did make me think "come on, man").

 

[NDallasRuss]

They have lived the last 20 years in their grandmothers bequeathed 40+ year house that is approx 1200 sq ft maybe less. They have no children, rarely eat out, take a paid non working vacation about once every 5+ years, buy cheap clothes and been know to purchase at second hand stores and bought 1 car in the last 10 years. They never had a mortgage or car note. The food they purchase is always on discount and up to recent used rabbit ears instead of purchasing cable lol. He maxes out their retirement and without knowing for sure I suspect he has somewhere between 1-2 million saved up outside of retirement in his early 40s. My wife asked her brother what he is going to do with all his money when he dies. He said give it away to charity. Does their lifestyle create less happiness? It doesn't appear so on the surface. Possibly their could be some regrets with not having children but I can not say.

To me, this sounds like an absolutely horrible way to live.

I'd seriously want to jump off a building if that was my life.

Why live like you're poor so you can give more money to someone else when you die?

I'll be honest here - I don't want to live my life so that there's anything left at the end. For that matter, I don't even want to live my life so that I have all the fun in my 60s and 70s that I should have had in my 30s, 40s, and 50s. I want to do all the fun things while I (and my family) can enjoy those fun things. Then, when I'm old and infirm, I can sit back and smile while thinking about all the really cool stuff I got to do and enjoy. And at the very end, I'm okay if I die and the only thing of mine there is to split up is a bunch of pictures, magnets, pint glasses, etc from all the experiences I had when I was alive.

 

[Nole Lou]

I feel like a major problem with my generation (Gen X) as a whole, with money, is that we came up in the debt growth era. We were taught to get credit cards, student loans, car notes, mortgages, store credit cards, etc. I remember walking through the union and people offered free t-shirts and cups just sign up for a credit card. My generation was a spending generation and we spent at an amazing clip. Now for the next several years we'll be paying that debt and lucky if we pay it all.

Yeah, the world changed a lot between the our parents world and the world we Gen X'ers came into. Obviously, there were some exceptions, but for the most part our parents generations couldn't prepare us for the financial realities we were going into. Our parents could warn us about borrowing to some extent, but they didn't imagine how much ability to live beyond our means was going to be offered to us, combined with the lack of stability (and pensions etc) we were going to be dealing with. And most of our parents thrived in the post war years...they lived very well and set an expected standard of living.

We were the Generation that bought one vision, but were operating in a different reality, and ended up making some bad decisions if we weren't careful. The millennials now who are opting out (not buying homes, not being particularly dedicated workers) don't buy the premise that we bought, so they're not playing along. I don't really blame some of them for looking at a situation where we are all on here talking about how $150-200k incomes aren't really comfortable for us and deciding that's a sucker's play.

 

[DanC78]

I thought you moved to Georgia. Have you moved again already?

whats up dude....I'm in Cumming. I was giving an example to Goldie knowing she lived in Jax, or familiar with it at least.