How Much Money Do Americans Need To Be Comfortable?
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- เผยแพร่เมื่อ 12 ก.ย. 2024
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I’m retired and living comfortably on about 35,000per year. I still save at least half of that in an emergency fund. Also debt free.😊
Which state
My wife are similar, though retired to Portugal. Debt free is the key for us
@@anthonybutler3157 Debt free is the dream for most of us
@@Dividend_Info Massachusetts
Same here except not retired. Debt free, 5 years of expenses in a brokerage, just bought a car in cash. Life is good. Can live comfortably off about $1100 per month. 31 years old. Debt free is the key
My husband & me are both retired. We live comfortably on $46,000 a year. Our home is paid for and we have no debt.
I built up a huge emergency fund and ended up unexpectedly losing my job. I did have some freelance money rolling in, but not nearly enough to live. That emergency fund ended up covering me for over half a year, and I am now radicalized that everyone needs one. The stress I didn't experience because of it was, no pun intended, priceless!
Great to hear the real life example! They definitely are huge
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Thanks, I just googled her I'm really impressed with his credentials. I reached out to her since I need all the assistance I can get
I think people over estimate how much they need to live comfortably because they have so much debt, but if you can get your debts paid off I think the number people actually need to feel financially comfortable is probably a lot lower than they think and they might already be making it.
That's true I feel like having no debt is a huge part
Absolutely so true!!!
Yep this is what I was thinking. I'm a single mom with zero debt (not even a car loan) living in Seattle. $100k is plenty, $120k gives me the savings rate I want so I have my $1m in index funds. And I'm planning to send my daughter to private school.
I don’t buy to impress anyone else. My entertainment is reading, walking and visiting with friends. No debt. Retired 15 years ago.
More more more more… for what?I was going to retire at 75 (I loved my job).. but pandemic sped up my decision. I was ready. I had saved 3 years (yes!) of living expenses during the pandemic..plus I have a 401k etc. Now I live on SS and the RMD from retirement account. I don’t save as much as I used to, but I still save something monthly. It’s a habit. The most important thing is I’m debt free. You can’t live a stress free life unless you are debt free…. And no one can convince me of otherwise. Nothing feels as good as not having debt.
Dave Ramsey says it best..”The borrower is slave to the lender”
So true. To have no debt is true freedom.
Gabe… build an emergency fund before you start on debt or it is a vicious circle. The fund saves you from more charges!
1,000,000 in CASH. Wow. I am retired. I did stash cash before I left but I also have deferred tax retirement accounts and a pension and social security. For my whole life I have lived on, net less than $20,000 a year. After taxes and retirement investments and medical insurance. And I still do. Financially I am most concerned about doing as much Roth conversions as I can before 70 when I will draw social security.
Learn to live on less and be comfortable with it. I have spent the last three years trying to get rid of junk. Do you know how much that junk cost me? The thought of all that junk alone curbs a lot of spending.
That's awesome!
I became a minimalist in 2008. My daughters are grown and independent in the world so it's just me which makes it easier in many ways. I did a no spend/low spend year in 2019 which helped me break the consumer urge, pay off all my debt for the first time ever and put me in position to buy my tiny (386 square feet) condo in the heart of the city in 2021. Now I'm in the process of paying off my 30 year mortgage in 4 years at which point I'll retire. I'm right on schedule to hit this goal. The process I've moved through over the years made me realize just how little I actually need to feel happy and secure. In retirement, if I had $50K I would feel abundantly secure and rich. But having said that I know that I will be fine with whatever my retirement income is because I've learned how to budget without pain and know that I can easily entertain myself virtually all the time for free. (I love to read and bike and walk with friends.) My actual retirement income will be slightly over $40K so I won't be "rich" but I already know I'll be happy.
I never comment on videos, but I have been binge watching your videos this week and saw that you posted just a few hours ago so I decided to comment and tell you - Gabe, you have been such a blessing to me. I have learned so much just by watching your videos and I’m now doing the 90 day goals/plan. Please keep on posting every week. Love from the Philippines ❤
We live on 40000 a year for a family of 7. Our house is paid for though. We do have debt towards medical bills. No credit cards though. I would like to say we live comfortably but with this inflation feeding our family and having small livestock it hurt us. We currently live pretty minimal but also spend and stock on foods. Most of our entertainment comes from hiking state parks because it’s free. It’s funny how most people assume we have money because we just basically use cash all the time. We no longer have savings because it’s went into upkeep of animals, house, and our vehicles. I think if we had 20000 dollars more a year we would live comfortably. I have friends that live off 200000 a year and they say they’re broke. I think it all depends on what you sacrifice and what’s more important to you. I’m a stay at home mom because my children are more of a priority to me than chasing a dollar. I think money can make things easier but it doesn’t ever lead to happiness.
Debt free. Just retired. Live well on 20,000 a year!
My Chinese grandma alway says, “The bigger the body, the bigger the shadow.”
The more money we have, the more people depend on us, and the higher expense we have.
Love that quote!
50,000 to 70,000 a year would be fairly comfortable to me I think. I also like living simply. It's why I can put a decent amount of the money I make in assets. And why I don't really buy too many liabilities. I'm happy living with a few nice things instead of a plethora of them. I've stopped being the bigger consumer I was in my early 20s
Thanks for answering! Good number
@@GabeBult no thank you man for creating the cool content. Found you like a week ago and think you have tons of great content for me to watch. Have a good one 👍
I think part of what gets neglected is the area of the country you live in. I live in a more rural area where the cost of living was lower. However, inflation is hard, people are moving in from more well off markets and nearly tripling the cost of housing over the last 2 years. Our local incomes are not increasing. I volunteer at our community help shop and the number of people who need help with groceries is increasing each month. These people have jobs. Usually 2 jobs. It’s just not enough.
I live in a regional town where this happened during covid. House prices and rent skyrocketed and now families with two working parents are living in tents because they can't afford rent. It's nuts.
@@melindastanners That is so heartbreaking. Being priced out of the market you were born in is terrible. I cannot fathom living in a tent with children. We had to buy at the peak cost because our 17 year rental was terminated when our landlord died. His wife wanted to give the house we lived in to a grandchild. Thank goodness we had savings to cover the house purchase and moving expenses. It’s just so crazy.
I comfortably live on 30k a year in my 20s as I still live like I am in college just with more expensive rent. This has allowed me to save up a 6 month emergency fund on the side and invest quite a bit for retirement. For me the necessity for comfortability would be 50k income (so I could save/invest the extra 20) and 6 months of expenses covered in cash. I am very lucky to already be there in my life.
So smart!! Good for you… your future is bright.. congratulations
Congratulations!!!
I'm still on my way to financial freedom, but I think living below your means is necessary if you want to feel comfortable.
People don't need to earn 233 000,00 $ per year. Why not a million dollars? LOL They need to learn how to manage money!
I recently got into the youtube financial niche, and I’ve taken a deep dive into investing, particularly in stocks, and ETFs as they interest me. Tried several methods trying to figure out the best approach to building my portfolio. So far, I’m making progress with the help of an astute fiduciary. I’ve been able to compound over $20k in profits from my trades. Back to the video, wonderful job there, always look forward to your next content.
Herman Jonas is the brain behind my success. As a financial expert, he oversees my portfolio which currently consists of ETFs, index funds, and options. I just reinvest at intervals.
@@Christensen554
That's your view. In my experience, there is no such formula, It is nearly impossible to achieve success with investing. It’s all just gambling.
I'm am old dog and I'm not big on learning new tricks. After so many years of trial and error, I finally found what works best for me, both financially and emotionally.... and Herman is the perfect sounding board for me. He is far and away the best I have come across. He is all focused on teaching and making sure that I make profit. What more could I ask for?
I want to also take my finances into consideration and put myself in order before it's too late. I'd like to hear from an expert. How can I get through to him?
Here,
Hermanw jonas (a Gma!L
$80K Family of 4
$50K single
Both include $20K a year set aside for a decent retirement if invested right.
I have a 6 months of expenses emergency fund and that makes me feel comfortable.
I'm from Poland and I didn't expect that Americans know as little about finances as I believe people here do. I was always angry that we don't have proper financial education in Poland, but seems like it is a global problem, not only ours 😓 You make a great content, I hope many Americans (and maybe others as well) will learn from you 😊
Dzień dobry! (I .learning Polish since I live near a Polish immigrant community in the US and married a Polish American). I think like the average American waistline, it's not that we don't know what to do but that we live in a culture that makes acting against our best interest easy and even attractive (FOMO/YOLO). Our economic system encourages Americans to spend rather than save for retirement despite how there is a news report every year about how Americans need to save more. But if 15% of every American's salary suddenly went to investment accounts rather than restaurants, clothes, and travel, our President might talk about how our choices are going to lead us into a recession and to instead go out and spend.
Just like if Americans stopped over eating, restaurants would close or workers would be cut. It's bad.
This guy completely overlooked how the government has been completely lying about the real inflation rate and how rent alone accounts for 40-50+ percent of one's earnings.
People arent taught about finances or economics to keep them working longer and harder. To keep them in debt. Add to that, keynsian economics is ridiculous to begin with. It's designed to feed off the general populous.
Having an emergency fund gives you more choices! It is simply the power of having money!
I admit it's a bit easier for me because i live in small town Tennessee. If you'll stay out of debt here, at least keep them as low as possible. Buy the least expensive house you can that's not in disrepair and buy the least expensive used car, that's in good condition, that you can find, it's much easier to live. Especially if you can get something like a warehouse or factory job. My total debt payments are just shy of $650 per month. I'm about to have one paid off. Then it'll be about $533 per month. I'm trying to sell my house and build a tiny house to get out of the mortgage and have no rent. Then it'll be only about $262 per month in payments. I should have about $2100 per month of disposable income.
It also depends on where you live. In the DC metro area, everything costs a lot more than somewhere in, say, the Midwest.
I just read your email about changing our mindset forever, and I want to thank you. Usually, I scan the content and don't find much. Yours however, hit the mark on some things that I am working through currently. I just wanted to thank you for the value. It's appreciated. 🙂
Love your videos so much, Gabe! like seriously, everytime I'm not feeling productive in my life, I just go watch one of your videos and I'm happy and inspired
That's awesome! Glad I can help with that honestly making them helps me get inspired when I'm not feeling up to it either
My expenses are around $25k a year. And I save or invest at least $20k a year. I am 35 years old, living in southern California, currently single but getting married next year, so my expenses will look different since we'll combine our incomes and expenses when we are married. I am debt-free and have an emergency fund. I drive a 2001 Camry to keep car expenses low. Low to maintain, low for insurance, been paid off since 2015 and it was less than $5k to purchase that car in 2015. The car has 280,000 miles on it, but I don't drive very much since my work moved to work-from-home, so I think I can keep this car going for another two years with regular maintenance. The Camry has probably been the best depreciating asset I've ever owned, as it has kept me away from car payments, which was a huge win for me.
Love your channel!
It depends a lot on where you live. I live in California and the average income where I live is $183,000 and I don’t make anywhere close to that. Gas is about 7.00 a gallon. You can’t even imagine how much I am struggling!!
Ya where you live definitely makes a huge difference. That's a crazy average salary!
@@GabeBult I know. I live in the Silicon Valley area. Most people here think that anything less than $250,000 is poverty
I am blessed to not be living paycheck to paycheck. Savings does make a difference!
I think it's particularly an issue in America where a medical emergency can cost you all of your savings. People naturally have a higher bar to feeling financially secure. In most other developed countries, there aren't a lot of things that can happen that will cost you everything you have, so as long as you've got a decent amount of savings and don't regularly worry about money, I'd say you're likely to feel secure.
Good point.
Yup, no longer the land of opportunity here, it seems like.
Gabe, so well presented, as always. One huge debt hole; credit card debt! Very high interest rates. And it’s obviously easier to buy more (!) when you swipe.
That's a hard question to answer because it depends on where you live and whether or not you have dependents.
Do you mean if I couch surf? Really people can live on as much or as little as they choose. It's who they are that matters not the number.
Living comfortably is so ambiguous. This is why the best financial advisors in the world ask so many questions to figure out someone's life and financial goals. For me, I was able to live comfortably on $52,000 at one point, but now in this stage of my life (paying off student loans) and living in a more expensive state, $52,000 would be very difficult.
I think most Americans in most states and situations can be financially comfortable living on $100,000 a year with a clear goal in sight, motivation and dedication to the plan they make.
$73K a yr and I'm debt free.
A large part is where you live too. How much you need to feel financially secure in California is way more than Oklahoma.
It really depends on which country and area you live in and what your five big costs are: housing, groceries, utilities, health insurance (if any) and transportation.
I do feel financially secure. I don’t feel that I have enough in savings for retirement even though I know I have plenty to pay my bills. I’ve been doing an audit of our expenses and I’ve eliminated a lot. Right now, electricity is very expensive and I have a monthly payment for my oldest child’s college tuition. I have LifeLock and a subscription to Experian because I’ve had my identity stolen in the past few years. I wish I didn’t have to pay it, but I’m afraid to let them go. We only have two subscriptions: Netflix and the Disney Bundle (Hulu and ESPN are included). I feel that I’ve cut as much as possible so far. My goal is to buy a house in the next three years, once my youngest graduates from high school. Nothing too grand: just a three bedroom basic home.
3 years ago my wife and I lived comfortably, but frugally, on $25,000 a year in central VA. Today with inflation we are living at about the same comfort level at $33,000 per year.
I love these videos Gabe. They’re the absolute best, and Your advice is very helpful. I have to get my brother to subscribe to your channel. He lives paycheck to paycheck. He makes good money, but he’s worse than I am about spending, and having an emergency fund. At least, I’m on the right track, especially with all your helpful advice. You make me realize, it’s easier than I thought to have an emergency fund, and to quit spending on things that are not necessary. Thanks Gabe.
Just paid off the house this month, with a little hiccup - they paid the property tax as we were paying off the house 😀.
It feels great to be debt free, finally. We have an emergency fund and now just need to save up enough to never have to worry about work again. Granted I plan to always be working for as long as I can. So, there isn't a huge hurry. It's just nice to know that if I die my wife and kids won't have to worry about money.
Congratulations on being debt free!!! Hopefully you have life insurance on both you and wife incase either of you passed away before your children are self-sufficient.
I'm debt free, too and am paying off my 30 year mortgage in only 4 years. Halfway through the four years now. I've been working on an emergency fund as I balance paying off the mortgage. Right now I only have 2 months but my goal is 6-12 months. I'll re-evaluate when I hit the 6 month mark.
Why do the US citizens in Canadian citizens feel we deserve all the stuff?! We need to learn to say no to ourselves, live within our means, and sacrifice some of today’s money for our future needs. Just say no and do a budget and stick to it.❤ good Content
From Dallas TX I earn $59k year . I have 401k but it’s not much. Don’t save anything after it goes to my rent, food, car note, insurance. Yes I’m very stress depress. 😢
What???i earn €33.000 and considered wealthy,here in Sicily,Italy..People here earn €1000, no more than 1200 euro per month.I am an English teachsr in a secondary school and my wage is considered highly desirable .Life in the USA is tooo much expensive
It's getting crazy here
I speak for most of my extended family alone...they have their "needs" confused with what should be "wants."
I'd say around 75 to 80k a year. I currently make around 69k annually
TELLO is also a cheap option for phones...$14/month.
That is not an easy answer question, it's 5-10% more than you are spending 😉, here in Ireland, the property prices are crazy 3-bed semi 1200 sqf is €360,000 and rent is over 2k a month, I am lucky, I have no debt and own my home, I am on a fixed income of 230 a week or 12k a year 😀 and save about 75 a week, I have solar and an EV . I don't eat out except for birthdays sometimes, I don't drink or smoke anymore, and we only buy own brand of groceries and every appliance has a low-energy rating 😅
We are frugal and budgeted for everything.
I have 5k saved from petrol alone 😂
I’ll feel secure when I have 50K in an emergency fund and 1M in retirement savings. 43 with 4 kids.
It's so weird to see multiple cell providers available. As a Canadian we have like three options lol, all the highest prices globally
I do like that people like mint are competing with the big guys that's what every industry needs to keep prices lower
Hi Gabe,
You make me laugh “Something that's not stressful is subscribing to this channel”😅
I really like your videos and I'm happy I found your channel and subscribed because I have learnt a lot.
Keep winning my new friend 🏆
Unless you own a home, I think it's now hard to say how much money you will need. Rents are going up every 6 months, to every year and they're going up a lot. If this continues, it will be a disaster. I feel like the government and the Fed think the solution to a housing shortage, which is partially caused by so many investors buying real estate, is to let rents rise until more people are homeless or forced to move in with relatives (if they are lucky).
In Atlanta area $3k/mo take home would be comfortable not accounting for saving/investing. It wouldn’t be a fancy lifestyle but you could live somewhere safe, eat chipotle, and have healthy groceries. Plus enough to invest which is debatable how much you need for that.
Best way to end the week is with a Gabe video
I feel ok, we have less 200k in savings etc, but I think we’re fine
I make 42k a year and fortunately my partner makes up a lot of the household income. We are both entirely debt free. I have three IRAs totaling about 63ish. I have an emergency fund of 2k but want that to grow. I am comfortable but I do not feel I’m being paid what I should be getting from my career. Now that is gradually going up and I’m proud and happy about that, but with universal rising costs, it doesn’t supplement it equally. Then again, I am happy in my field so I’d rather make less and be happy. My field is slow to change but slowly heading in the right direction.
Watching your content has inspired me to start a business! I'll have it up and running by next month if not sooner. Thanks!
Let's go! Send it to me when it's live!
Will do!!
I think a lot of people will stumble on a large windfall of money once or twice in life, at least that was my case. I’m grateful to myself I just sat on it, taught myself how to manage it and got rid of debts. My net worth is twice what it was thanks to the security of it as you mentioned.
I make $90,000 a year and have to work 100 hour paychecks to do it. I barely cover my bills which includes a lot of CC debt. CC debt is all my fault, lots of stress spending. So 150,000/year would help me get that under control faster and then I could drop that number. I'm hoping to transition to offgrid living and renting out my ongrid house, but that will take a few years to happen.
I took a massive pay cut when I moved from contracting gigs to full-time. I knew it was the right move though because the technology stack I was learning paid off in dividends for me later when I finally landed in a much more lucrative sector where I’m much happier. Always consider the long-game.
It's not based on where I live, it's based on what lifestyle I choose. I can go from 5400.00 a month to driving and getting more take out and living on more. It just depend but I like the end question.
233k?!?!
50k in mediocre place like i live (mid Illinois). Imagine up to 90k for the more luxurious locals.
Sadly thats living comfortably and people arent happy with comfortable they wand exciting and extravagance
I'm really not finding my security in money.
Don't buy crap you don't need. Drive a cheap car, don't overspend on a house. Continually improve yourself by learning a new trade or skill. Stop waiting for the government to save you. Create a budget and stick with it. Yes there are factors beyond your control but there always will be.
I live a minimal life style. My home is 500sqft. I got it when I was 21. My monthly ALL in are $1600. So to me, $3,000 is my minimum as I want a 50% savings and investment rate. I have a small car loan and once that is gone I will
Only have $1,200 a month all in expenses. I have not let any raises effect my life style by much outside of minor conveniences.
That's awesome! Out of curiosity where are you located for those prices
@@GabeBult I am located in Harvey’s Lake PA. I bought a little cottage for $57,000 above the lake.
@ianmonroe3226 wow that sounds cool. I'll definitely have to look online at that area.
@@Madchris8828 it’s a beautiful area! I’m very thankful that I found my Cottage when I did. I got pretty lucky it was move-in ready just kind of Gaudy. Now they estimated at around $110,000 and I’ve made very minimal investment into it. All these house prices are going up like crazy.
Wow! I am from the U.S. and started saving in my retirement account right out of college. The second paycheck included money to my retirement plan. I never stopped it until I retired at 56.
Honestly to be comfortable would be 90k in Australia, but I’m worth 60-70k time to upskill 😅
Awesome
Great video, Mr. Bult. Valid points that can change our life if we DO the work. I am like SassySue. It has worked out well. Being debt free, and continuing to save seem to be a winning combination.
Currently, we rent. And we make combined gross $98000. We feel comfortable with that for a 2 person house hold. We are behind in retirement but with our plan once we are ready to retire we would have around $2M. I would like to have a $20k emergency fund to feel secure in case of loss of income. As well our rent in $2k. I think it really is not buying luxury think Everytime and buying thinks you only have money for
I feel like not having enough money is the biggest common issue Americans have. Whether that's actually true or if we just feel that way is up for debate. I'm sure others are talking about this too, but the lack of financial conversation in education is abysmal. So many young people have a lack of understanding for what life costs. Mortgages, rents, car payments, all of these things I, and I'm sure, many others had to figure out on our own. Videos like this and others that get into the more in-depth aspects of money are super helpful if you're just getting out of high school or college and still need a financial understanding.
This very much depends on where you live, your family situation, and your health. Daycare alone costs us $48000 a year, not accounting for our unborn child. Our mortgage isn’t much less. We had some unexpected medical emergency coats this year which cost another 10k even with “good”insurance. We’re minimalists, we don’t shop for anything but essentials, we don’t go out, haven’t been on vacation since 2013, and we can’t even afford groceries and clothes. We’re looking into downsizing our house (which is crazy with our family continuing to grow). Everything we buy is second hand. We were debt free and had hunger savings and very comfortable when it was just the two of us, but now we’re underwater in debt. This advice may be decent if you’re single or a family of 2-3 but for the majority of Americans this just doesn’t work!
You could try raising your own kid instead of dumping them off on a stranger to raise for you 🤷♂️
Why would you do that to your children? “Daycare” is such a euphemism.
I make a little under 50,000 a year and am able to save about 75% of my income. I have a unique experience where I am working on a US military base as a civilian so my cost of living is low allowing me to save like crazy!
With the income I have saved over just two years, I could easily live in the same conditions I am now for about 10 years. I have most of it safely invested now and have plans for it when I return home, shortly!
I stopped spending money on unnecessary items and became content with the possessions I have when I realize the truth of my situation: I will either have to sell it, give it away, or throw it away when I move back home. This has saved me THOUSANDS and I no longer feel the need to shop, just to shop. Prior, I would have boxes of material items show up every single day.
Well seeing as we don't currently make much and all currently. I would say that 40,000 a year would be great. We do have student loans debt currently but have gotten rid of the other debt we had. Our current housing situation is cheap financially but has high cost mentality so hopefully we'll be able to change that in the future. Maybe by getting a multi family place. I've always lived in small places growing up so not looking for some fancy life style or anything but would like stability.
€25.000 is fine in my country...
Honestly if I make the Median of $60k I'd be THRIVING. lmao
I took part of my emergency fund and invested it. I still keep a couple thousand dollars in my savings for cash on hand.
50 to 60 K a year is plenty for us. That leaves us 25 to 30K margin should we need to tighten the belt in bad or lean times ( cut back on travel, etc ) since to just run our household costs us a little above the federal poverty level for household of 2 people. Have 4 years of living expenses in cash and high interest savings. We sleep well at night not worrying about finances and money.
Hey Gabe! as usual great video! One question out of the video's topic, how do you split your time during the day-and-week to work on your youtube videos? I mean like time management, how do you split your hours for that (video recording, planning a script/topic, editing etc) My question goes more towards the fact that you have a family, and you don't want to abandon them, so I do have a family as well (wife and kid) and I don't want to be an asshole with them and actually be with them while I also do youtube. Thanks Gabe!
I work a few hours a day on TH-cam then the rest is with my family or working on other things. There will be some day in the life stuff coming at some point I hope
Welp I live very minimally, eat at work and my roommate also brings home food from work. Bills have been reduced over the years to be as minimal as possible.
My business is debt free too and growing. Netting roughly 60-70k this year with work and business profits.
I can gladly say im hyperaccumulating now, living off roughly 18k per year (that includes entertainment budget) and the rest will be put towards my future financial freedom investments.
$108,000 USD
Money lessons from the bible part 2 when? Anyways nice educating video as always thank you Gabe.
In the next week or 2
You still doing your podcast??? Love listening to your podcast 😊
Hey Gabe, love your content! :) do you have any advice for someone trying to house hack in Sydney, Australia where property is so expensive?
(I’m unable to move away as I need to be close to family here in Sydney)
Unfortunately I don't really know anything about the Australian housing market in some places house hacking is not possible I'm not sure if that's one of them but there are always other ways to make passive-ish income whether that's starting your own business or something else
$55,000 a year and we have a deal
Im on SSI and would feel better if I was not punished for going over $2000.
Ideally, 80k a year, more than enough to live comfortably
If I didn't have any debt (mostly from my own dumb decisions), I'd be living pretty comfortably right now on my meager ~$40,000 salary. That's assuming no lifestyle creep though, and lifestyle creep is one of the biggest reasons I have as much debt as I do.
Financially comfortable?.... 50 to 60 k (Canadian) would be incredible... I lead a simple life
Thanks 👍 good number
Pretty much the same just in USD.
we have different needs, personally all the bills, savings and investing. i would say atleast our family of 5, 2 adults and 3 kids. Atleast 20k income a month :)
❤
Oh
100k or 80k
Answering the opening Q: $70k AUD. This is after building up some investments that give me some confidence in my future retirement and now seeking a less work-driven life (note that AUD has much less buying power than USD)
This number is more than a guess - I'm transitioning to freelance and have just drawn up a 'projected budget' so I know what minimum income to target
Investing in your health is more important than the money.
Financial security is a behavior that is not solved by more money. If you're broke at $100k, there is a 100% chance you are broke at $200k. I'm a single 25y/o making $70k in Omaha and my income is MORE than enough to build wealth and become financially stable. You just have to make the conscious effort to not take out a $500/month car loan, not eat out every second of your life, and not buy literally anything and everything that even remotely appeals to you. Simple as that
I would need to earn 75,000 to live comfortability with my spouse. Currently, I only make 40,000. I am far away from my goal, but at this time I don’t have any debt, I have a 6-month emergency fund, I save and invest 25% with each paycheck and my house is completely paid off. My ultimate destination is to retire at 70 and still be happy and healthy.
Personally I'd consider merely "average" income to be life-changing, despite my education. Right now I'm in a situation where nobody will hire me for an "entry" level job in my field.
$200K/ year