Hard to compete with china. I'm getting out of itOriginally Posted by unknown angler
Hard to compete with china. I'm getting out of it
Forced retirement system works for the average person. P.E.R.S. is our retirement savings. It is never ever going to make you wealthy! But, I draw about the same as I made when working. That and my wife has the same. Plus our SS we get by comfortably. That plus having property and homes paid for. I know some teachers/professors that made twice my salary but that still isn’t what my Engineer middle son makes. Dave may be on to something there though because he is exactly as you stated. I have 3 boys and all 3 make more than I did. The two month I was not under contract I was contracted out to GM to teach and troubleshoot. We saved a good bit of that money. Still I can’t go pay cash for a new truck or boat without pinching our lifestyle. But I am thankful to the Lord for what I have and my family!
Hell yeah
Greg
Edgewater 245CC
Nowadays “good money” is definitely a six figure income for an individual, double + that for a couple with/without children. Unlike when I was young and starting out I would place a higher emphasis on saving for retirement from day one vs. buying a home. I’d likely rent for a time, build a retirement fund, and a big down payment for a home later. Save for retirement early and often. Compound interest will do the rest.
When I retired at the end of 2013 my salary and benefits package was valued at $224,000.00. That was “good money” to me 10 years ago.
Nowadays, I’d be expecting at a minimum a 25-30% bump.
It’s good to be retired is all I’ll say.
BassCat Sabre FTD
Mercury 150 Optimax
"It's just fishing"
My Dad said many times, "That's just pissing away good money"
Good money, is money coming in....... Bad money, is money going out.
You are, for your situation and where you live. In my opinion.
Good money is making enough to live the life you want to live without racking up endless debt.
Whether that's 50k a year or 500k a year.
$8.00 for a 7 count of Senkos.
Seriously, being retired without debt, having savings for a rainy day. As we age good health becomes the most important. You can have all the money in the world, but if your health is bad, you have nothing.
China is only part of the issue. I moved everything from China to Vietnam and it's another 30-40% cheaper. For instance, I pay $27/hr full shop rate for a brand new 5 axis mill with operator on production work and programming is free. Mold makers make about $1,000-1,200 per month for a 48 hour 6 day week so $5.00-6.00/hr. China is expensive to me.
Whatever it is it always seems like I’m about 10-20% behind.
It’s because this crowd is the minority, not the majority. Don’t sell yourself short because you aren’t making as much as the folks that can pay cash for a 100k boat and 100k truck. That is most certainly not the norm.
My job gives me a good idea of what your average income is, I would say most are making anywhere from 60-80k, anything above that is “good money”. That is just a general statement though, the answer to this question varies greatly depending on where you live.
'06 Xpress X19 TS | 150 Yamaha VMAX
Holy Molly ! I'm out of touch.. I'm living on $30k here in Minnesota and doing ok. I fish 4 times a week , turkey hunt and deer hunt and eat too much
Good money is more than I made while working, retired 3 years ago at 60, and make more now than when I retired, so I'm doing ok !
what the other guy makes
Its relative. My first trade job I was an apprentice making 4 dollars in 1978. The journeyman were getting 10. Things were slow after a couple years and I was laid off. They went on strike shortly after to get to 11 dollars. These were the best of their kind as journeynan patternmakers. The 11 dollars at the time was a high water mark for union trades if my memory is correct.
I painted steeples in the early 80s for 6 dollars an hour. Union scale was 15 at the time I was non union working with a union steeple jack. I made it to 7 by changing jobs and thought I had it made. I was hanging out at a local tavern with the guys from the softball team. One guy I knew was my age and started in IT while still in HS on a work for credit program. We were BSing at the bar and he mentioned his scale was 60k. My eyes became wide opened that night and I scrambled for the next 3 years to double my earnings. They doubled agan a couple more times before I peaked at 75k which I called good money considering my roots and what it took to get there. That lasted only a short while till I injured my back and eventually lost my trade. Now minimum wage is 15 in Ct.. I am on SS and work PT. !5 is good money in my circumstances.
Last edited by mattmann7; 03-09-2024 at 02:57 PM.
I think I I dime less than a 100k is NOT good money. Kudos to those that make it. I certainly never did.
Anything over $150k.
More important, is how much you keep and save - your net worth.
$75,000
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