$73.54 an hour
$73.54 an hour
That's the exact figure I was thinking.Originally Posted by I.P. Freely
Median income is 52K here. I make double that and still seems like a struggle. I do have 3 teenagers and a wife who is a stay at home mom.
2008 Ranger 178VX
150 Yamaha V-max
That’s why I left Fl. It’s expensive. Living alone and making decent money but it’s hard to get by there. I moved back here and make the same money but cost of living was less than half. Now things are a mess but it’s tough down there for sure.
2008 Skeeter 21I. Yamaha 250 Series II.
2011 Toyota Tundra Crewmax 4x4.
I definitely plan on moving when I retire in 5 yrs. Hopefully we find a place our savings and retirement plan goes further than here. At least the house will be paid for. That will be what we use for our next house. Hopefully the market stays where it's at.
2008 Ranger 178VX
150 Yamaha V-max
My brother was an attorney that did nothing but oil and gas leasing business for his entire 35 year career. There were times that he was so busy that he didn't have time to pee or get coffee. There were times when he did nothing but read the paper all day. The oil business has been and will always be very cyclical.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
I started putting in my 401k in my 20’s and quit work at 61yo after more than 40 years at the same company. I didn’t max it out years ago because I couldn’t afford it. Unlike friends of mine, I’ve also never borrowed against my 401k and left it grow.
You are the same age range as my kids. They aren’t investing for retirement for various reasons, I stopped trying to give them advice that they don’t want.
I’m hoping to live long to burn through my money.
You need to do what works for you.
2006 Triton TR-21 XD, Mercury 225 Pro XS, S/N 1B287870
100k a year in certain parts may get you a seat in the garage and other places it will get the whole house, garage and a couple cars with a decent bass boat.
If you look at the present money situation, and think you will ever retire, you need to get your family into Iron and Steel. Get your wife to take up ironing, and steal at night.
With inflation like it is it doesn't make much difference IMHO, the Goobermint will pick your pocket when you retire. It will take a wheelbarrow of money to buy a loaf of bread.
These days, to have a nice home, boat, 2 or more vehicles to drive, a couple of weeks a year to vacation somewhere, kids, and saving some each month takes an unbelievable amount of money. I didn’t even mention a high maintenance wife. I’m dead serious when I say 250,000 plus a year.
With car and homeowners insurance rates down here it will eat up even a big pay increase. That definitely would be tough to factor in during retirement. I don't plan on retiring here either.
When I was getting to call it quits at work, I did an excel worksheet with every bill that I pay throughout the year right down to a 99 cent Apple charge. Also have a spreadsheet with all taxable income including bank account interest, dividends, SS, etc. I have health insurance through ACA and have to predict my income at the end of the year to figure out the subsidy for the following year.
I recommend everyone do the monthly bill worksheet and be honest about it. A cut or two here and there can make a big difference. I am planning my money to last me until I’m 100 unless something drastic happens financially or I die earlier!
2006 Triton TR-21 XD, Mercury 225 Pro XS, S/N 1B287870
My daughter is a CFP and she tells people when you retire the government is your new business partner!
Retired almost 7 years ago with only a truck note, wife and I together are double the median family income of 50,000 locally and can do or buy almost anything we want within reason. We both had decent retirement plans through or work plus I had a 401 through work that I rolled into and account that pays us monthly, add social security to that and we are in great shape at present. Mostly depends on your spending habits and location as to what is comfortable. Almost forgot about buying a new boat 3 years ago the BBC way, cash.
Based on the 25k over median my wife and I are way over but why do I feel broke all the time?
No truck or boat payment. She has no car payment. But the money doesn’t build up.
2013 Pantera 4
2012 Opti 200 Pro XS
25 Tempest
It is, after paying the exchange rate (30-35 %), shipping (including duties, etc) and 13% in retail sales tax, and we won't mention availability/selection or short season, our love of the sport is the only thing that keeps us going ! You don't have to make a lot of money to enjoy bass fishing, and I'm retired, but it does make it easier.
Yes, making enough for the above, plus being able to make payments on a fully loaded 21 foot bass boat and a new pickup to tow it with.
If you get a 401K match of any kind from the company you work for, contribute enough to get that match, it is free money. Last I checked you can withdraw money, penalty free from IRA's and 401 K's at 59 1/2 so you don't necessarily have to wait until 65 to use that money.
Sounds like you want to manage your accounts yourself. There is ton's of reading material out there on investing strategies for retirement.
Enough to put food on the table and gas in the boat.
Bass Cat Caracal STS / Mercury 300 Pro XS / RAM 1500
#ChargeOn #HereWeGo
The total amount you make doesn't matter it's what you're living on......I'm living on 25% of my current monthly income......of course I'm not married and have no kids.....so that helps....
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