depends on your spending habits
depends on your spending habits
I will add one more, do you work for, or own the company?
Good money will vary as drastically as which bait is the best. Very regional and very individually minded. To me, good money is paying all bills on time, a little saved, a little invested and having free time to boot. It doesn’t take much to make me happy and money isn’t one of em. Hate it. Wish we didn’t need it.
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My retirement is treading at poverty level so I have no clue.
2018 G3 Sportsman 17 90 SHO
Top 10% of income earners, adjusted for high cost of living areas (NYC, SF, LA, etc.).
Greg
Edgewater 245CC
at 25k over median you’d be around $62,000 for the area...Originally Posted by JAZII
median income for my town is $33k, the county is $30k and statewide income is around $35k..
1995 Ranger 481v
1995 Johnson Fast Strike 175hp
Be about $50k here
Family with 2 growing kids, I would feel comfortable at around 150K in Minnesota.
Best piece of financial advice I ever received as a young man was, “It is not how much you make, it is how much you keep.” I realize there are some caveats to that statement, such as trying to provide for a wife, three kids and a dog on $12.50 and hour, but the lesson is valuable - live well under your means when possible. Far too many people over extend themselves at an early age and could have a very different financial outlook if they would have taken the above advice.
Median income in the county I live in is almost $75,000
“Good money” is enough money to pay your bills, invest in your future, fund an emergency fund, don’t carry credit card debt and maybe take a vacation within your means.
2006 Triton TR-21 XD, Mercury 225 Pro XS, S/N 1B287870
To me passive income is good money.
You are lowballing it a bit. $56k is the median income in Morrisville, NC.
https://www.google.com/search?q=medi...hrome&ie=UTF-8
2018 Ranger RT188 SC Black/115 hp Yamaha SHO 4-stroke; Garmin LVS34 - north
2018 Ranger RT188 DC Black/115 hp Merc Pro XS 4-stroke; Garmin LVS34 - south
14' Mirrorcraft tin boat (ancient) with a 9.9 Mercury 4-stroke, no electronics; catches fish anyway
Median income for one person in Bedford County, VA is $34k. Ouch.
Idk, I have thought about this a lot. I work 60 hrs a week and knock down around 200k/yr. I have the ability to cut back and make 100k/yr and only work 36 hrs a week. So its a give and take, and as soon as I get all the projects and toys paid off, I will probably drop back to 48 hrs a week and be around 140k/yr. I think I make good money, and I am definitely comfortable. But then I compare things.....
They take 38% of my paycheck. 8% is retirement (so I guess 30%), but I file single and do not have kids. When I filed last year, 58K was taken out and 37K of that was federal alone. OASDI taxes make up 5% of everyones paycheck until you make over 160K (that was recently raised this year from 148-160), so that sucks as well. I dont see the benefits of extra cash flow until the final 2-3 months of the year. Also, when I filed my taxes this year, I made 1k back, but my state gave all healthcare workers a 1k refund so I essentially broke even.
Then you compare it to my gf pay. She makes 50k/yr, she has 2 kiddos she gets to write off. She gets a fat return when she files her taxes and when she sold her house, she found a way to become tax exempt from her sale. LIKE WTF!!!! I make 4x the amount of money, give 1/3 of it away, and am super lucky if I break even when I file. She lives more paycheck to paycheck but she gets a HUGE bonus when she files her taxes. Makes me feel like I need to start making less money sometimes. There definitely is an area within the tax brackets that don't seem very worth it. I feel like once you have hit the 32% bracket, you better be well into it, or you're just giving it all back to the gov't, and I jut barely touch it usually.
It all depends on how you spend/invest. I know people who make 40-50k a year and you would think they make over 100k a year based on their debt choices. I also know one person who makes roughly the same however, he invested in buying rental properties. You wouldn't know it by just looking at them but they are loaded. It all boils down to how you spend.
Unfortunately for us, bass boats are a complete tank of an investment unless you buy the 10k special and maintain it. Seems a maintained bass boat, no matter how old it is, fetches around the 10k mark.
Do you know how to determine your tax bracket? I would like to see where I stand. Given it is the government, they probably make it super complicated just to persuade people not to look into it.
Agree. I was on that road for a short time and it felt good. Didnt last long enough but thats life.
Dang, I always hear the talking heads say rich folks don't pay their fair share.Own your own biz and you can pay both halves of the employment taxes.
I have been married 20 years, but when I was single I dated a few women that would make it crystal clear they were not getting married until the kids were out of the house because they were not giving up those nice fat EIC checks. I was a single dad at the time making really good money and found myself in the AMT mess. Coming out of the military I was pretty much clueless how much people who "make good money" pay in a year. The system is FUBAR!
That would be $50k around here.
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