I demand 5 million from my country right now!
I demand 5 million from my country right now!
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Amen Brother!Originally Posted by Roosterman
My dad was a senior engineer for a major construction heavy equipment manufacturer. The most he made when he passed away in 2012 was 68k. I used to think if I could make 80k I'd never see another poor day, now to get my wife to stay home and to purchase a piece of property with a decent house and live comfortably with health insurance and investments I don't know if 150k would be enough..
Send me a PM, its rather simple to figure out actually. I check my year to date income about half way and 3/4 of the way through the year. I do all the math and make sure I am going to be real close to breaking even. I made a mistake one year and owed roughly 20K to the IRS. I learned some things real freaking quick so I didnt mess up again.
Also, if it is looking like I am going to owe money at the end of the year, I adjust my retirement percentage and put more into my 401 towards the end of the year. I can usually afford to do this because at that point I have made over 160k and the OASDI taxes fall off and 5% of my paycheck comes back. I do a normal 401 instead of a Roth because it gives me a tax break now, and I would rather build my retirement for me instead of give it to the government. Sure I will pay taxes when I withdrawal at retirement but by then, I will be living off far less yearly income and wont pay near the taxes then that I do now.
Last edited by DucksnBobs; 06-01-2023 at 05:48 PM.
It's pretty easy to see the tax brackets based on taxable income with a quick online search.
I use Turbo Tax to do my taxes and it shows an effective tax rate at the bottom of the first sheet. When I was working, it showed an effective tax rate of 15% or so. I maxed out my 401k and HSA while working to reduce my taxable income. I retired Jan 22 and lived on a lot less money. My effective tax rate on Turbo Tax for tax year 2022 was 2.58%. It's good to be poor on paper for AGI.
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I felt the same way. My mom is a teacher and my dad is a construction coordinator, both are still working but only a couple years away from retirement.
when I started working full time 9ish years ago, I thought that once I hit 60k I would be living very comfortably cause that’s about what they were bringing in at the time. I hit that mark 4 years ago and I’m now thinking it’ll take 100k-120k to live comfortably. Only loans are for a mortgage, 2 cars, pop up camper, student loans and a roof. For our age, we are doing great especially in this area, but I truly feel for those that are less fortunate. Idk how people are able to afford to live making the median income around here. I know a couple who work for the county and they just broke 40k after 8 years.. heck my wife makes less than 25k as a teacher assistant and has been in the district for 7 years.
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I think you’re all missing it, it’s what’s good for you and your family!!
Median HH income for my zip is $104,000. If you moved here today and only made 129,000 I don’t know how you would make your mortgage payment. Consider inflation and the cost of gas/groceries/ taxes. I don’t know how anybody making less than 300k a year can afford to fish the bass club much less live in my zip code. America babay!
Good money is the money you are able to save and make work for itself to grow.No matter how much you make it is not good money unless you are able to save .
When I retired 27 years ago I was making approximately $22.00 an hour. I wasn't rich but it was comfortable. The retirement was less than 50% than the current wage. Nowadays I have money in the bank that I saved, but it is getting eaten by inflation, the cruelest tax of all.
Last month I had a negative income/expenses ratio. Then, after the last tournament I took the tips off the prop blades when I forgot to raise the motor, and one of my Lithium trollers failed.
At least I'm not eating cat food....yet.
Good’s definitely not what it was 3 years ago, I can’t handle too many more of these price increases in absolutely everything.
Inflation makes it near impossible to make cross generational comparisons.
Long ago, a guy who was making a lot more than me at the time told me it's great to see your income going up but the more you make, the more expensive your toys become
Some people are so judgemental. You can tell just by looking at 'em.--Some random meme
Around here anything over 50,000$. Yes you can live on less here but a single earner that’s over average a good bit. It also depends on what part of Ms. you want to live in. Two of my boys live in major cities in Ms. and they make 6 figures. But housing and such are quite a bit higher where they live. The question is relative to where you live.
Median household income in my zipcode is $44K per year. Property taxes are cheap, housing is reasonable, as well as rent. You make $100K a year here and you can live like a king.
What we cannot obtain from intelligence, we can learn from experience.
Good money is making enough to pay all the bills, save at least 10% and have money to support your interests within reason.
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Our county median household is $65k. A fixer upper 1200sqft 1960's brick ranch w 2-3bd 2ba start at $300k and just balloon out of control from there.
IMHO $150k household would be a starting point to good money assuming mortgage and 1 car payment are the only debt.
It aint good money if it all goes to debt.
You know what they say, " if you can't make more, spend less" or at least live within your means. Peace on Earth would be priceless !7 figures would be nice. I’d settle for peace.
It also depends on if you have 2 people working as a team or if you’re doing it alone. Frankly I don’t know how anyone gets by alone unless you’re making bank.
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With what I see on this forum incomes in the US are much higher than in Canada.
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