|
What does "doing well" financially mean to you?
| Posted By |
Message |
| Pages: 1 2 [3] 4 |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: What does "doing well" financially mean to you?
Posted by jessnbrian
Posted by chilltocam
Posted by Hofstra26
Posted by chilltocam
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
I would have to disagree BECAUSE...........it all depends on HOW you live your life. If someone were making $200K with a few kids and a SAHM and they had no debts, just a mortgage and your typical monthly bills they would be living quite nicely on the island. $200K is a really nice amount of money even on LI, when you look at what the AVERAGE income is per household on the island you can appreciate that most people would consider $200K enough money to afford a pretty nice life. If you save and invest right on that salary it will go a long way! 
Again, being well off financially has a lot more to do with the way you spend your money and live your life over just the actual amount of money you make. KWIM?
But, to me (and yes, it is my opinion only), "doing well" financially means that you can afford to go out to nice dinners whenever you want, take a couple of nice vacations a year, drive newer cars (or at least not have to worry about what happens if you have a major car repair); not have to worry about a major home repair and still be able to save a substantial amount for retirement and your kids' college - without incurring debt. I don't think in most areas of LI, a $200K income would allow most families to do that. Doing well, to me, does not mean you cut back here and there , watch everything you spend etc. There is absolutely nothing wrong with that, but to me, that is not how I would define "doing well" financially. I would define that as living smartly and within your means - two different things to me.
It does... because I'm in a desirable neighborhood, that's about our income (ballpark), and we have 2 brand new 2015 cars, have a SUBSTANTIAL savings for retirement, good savings for our 6 month old for college, and we do various updates/renovations/repairs on our house just about every 6 months, without worry (last year was a major kitchen & dining room gut and renovation). We have no debt besides our mortgage, which will be paid off well before we are 50. We also go on multiple vacations a year, when we can find the time  We go out to dinner a few times a week, too.
Can I ask- you have 2015 cars with no car loans? Do you lease or pay with cash? Do you pay for daycare for your 6 month old?
|
Posted 5/29/15 10:32 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
|
Re: What does "doing well" financially mean to you?
This is the thing, you asked how much "doing well" was, and to me that is more than just getting by to pay your bills and have a little bit in savings. To me struggling is living paycheck to paycheck or worse, living beyond your means. Then here is living, which is being able to afford your bills, and knowing one extra $500 bill is not going to throw your finances into a tailspin. Then there is "living well", which is having most things you want, within reason. So you get to go on the $5,000-10,000 vacations, have luxury vehicles, belong to a country club, etc. That to me is living well, getting to do things most people can only dream of. The thing is around here, a lot of people live well, but they really can't afford it, they should be in the living category, but think they make enough to treat themselves to living well. Sadly, on Li 150,000-200,000 for a family of four does not get you into the living well category that most would hope or think it does because home prices, taxes, and cost of living here does not permit it. But at 150,000 to 200,000 you are doing fine. You should be able to live a nice, good life if you keep your expectations realistic.
|
| Posted 5/29/15 10:47 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by MegZee
Posted by jessnbrian
Posted by chilltocam
Posted by Hofstra26
Posted by chilltocam
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
I would have to disagree BECAUSE...........it all depends on HOW you live your life. If someone were making $200K with a few kids and a SAHM and they had no debts, just a mortgage and your typical monthly bills they would be living quite nicely on the island. $200K is a really nice amount of money even on LI, when you look at what the AVERAGE income is per household on the island you can appreciate that most people would consider $200K enough money to afford a pretty nice life. If you save and invest right on that salary it will go a long way!
Again, being well off financially has a lot more to do with the way you spend your money and live your life over just the actual amount of money you make. KWIM?
But, to me (and yes, it is my opinion only), "doing well" financially means that you can afford to go out to nice dinners whenever you want, take a couple of nice vacations a year, drive newer cars (or at least not have to worry about what happens if you have a major car repair); not have to worry about a major home repair and still be able to save a substantial amount for retirement and your kids' college - without incurring debt. I don't think in most areas of LI, a $200K income would allow most families to do that. Doing well, to me, does not mean you cut back here and there , watch everything you spend etc. There is absolutely nothing wrong with that, but to me, that is not how I would define "doing well" financially. I would define that as living smartly and within your means - two different things to me.
It does... because I'm in a desirable neighborhood, that's about our income (ballpark), and we have 2 brand new 2015 cars, have a SUBSTANTIAL savings for retirement, good savings for our 6 month old for college, and we do various updates/renovations/repairs on our house just about every 6 months, without worry (last year was a major kitchen & dining room gut and renovation). We have no debt besides our mortgage, which will be paid off well before we are 50. We also go on multiple vacations a year, when we can find the time We go out to dinner a few times a week, too.
Can I ask- you have 2015 cars with no car loans? Do you lease or pay with cash? Do you pay for daycare for your 6 month old?
We financed the two cars (could have paid cash but chose not to) with significant down payments, they will be paid off before the end of the year. I pay a state college tuition in daycare. I was going post this in another post, but I'll just say it here - there are A LOT of other factors that go into all of this. Both my DH and I have been working since we were very young, we've both been contributing to 401k/403bs for over 10 years, we also have other benefits that make a big difference as well. We entered our marriage with little to no debt, DH had no student loans, I had about $10k in student loans. That makes a HUGE difference.
|
| Posted 5/29/15 10:47 AM |
| |
|
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Re: What does "doing well" financially mean to you?
On LI/NYC for a couple/family
Doing well = 300k
Doing fine = 150k
Message edited 5/29/2015 10:53:03 AM.
|
| Posted 5/29/15 10:50 AM |
| |
|
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Posted by jessnbrian
Posted by MegZee
Posted by jessnbrian
Posted by chilltocam
Posted by Hofstra26
Posted by chilltocam
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
I would have to disagree BECAUSE...........it all depends on HOW you live your life. If someone were making $200K with a few kids and a SAHM and they had no debts, just a mortgage and your typical monthly bills they would be living quite nicely on the island. $200K is a really nice amount of money even on LI, when you look at what the AVERAGE income is per household on the island you can appreciate that most people would consider $200K enough money to afford a pretty nice life. If you save and invest right on that salary it will go a long way!
Again, being well off financially has a lot more to do with the way you spend your money and live your life over just the actual amount of money you make. KWIM?
But, to me (and yes, it is my opinion only), "doing well" financially means that you can afford to go out to nice dinners whenever you want, take a couple of nice vacations a year, drive newer cars (or at least not have to worry about what happens if you have a major car repair); not have to worry about a major home repair and still be able to save a substantial amount for retirement and your kids' college - without incurring debt. I don't think in most areas of LI, a $200K income would allow most families to do that. Doing well, to me, does not mean you cut back here and there , watch everything you spend etc. There is absolutely nothing wrong with that, but to me, that is not how I would define "doing well" financially. I would define that as living smartly and within your means - two different things to me.
It does... because I'm in a desirable neighborhood, that's about our income (ballpark), and we have 2 brand new 2015 cars, have a SUBSTANTIAL savings for retirement, good savings for our 6 month old for college, and we do various updates/renovations/repairs on our house just about every 6 months, without worry (last year was a major kitchen & dining room gut and renovation). We have no debt besides our mortgage, which will be paid off well before we are 50. We also go on multiple vacations a year, when we can find the time We go out to dinner a few times a week, too.
Can I ask- you have 2015 cars with no car loans? Do you lease or pay with cash? Do you pay for daycare for your 6 month old?
We financed the two cars (could have paid cash but chose not to) with significant down payments, they will be paid off before the end of the year. I pay a state college tuition in daycare. I was going post this in another post, but I'll just say it here - there are A LOT of other factors that go into all of this. Both my DH and I have been working since we were very young, we've both been contributing to 401k/403bs for over 10 years, we also have other benefits that make a big difference as well. We entered our marriage with little to no debt, DH had no student loans, I had about $10k in student loans. That makes a HUGE difference.
That makes sense. Also many people get financial help from parents for their own college, grandchildrens college, house down payment, wedding cost etc. All factors.
|
| Posted 5/29/15 10:52 AM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: What does "doing well" financially mean to you?
Posted by jessnbrian
Posted by MegZee
Posted by jessnbrian
Posted by chilltocam
Posted by Hofstra26
Posted by chilltocam
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
I would have to disagree BECAUSE...........it all depends on HOW you live your life. If someone were making $200K with a few kids and a SAHM and they had no debts, just a mortgage and your typical monthly bills they would be living quite nicely on the island. $200K is a really nice amount of money even on LI, when you look at what the AVERAGE income is per household on the island you can appreciate that most people would consider $200K enough money to afford a pretty nice life. If you save and invest right on that salary it will go a long way!
Again, being well off financially has a lot more to do with the way you spend your money and live your life over just the actual amount of money you make. KWIM?
But, to me (and yes, it is my opinion only), "doing well" financially means that you can afford to go out to nice dinners whenever you want, take a couple of nice vacations a year, drive newer cars (or at least not have to worry about what happens if you have a major car repair); not have to worry about a major home repair and still be able to save a substantial amount for retirement and your kids' college - without incurring debt. I don't think in most areas of LI, a $200K income would allow most families to do that. Doing well, to me, does not mean you cut back here and there , watch everything you spend etc. There is absolutely nothing wrong with that, but to me, that is not how I would define "doing well" financially. I would define that as living smartly and within your means - two different things to me.
It does... because I'm in a desirable neighborhood, that's about our income (ballpark), and we have 2 brand new 2015 cars, have a SUBSTANTIAL savings for retirement, good savings for our 6 month old for college, and we do various updates/renovations/repairs on our house just about every 6 months, without worry (last year was a major kitchen & dining room gut and renovation). We have no debt besides our mortgage, which will be paid off well before we are 50. We also go on multiple vacations a year, when we can find the time We go out to dinner a few times a week, too.
Can I ask- you have 2015 cars with no car loans? Do you lease or pay with cash? Do you pay for daycare for your 6 month old?
We financed the two cars (could have paid cash but chose not to) with significant down payments, they will be paid off before the end of the year. I pay a state college tuition in daycare. I was going post this in another post, but I'll just say it here - there are A LOT of other factors that go into all of this. Both my DH and I have been working since we were very young, we've both been contributing to 401k/403bs for over 10 years, we also have other benefits that make a big difference as well. We entered our marriage with little to no debt, DH had no student loans, I had about $10k in student loans. That makes a HUGE difference.
Thanks. Great job !!! Sounds like you have it figured out. For us two in daycare was a killer. And student loans, which we are working to pay off-but we both had no help for college and worked while living at home so our loans weren't too bad.
The best thing I ever did was start my 401k at 21
Message edited 5/29/2015 10:54:07 AM.
|
| Posted 5/29/15 10:53 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by LSP2005
This is the thing, you asked how much "doing well" was, and to me that is more than just getting by to pay your bills and have a little bit in savings. To me struggling is living paycheck to paycheck or worse, living beyond your means. Then here is living, which is being able to afford your bills, and knowing one extra $500 bill is not going to throw your finances into a tailspin. Then there is "living well", which is having most things you want, within reason. So you get to go on the $5,000-10,000 vacations, have luxury vehicles, belong to a country club, etc. That to me is living well, getting to do things most people can only dream of. The thing is around here, a lot of people live well, but they really can't afford it, they should be in the living category, but think they make enough to treat themselves to living well. Sadly, on Li 150,000-200,000 for a family of four does not get you into the living well category that most would hope or think it does because home prices, taxes, and cost of living here does not permit it. But at 150,000 to 200,000 you are doing fine. You should be able to live a nice, good life if you keep your expectations realistic.
And there is the difference - the PERSONAL definition of living well. If that's living well to you, then no $200K likely won't get you those things. For me, there is something in between the "living" and what you describe as "living well"... something where, maybe you don't have the luxury vehicles or belong to the CC, but you can go on the $5-10K vacation.
|
| Posted 5/29/15 10:55 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by stinger
Posted by jessnbrian
Posted by MegZee
Posted by jessnbrian
Posted by chilltocam
Posted by Hofstra26
Posted by chilltocam
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
I would have to disagree BECAUSE...........it all depends on HOW you live your life. If someone were making $200K with a few kids and a SAHM and they had no debts, just a mortgage and your typical monthly bills they would be living quite nicely on the island. $200K is a really nice amount of money even on LI, when you look at what the AVERAGE income is per household on the island you can appreciate that most people would consider $200K enough money to afford a pretty nice life. If you save and invest right on that salary it will go a long way!
Again, being well off financially has a lot more to do with the way you spend your money and live your life over just the actual amount of money you make. KWIM?
But, to me (and yes, it is my opinion only), "doing well" financially means that you can afford to go out to nice dinners whenever you want, take a couple of nice vacations a year, drive newer cars (or at least not have to worry about what happens if you have a major car repair); not have to worry about a major home repair and still be able to save a substantial amount for retirement and your kids' college - without incurring debt. I don't think in most areas of LI, a $200K income would allow most families to do that. Doing well, to me, does not mean you cut back here and there , watch everything you spend etc. There is absolutely nothing wrong with that, but to me, that is not how I would define "doing well" financially. I would define that as living smartly and within your means - two different things to me.
It does... because I'm in a desirable neighborhood, that's about our income (ballpark), and we have 2 brand new 2015 cars, have a SUBSTANTIAL savings for retirement, good savings for our 6 month old for college, and we do various updates/renovations/repairs on our house just about every 6 months, without worry (last year was a major kitchen & dining room gut and renovation). We have no debt besides our mortgage, which will be paid off well before we are 50. We also go on multiple vacations a year, when we can find the time We go out to dinner a few times a week, too.
Can I ask- you have 2015 cars with no car loans? Do you lease or pay with cash? Do you pay for daycare for your 6 month old?
We financed the two cars (could have paid cash but chose not to) with significant down payments, they will be paid off before the end of the year. I pay a state college tuition in daycare. I was going post this in another post, but I'll just say it here - there are A LOT of other factors that go into all of this. Both my DH and I have been working since we were very young, we've both been contributing to 401k/403bs for over 10 years, we also have other benefits that make a big difference as well. We entered our marriage with little to no debt, DH had no student loans, I had about $10k in student loans. That makes a HUGE difference.
That makes sense. Also many people get financial help from parents for their own college, grandchildrens college, house down payment, wedding cost etc. All factors.
Exactly - my grandfather does a 529 for all kiddos that come around, though we do our own 529 for DS. We didn't really get any other help except for college, and that was the key. We paid for our wedding and paid for our house down payment. BUT, we also bought in 2012, a house that was priced low even for that time. We have been VERY blessed, and we know it. We also work our a$$es off for our salaries and benefits. We work hard and play hard :)
|
| Posted 5/29/15 10:58 AM |
| |
|
Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
|
Re: What does "doing well" financially mean to you?
This is one of those things that you'll never find the "right" answer to because everyone's definition of "doing well" is going to vary A LOT. Someone who brings in only $30K/yr is going to view $200K/yr as a crazy salary, someone making $300K/yr is going to wonder how anyone can get by on "just $200K".
While we can't agree on what amount of money constitutes "doing well" I think we can all agree that "doing well" amounts to such things as having a nice car, being able to take a vacation(s), having no debt, having a nice savings, etc. etc. Whether you can do that on $100K, $300K, or $500K doesn't really matter in the end, the fact that you CAN do any those things is really all that counts when defining "doing well".
|
| Posted 5/29/15 11:05 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by MegZee
Posted by jessnbrian
Posted by MegZee
Posted by jessnbrian
Posted by chilltocam
Posted by Hofstra26
Posted by chilltocam
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
I would have to disagree BECAUSE...........it all depends on HOW you live your life. If someone were making $200K with a few kids and a SAHM and they had no debts, just a mortgage and your typical monthly bills they would be living quite nicely on the island. $200K is a really nice amount of money even on LI, when you look at what the AVERAGE income is per household on the island you can appreciate that most people would consider $200K enough money to afford a pretty nice life. If you save and invest right on that salary it will go a long way!
Again, being well off financially has a lot more to do with the way you spend your money and live your life over just the actual amount of money you make. KWIM?
But, to me (and yes, it is my opinion only), "doing well" financially means that you can afford to go out to nice dinners whenever you want, take a couple of nice vacations a year, drive newer cars (or at least not have to worry about what happens if you have a major car repair); not have to worry about a major home repair and still be able to save a substantial amount for retirement and your kids' college - without incurring debt. I don't think in most areas of LI, a $200K income would allow most families to do that. Doing well, to me, does not mean you cut back here and there , watch everything you spend etc. There is absolutely nothing wrong with that, but to me, that is not how I would define "doing well" financially. I would define that as living smartly and within your means - two different things to me.
It does... because I'm in a desirable neighborhood, that's about our income (ballpark), and we have 2 brand new 2015 cars, have a SUBSTANTIAL savings for retirement, good savings for our 6 month old for college, and we do various updates/renovations/repairs on our house just about every 6 months, without worry (last year was a major kitchen & dining room gut and renovation). We have no debt besides our mortgage, which will be paid off well before we are 50. We also go on multiple vacations a year, when we can find the time We go out to dinner a few times a week, too.
Can I ask- you have 2015 cars with no car loans? Do you lease or pay with cash? Do you pay for daycare for your 6 month old?
We financed the two cars (could have paid cash but chose not to) with significant down payments, they will be paid off before the end of the year. I pay a state college tuition in daycare. I was going post this in another post, but I'll just say it here - there are A LOT of other factors that go into all of this. Both my DH and I have been working since we were very young, we've both been contributing to 401k/403bs for over 10 years, we also have other benefits that make a big difference as well. We entered our marriage with little to no debt, DH had no student loans, I had about $10k in student loans. That makes a HUGE difference.
Thanks. Great job !!! Sounds like you have it figured out. For us two in daycare was a killer. And student loans, which we are working to pay off-but we both had no help for college and worked while living at home so our loans weren't too bad.
The best thing I ever did was start my 401k at 21
3
I feel like the student loans tend to be killers for many people... and not starting retirement savings early enough. That was something my family really drilled into me, and DH's family also did the same thing - his mom was in finance
|
| Posted 5/29/15 11:06 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by Hofstra26
This is one of those things that you'll never find the "right" answer to because everyone's definition of "doing well" is going to vary A LOT. Someone who brings in only $30K/yr is going to view $200K/yr as a crazy salary, someone making $300K/yr is going to wonder how anyone can get by on "just $200K".
While we can't agree on what amount of money constitutes "doing well" I think we can all agree that "doing well" amounts to such things as having a nice car, being able to take a vacation(s), having no debt, having a nice savings, etc. etc. Whether you can do that on $100K, $300K, or $500K doesn't really matter in the end, the fact that you CAN do any those things is really all that counts when defining "doing well".
|
| Posted 5/29/15 11:07 AM |
| |
|
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Posted by Hofstra26
This is one of those things that you'll never find the "right" answer to because everyone's definition of "doing well" is going to vary A LOT. Someone who brings in only $30K/yr is going to view $200K/yr as a crazy salary, someone making $300K/yr is going to wonder how anyone can get by on "just $200K".
While we can't agree on what amount of money constitutes "doing well" I think we can all agree that "doing well" amounts to such things as having a nice car, being able to take a vacation(s), having no debt, having a nice savings, etc. etc. Whether you can do that on $100K, $300K, or $500K doesn't really matter in the end, the fact that you CAN do any those things is really all that counts when defining "doing well".
True! And doing well to me to means having time to enjoy life and staying healthy/living long enough to enjoy spending all your savings lmao
|
| Posted 5/29/15 11:11 AM |
| |
|
Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Posted by stinger
Posted by Hofstra26
This is one of those things that you'll never find the "right" answer to because everyone's definition of "doing well" is going to vary A LOT. Someone who brings in only $30K/yr is going to view $200K/yr as a crazy salary, someone making $300K/yr is going to wonder how anyone can get by on "just $200K".
While we can't agree on what amount of money constitutes "doing well" I think we can all agree that "doing well" amounts to such things as having a nice car, being able to take a vacation(s), having no debt, having a nice savings, etc. etc. Whether you can do that on $100K, $300K, or $500K doesn't really matter in the end, the fact that you CAN do any those things is really all that counts when defining "doing well".
True! And doing well to me to means having time to enjoy life and staying healthy/living long enough to enjoy spending all your savings lmao
Heck yea!!!! 
|
| Posted 5/29/15 11:12 AM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
|
Re: What does "doing well" financially mean to you?
Posted by jessnbrian
Posted by LSP2005
This is the thing, you asked how much "doing well" was, and to me that is more than just getting by to pay your bills and have a little bit in savings. To me struggling is living paycheck to paycheck or worse, living beyond your means. Then here is living, which is being able to afford your bills, and knowing one extra $500 bill is not going to throw your finances into a tailspin. Then there is "living well", which is having most things you want, within reason. So you get to go on the $5,000-10,000 vacations, have luxury vehicles, belong to a country club, etc. That to me is living well, getting to do things most people can only dream of. The thing is around here, a lot of people live well, but they really can't afford it, they should be in the living category, but think they make enough to treat themselves to living well. Sadly, on Li 150,000-200,000 for a family of four does not get you into the living well category that most would hope or think it does because home prices, taxes, and cost of living here does not permit it. But at 150,000 to 200,000 you are doing fine. You should be able to live a nice, good life if you keep your expectations realistic.
And there is the difference - the PERSONAL definition of living well. If that's living well to you, then no $200K likely won't get you those things. For me, there is something in between the "living" and what you describe as "living well"... something where, maybe you don't have the luxury vehicles or belong to the CC, but you can go on the $5-10K vacation.
maybe add in living fine. It helps if you have no student loan payments too. Then you get a great vacation or concerts, broadway shows, nice jewelry or some kind of expensive hobby. So maybe the 150,000-200,000 gets you those sorts of things. But if you have a large student loan payment you have to cut back on something.
|
| Posted 5/29/15 11:13 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
What does
Honestly.... I think it's more important to ask is the person/family, IN GENERAL doing well... Are they happy? Healthy? Are they in debt? Do they get to do things they enjoy? Then they are doing well... maybe not well financially based on Long Island's impossible standards, but they are winning, and THAT is what is important - not how much they have in their bank account, or what car they drive.
|
| Posted 5/29/15 11:14 AM |
| |
|
busymomonli
Resident Insomniac
Member since 4/13 2046 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Posted by jlm2008
$70k-$100K....but my standards are apparently a lot lower than most on LIF.
Me too. I'm kind of shocked at the numbers being thrown around.
|
| Posted 5/29/15 11:15 AM |
| |
|
Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Posted by jessnbrian
Honestly.... I think it's more important to ask is the person/family, IN GENERAL doing well... Are they happy? Healthy? Are they in debt? Do they get to do things they enjoy? Then they are doing well... maybe not well financially based on Long Island's impossible standards, but they are winning, and THAT is what is important - not how much they have in their bank account, or what car they drive.
You're right!! For some people, even if they have all the money in the world, they don't care about material things like cars and fancy furniture or houses. Maybe it's enough for them that they can take multiple fishing trips a year or bring their kids to Disney or just have more time with their families in general. There is such a thing as "having enough" where maybe you're not "rich" but you have enough to live comfortably, do the things you want, not stress, and be happy.
|
| Posted 5/29/15 11:17 AM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: What does "doing well" financially mean to you?
Considering the median family income in Nassau/Suffolk is in the $90,000-$100,000 range I'd say someone who has a salary of $200,000 is doing well.
|
| Posted 5/29/15 11:19 AM |
| |
|
tagkit
LIF Infant
Member since 10/12 361 total posts
Name:
|
What does
I know people who bring in close to 350k a year , 2 kids, townhouse and are behind on their mortgage. I know people who make 45k- 50k and have a couple of hundred thousand in their bank accounts. Everyone has a different situation and different wants/needs in life. Financially well to me means being able to pay your bills, be able to go on vacation , and put aside something in savings every month. Some may define doing well driving a luxury car living in a snazzy neighborhood. Others may be just glad theyre able to make a car payment whether it be a Hyundai or a Mercedes lol.
|
| Posted 5/29/15 11:43 AM |
| |
|
Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Interesting. My DH and I are DINK's. (Double Income, no kids)
We both have newer cars.
We both have no debt.
*To clarify, no credit card or loan debt. My car will be paid off in a year. his is paid off.
We both have VERY good paying jobs.
Are we doing well? Depends.
With a home comes expenses:
Gardner
Lawn guy
Exterminator
Pool
maintenance
$600 month power bill
Insurance (car and home)
So we have money. Not a lot. But we are OK. But I def find that with our mortgage and monthly bills we are not saving. We are well above water and can afford what we have, but I would like to have a little more cushion every month. It can get tight. The more you have the more you spend.
I don't know how we would do with kids. But that's the plan so does not really matter.
|
| Posted 5/29/15 11:46 AM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by Paramount
The more you have the more you spend.
See, now, this is something that I don't agree with. For some, yes the more you have the more you spend... but for others, that is not the case. It all depends on your personal goals. You can CHOSE to own a smaller house that doesn't have a $600 per month powerbill (which is crazy by the way, even for a larger house, look into Solar City - they did wonders for my brother), that the mortgage is lower on, etc. It's all about what you want.
|
| Posted 5/29/15 11:57 AM |
| |
|
sunnyflies
LIF Adult
Member since 9/09 1757 total posts
Name:
|
What does
Wants do seem to rise with incomes, I have found.
I am in awe of how carefully some manage their money. Kudos to you all!
We are comfortably off, but seem to spend pretty much everything. We are helping out some family members, but that is our choice. Costs of living keeps rising - anyone hire an electrician or plumber lately? I used to call tradespeople for every little thing, not anymore. Veterinary care is another category that has risen fast. My animal hospital charges more than my pediatrician for shots - really! It charges a full visit for the second shot in a series, when the kid's doctor doesn't. He simply has the nurse give it and charges for the medicine only. People have gotten greedy.
Message edited 5/29/2015 1:20:22 PM.
|
| Posted 5/29/15 1:17 PM |
| |
|
chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
|
Re: What does "doing well" financially mean to you?
Posted by jessnbrian
Posted by Paramount
The more you have the more you spend.
See, now, this is something that I don't agree with. For some, yes the more you have the more you spend... but for others, that is not the case. It all depends on your personal goals. You can CHOSE to own a smaller house that doesn't have a $600 per month powerbill (which is crazy by the way, even for a larger house, look into Solar City - they did wonders for my brother), that the mortgage is lower on, etc. It's all about what you want.
But to me, that's just it - "doing well" means you don't have to live in a smaller house to have a smaller power bill. Doing well means you can choose more luxury items, bigger house, better vacations, still save for retirement, etc without going in to debt. Can you have an absolutely wonderful life without all of that - of course. But MY definition of doing well is being able to have the bigger house with the beautifully landscaped property, nicer cars without going into debt
|
| Posted 5/29/15 2:26 PM |
| |
|
JSDB
<3
Member since 1/13 1329 total posts
Name:
|
Re: What does "doing well" financially mean to you?
I dont know what it means to me. In a vacuum taking into account purely salary and nothing else I may say one number, but when you consider other things like LI v. the city, kids, your age, etc it varies.
When we first moved to the city and our HHI was less than half of what it is now I considered us to be "doing well" because we were able to live in a luxury doorman elevator building and were able to sign the lease without needing a guarantor. I remember we felt like such big shots that we were able to do that. lol. We took nice vacations, saved a lot, and lived a great life but we also didn't have kids, were plenty happy in a 1br and were thrifty in most other areas because we were used to making a small fraction of that amount and are savers by nature so we still felt like we were "doing well" --- but in the grand scheme of city living we were mere peons. We moved out of the city a few years later (making significantly more) because we didn't think we could live the lifestyle we would want with kids in the city.
There are always people who make more, less, spend more, less, have more, less. We are very comfortable and I am grateful.
|
| Posted 5/29/15 4:37 PM |
| |
|
jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
|
Re: What does "doing well" financially mean to you?
Posted by secretlyTTCagain
I dont know what it means to me. In a vacuum taking into account purely salary and nothing else I may say one number, but when you consider other things like LI v. the city, kids, your age, etc it varies.
When we first moved to the city and our HHI was less than half of what it is now I considered us to be "doing well" because we were able to live in a luxury doorman elevator building and were able to sign the lease without needing a guarantor. I remember we felt like such big shots that we were able to do that. lol. We took nice vacations, saved a lot, and lived a great life but we also didn't have kids, were plenty happy in a 1br and were thrifty in most other areas because we were used to making a small fraction of that amount and are savers by nature so we still felt like we were "doing well" --- but in the grand scheme of city living we were mere peons. We moved out of the city a few years later (making significantly more) because we didn't think we could live the lifestyle we would want with kids in the city.
There are always people who make more, less, spend more, less, have more, less. We are very comfortable and I am grateful.
Well said!
|
| Posted 5/29/15 4:41 PM |
| |
|
| Pages: 1 2 [3] 4 |
Potentially Related Topics:
Currently 64809 users on the LIFamilies.com Chat
|
Long Island Bridal Shows
|
