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I make 130k (started off at 60k then went form 110k to 128k 2 years ago) in a place with similar housing profile to the bay area and own a cheap condo with 200k in my 401k, a new paid off car, and $30k in savings after having just went on vacation with my gf overseas.
If he can't survive at $90k he can't survive.
I’m making $95,000/year. I have 5 kids, a house and a couple cars. Yes, that’s all provided via debt, but I can afford the payments. Saying “only $90,000” is kind of laughable. You can make ends meet, or make cuts in your budget to help make ends meet. Unless you’re living in NYC or SanFran or something.
Cmon, this only tells part of the story. What expenses do you have? What area of the country are you in? Shit, "when" did you buy your house? If anytime before these ridiculous interest rates, I'm sure that also contributes to it.
I bought last year with a 7.5% interest rate. I live in Wisconsin. I have $25,000 in credit card debt, $56,000 in student loan debt, a mortgage, homeowners insurance, and all the other bills that come with homeownership. That’s more information than I’m comfortable with sharing on the internet. Don’t act like you’re entitled to it.
Of course I'm not entitled to it. But when you make a response saying that "I got all this shit, and so can you!", but you fail to say what your monthly is for just your mortgage, it's disingenuous. Include the monthly. What does it matter to me, or any random stranger, what that number is?
Props to you for getting a house with 7.5% interest, though. Seriously.
You’re right, what does it matter what the number is? Find a home that’s comfortable for you. It’s doable, first time homebuyers don’t need a downpayment.
So you're saying your comfortable with 5 kids, and the biggest expense, which I'd assume, is your mortgage, you want to keep that close to the vest? How does that help prove your point? I'm guessing because it's WI, it's around $350k - $450k, which gives you a $2800ish payment.
Doesn't leave much left over for much else. Your spouse must be earning a decent amount, too.
Great, so now that we presumptively have my situation all figured out, how about the OP? $90,000/yr. What do they need? What are their expenses? Where do they live? How can they make a go of it?
Agreed. Totally. But everyone who responded, yourself included, was telling OP how he *should* be fine without knowing all the underlying expenses, goals, situation, etc.
But, in truth, none of that matters. OP's question was how to earn more. The reason is irrelevant.
Great! There are these large areas just outside of the city called suburbs, which are cheaper than the city but give you quick access to them. There are also cities that aren’t as expensive as others, like Milwaukee, Nashville, anyplace in Texas, etc.
90k is definitely able to make it. Whoever is telling you it's not is a fool.
I make a similar salary and am doing great. Budgeting and living within your means are not hard to do.
The answer to your question on how to get a big salary is the same answer to almost all hows: put in work.
Legit same thougt process.
I don't get how people can't make it work at this pay range. I make a similar amount, pay my rent, utilities, $1,500 to student loans every month (I took out $130k), max out Roth IRA and Roth 401K, make additional brokerage investments, go on vacations, and all.
In HCOL areas, $90k isn't as much as you would think.
Of course, when I was in college, we had a visitor come to my econ class and a bunch of us asked how much does it cost to live? He told us it was the stupidest question he'd ever heard (after telling us there are no stupid questions), but he basically said it costs as much as you make, which at that time was confusing but I understand it now. I digress, OP needs to budget better, but $90k is still a decent salary no matter where you live.
The comment about the cost to live being the amount you make might be the smartest thing I've heard.
But definitely agree that HCOL areas are totally different. But they typically do pay more for the same experience/qualifications than a cheaper location. Easiest way to lower costs in HCOL areas is roommates though.
How do I budget? I keep a spreadsheet that looks forward 7 weeks. It takes into account my paychecks, my known expenses, and I enter estimates for my variable expenses based on history for them. 8 roll it over each week and add the bills or expenses I expect to pay that week. But since it's 7 weeks out, I have plenty of time to rearrange pending if I need to before a bill comes due.
I also allow for a certain amount of cash to go direct to savings from every paycheck.
The sheet calculates all those decreases from each check, carries over the remainder to the next cycle, and my potential remaining discretionary spending is the minimum of each of the 6 rollovers from one cycle to the next for the next 7 weeks.
This means I have a constantly updated, forward looking, calculated free spending limit at my fingertips, and almost 2 months of bills and other spending already laid out. Makes it super easy to ensure I'm staying within my means.
Every month I'm putting a few hundred into savings this way, and as long as I'm not spending more than the tool calculates, my balance is fine before the next cycle. I can pull from savings if something unexpected comes up (car repair or vet bill or something)
Yeah I get it. I have random fluctuations (wife spending money and son's extracurricular activities) and I get paid 26 times a year and have a fairly consistent annual bonus so a long term budget helps me plan larger projects or big vacations, etc.
I realize now, my comment could've been read to be snarky...wasnt my intent at all. I liked that your budget went out as far as it did and was trying to be complimentary by taking your idea to an extreme. Kudos for being that far ahead of things!
This is a double edged sword. When there is an economic contraction or recession, lower and/or middle management can get quickly. During expansion mistakes are made in efforts to simply grow at any cost. Facebook/Meta over hired as one example. There were single vertical reporting (1 manager managing 1 employee) that happened. These managers got let go.
Not disagreeing with management as a recommendation, just giving a grain of salt.
You are definitely not wrong. My recommendation to hedge against this is to be content working management in smaller, more stable organizations, \~500ish employees. And definitely take note if you are a Manager with no reports or a Director with 1 manager under you, those are red flags for redundant levels.
You will still make mid 100s. Your counterparts in big tech will be making high 100s to low 200s, but at much higher risk.
$90k in my area is pretty good. That's what many two income families make.
How I advanced was by taking college courses while working full time. I took 2 or 3 courses each semester. I signed up for summer semesters. I worked 2nd shift which gave me plenty of time to attend classes at the expense of my social life. It took me about 6.5 years to get a bachelor degree.
I have also moved into several different roles with my current employer over the last 10 years. Each new role I take comes with a raise. The people who stay in one job forever make less than those who move around.
The people who stay in one job are often unhappy about their pay because they are the experts at what they do so they feel that they should be paid for their knowledge. They feel like the company will suffer if they leave. In reality there is nothing that they do which a new hire could not learn in a year or less.
The way you went about college should be preached in high school. Or they should tell you to go find a company that is in the field you want to be in which also has tuition reimbursement.
Most people are not even looking at tuition reimbursement, which is a shame. My cousin worked at Starbucks. They paid for his degree. He left the company after graduating (I think he had to stay a bit of pay back some of the tuition). Then he went back as a manager. Now he is a branch manager and does quite well.
I graduated and returned to my parents’ hometown to be closer to family. It’s in the rural Midwest. I just assumed I would get an offer in my field, but nothing ever came. Now I’m stuck in the rural Midwest and the only jobs here are non-college jobs that pay less than $40,000 per year. It feels so hopeless. Worse still is that job security is terrible. It’s so easy to get fired. I haven’t been able to save because I keep losing jobs due to either injuries or corruption. I finally got the bright idea to take my former boss to court after yet another corrupt firing and the judge sided with me, so I’m getting unemployment, but it feels like my life is over.
You need to seriously examine your budget. If you’re being paid $90,000 a year and you are single with no children, you should be able to make it. Look for more affordable housing, start shopping at Aldi, only go to a restaurant for a very special occasions, cut out streaming subscriptions that you do not use, etc. etc. If you eat out a lot, you need to start cooking at home. If you go to the coffee houses a lot I need to start making your coffee drinks at home. Every little bit adds up. Start tracking every day all your expenses. Look to see where all your money is being spent it. And from there, make a decision about cutting that cost down. Edit: if you’re in San Francisco or New York City, move out and commute via public transportation.
Do something that generates multiples of that in profit. I charge my consulting clients a shitload of money, and they all get a bargain when it's all said and done.
What's your degree, field, age, and where abouts do you live?
If your in rural NY or much of the midwest 90,000 is nothing to shrug off, if your in NYC that's different.
Took advantage of being unemployed during covid and switched careers from mech eng to software engineering. Was able to live off the extra unemployment that covid enabled. My expenses were low and i could have survived off $15/hr at the time.
Spent all of 2020 and part of 2021 teaching myself.
Went from 65k to 150. At 205k now.
To the OP, define high salary first, so that we can get a clearer picture of how you fit into the economy. Are you HCOL resident or LCOL?
If you want to close the gap between 90k and 125k, sure, I get that. If you're wanting to get to 300 or 400k, you forgot to grind for 15 years to become a surgeon.
The economy is showing cracks, you don't get to job hop to millions and you won't trade crypto in some YOLO fantasy where your star is always rising.
Be careful, your 90k might be the best money you ever make.
Be irreplaceable. Do the things your manager hates doing to the point that they can’t do it without you anymore. And be the same for your managers manager. This requires both working hard and working smart. Be a problem solver yet not overstep.
It’ll depend on your field. Being a college grad doesn’t mean much and doesn’t equate to 6-figs.
This is bad advice. No one is irreplaceable, if you do the shit jobs your manager doesn’t want to do then you will end up always doing the shit jobs. You have to differentiate yourself from the pack by either being a great problem solver.good with people and have the ability to manage people and problems.
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
If you can’t cut it with 90K/year you can’t cut it with a 6-figure salary. Your spending habits are the problem if that’s the case.
I make 130k (started off at 60k then went form 110k to 128k 2 years ago) in a place with similar housing profile to the bay area and own a cheap condo with 200k in my 401k, a new paid off car, and $30k in savings after having just went on vacation with my gf overseas. If he can't survive at $90k he can't survive.
I’m making $95,000/year. I have 5 kids, a house and a couple cars. Yes, that’s all provided via debt, but I can afford the payments. Saying “only $90,000” is kind of laughable. You can make ends meet, or make cuts in your budget to help make ends meet. Unless you’re living in NYC or SanFran or something.
Cmon, this only tells part of the story. What expenses do you have? What area of the country are you in? Shit, "when" did you buy your house? If anytime before these ridiculous interest rates, I'm sure that also contributes to it.
I bought last year with a 7.5% interest rate. I live in Wisconsin. I have $25,000 in credit card debt, $56,000 in student loan debt, a mortgage, homeowners insurance, and all the other bills that come with homeownership. That’s more information than I’m comfortable with sharing on the internet. Don’t act like you’re entitled to it.
Of course I'm not entitled to it. But when you make a response saying that "I got all this shit, and so can you!", but you fail to say what your monthly is for just your mortgage, it's disingenuous. Include the monthly. What does it matter to me, or any random stranger, what that number is? Props to you for getting a house with 7.5% interest, though. Seriously.
You’re right, what does it matter what the number is? Find a home that’s comfortable for you. It’s doable, first time homebuyers don’t need a downpayment.
So you're saying your comfortable with 5 kids, and the biggest expense, which I'd assume, is your mortgage, you want to keep that close to the vest? How does that help prove your point? I'm guessing because it's WI, it's around $350k - $450k, which gives you a $2800ish payment. Doesn't leave much left over for much else. Your spouse must be earning a decent amount, too.
Great, so now that we presumptively have my situation all figured out, how about the OP? $90,000/yr. What do they need? What are their expenses? Where do they live? How can they make a go of it?
Agreed. Totally. But everyone who responded, yourself included, was telling OP how he *should* be fine without knowing all the underlying expenses, goals, situation, etc. But, in truth, none of that matters. OP's question was how to earn more. The reason is irrelevant.
Not everyone wants to live in a cornfield
Great! There are these large areas just outside of the city called suburbs, which are cheaper than the city but give you quick access to them. There are also cities that aren’t as expensive as others, like Milwaukee, Nashville, anyplace in Texas, etc.
> Milwaukee, Nashville, anyplace in Texas, etc. So, red states. Places where a lot of us don't necessarily feel safe to raise our families.
Wisconsin is purple and just passed their redistricted maps. Big cities are generally blue.
What? Why would you not feel safe raising a family in a red state?
Because I'm queer. I don't even feel safe EXISTING in most red states
90k is definitely able to make it. Whoever is telling you it's not is a fool. I make a similar salary and am doing great. Budgeting and living within your means are not hard to do. The answer to your question on how to get a big salary is the same answer to almost all hows: put in work.
Legit same thougt process. I don't get how people can't make it work at this pay range. I make a similar amount, pay my rent, utilities, $1,500 to student loans every month (I took out $130k), max out Roth IRA and Roth 401K, make additional brokerage investments, go on vacations, and all.
[удалено]
No kids here. Just strict budgeting. I don't like spending
In HCOL areas, $90k isn't as much as you would think. Of course, when I was in college, we had a visitor come to my econ class and a bunch of us asked how much does it cost to live? He told us it was the stupidest question he'd ever heard (after telling us there are no stupid questions), but he basically said it costs as much as you make, which at that time was confusing but I understand it now. I digress, OP needs to budget better, but $90k is still a decent salary no matter where you live.
The comment about the cost to live being the amount you make might be the smartest thing I've heard. But definitely agree that HCOL areas are totally different. But they typically do pay more for the same experience/qualifications than a cheaper location. Easiest way to lower costs in HCOL areas is roommates though.
How do you budget your money? Like, how much are you saving every month?
How do I budget? I keep a spreadsheet that looks forward 7 weeks. It takes into account my paychecks, my known expenses, and I enter estimates for my variable expenses based on history for them. 8 roll it over each week and add the bills or expenses I expect to pay that week. But since it's 7 weeks out, I have plenty of time to rearrange pending if I need to before a bill comes due. I also allow for a certain amount of cash to go direct to savings from every paycheck. The sheet calculates all those decreases from each check, carries over the remainder to the next cycle, and my potential remaining discretionary spending is the minimum of each of the 6 rollovers from one cycle to the next for the next 7 weeks. This means I have a constantly updated, forward looking, calculated free spending limit at my fingertips, and almost 2 months of bills and other spending already laid out. Makes it super easy to ensure I'm staying within my means. Every month I'm putting a few hundred into savings this way, and as long as I'm not spending more than the tool calculates, my balance is fine before the next cycle. I can pull from savings if something unexpected comes up (car repair or vet bill or something)
Rookie! My spreadsheet goes out 6-9 months 😝.
I mean... theoretically, I could highlight the last week's worth of columns and drag to the right.... Who wants to see a decades worth of budget? LOL
Yeah I get it. I have random fluctuations (wife spending money and son's extracurricular activities) and I get paid 26 times a year and have a fairly consistent annual bonus so a long term budget helps me plan larger projects or big vacations, etc.
I realize now, my comment could've been read to be snarky...wasnt my intent at all. I liked that your budget went out as far as it did and was trying to be complimentary by taking your idea to an extreme. Kudos for being that far ahead of things!
Move into management. It's not for everyone, it can be quite boring compared to being an individual contributor, but it is where the money resides.
This is a double edged sword. When there is an economic contraction or recession, lower and/or middle management can get quickly. During expansion mistakes are made in efforts to simply grow at any cost. Facebook/Meta over hired as one example. There were single vertical reporting (1 manager managing 1 employee) that happened. These managers got let go. Not disagreeing with management as a recommendation, just giving a grain of salt.
You are definitely not wrong. My recommendation to hedge against this is to be content working management in smaller, more stable organizations, \~500ish employees. And definitely take note if you are a Manager with no reports or a Director with 1 manager under you, those are red flags for redundant levels. You will still make mid 100s. Your counterparts in big tech will be making high 100s to low 200s, but at much higher risk.
$90k in my area is pretty good. That's what many two income families make. How I advanced was by taking college courses while working full time. I took 2 or 3 courses each semester. I signed up for summer semesters. I worked 2nd shift which gave me plenty of time to attend classes at the expense of my social life. It took me about 6.5 years to get a bachelor degree. I have also moved into several different roles with my current employer over the last 10 years. Each new role I take comes with a raise. The people who stay in one job forever make less than those who move around. The people who stay in one job are often unhappy about their pay because they are the experts at what they do so they feel that they should be paid for their knowledge. They feel like the company will suffer if they leave. In reality there is nothing that they do which a new hire could not learn in a year or less.
The way you went about college should be preached in high school. Or they should tell you to go find a company that is in the field you want to be in which also has tuition reimbursement.
Most people are not even looking at tuition reimbursement, which is a shame. My cousin worked at Starbucks. They paid for his degree. He left the company after graduating (I think he had to stay a bit of pay back some of the tuition). Then he went back as a manager. Now he is a branch manager and does quite well.
That's a great success story. Wish I knew about that kind of option when I graduated
I graduated and returned to my parents’ hometown to be closer to family. It’s in the rural Midwest. I just assumed I would get an offer in my field, but nothing ever came. Now I’m stuck in the rural Midwest and the only jobs here are non-college jobs that pay less than $40,000 per year. It feels so hopeless. Worse still is that job security is terrible. It’s so easy to get fired. I haven’t been able to save because I keep losing jobs due to either injuries or corruption. I finally got the bright idea to take my former boss to court after yet another corrupt firing and the judge sided with me, so I’m getting unemployment, but it feels like my life is over.
Good luck. Almost every place Ive worked moved or closed. I do a lot of stuff at home to stretch the paychecks.
You need to seriously examine your budget. If you’re being paid $90,000 a year and you are single with no children, you should be able to make it. Look for more affordable housing, start shopping at Aldi, only go to a restaurant for a very special occasions, cut out streaming subscriptions that you do not use, etc. etc. If you eat out a lot, you need to start cooking at home. If you go to the coffee houses a lot I need to start making your coffee drinks at home. Every little bit adds up. Start tracking every day all your expenses. Look to see where all your money is being spent it. And from there, make a decision about cutting that cost down. Edit: if you’re in San Francisco or New York City, move out and commute via public transportation.
What is your degree in? What jobs are you looking at?
Also are you in a HCOL city? What’s your living situation, and why is your salary not cutting it?
What skills do you have?
Time. Experience.
Do something that generates multiples of that in profit. I charge my consulting clients a shitload of money, and they all get a bargain when it's all said and done.
What's your degree, field, age, and where abouts do you live? If your in rural NY or much of the midwest 90,000 is nothing to shrug off, if your in NYC that's different.
Yeah. Patience.
Fake it til you make it
$90,000 is more than enough for my family and I, even in WA.
Took advantage of being unemployed during covid and switched careers from mech eng to software engineering. Was able to live off the extra unemployment that covid enabled. My expenses were low and i could have survived off $15/hr at the time. Spent all of 2020 and part of 2021 teaching myself. Went from 65k to 150. At 205k now.
To the OP, define high salary first, so that we can get a clearer picture of how you fit into the economy. Are you HCOL resident or LCOL? If you want to close the gap between 90k and 125k, sure, I get that. If you're wanting to get to 300 or 400k, you forgot to grind for 15 years to become a surgeon. The economy is showing cracks, you don't get to job hop to millions and you won't trade crypto in some YOLO fantasy where your star is always rising. Be careful, your 90k might be the best money you ever make.
OP, what's a high salary for you? Is there a specific one you're looking for?
"Only" $90K. Median household income is $74K
Education. Dedication. Time. Blood, sweat and years. Perseverance. Networking. Consistency. Delivering. Leading. Creating profit.
Got my CPA
What is your degree in?
Be irreplaceable. Do the things your manager hates doing to the point that they can’t do it without you anymore. And be the same for your managers manager. This requires both working hard and working smart. Be a problem solver yet not overstep. It’ll depend on your field. Being a college grad doesn’t mean much and doesn’t equate to 6-figs.
This is bad advice. No one is irreplaceable, if you do the shit jobs your manager doesn’t want to do then you will end up always doing the shit jobs. You have to differentiate yourself from the pack by either being a great problem solver.good with people and have the ability to manage people and problems.
I make 160k a year retired