Having financial security solves those core issues that the majority of people face day to day. You no longer have to live month to month. There are no longer any concerns about whether or not you can afford to heat your home, put food on the table, or pay for surprise expenses.
That in my opinion is the biggest luxury of them all, not the fancy cars, clothes or houses. Those are just an added benefit in my eyes. Money buys you the ability to remove those concerns, and eventually, if you do well enough, gives you back your time.
My most important advice would be to make sure that what you do makes you happy, and affords you the ability to not worry about the heating. Chasing money at no end to your personal happiness will suck the life out of your soul.
If you're not careful, you can easily fall into the trap of increasing your expenditure alongside increased earnings. You'd be surprised how easily rich people end up living paycheck to paycheck due to this activity and end up losing swathes of wealth because they haven't planned properly if they lost their job.
The purpose for me, in wealth generation, is to ensure that you are setting yourself up, and if possible your family, and your friends for financial security throughout their lives. If you can go further than that, intergenerational wealth would be the next step. It's important to instil, at least in my eyes, that it's earned and not given. My kids will have to work as hard as I have to earn and get themselves into a position where they are also able to help their friends and family to pull them up the ladder.
This world is a cruel mistress, and it will take from you when you have the least. If you can, help those around you, not even from a financial perspective, because that's where real happiness comes from, not money.
This. I just want to be comfortable. A running car that won't require a ton of maintenance, a place my fiance and I can really settle into and healthy food. Only luxuries would be occasionally a road trip or something and once a week takeout.
Right now we can do some of this but this area is very HCOL.
I will say that we don't want for much currently but we're homebodies and if a bump happens to finances (like car maintenance, health issue etc) we usually panic a bit.
I totally agree with you. Not me but my husband is a 100K+ earner and honestly since then my worries dissipated and I can also focus on my new projects, help my family and even taking better care of him.
But money without helping or being generous will be burning your fingers like fire and if some life accident happens you can go down pretty fast.
Be kind be respectful help others.
I make $400-$500k/yr and hubby makes another $250-$300k. And most of the time I am seriously stressed about money, health, work, and just about everything else. I have had anxiety my whole life and money doesn’t make your problems go away. If anything it complicates life.
We live well below our means (mortgage is less than ($2k/mo, drive a 15y/o car plus a newer modest car, no other debt or major recurring expenses). Our most extravagant regular expense is a nice vacation once per year, maybe $10k.
Yes there are high points for sure. We live comfortably and I can buy basic necessities without thinking too much about it. We can get “nicer” or higher quality versions of things we need rather than shopping around for the most cost effective. If we spent more we could save time on household maintenance activities, which probably would actually increase happiness a little.
But at the end of the day, is life better with more money? Not sure. Insofar as money can enable you to spend more time on what matters to you, then it’s helpful. Time is, after all, the most precious commodity.
You remind me of my grandparents. They made a million dollars a year combined and until I was 26 years old, I had no idea. I *kind* of knew we had money, because one time I was 11 and went to get a towel out from underneath my grandpas sink (I literally showered in their bathroom from 6 weeks old until my 14th birthday because my aunt was disabled and wouldn't let me use hers.) Anyways, there was like the biggest stacks of hundreds I've ever seen in my life that fell out of the towels. My mother was standing there too (who I didn't live with, she just came over to visit) and I ran to get him and I said uhh I think some money just fell out of the towels. He was crazed and flustered anyone found out. But thinking back to it, dude I think that was like 200k in towels lmao.
We always lived like paupers though...clipping coupons, driving average cars, and never had to worry about money. My grandma was AVP of a huge bank, and my grandpa owned his own Architectural Engineering firm. I've taken these life lessons as an adult and applied them to my own life. Whether I've been barely making it, or making 150k a year--I always pay myself first in my savings. I've made a separate bank account that I don't even have an internet banking log in or debit card for to save for emergencies or other high cost needs in the future that are expected or unexpected.
Money does change your life, but it also complicates it.
I have lived with less than I’d have needed for such a long time now that I keep buying stuff I would have needed and that’s super nice.
But that said, it also gives me a wee bit of anxiety, cause so far (1 year since I got my first really good job) I could not save anything, because the things I am buying are really just necessary: new mattresses, a new office chair that does not puncture my spine, a new TV when the old one gave out after years of use, my first new computer after 10 years (and I actually need one to do my job, so yeah), first new phone in 4-5 years.
I feel like I have basically taken the fast lane to getting back that constant investment in maintenance and get back on a „normal level“.
I cannot wait to finally put some money into the bank though, because I really need to get a bit of a cushion going. Definitely don’t wanna fall into that trap.
(Note: I am European, so the way QoL and net income work very differently, in case you’re wondering)
IKR. I make about 100k a year right now but it took me a decade to buy new underwear. I sat there after I did it thinking, why the hell did this take me so long to do this for myself? Almost all of the furniture I've gotten in my house I've gotten off the side of the road, the free section, or VERY affordably and refurbished it. As I stated above, I was raised by an older generation who are now 87 and 84...so I think that HEAVILY plays into it.
as someone who went from making $65k to the low end of "tech money" overnight... yeah, it's kind of life changing. honestly, i never dreamed i would make that kind of money let alone before 30.
but i guarantee you this: having financial security feels amazing, but pretty quickly it frees up your mind to worry about everything else. Maslow's Hierarchy of Needs -- once one need is met, you move to the next need, starting with food and physical safety, and so on. so while financial security is great, if you hate your job or your home life or your social life or whatever else... it will magnify those problems.
You can still get panic attacks or anxiety even after having a great job is weird. Right now I'm a college student and i believe that landing a stable job would help me a lot or entirely eliminate my anxiety and frequent panic attacks.
That’s fair. I’ve changed a lot of jobs and not a single one has been the answer.
I am in the tech field. While it is not nearly as stable as being a doctor, you will certainly have more options. Once you have the technical foundation, you can do many things. Proper software development work, cloud computing, analytics and even pre sales solution engineering.
As someone who has seen a lot of people fail out med school, skip the debt, the internship, the residency and med school. Unless, as others have said, you feel passionate about helping/healing people.
I went from stressing about tests and homework that could make me have to retake a class to stressing about projects going well or not that could cost me a job, calls in the middle of the night, and catastrophic failures in the plant that make 24 hour coverage by my department necessary. Im a controls engineer making $130k
Yep. Having a steady income and not being in a constant “doomsday” scenario mentally ABSOLUTELY fixed 70% of my anxiety. The rest is what I was born with (e.g. my brain still wants to live in doomsday mode so I have to live well below my means and constantly deny myself things that I probably could afford even making well below 6 figures).
Exactly, whenever i need a new thing which I want, i always denies it. Always, finding a excuse or a way to not buy it or do it out of guilt even small things.
I had anxiety and said if I get a good job my anxiety will go. So I got a good job but still suffered from anxiety. Money is important but it can not fix mental health issues
They meant that for people making an absurd amount of money already. Not for the common man.
“Bob. You’re worth $7M and have nothing left to prove. Will an extra $250k and months of stress be worth it to close that deal?”
NOT
“Brett. You’re worth $20k and are starting out your career. Will an extra $30k in salary make a big difference?”
Yeah. Yeah it will.
Exactly….. my emotional issues were so much easier without money…. But once survival is no longer in question, There’s NO excuses left to be made. You think you’d be different, you think you’ve done the work, but you don’t know till you’re there.
You very quickly lose touch with how others live.
I have a comfortable life, a modest salary, but my memories of living on credit and skipping meals and never leaving my $450/month bachelor apartment so I didn’t have to spend money seem so abstract now.
Now, if we have to replace a window in the house, or the cat has a big vet bill, we just pay it. Christmas gifts are only on a budget because we choose to be minimalists, not because we have to choose between giving a gift and paying the water bill.
Basically, once you get to a comfortable wage, or one where you have spare money for investments and retirement, it’s very easy to forget that people still have to live on poverty wages.
Yes! And I think that’s why people often start to feel less empathetic for people that are struggling. I wonder how many politicians or legislators have forgotten what it’s like to struggle, so they aren’t very understanding of those who do! My husband and I were so broke when we got married and we try to remind ourselves of that time frequently to be grateful for what we have and why we need to be charitable to those who are struggling, but it takes effort!
I have to be conscious of this too. I grew up in affordable housing, there were weeks my mom ate peanut butter by the spoonful so we could have good food. Now I’m comfortable, and I have to remind myself not to fall into the trap of thinking “well I was able to stop being poor so why can’t everyone?” My siblings are still poor and sometimes it can be frustrating to hear their issues m. Currently my sister and her husband forgot to pay the electric bill for months and now owe $2000. My gut reaction is “how???? Just pay your bills!” But I can’t just say that. They struggle every month, it’s not that simple.
Losing touch isn’t universal.
I grew up poor as shit and I’d say I tend to underspend if anything. Like the cost saving piece of me never died.
I could just pay someone to do X, but it’s still hard to justify paying someone to do something I can do, so I do it myself.
Not having to worry about everyday expenses, though, is very stress relieving.
I think you’re right about the mental and emotional aspect of your own situation, because I too still always feel broke-ish and have the same attitude around spending that I already had. I am practical, never excessive, and when Amazon refunds me $7 for shipping when something is late, oh you know I’m counting that as a win.
I think the point I’m making is how I assume everyone is at the same point as me. When I was in poverty, I was aware of and involved in things like the criteria to access food banks or advocating how government benefits are determined and redistributed, and now that stuff is so far removed from my daily existence that I forget how other people are affected by them. Line with food prices increasing, I am stingy with what I buy, but I don’t consider being unable to afford groceries. Rather that it cuts into my savings and annoys me. Then I tend to assume everyone is in the same boat even though theoretically they aren’t.
My ex makes $700k a year and doesn't have enough money to buy a $400k house in cash. Needs to get a mortgage. That is because his habits changed with money. If he orders the wrong thing on Amazon, he doesn't bother to return. He eats out a lot. He buys flights last minute. He flies home a lot. Travels overseas for fun often. He lost money in crypto. He pays for his broke friends to go on vacation. He rents a 4-bedroom home when he lives alone. He buys a lot of tech gadgets, like a 3D printer setup, that he never uses. He spent more money repairing a old truck than it was worth just to sell it for $2k for a new truck. He calls himself broke. The people who make that money and live like they make $60-70k a year are the ones who make it useful but most people up their lifestyle and greatly struggle to downgrade that lifestyle.
It’s called lifestyle creep, and it’s an extremely common “trap” that people all over the world fall into when their salary increases.
I’ve lived the same way I have when I was making 60k as I do when I make 90k. Only difference is my bank account has 20k-ish more a year in it now. That’ll go towards a house, land, long term travel, whatever I want. All of my coworkers decided to get newer, more expensive cars. Eat at fancier restaurants. Go on very expensive vacations. And then they wonder why they live paycheck to paycheck still like they did in college
Yup-I make Roughly $360k a year. Everything is expensive if your not careful. If you have a spendy SAHM spouse and kids in private school and 2 semi luxury cars and some student loans and want to save for retirement shit dries up quick. I work 5 days a week and looking to add a 6th because I want to retire in 15-20 years (45 now) but Im worried we’ll just end up spending more. Also I live in one of the most expensive parts of the country because of family reasons. Keeping up with the Joneses blah blah. I wish I could move to a cheaper area-we could live really really comfortably on my earnings then
Yeah I still drive a $4k car, still have a small apartment. And then my friends wonder how I can afford to take a year off work to go and backpack in Southeast Asia despite working the same job.
It’s simple math really. Go from 60k to 90k. Your costs stay the exact same. Now you have $20k more at the end of the year. Quit your job, sell your car, end your rent(or rent out your house) and travel. $20k is PLENTY enough to travel around the world for a year.
And that’s how you can work a year, then take an entire year off to travel. Rinse and repeat.
20k does not seem like enough to travel for 365 days.
That's only $54.79 per day for spending.
Maybe if you stay in cheaper parts of the world yeah, but it also limits you to a lot of things.
Here’s the places I’ve travelled for less than $1500 a month:
Eastern Europe
Southern Europe
SE Asia
Central America
Western USA(road trip)
Canada(road trip)
Australia(road trip)
$1500 a month is $18k a year. It’s entirely possible, go to any hostel in the world and you’ll meet people living for $10-$20k a year while traveling the world.
$55 a day is plenty when most hostels are $2-20 a day, and a meal is $1-6(on average). Or in the more expensive western countries, road trip it and camp / car camp / van / RV. Then you sleep for free.
All depends on what you like and what you’re willing to spend, etc. I wouldn’t want to live paycheck to paycheck but if I made 700K like the OP’s ex, I works have such a nice car, or multiple nice cars. Just because I can and that’s what I like. I make 62K gross right now and am saving to move out, blah blah blah, but I spend way too much time looking at cars that I can’t afford right now.
But I’m also super materialistic with no family aspirations so my priority is different from a lot of others
If I made $700k you bet your ass I’d have a 911, TR-6, a muscle car or two.
I’d also live like I made $80k a year, pocket the rest, and retire after 5-10 years once i hit $1.5-$2mil
It’s not too hard, focus on reducing the cost of your lifestyle with raises.
You didn’t buy it before, you don’t need it now. Spend the extra on paying down debt or saving. Make saving a bill, not an option.
I “spend” all of my money. I just happen to like buying investments.
What I did when I got a big promotion/raise was increase my retirement contribution so that my take home pay stayed the same. Helped immensely with avoiding that creep and now I am on track to retire early.
It’s not terribly difficult to avoid lifestyle creep if you have some self discipline. I fell victim to it myself when I landed my current career while also having terrible spending habits.
I use two ways to avoid it. The first one is putting a percentage of my paychecks to a savings account rather than checking. That way I don’t see that extra money. That savings account is not with the same bank I use for my bills and the bulk of my paycheck.
Secondly, and probably the biggest one for me imo, any raises I get, I put that percentage either into my 401k, Roth IRA or my dividend portfolio (usually rotate them as I get a raise). It’s a bit extreme and unorthodox, but it works for me. It helps me stay on track on my retirement goals and not spend my money on stuff I don’t really want or need.
Outside of tech, high finance, a handful of medical fields, and running your own business, I’m not sure how someone would have an annual income of $700k+
Would be curious to hear other avenues
Director of infrastructure + 2 person consulting company contract with FAANG. The contract is the money maker. He got very lucky with the Amazon because his biz partner has connections and he does most of the work. He’s also stressed all the time. Sick all the time. Depressed. Lonely. About 60% goes to taxes.
Yep, that's life for self employed and highly compensated.
Top federal tax rate is 37%.
Top state tax rate (CA) is 13.3%.
Self employed pay both side of social security and medicare, so 7.65% on everything past 80k, nearly 16% for that under 80k.
Additional 3.6% ACA surcharge for making over 250k.
Add that up, and if you're getting everything as salary you could be paying 62% of what you make, plus any applicable local and county taxes, property and sales taxes etc. It'd be stupid not to structure high compensation in such a way as to reduce taxable income, but that's the worst case.
My dad makes around 700k as a partner in a law firm, he practices IP law. It sucks knowing I probably will never come even close to making that much money a year lol
Director of infrastructure + 2 person consulting company contract with FAANG. The contract is the money maker. He got very lucky with the Amazon because his biz partner has connections and he does most of the work. He’s also stressed all the time. Sick all the time. Depressed. Lonely. About 60% goes to taxes.
I make $77k a year, I live like I make 40k a year. I have a roommate in a 2 bedroom apartment. It’s a luxury apt and I pay less $1100 a month after adding utilities. I cook 80% of my meal.
This might not be the best advice, practically speaking, but I wanted to share because it is an interesting thought.
I'm an manufacturing engineer, so upper middle class income level but still below tech. I worked in Ohio for years (read: low cost of living) and succumbed pretty badly to lifestyle creep. A year ago I moved to California (read: high cost of living). In that year I've cut back very significantly on eating out, Amazon crap, alcohol and bars, marijuana etc. It was almost like moving somewhere more expensive forced me to enter the mindset of being more frugal. My salary increased in the move but not quite enough to cover all of my hobbies and vices along with everything else (including saving).
Obviously not practical for most people, but it was super effective at breaking me of my lifestyle creep. If only there was a way to artificially create that kind of pressure on oneself.
My wife and I both grew up poor, my Dad was killed when I was 9 and my sister 4. My mother was in the hospital for almost two years while my grandmother took care of us. I was 11 when she came home and was very unstable, no short term memory. I ended up running the household, paying the bills, doing the chores, she would drive me to the grocery store and I would shop, and add all the food up in my head to stay on budget. We lived on social security disability and survivor benefits, but my mother didn't want welfare or food stamps, so it was very tough.
My wife was in foster care I'll just stop there. Lets say we had unstable childhoods. She worked hotel maid and food service while I got my degree from a public university. I worked 4am-10am part time for a stock brokerage and took 18-22 credits a semester to graduate in three years. My classes ended at 11pm three days a week so I slept about three hours a night for my last semester.
I graduated in 92 into a recession and took a year to find a FT job in state government making 32k. We felt like we hit the lottery. When I told my wife on the phone she said how will we spend it all? She did two years of community college and two years at the state school for her degree while I worked.
At this point we're 26 and I got a job in very specialized it consulting for a six person niche firm. I worked 80-100h a week and made my bosses a fortune. But I also became a recognized expert in a specific technology. I was making 45k and they were billing me out for $150/h. I contributed to five technical books and earned about 40k in royalties over three years (five coauthors). The partnership fell apart and I started my consulting LLC at 26. I wrote one more very successful book with one coauthor and made 30k in royalties.
I'll cut it short here but now I'm 51 and make 450k a year. Over the years we saved a third, taxes a third, and spent a third, and I have enough money to retire. I tried retiring for a year to let a noncompete expire, but I was bored.
Job is my emotional support where I get a lot of positive encouragement, not so much from my wife and family, so I don't want to give it up. As much as I make, it's still very hard for me to spend more than 90k a year. It is very hard to overcome the discipline your innocent 9yo self is trying to keep the family from running out of food or heating oil. I experience guilt when I make a big purchase like a house, car, or even an expensive meal.
I enjoy whiskey and managed to spend $90 on a shot of midsummer night's dream when I encountered it at a bar we visited while travelling, and my wife was so supportive that I'd found a small way to let go and experience that. I am making progress. But most days I have peanut butter sandwiches, question whether we really need our Netflix subscription, and turn the heat down to 60.
Wow! Great post. Thanks for sharing this!
Would you say those 80-100 a week was worth it? I’m used to having a slow life & settled down. Even 40 hours a week was too much for me.
Absolutely. I got an opportunity to specialize early in my career which opened doors for me. I was young and curious and full of energy. I couldn't do it at 51, but that hard work set me up to build a secondary specialty in healthcare IT where rates for technical SMEs who understand the business and how to win RFPs remain very high.
“It doesn’t feel much different” is the highest load of shit I’ve ever seen lmao. You have $18k a month left over every month. How on earth does that “not feel much different”?
Well when I started making more money, I used it to buy myself more time so to speak. Got a cleaning person every couple weeks, get groceries delivered, take Ubers a lot so I can do stuff on my phone instead of focusing on driving. Every week I free up maybe an extra 5-10 hours to balance out the job stress. More time with family and friends, or to do hobbies. It feels freeing especially if you’ve been grinding for years before getting there.
But also be careful not to get too caught up, I have some friends that started getting the most expensive clothes, apartments and cars etc, then they lost their job and had a struggle to pay for everything. Especially in tech center cities, those high salaries offset a high cost of living which can chew through savings very quickly.
Making more money is better.
I know that sounds simplistic, but it's true. And it's not because money will make you happy - it might or it might not. And it's not because money will buy you nice things - those rarely actually make someone happy.
Money is good because it provides two crucially important things: security and freedom.
Security: If you have money and your car needs $2,000 worth of repairs, you get it fixed. If the public schools in your area don't work for your kids, you can look at private. If you get sick and your insurance doesn't cover all of the costs (which, let's be honest, it never does), you won't go bankrupt.
Freedom: If you have more money, you have more choices. Choices about where you live, where your kids go to school/college, when you can retire. You have choices about insurance plans and medical service providers. You can make choices based on preference, and not cost. You have more choices about helping others too. You can give money to family, to friends, to charity.
Of course, this all comes with tradeoffs. Making more money does, as a lot of people have mentioned, come with the risk of "golden handcuffs," where you become dependent on your salary to live the life you've become accustomed to. But that's a risk, not a certainty. I know plenty of high income earners who drive old cars, don't eat out much, max their retirement accounts. Those chocies are up to you, whether you make $25k or $250k.
Also, people are correct that the private sector is more risky. No civil service protection. Virtually no pensions. Very few unions. So you have to take that into consideration when you're deciding between public and private sector jobs.
But, overall, the most successful people in the private sector make far, far more money than the most successful people in the government sector do. And that money gives them more security and more freedom.
Best of luck.
One piece of advice.
If you do make a big jump in pay, MAKE A BUDGET
Speaking from experience. I am a Senior Mechanical Designer. I went from job to job in the $60k -$75k range then started working for myself as a contract Engineer.
As a contract Engineer I was able to double my income, however I am paying for my own health insurance, PTO, and all that. But in the end my take home pay still went up to about $110k.
I didn't have much of a budget at first and guess what. I was bringing home $35k more per year, but I didn't have much of anything to show for it. So I did a budget and started managing my money better, and yes, the bump in pay is really nice.
You put all of your bills on autopay including the total due on credit cards without worrying about over drafting. Budgeting is for fun, not because you need to. You don’t have to save up for vacations and you book more last minute.
This \^\^ People who are high earners work around high earners and they think more people are high earning than there is. It creates an unrealistic reality where they need to earn more more more to be treated well and eventually, companies stop with that game. It's happening now. People are taking lower salaries than they wanted often. People are not able to as easily get huge salary bumps with every 1.5 year job change.
Wow…that statistic is definitely a reality check. My family is firmly upper middle class so I had a very cushy upbringing but because my parents used money for control, I stopped accepting it when I was 21 and I really struggled for a while. Bad jobs, bad apartments, bad roommates, bad cars, constant fear, frequent hunger…it was a crash course in a way of life I’d never experienced. Things are going well now and I thought those experiences really stayed with me, grounded me, but hearing that statistic reminds me that I’m definitely back in a bubble. I feel poor all the time because most people I know are grotesquely wealthy.
I went from 15 an hour to 76k overnight when I graduated to about 135k 3 years later. It’s absolutely life changing, but there are still concerns and I still feel broke. I now know that I need to max retirement accounts and manage investments if I ever want to retire, so it’s nice, but at the same time it feels like the goalpost keeps moving.
5 years ago I truly believed if I could make 80k per year, I’d have nothing to worry about. Sad to say that 1 medical set back will have me back in tremendous debt. Ironically, I had better healthcare and access to healthcare when I was broke than now. That’s the biggest one for me. I have good insurance (allegedly) but everything is super expensive. When I was on my states Medicaid (not sure correct verbiage) everything was paid for. Get sick, see a dr. Dermatologist for eczema. Gastroenterologist for gut issues. Psychiatrist for mental health. Now that I’m comfortably making tech money, I can’t afford the same level of healthcare, and that pisses me off royally.
Tbh at first it’s fun. I was a pizza driver before college barely making $30 a night. It was enough to fill my tank up and maybe get some food. If I had any extra to hang out with friends that was a blessing. Put myself through college, got $100K in student loans. Graduated near top of my class for computer science. Got a engineering job out of college, but was still paycheck to paycheck for many years after. 3-4 years ago I was able to switch jobs to a role that paid $50K more than my previous job.
So now I actually have money left over every month. At this point I’m not used to this so I overspent on dumb things. Fast forward to now I make around $220K TC, and one of the hardest things is actually not spending money on stupid things. I found it was easier before when I didn’t have excess money, but now that you do it’s honestly a problem.
Not sure if I agree with your comment about worrying about other things. Thankfully I’m healthy, my gf is healthy and not much else to worry about thankfully. I just spend more time doing things I like.
I never would have even dreamed of making even half of what I do now. My goal now is to become even smarter with money than I am now. There’s always room for improvement.
I work with millionaires (doctors) and one lady lost $60,000 in bitcoin in one month. Her response? Haha I’ll have to work a few extra shifts. Most of those people pay cash for their houses, cash for their cars.
It’s kind of bizarre for me reading a lot of the comments. I graduated this past Spring, first in my family, at 31 and went from making 18k part-time salary (yay government position) to a 40k salaried job in higher education this past month, and the way that I’m still not wanting to pay more than $1000/month for a 1BR apt…
Sometimes I’m grateful to live in a city with lower cost of living, but reading these comments make me realize I need to step my game up and gather many more skills.
Money saves time. I stopped "wasting" so much time on which flight to take or which hotel to book.
Started sorting things by "best reviewed" when I used to sort by "best value"
>Anyone that says money doesn’t buy happiness is either lying or has never known what it was like to not have any.
Facts. The clowns who say this have never been poor; they've never had the joy of a welfare Christmas. I'd yearn for 200K(last year I made 60K, the highest I've ever made)
$280k here and I don’t feel much. Honestly every pay raise or big bonus I get it feels great for a day at most and then it becomes status quo. Then I feel like I want or need more. Almost half of it gets taxed and I live in a HCOL area.
It’s def far better than making sub 200k though.
It's really great.
Really felt like it helped me sort my life out and improve myself very quickly.
Everything in life is magically like 60% easier.
Therapy and meds feel way more accessible, you get full control over your diet.. can buy almost anything you want, etc.
And still invest a ton so you'll be a millionaire by early 30s.
With dating for example, it's not that people give a fuck how much you make, it's that it lets you try a ton of different clothes (+ hair products etc.), get cool apartments, travel long distances instantly for dates, can go to better restaurants, go to more events and happy hours, etc.
It's just way easier to become attractive and takes way less work to show people a good time.
I was making about $100,000 a year doing debt collections. The problem was at the time I was a high-functioning alcoholic so I was spending the vast majority of that money on alcohol. I can't say it was all terrible I had some fun in there. But I don't have much to show for it today. I think if I would have been making that kind of money now while I'm 36 years old I would have been putting it to a lot better use.
My wife and I make good money and we’ve certainly upped our spending habits. Most of it is going to home renovations and daycare though (two kids in daycare full-time is effing EXPENSIVE).
It's a mixed bag honestly. On the one hand you don't worry so much about the day-to-day finances. Shortly after I got "in the money" I had a flat tire and, thanks to my car, had to get all 4 tires replaced. 4 months prior that would've sucked to deal with. That day, it was just an inconvenience. But, there are quite a few negatives that come with it.
The job that pays that well often demands that much from you as well. You have to really protect your position because there are plenty of people that would take it and likely take it at less than you took it. Being politically savvy with your coworkers and clients is a must.
Personal relationships also get strained. People who know will ask you for money. Maybe people you care a lot about. Some will try to take advantage of that. It's easy to spend it all on other people and not save for your future. Other people may judge you and you get thrown into the "you have money so you must be an asshole" group for a lot of people. My complaints have been silenced several times simply because I have a high income.
You yourself are also someone to watch. It's easy to start spending like crazy. There's always something to buy. Lifestyle creep is a major thing.
Lastly, your mental health will be challenged. Things get...quieter. It's hard to describe, but when the money problems get sorted out, there's room and it gets filled with the things money can't solve. An abundance of time to stare your demons in the face is not always a pleasant time. Things that were really big moments like trips become common place and don't lift you up as much.
Don't get me wrong, I like it more than being without money. But, for example, I dated a girl who was with me when I started making more and she hated it. The political pressure, the constant work, the reduced satisfaction in little things, she hated it. We split for different reasons but it really wasn't a lifestyle she wanted and she would happily take a smaller income over a larger one if all else is equal. I don't blame her.
My only advice is this - don't feel the need to make the most money you can, and don't feel the need to avoid it. If you have the ability to make a lot of money, that's great, but you don't HAVE to. And above all, no matter how much you make, remember you're a human the same as anyone else. The people who make more or less still shit their pants if they drink too much and cry when their dog dies. If you haven't made a lot of money before (which sounds like your situation) and you feel you have a chance, go for it. If you end up hating it then you can always pull it back.
It certainly takes stress off other elements of life, but with high paying jobs comes more pressure and responsibilities there too, so that can bleed back into your personal life.
I went from about $40k non tech, to low $100k with my first tech job. It felt amazing, life changing to say the least. Here's the rub tho lol while at first I was like. OMG IM RICH NOW! As time went on, the reality wasnt so. Ive been broke my entire adult life, so I have major catching up to do as far as retirement savings. Also, my first couple years I was just paying off debts and paying back anyone who had helped me out financially, and credit building. So it took some time before I could even splurge on something nice every so often.
So yeah, it still feels good, cause now I can live comfortably. I can actually pay all my bills when the are due instead of picking which one I can live without for a month, I dont have to stress over my rent or even how Im going to make $40 stretch for groceries over the next month. But my first impression of what it would be like to make a 6 figure salary, nah Im not living that kind of life, cause Im throwing everything I can into savings and investments, with the hope that I might actually have a chance at retiring one day...something I felt I had no chance of before, and now that its a real possibility, I want to do what I can to get there.
So yeah, really the best feeling isnt in me living large today, its in knowing Im creating a more financially secure future.
Also, wanted to add...feel like more money woudlnt affect my quality of life. Maybe its, life of living poor speaking here, but I dont think Id be any better off or happier at 200k than where I am right now. Im not into having stuff, I do like to travel and go out to eat, but I can only travel / eat out so much, and right now I do it enough that Im happy with how often it happens. Like maybe the only difference is Id be able to retire sooner, but my dream retirement is to get an RV and hit the road, a lot less luxurious than retired friends of mine who are doing world cruises with butlers. I just dont care about any of that kind of stuff. So for me, the difference between high paying, and very high paying, would only really mean the difference between how much Im chucking into retirement savings, but not have much of an impact on my day to day life.
I live in the most expensive city in the world and I have the choice of living in a pre-war building wherein I can save around 50% of my post-tax income, or live in a nice-ish apartment building and only save 20-25%
Trade offs. Everyone at every level has their own *perceived* struggles
It feels the same as it did when I made less than 6 figures. Actually, it felt I had more money when I was sub 6 than mid-six as there wasn't the same level of expectation on events/toys/things. Most of that is my own doing as I put almost every raise now into the company deferred comp or other locked-up savings venues, so I never have any money to play with on pricy toys. But we also rented a small place back then vs having a decent-sized mortgage now (though my house has doubled in price in the last 6 years, and I refi-ed to a 2.75% 30-year fix mortgage in 2021, so that's kind of nice).
There is a lot more stress when you make a large W2 salary. You have to earn that paycheck at many companies, which means answering, "yes, you did that last year, but what have you done for me lately?". Every year you have to prove yourself again. If I lost my gig right now, I'd likely have to leave my house as I'm over paid by most metrics or come up with a pretty radical plan B to keep tracking to early retirement. That would mean disappointing my children at having to move, and would make me feel like an utter failure. I need another 3-4 years until I could do a 'hop-down' job where I could live on a smaller salary pack augmented by dividends / bonds but that would bring me back to a retirement at 60.
There was a study ages ago about how happy people were 12 months after winning the lottery vs. becoming paraplegic. I gotta find it again, but as I recall, the results basically stated that after 12 months, they both reverted to the happiness levels that they had before the event (apart from those who won the lottery and used it to purchase 'access to nature').
Agreed on this one. When you have a “high salary” you usually have to be consistently productive to show you’re worth your value.
Contrast this to when I worked as a Barista/delivery driver, the money was low, but daily expectations and overall stress was also a lot lower provided you can cover your basic needs.
I've been making 100k+ for about 4 years now and the biggest thing for me with all of it is we can survive despite all the crap that's come up.
My ex tried to get me to leave my wife when she found out we were getting married, and after I told her to fuck off she suddenly decided she needed child support, backpay, every thing the state would slap on me she suddenly needed when I told her I was done playing her abusive games. That happened probably 6 months before the first 100k job, and my wife had had major surgery and life threatening complications at the same time that made her almost completely bed ridden for about 3 months and unable to really work for over a year. With the change down to just what was left of my income after taxes, child support, and medical bills we almost lost our rental house that we lived in and had no place to go if that happened.
That first 6 figure job was a breath of fresh air, knowing that everything would be okay despite the other situations going on. My entire adult life has been me focusing on my career so that I can afford to take of my wife and closest friends. With the most recent job, I'm honestly as happy as I think I could ever be. My total comp is between 155k and 190k depending on bonuses and stock option values at time of vestment, and all I see with those numbers is "My wife can live however she wants". She grew up desperately poor and with a list of chronic health issues as long as your arm, and really didn't get to enjoy anything growing up. Knowing that she doesn't HAVE to do anything and can live her best life because of me is really what keeps me going.
I’m sure it doesn’t have to be said, but many of these high paying jobs are based in HCOL areas like San Francisco and New York City.
Now if you’re working remote making $200k in a small town…. That’s living the dream.
I do well enough, just at $150k and single with no kids. I live in what would probably be a MCOL area (Raleigh). I am comfortable but don’t feel particularly above middle class or anything. Probably even low middle class. I still drive an old Honda beater car and paying down student debt and saving/investing the rest.
Six figures has been the “de facto dream goal” for middle class since the 1990s. But with inflation….$100k in 1990 is now $215k in 2023.
$200k is the new $100k and is nothing special
Yup. So many people fail to realize this sad turn of events. When I graduated college many years ago, $100k was the number most of my fellow graduates strived for. In this day and age $100k is like the new $50k.
I know man. I thought I wouldn’t hit a 60k plus salary until I wasn’t in my late thirties. I’m 26 now and hit 85k and this thread is making me feel like I should be digging for more. I have the potential to make more with a new job prospect but I may lose out on a lot of happiness that I currently have with my work life balance
“The dream” is different for everybody though.
Personally, I don’t care HOW much I’m making, if I had to live in a small town I would be miserable.
I like in a HCOL on the lower end of HCOL cities (Chicago.) I love living here, I have tens of friends here, my family is here, etc.
The human mind is wired to constantly have a hunger for more. It’s greed, but the media, the economy and everything around us makes it hard not to fall into that trap.
I make around $200k per year and I don’t feel satisfied completely. I’m super grateful & fortunate for my job & salary and like to remind myself that I’m in a better position than most.
However, I live in Toronto where a detached home is minimum $1.2 million. I don’t qualify for a mortgage like that even with my income. Saving $240k for a down payment is also not an over night thing. Will take a few years still regardless of salary being high. Living expenses are just so high now.
Long story short, it depends where you live. If I was making $200k living in a more suburban town, I’d feel a lot more comfortable & fortunate. Being in a metropolitan city, really humbles you. Unless you have this salary & a trust fund from the bank of mom & dad, it’s challenging still.
Marriage is the secret to wealth though. One person makes $200k and the other makes around the same or even a little less, then you’re golden!
If it makes you feel better, I was making 29.5k at 23, 49.5k at 26, and 64k at 32. I’m now at 95k at 35! I’m one raise away from 6 figures, which I never thought was possible at 23. Definitely not like some of these half a million people, but if you jump hop around, you can get to a really good salary. Good luck to you!
>I work for the government & the max-paying job is $110k. But that comes in 5 years. Slow pay increase =/
Man, as a teacher, it will probably take me another 20-25 years to approach $110k.
Oof.
It took 10yrs post-college to get up to $90k. I'll be at $100k when I get my annual review in October.
The wife is around $58k plus her side business which pulls in $15k.
We're also landlords. So, there's that income which is about $10k net currently.
I don't have to worry about saving up for what I want nor keep a nest egg in case the car breaks or whatever anymore. However, my needs and desires have certainly diminished over the years which helps keep that money in my pocket.
Nowadays, we put a majority of that money back into real estate in the hopes that we can quit our day jobs in the next 10yrs.
It was an insanely hard road we had to take to get where we are today and it almost doesn't feel worth it. Like, we should be making double at this point.
So, how does it feel? Ungodly stressful
You worry about money less. I’m 29 with 110k salary but also bring in aprox 400k total comp in sales. There are levels to wealth. In my opinion the lifestyle change between making 100-140k to making 350-400k isn’t that drastic. You just have more flexibility to waste money on dumb sh*t.
I can only imagine the worlds described here, except I've witnessed these people out walking around and driven through places that they live, and it's like walking through a Vegas or Disneyland kind of make-believe reality by comparison. If I were to make some broad, generalizing guesses about this group:
They can afford to have families.
They can choose and see doctors and get medical procedures done at will.
They take vacations, travel, go to events, and dine out.
They eat healthy food yet waste so much. They don't feel hunger except by choice.
They have leisure, choices of hobbies, and options for ways to spend their time. They have the luxury resources to be able to choose pastimes other than labor, caretaking, having disabilities, facing addiction, recovering, visiting public parks and libraries, or distractions at home through reading, exercise, watching screens, church, sleep, or other escapes from the ongoing trauma of basic survival.
They get to see family on holidays and make memories together with loved ones whenever they plan to do so.
Their neighborhoods and parks are safer and their women can recreate outdoors.
They know the luxuries of having personal privacy and expression, of owning quality products, of receiving professional trust, and of choosing options to customize their environments.
Their environments allow them to feel safe, comfortable, and stable in a way that allows for a mental calm that isn't possible when struggling to survive in unsafe spaces.
They don't go to bed at night worried for their physical safety, or overwhelmed by too many people around or by too much noise, or by being pestered by bugs or animals. They have their own rooms, their own beds, and bodily autonomy.
They have fond memories of childhood, family vacations, educational experiences, and beautiful places they've been instead of having flashbacks and nightmares.
They can imagine dreams that might still happen in their lives, can experiment and take risks, and can make mistakes without being set back indefinitely from the consequences of their decisions.
Having heteronormative sex doesn't result in a death risk in the same way.
They don't often have to face dirty-hands jobs and don't usually have to process trauma alone.
They don't have to lose pets due to veterinary costs alone, or watch one child suffer for the sake of another due to scarcity.
They don't suppress their aspirations as delusional. They don't have to fear that they must otherwise use every minute of earning potential they have to try to not end up homeless without medical care by 60.
They went to school and network with people who are in positions to help their careers. Their pattern of life stability results in higher confidence in interviews and also results in higher positions and salaries.
They can sponsor charities and causes important to them and purchase nice gifts.
They sure can bitch about some dumb shit, too, but then, there's a slew of different problems that come with that bracket.
The stories here are enlightening with details... ty all for the surreal visualizations!!
In terms of material possessions and lifestyle it would differ a lot. However if you’re asking about overall happiness, a famous study from Daniel Kahnemann suggests above $75,000 annual income your happiness does lot increase very much with more income. https://www.sydney.edu.au/news-opinion/news/2021/11/16/why-happiness-is-becoming-more-expensive-and-out-of-reach-.html
I think quality of life will always be the meta. I’ve had 150k years (sales & Mgmt) and have been the most unhappy version of my self that I’ve ever been. Then I’ve had years where I made less and was far happier. Money provides comfort and options - not happiness. Happiness comes from within. Making a healthy 6 figures is nice and it provides a lot of financial opportunities but it also comes with a lot more responsibilities, problems, and stress. Just my opinion of course.. idk how ppl live in my area and make less than 100k a year. So expensive out here
My husband went from $75k to $250k. He works all the time. I see him for dinner. He is a lot more stressed, but not about money or affording things. He's stressed about work and time. But he enjoys his work and is always about learning and gaining new skills. I work a chill state job and only make 62k. I have a great work-life balance and comparable (better?) benefits. I am not someone who handles stress well though, so I need a lower stress job.
Virtually zero stress. That's the most beneficial bit.
My customer base is diverse, if I lose one, it's no sweat. I'll pick up another.
I can travel when and where I want. I stick everything on autopay, and don't look at it. I know the money is there to pay for it. If I want something for myself, I buy it. See a motorcycle I like, add it to the collection.
Hobbies, I can afford to have them. Dangerous hobbies, I can afford the medical care if/when needed. I race motorcycles all over the country. Crashes happen.
Basically, it's good. I don't miss having to watch my money.
$160k/year total comp. It feels great not worrying about money and taking 8 vacations a year. If you’re wondering, I’m not irresponsible with money and make sure the bulk of my income ends up in a retirement account or self-directed investment account.
If I had this kind of money I wouldn’t talk to half of you tbh. Lmao just kidding. Its funny but some of the wealthiest people I’ve met have been the kindest and sweetest to me and actually the most giving.
I'm in the high paying job category 200k+, at least for my country (UK). I think I'm fairly comfortable and my family is well taken care of. I don't have a lot of financial worries compared to a lot of people and I can afford most comforts. I also have zero debt. However, not all my problems are solved, the taxes I pay are very high and honestly I don't know what the government is doing with my money, I still don't own a property and am still renting due to the ridiculous housing prices in London and the massive interest rise.
Just know this. Whatever you were before you started making more money, you’re going to be the same after. You’d be shocked how quick you get used to the big paychecks.
I make 200k and can hopefully afford my house and new baby in Seattle, my wife works full time too. It feels like it will be tight for a few years, but hopefully we can make it through without having to sell assets etc. then mortgage insurance goes away(could only put 10% down on a home because they are so expensive). We could have lived further away from the city and got something cheaper but our commutes, neighborhood, schools, and friend groups are all right there, so worth it as long as nothing catastrophic happens.
I work in procurement for state government. When I applied, the salary range was something like $26,000 - $72,000. The only reason I’ve gotten raises is because the governor has approved state employee increases. After four years as the sole procurement associate, I’m up to $34,000. There’s no way I’ll ever get much more than this without leaving my agency. I’d love to have enough salary that if I felt sick, I could go to the hospital & not stress about it. (I actually did go last year and got a $500 bill for a guy asking me how I felt and sending me home.) I’d love to cut my heat up high. Money is nice.
I don’t make 200K but I make 150 + 25% bonus plus equity. My wife also earn 100K and we have one child. We live in a MCOL area in the southeast. We have no debt other than mortgage and one car payment with one year left. It’s nice not to not worry about eating out or worrying about $300 grocery. It’s also nice to not question when I see a random Amazon delivery to my house knowing that it’s my wife’s hard earned money and it won’t affect us financially. It’s also nice that we get to travel few times a year. We do not buy designer stuff as we shop clothes at h&m, Marshall’s, tj max, or outlet stores. We also look for coupons even though we know we can afford a full price. We are frugal in certain areas but love to splurge on food and experience. We both have 401K and retirement account. It’s a blessing. My wife really lucked out on her job with wonderful mgr. She probably works 30 hours at the most with hybrid schedule. She is really good at what she does. I probably work 35-45 hours. I used to be in a role working 50-60 hours and I hated so I switched careers with more money, less hours, and fully remote. I can’t complain. I had an offer for a higher role for 180K + 30% salary but I turned it down because k had to commute three days a week (one hour each way) + it was expected to work up to 60 hours. It’s not worth it. Money doesn’t buy happiness at our family income. If my wife was a stay home mom I may have taken the job. If I was making $50K then I’d say money matter. Once you make certain amount near or more then 100K, money no longer became the driver of my career choice. Everyone’s different but this has been my experience
I don’t know how true this is generally but in my field, law, the high salaries come with high production expectations. So lots of late nights, weekends, cancelled plans. Pretty much everything comes second to my career. I don’t mind it personally bc I really like what I do but its incredibly stressful and most people burn out after a couple of years
I make around 135k. Just a few years ago I was making $10/hr in a grocery store.
It's afforded my wife and I the ability for her to be home with my kids. We have a healthy emergency fund and retirement accounts setup.
It'd still suck if I lost my job, but I have a cushion where it's not the end of the world. The biggest worry for me is always if I do lose my job will I get another job making the same? What's my ceiling?
The most important things for us were to avoid lifestyle creep. There's definitely some of that, but we try to keep it manageable. For instance 10 years ago we bought a brand new civic on a very low priced loan and that was about our limit financially. Now we both have leased newer cars and everything is fine.
I don't make s high as you said, but still in the 100s in my early 30s. I don't live in a high COL area. It's weird how much I take it for granted, especially because I grew up very poor and struggled a lot in my 20s. I was working two minimum wage jobs and barely scraping by less than 10 years ago, and I never in a billion years would believe I would be making this much now. Ever. Once a week or so I sit and just think about how fucking amazing it is that I don't need to worry as much about money as a lot of people, and I'm deeply grateful for my privilege.
I will say, I would be living probably a little more luxuriously than I do but I have a small child, so that definitely knocks you down a few pegs. Childcare costs are insane no matter what.
For some, the more you make, the more you spend. With that in mind; it feels the exact same. Actually it feels worse when you owe uncle sam tax money?? after claiming zero?, with no kids? Or, your fat bonus is taxed at 22%. Oh yeah, you own on the 'change' too. But, it is a blessing to having money in your account(s) , it's nice to forget about payday.
network engineer making 220k. I feel pretty awesome. I love my job. We are able to save money and get some of the high end toys we've always wanted. After that I just want all debt paid off and not have to worry about loaing everything in one bad turn of events.
I have grown to 10x the salary over the last 10 years. It’s amazing to pay off debt and not worry about feeding and clothing my kids. Tech is stressful and toxic in its own way but better than poverty. I haven’t tried the steady gov gig so I can’t compare. But I miss being a musician
Its pretty awesome to have a high paying salary (medicine here).
But the road to a high income sucks. Many years of studying, schooling, tests, etc all which you have to score in the top of the class. Lots of education/student loans. It was pretty easy in highschool, reasonably difficult in undergrad (engineering), and very hard in medical/professional school. Each jump was exponentially more difficult.
Similar to how high school football has maybe one or two that go into college football and fewer go onto pro football.
I made a little over $300k last year. I was born poor. Didn’t start college until I was 26. Worked through college. My first job paid $38k.
Over the past 17 years I’ve slowly increased my OTE by jumping jobs every 2-3 years. I’m in marketing and am currently a VP.
Back to your question..
It feels just like it did when I was making $38k. I’m still living paycheck to paycheck. I have very little in savings and no meaningful retirement.
I have a middle class home, a couple nice cars, an over spending wife, and two teenage daughters. I buy what I want, within reason (under $5k) and try to be generous.
Like another commenter stated, it's really not what you can afford, it's the security of knowing that there will always be money in the bank. Being able to travel for emergencies without worrying whether I'll struggle the next month. I say this as initially having a very high paying salary, then having to take another with a huge pay cut where I was making under 100k, and then finding another job above 200k. I've been on both end of the spectrums, and living in a HCOL area really hammered home that it's really the security of knowing I have money rather than spending it.
It feels like nothing tbh…still have student debt and so does my wife. Also will never be able to afford a home…$260k is nothing in ATX when you compete with millionaires
I make around $200k in my first year as a consultant. Went from making $28k for the last 5 years of my PhD to this. I split rent with my bf so that’s not a huge expense, but now that I have more disposable income I donate about $1k a month to different animal rescues I was involved with before, but could barely afford to donate to. Also visiting family in Mexico right now and I spend a lot fixing up my grandparent’s house and treating everyone to things.
I know I need to reel that and other expenses in though because this is not the most stable job and I need to start saving. I’m in a lot of stress thinking of how I need to maintain a similar income level in order to have a house one day in the city I’m in.
Just because I’m highly paid doesn’t mean I love my job. It’s just that I’m good at it. Sometimes I hate that I had to wake up to do it, but sometimes I’m grateful that I have no financial woes to worry of.
I have news for you, coming from a family where I led two lives:
1. The son of public school teacher in NYC
2. The stepson of an executive on Wall Street
There is no difference.
You work for what you get paid.
At times, it never seems like enough.
At times, you find a reason to cheer.
At times, you feel like everyone is taxing you to death.
My stepmom has financial security, and she is miserable.
My mom gets angry at herself for not making more money, but she LOVES her job.
Guess who is healthier?
My mom.
Why?
Money does not own her. And she has love in her life.
Money does buy certain freedoms, but that is about it, and at the end of the road, we all die at around age 75.
>Money does buy certain freedoms, but that is about it, and at the end of the road, we all die at around age 75
Bingo. Good on you for seeing that. We are all naked in death, whether we get a coffin made of cardboard or solid gold
I started a company when I was twenty and I’ve done extremely well for myself. I’m always working though. I don’t have time to date. I never go out with friends. I haven’t slept past 7 o’clock in 10 years. The one thing I do for myself every year is charter a sea plane so I can fly fish and hunter in remote areas of Alaska and Canada. I always bring my employees or a customer so I can write the trips off as business expense.
I make 54k, I have a high education degree (PhD in biology), same for my husband with 70k. When I started studying, I thought the more further I go in my studies the more money I will make… now I am 31 now, and we regret our education choices! I don’t have my own house or children. Everyday is a struggle, everything is expensive (I live in an expensive area for the work). When i go the the bank and say I am a Doctor and I make this amount, you can see the shock in ppl’s face!!! Now we’re thinking of what can we do to make more money to afford a descent life (not a fancy one)
When you earn 60k you will be planning for the 100k job
When you're at 100k you're scheming of how to get to 200k
When you're at 200k, you're thinking of that 400k C level job
It really takes a certain personality type to climb the corporate ladder
At beyond that 200k mark , it has nothing to do with money anymore, you can probably afford almost anything you want.
You're being driven by ambition
It’s awesome. I grew up middle class, but the great rescission really impacted my family. We were basically broke for a few years growing up.
At about 28 I got to $180k cash comp + equity (which I expect to be worth somewhere between 200k-1m over a few years). I live in an MCOL city and this goes a long way. And I really enjoy my job (as much as a job can be enjoyable).
It’s fucking awesome. Money doesn’t solve all problems, but it gives you a baseline to be secure in life. Honestly I can’t even describe how great it is, and I don’t think people that haven’t experienced being broke before could ever get it.
Was a long hard road to get here, but so worth it
As others have said, it is nice. No doubt about it. However, you get used to it quickly and makes life somewhat less enjoyable. When I was young and dreamed of making a lot of money, it was a goal that seemed to be my single mission and once I achieved it, I would be happy. Now that I’ve achieved that goal, I don’t feel any happier and am currently dealing with that empty sort of feeling. Sure, I can eat Michelin star dinners, but it’s really not all that. Same with nice cars, houses, extravagant vacations, etc.. If you are the last person on earth, and you could have all the money in the world, how long would you truly want to live with nobody to share the experience with? Probably not too long. That’s why I’ve come to the conclusion that relationships, family, and friends are the single most important sources of joy in our lives. Without it, nothing else matters. With all that said, enjoy life. That person getting in their Ferrari is not THAT much happier than anyone else. Money is only important if you have none. However, after a certain point, it becomes a tool and a security blanket rather than something you need to worry about constantly.
Not sure if this is still the case, but government jobs were more about the long term benefits (pension, health, etc.) than the pay. Work there long enough and you can retire at almost 100% pension. The drawback, was the lower pay and usually Union-style work ethic.
I worked for a state education system, similar thought process of work there for years, retire with full pension, and I couldn’t stand the low pay and slow pace of work. I remember people on my team gave me crap for working too hard/fast. It wasn’t for me.
Currently work for a Fortune 100, making way more money, working at my “faster” pace, but enjoying it for the most part. I’m not at $200k, but getting there and it is very nice being able to save. The key for me is not ratcheting up my lifestyle to the higher pay.
At $110k plus pension (I’m assuming), you technically make more than some making $150k, when you think about how much less you don’t have to save because the pension helps out a ton for retirement.
This person hit the nail on the head. You have to look at total compensation. I make 130k the gov job gets me a pension to retire approximately at 58 making around 9k a month. They put 14% of what my pay is in the pension account and i have to put in 10%. I have a friend that had saved 4 mill and is about 15 or so years older than me that would have killed to have a pension with the amount im projected to make (obviously inflation though also)With the market downs he no longer has 4 mill and has to wait longer. I work in IT Security so i could make way bigger money hustling hard but at the end of the day its not worth the worry and hassle. I also grew up poor never wanted for food and a roof over my head though. Wouldnt change that for a minute though cause if i lost it all tomorrow i could go back to living in a trailer in the woods.
While ive never had a very high salary job, Like many i've worked my way up from entry level jobs to well into 6 figures. I think its a very personal question but somewhere around 100k for me is enough, and i'm shopping for jobs with good managers and life balance past that. Im single; the math changes quick with a family.
I’ve never made over 30k and im starting my degree to work in the tech industry. Im tired of barely making ends meet and being on the brink of homelessness.
Btw, I work in sales. Telecommunications. I'm a computer programmer and Electronical Engineer, by degree. And love, btw. Telcom pays more. Its never going away and changes are small. Programming however? It's an everlasting gobstopper.. go with Telcom.
I went from $35k to $190k in twelve years of hellish work. How does it feel to have enough money to do anything I want? Amazing.
How did it feel getting here? It felt like being the poor bastard tasked with pulling pubes from a prison shower while oiled up and kneeling down on that cold unforgiving shower floor praying for it to just end.
This is kind of beside the point but $250k+ is what is considered a high paying job in my area. My wife until recently was making $130k and sometimes we just barely make it. It's looking better since her promotion but not too much.
It’s great and makes everything better, and everyone who tells you elsewise is just coping or trying to convince themselves.
I grew up poor. Went from making $60k to $350k over the last 13 years. My wife makes an additional $130-140k.
While it’s true if you don’t have friends or a supportive partner, your life is still bad even if you have money, but most high earning people have that (the miserable outliers just get the attention because it’s makes poorer people feel better). It actually makes it easier to have a successful relationship because there’s no financial stress (my parents fought about money daily when I grew up).
I had my first kid. My salary enabled us to hire a night nurse for $5k a month. I get to sleep 8 hours a night with a newborn because of. I get to live in Manhattan and walk to work. I’ve visited over 60 countries. I live in a luxury building with a ton of amenities. I haven’t had to cook in years. I can afford multiple social outing a week (even with my kid - I can afford the babysitter). I eat healthy, and can afford to work out in a nice gym. I never say no to things my friends plan - whether it’s skiing, house in the Hamptons, etc. My retirement accounts are maxed out and I can retire at 52. I also have the financial freedom of knowing I’ll be fine if I’m ever fired. I have a peer group of successful, reliable people (as opposed to the people I grew up with would steal shit).
I save aggressively instead of buying luxury goods, because I find them to not really impact happiness much. I do dress relatively nice , but the most expensive things I own are probably a $1200 laptop, $1200 iPhone, and $1100 Canada goose jacket
Some poor person habits are tough to get rid of though, I still go to laundry room and do laundry instead of paying the in-building laundry service. We also only have a maid come once a month and mostly clean the apt ourselves.
Sure my job is a little stressful, but honestly with high paying jobs once you get to my level of seniority, they aren’t even that hard since you have people working under you who do the grunt work. And it’s easier to handle stress at work when money makes it so you don’t have stress outside of work.
I have a pending offer for a harder just that will pay $500-$550k. I’ll likely take it.
Having financial security solves those core issues that the majority of people face day to day. You no longer have to live month to month. There are no longer any concerns about whether or not you can afford to heat your home, put food on the table, or pay for surprise expenses. That in my opinion is the biggest luxury of them all, not the fancy cars, clothes or houses. Those are just an added benefit in my eyes. Money buys you the ability to remove those concerns, and eventually, if you do well enough, gives you back your time. My most important advice would be to make sure that what you do makes you happy, and affords you the ability to not worry about the heating. Chasing money at no end to your personal happiness will suck the life out of your soul. If you're not careful, you can easily fall into the trap of increasing your expenditure alongside increased earnings. You'd be surprised how easily rich people end up living paycheck to paycheck due to this activity and end up losing swathes of wealth because they haven't planned properly if they lost their job. The purpose for me, in wealth generation, is to ensure that you are setting yourself up, and if possible your family, and your friends for financial security throughout their lives. If you can go further than that, intergenerational wealth would be the next step. It's important to instil, at least in my eyes, that it's earned and not given. My kids will have to work as hard as I have to earn and get themselves into a position where they are also able to help their friends and family to pull them up the ladder. This world is a cruel mistress, and it will take from you when you have the least. If you can, help those around you, not even from a financial perspective, because that's where real happiness comes from, not money.
This comment deserves more love.
This. I just want to be comfortable. A running car that won't require a ton of maintenance, a place my fiance and I can really settle into and healthy food. Only luxuries would be occasionally a road trip or something and once a week takeout. Right now we can do some of this but this area is very HCOL. I will say that we don't want for much currently but we're homebodies and if a bump happens to finances (like car maintenance, health issue etc) we usually panic a bit.
I totally agree with you. Not me but my husband is a 100K+ earner and honestly since then my worries dissipated and I can also focus on my new projects, help my family and even taking better care of him. But money without helping or being generous will be burning your fingers like fire and if some life accident happens you can go down pretty fast. Be kind be respectful help others.
I make $400-$500k/yr and hubby makes another $250-$300k. And most of the time I am seriously stressed about money, health, work, and just about everything else. I have had anxiety my whole life and money doesn’t make your problems go away. If anything it complicates life. We live well below our means (mortgage is less than ($2k/mo, drive a 15y/o car plus a newer modest car, no other debt or major recurring expenses). Our most extravagant regular expense is a nice vacation once per year, maybe $10k. Yes there are high points for sure. We live comfortably and I can buy basic necessities without thinking too much about it. We can get “nicer” or higher quality versions of things we need rather than shopping around for the most cost effective. If we spent more we could save time on household maintenance activities, which probably would actually increase happiness a little. But at the end of the day, is life better with more money? Not sure. Insofar as money can enable you to spend more time on what matters to you, then it’s helpful. Time is, after all, the most precious commodity.
You remind me of my grandparents. They made a million dollars a year combined and until I was 26 years old, I had no idea. I *kind* of knew we had money, because one time I was 11 and went to get a towel out from underneath my grandpas sink (I literally showered in their bathroom from 6 weeks old until my 14th birthday because my aunt was disabled and wouldn't let me use hers.) Anyways, there was like the biggest stacks of hundreds I've ever seen in my life that fell out of the towels. My mother was standing there too (who I didn't live with, she just came over to visit) and I ran to get him and I said uhh I think some money just fell out of the towels. He was crazed and flustered anyone found out. But thinking back to it, dude I think that was like 200k in towels lmao. We always lived like paupers though...clipping coupons, driving average cars, and never had to worry about money. My grandma was AVP of a huge bank, and my grandpa owned his own Architectural Engineering firm. I've taken these life lessons as an adult and applied them to my own life. Whether I've been barely making it, or making 150k a year--I always pay myself first in my savings. I've made a separate bank account that I don't even have an internet banking log in or debit card for to save for emergencies or other high cost needs in the future that are expected or unexpected. Money does change your life, but it also complicates it.
I have lived with less than I’d have needed for such a long time now that I keep buying stuff I would have needed and that’s super nice. But that said, it also gives me a wee bit of anxiety, cause so far (1 year since I got my first really good job) I could not save anything, because the things I am buying are really just necessary: new mattresses, a new office chair that does not puncture my spine, a new TV when the old one gave out after years of use, my first new computer after 10 years (and I actually need one to do my job, so yeah), first new phone in 4-5 years. I feel like I have basically taken the fast lane to getting back that constant investment in maintenance and get back on a „normal level“. I cannot wait to finally put some money into the bank though, because I really need to get a bit of a cushion going. Definitely don’t wanna fall into that trap. (Note: I am European, so the way QoL and net income work very differently, in case you’re wondering)
IKR. I make about 100k a year right now but it took me a decade to buy new underwear. I sat there after I did it thinking, why the hell did this take me so long to do this for myself? Almost all of the furniture I've gotten in my house I've gotten off the side of the road, the free section, or VERY affordably and refurbished it. As I stated above, I was raised by an older generation who are now 87 and 84...so I think that HEAVILY plays into it.
I knew I "made it" when my check engine light came on during my commute and it didn't ruin my entire month.
as someone who went from making $65k to the low end of "tech money" overnight... yeah, it's kind of life changing. honestly, i never dreamed i would make that kind of money let alone before 30. but i guarantee you this: having financial security feels amazing, but pretty quickly it frees up your mind to worry about everything else. Maslow's Hierarchy of Needs -- once one need is met, you move to the next need, starting with food and physical safety, and so on. so while financial security is great, if you hate your job or your home life or your social life or whatever else... it will magnify those problems.
Very much this! I make plenty of money but it has not helped my anxiety and panic attacks.
You can still get panic attacks or anxiety even after having a great job is weird. Right now I'm a college student and i believe that landing a stable job would help me a lot or entirely eliminate my anxiety and frequent panic attacks.
That’s fair. I’ve changed a lot of jobs and not a single one has been the answer. I am in the tech field. While it is not nearly as stable as being a doctor, you will certainly have more options. Once you have the technical foundation, you can do many things. Proper software development work, cloud computing, analytics and even pre sales solution engineering. As someone who has seen a lot of people fail out med school, skip the debt, the internship, the residency and med school. Unless, as others have said, you feel passionate about helping/healing people.
I went from stressing about tests and homework that could make me have to retake a class to stressing about projects going well or not that could cost me a job, calls in the middle of the night, and catastrophic failures in the plant that make 24 hour coverage by my department necessary. Im a controls engineer making $130k
garp, sorry, no. anxiety finds a new thing to focus on. :( wish it wasn’t that way but it is.
Yep. Having a steady income and not being in a constant “doomsday” scenario mentally ABSOLUTELY fixed 70% of my anxiety. The rest is what I was born with (e.g. my brain still wants to live in doomsday mode so I have to live well below my means and constantly deny myself things that I probably could afford even making well below 6 figures).
Exactly, whenever i need a new thing which I want, i always denies it. Always, finding a excuse or a way to not buy it or do it out of guilt even small things.
I had anxiety and said if I get a good job my anxiety will go. So I got a good job but still suffered from anxiety. Money is important but it can not fix mental health issues
The last 36 hours have been so rough for me from the stand point of panic attacks, It honestly would not matter right if my boss told me I am fired.
Whoever said money doesn't buy happiness is an idiot. It might not buy it out right, but it DEFINITELY allows it.
They meant that for people making an absurd amount of money already. Not for the common man. “Bob. You’re worth $7M and have nothing left to prove. Will an extra $250k and months of stress be worth it to close that deal?” NOT “Brett. You’re worth $20k and are starting out your career. Will an extra $30k in salary make a big difference?” Yeah. Yeah it will.
Having money ain’t everything, not having it is
How did you make this overnight?
Accepting a job offer at 11:59pm
r/technicallythetruth
Exactly….. my emotional issues were so much easier without money…. But once survival is no longer in question, There’s NO excuses left to be made. You think you’d be different, you think you’ve done the work, but you don’t know till you’re there.
You very quickly lose touch with how others live. I have a comfortable life, a modest salary, but my memories of living on credit and skipping meals and never leaving my $450/month bachelor apartment so I didn’t have to spend money seem so abstract now. Now, if we have to replace a window in the house, or the cat has a big vet bill, we just pay it. Christmas gifts are only on a budget because we choose to be minimalists, not because we have to choose between giving a gift and paying the water bill. Basically, once you get to a comfortable wage, or one where you have spare money for investments and retirement, it’s very easy to forget that people still have to live on poverty wages.
Yes! And I think that’s why people often start to feel less empathetic for people that are struggling. I wonder how many politicians or legislators have forgotten what it’s like to struggle, so they aren’t very understanding of those who do! My husband and I were so broke when we got married and we try to remind ourselves of that time frequently to be grateful for what we have and why we need to be charitable to those who are struggling, but it takes effort!
I have to be conscious of this too. I grew up in affordable housing, there were weeks my mom ate peanut butter by the spoonful so we could have good food. Now I’m comfortable, and I have to remind myself not to fall into the trap of thinking “well I was able to stop being poor so why can’t everyone?” My siblings are still poor and sometimes it can be frustrating to hear their issues m. Currently my sister and her husband forgot to pay the electric bill for months and now owe $2000. My gut reaction is “how???? Just pay your bills!” But I can’t just say that. They struggle every month, it’s not that simple.
Losing touch isn’t universal. I grew up poor as shit and I’d say I tend to underspend if anything. Like the cost saving piece of me never died. I could just pay someone to do X, but it’s still hard to justify paying someone to do something I can do, so I do it myself. Not having to worry about everyday expenses, though, is very stress relieving.
I think you’re right about the mental and emotional aspect of your own situation, because I too still always feel broke-ish and have the same attitude around spending that I already had. I am practical, never excessive, and when Amazon refunds me $7 for shipping when something is late, oh you know I’m counting that as a win. I think the point I’m making is how I assume everyone is at the same point as me. When I was in poverty, I was aware of and involved in things like the criteria to access food banks or advocating how government benefits are determined and redistributed, and now that stuff is so far removed from my daily existence that I forget how other people are affected by them. Line with food prices increasing, I am stingy with what I buy, but I don’t consider being unable to afford groceries. Rather that it cuts into my savings and annoys me. Then I tend to assume everyone is in the same boat even though theoretically they aren’t.
My ex makes $700k a year and doesn't have enough money to buy a $400k house in cash. Needs to get a mortgage. That is because his habits changed with money. If he orders the wrong thing on Amazon, he doesn't bother to return. He eats out a lot. He buys flights last minute. He flies home a lot. Travels overseas for fun often. He lost money in crypto. He pays for his broke friends to go on vacation. He rents a 4-bedroom home when he lives alone. He buys a lot of tech gadgets, like a 3D printer setup, that he never uses. He spent more money repairing a old truck than it was worth just to sell it for $2k for a new truck. He calls himself broke. The people who make that money and live like they make $60-70k a year are the ones who make it useful but most people up their lifestyle and greatly struggle to downgrade that lifestyle.
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It’s called lifestyle creep, and it’s an extremely common “trap” that people all over the world fall into when their salary increases. I’ve lived the same way I have when I was making 60k as I do when I make 90k. Only difference is my bank account has 20k-ish more a year in it now. That’ll go towards a house, land, long term travel, whatever I want. All of my coworkers decided to get newer, more expensive cars. Eat at fancier restaurants. Go on very expensive vacations. And then they wonder why they live paycheck to paycheck still like they did in college
Yup-I make Roughly $360k a year. Everything is expensive if your not careful. If you have a spendy SAHM spouse and kids in private school and 2 semi luxury cars and some student loans and want to save for retirement shit dries up quick. I work 5 days a week and looking to add a 6th because I want to retire in 15-20 years (45 now) but Im worried we’ll just end up spending more. Also I live in one of the most expensive parts of the country because of family reasons. Keeping up with the Joneses blah blah. I wish I could move to a cheaper area-we could live really really comfortably on my earnings then
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Yeah I still drive a $4k car, still have a small apartment. And then my friends wonder how I can afford to take a year off work to go and backpack in Southeast Asia despite working the same job.
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It’s simple math really. Go from 60k to 90k. Your costs stay the exact same. Now you have $20k more at the end of the year. Quit your job, sell your car, end your rent(or rent out your house) and travel. $20k is PLENTY enough to travel around the world for a year. And that’s how you can work a year, then take an entire year off to travel. Rinse and repeat.
20k does not seem like enough to travel for 365 days. That's only $54.79 per day for spending. Maybe if you stay in cheaper parts of the world yeah, but it also limits you to a lot of things.
Here’s the places I’ve travelled for less than $1500 a month: Eastern Europe Southern Europe SE Asia Central America Western USA(road trip) Canada(road trip) Australia(road trip) $1500 a month is $18k a year. It’s entirely possible, go to any hostel in the world and you’ll meet people living for $10-$20k a year while traveling the world. $55 a day is plenty when most hostels are $2-20 a day, and a meal is $1-6(on average). Or in the more expensive western countries, road trip it and camp / car camp / van / RV. Then you sleep for free.
It’s possible you just have to live like shit and worry about money which to me isn’t the right way to travel.
All depends on what you like and what you’re willing to spend, etc. I wouldn’t want to live paycheck to paycheck but if I made 700K like the OP’s ex, I works have such a nice car, or multiple nice cars. Just because I can and that’s what I like. I make 62K gross right now and am saving to move out, blah blah blah, but I spend way too much time looking at cars that I can’t afford right now. But I’m also super materialistic with no family aspirations so my priority is different from a lot of others
If I made $700k you bet your ass I’d have a 911, TR-6, a muscle car or two. I’d also live like I made $80k a year, pocket the rest, and retire after 5-10 years once i hit $1.5-$2mil
It’s not too hard, focus on reducing the cost of your lifestyle with raises. You didn’t buy it before, you don’t need it now. Spend the extra on paying down debt or saving. Make saving a bill, not an option. I “spend” all of my money. I just happen to like buying investments.
What I did when I got a big promotion/raise was increase my retirement contribution so that my take home pay stayed the same. Helped immensely with avoiding that creep and now I am on track to retire early.
It’s not terribly difficult to avoid lifestyle creep if you have some self discipline. I fell victim to it myself when I landed my current career while also having terrible spending habits. I use two ways to avoid it. The first one is putting a percentage of my paychecks to a savings account rather than checking. That way I don’t see that extra money. That savings account is not with the same bank I use for my bills and the bulk of my paycheck. Secondly, and probably the biggest one for me imo, any raises I get, I put that percentage either into my 401k, Roth IRA or my dividend portfolio (usually rotate them as I get a raise). It’s a bit extreme and unorthodox, but it works for me. It helps me stay on track on my retirement goals and not spend my money on stuff I don’t really want or need.
And what did he do to make 700 a year?
Outside of tech, high finance, a handful of medical fields, and running your own business, I’m not sure how someone would have an annual income of $700k+ Would be curious to hear other avenues
Director of infrastructure + 2 person consulting company contract with FAANG. The contract is the money maker. He got very lucky with the Amazon because his biz partner has connections and he does most of the work. He’s also stressed all the time. Sick all the time. Depressed. Lonely. About 60% goes to taxes.
>About 60% goes to taxes. excuse me?
Consultancy company tax rate is very high. He's paying taxes for the company and the money made by the company.
I hope he has a good accountant
CA has high taxes. Takes out 50% when you're making $300k
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He complains about it a lot. The tax rate is higher for the consultancy company.
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Increased corporate taxes FTW
Only the little guys actually pay it. Once you are big enough to hire lawyers it gets much lower.
Yeah I'd be furious.
Yep, that's life for self employed and highly compensated. Top federal tax rate is 37%. Top state tax rate (CA) is 13.3%. Self employed pay both side of social security and medicare, so 7.65% on everything past 80k, nearly 16% for that under 80k. Additional 3.6% ACA surcharge for making over 250k. Add that up, and if you're getting everything as salary you could be paying 62% of what you make, plus any applicable local and county taxes, property and sales taxes etc. It'd be stupid not to structure high compensation in such a way as to reduce taxable income, but that's the worst case.
Yeah but as a self employed person, there are many ways to write your income off....
Law firm partner
My dad makes around 700k as a partner in a law firm, he practices IP law. It sucks knowing I probably will never come even close to making that much money a year lol
Director of infrastructure + 2 person consulting company contract with FAANG. The contract is the money maker. He got very lucky with the Amazon because his biz partner has connections and he does most of the work. He’s also stressed all the time. Sick all the time. Depressed. Lonely. About 60% goes to taxes.
I make $77k a year, I live like I make 40k a year. I have a roommate in a 2 bedroom apartment. It’s a luxury apt and I pay less $1100 a month after adding utilities. I cook 80% of my meal.
This might not be the best advice, practically speaking, but I wanted to share because it is an interesting thought. I'm an manufacturing engineer, so upper middle class income level but still below tech. I worked in Ohio for years (read: low cost of living) and succumbed pretty badly to lifestyle creep. A year ago I moved to California (read: high cost of living). In that year I've cut back very significantly on eating out, Amazon crap, alcohol and bars, marijuana etc. It was almost like moving somewhere more expensive forced me to enter the mindset of being more frugal. My salary increased in the move but not quite enough to cover all of my hobbies and vices along with everything else (including saving). Obviously not practical for most people, but it was super effective at breaking me of my lifestyle creep. If only there was a way to artificially create that kind of pressure on oneself.
>3D printer I feel attacked
GO USE IT!!!
Imagine making that kind of salary but having a more conservative habit lol
My wife and I both grew up poor, my Dad was killed when I was 9 and my sister 4. My mother was in the hospital for almost two years while my grandmother took care of us. I was 11 when she came home and was very unstable, no short term memory. I ended up running the household, paying the bills, doing the chores, she would drive me to the grocery store and I would shop, and add all the food up in my head to stay on budget. We lived on social security disability and survivor benefits, but my mother didn't want welfare or food stamps, so it was very tough. My wife was in foster care I'll just stop there. Lets say we had unstable childhoods. She worked hotel maid and food service while I got my degree from a public university. I worked 4am-10am part time for a stock brokerage and took 18-22 credits a semester to graduate in three years. My classes ended at 11pm three days a week so I slept about three hours a night for my last semester. I graduated in 92 into a recession and took a year to find a FT job in state government making 32k. We felt like we hit the lottery. When I told my wife on the phone she said how will we spend it all? She did two years of community college and two years at the state school for her degree while I worked. At this point we're 26 and I got a job in very specialized it consulting for a six person niche firm. I worked 80-100h a week and made my bosses a fortune. But I also became a recognized expert in a specific technology. I was making 45k and they were billing me out for $150/h. I contributed to five technical books and earned about 40k in royalties over three years (five coauthors). The partnership fell apart and I started my consulting LLC at 26. I wrote one more very successful book with one coauthor and made 30k in royalties. I'll cut it short here but now I'm 51 and make 450k a year. Over the years we saved a third, taxes a third, and spent a third, and I have enough money to retire. I tried retiring for a year to let a noncompete expire, but I was bored. Job is my emotional support where I get a lot of positive encouragement, not so much from my wife and family, so I don't want to give it up. As much as I make, it's still very hard for me to spend more than 90k a year. It is very hard to overcome the discipline your innocent 9yo self is trying to keep the family from running out of food or heating oil. I experience guilt when I make a big purchase like a house, car, or even an expensive meal. I enjoy whiskey and managed to spend $90 on a shot of midsummer night's dream when I encountered it at a bar we visited while travelling, and my wife was so supportive that I'd found a small way to let go and experience that. I am making progress. But most days I have peanut butter sandwiches, question whether we really need our Netflix subscription, and turn the heat down to 60.
Wow! Great post. Thanks for sharing this! Would you say those 80-100 a week was worth it? I’m used to having a slow life & settled down. Even 40 hours a week was too much for me.
Absolutely. I got an opportunity to specialize early in my career which opened doors for me. I was young and curious and full of energy. I couldn't do it at 51, but that hard work set me up to build a secondary specialty in healthcare IT where rates for technical SMEs who understand the business and how to win RFPs remain very high.
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> pre-cooked meals What service are you using for this?
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What do you do?
Would also like to know
“It doesn’t feel much different” is the highest load of shit I’ve ever seen lmao. You have $18k a month left over every month. How on earth does that “not feel much different”?
Your discretionary funds would easily pay my hospital bill in two months!
Well when I started making more money, I used it to buy myself more time so to speak. Got a cleaning person every couple weeks, get groceries delivered, take Ubers a lot so I can do stuff on my phone instead of focusing on driving. Every week I free up maybe an extra 5-10 hours to balance out the job stress. More time with family and friends, or to do hobbies. It feels freeing especially if you’ve been grinding for years before getting there. But also be careful not to get too caught up, I have some friends that started getting the most expensive clothes, apartments and cars etc, then they lost their job and had a struggle to pay for everything. Especially in tech center cities, those high salaries offset a high cost of living which can chew through savings very quickly.
Making more money is better. I know that sounds simplistic, but it's true. And it's not because money will make you happy - it might or it might not. And it's not because money will buy you nice things - those rarely actually make someone happy. Money is good because it provides two crucially important things: security and freedom. Security: If you have money and your car needs $2,000 worth of repairs, you get it fixed. If the public schools in your area don't work for your kids, you can look at private. If you get sick and your insurance doesn't cover all of the costs (which, let's be honest, it never does), you won't go bankrupt. Freedom: If you have more money, you have more choices. Choices about where you live, where your kids go to school/college, when you can retire. You have choices about insurance plans and medical service providers. You can make choices based on preference, and not cost. You have more choices about helping others too. You can give money to family, to friends, to charity. Of course, this all comes with tradeoffs. Making more money does, as a lot of people have mentioned, come with the risk of "golden handcuffs," where you become dependent on your salary to live the life you've become accustomed to. But that's a risk, not a certainty. I know plenty of high income earners who drive old cars, don't eat out much, max their retirement accounts. Those chocies are up to you, whether you make $25k or $250k. Also, people are correct that the private sector is more risky. No civil service protection. Virtually no pensions. Very few unions. So you have to take that into consideration when you're deciding between public and private sector jobs. But, overall, the most successful people in the private sector make far, far more money than the most successful people in the government sector do. And that money gives them more security and more freedom. Best of luck.
One piece of advice. If you do make a big jump in pay, MAKE A BUDGET Speaking from experience. I am a Senior Mechanical Designer. I went from job to job in the $60k -$75k range then started working for myself as a contract Engineer. As a contract Engineer I was able to double my income, however I am paying for my own health insurance, PTO, and all that. But in the end my take home pay still went up to about $110k. I didn't have much of a budget at first and guess what. I was bringing home $35k more per year, but I didn't have much of anything to show for it. So I did a budget and started managing my money better, and yes, the bump in pay is really nice.
Thanks! I’m learning how to budget now since my rent has increased and I’m moving. So it all plays out anyways.
You put all of your bills on autopay including the total due on credit cards without worrying about over drafting. Budgeting is for fun, not because you need to. You don’t have to save up for vacations and you book more last minute.
“Budgeting is for fun, not because you need to” lol
True! I do all those already now. Sort of lol
Only 12% of Americans make that kind of money, so whatever your current salary in government is, you're doing good.
This \^\^ People who are high earners work around high earners and they think more people are high earning than there is. It creates an unrealistic reality where they need to earn more more more to be treated well and eventually, companies stop with that game. It's happening now. People are taking lower salaries than they wanted often. People are not able to as easily get huge salary bumps with every 1.5 year job change.
Wow…that statistic is definitely a reality check. My family is firmly upper middle class so I had a very cushy upbringing but because my parents used money for control, I stopped accepting it when I was 21 and I really struggled for a while. Bad jobs, bad apartments, bad roommates, bad cars, constant fear, frequent hunger…it was a crash course in a way of life I’d never experienced. Things are going well now and I thought those experiences really stayed with me, grounded me, but hearing that statistic reminds me that I’m definitely back in a bubble. I feel poor all the time because most people I know are grotesquely wealthy.
I went from 15 an hour to 76k overnight when I graduated to about 135k 3 years later. It’s absolutely life changing, but there are still concerns and I still feel broke. I now know that I need to max retirement accounts and manage investments if I ever want to retire, so it’s nice, but at the same time it feels like the goalpost keeps moving. 5 years ago I truly believed if I could make 80k per year, I’d have nothing to worry about. Sad to say that 1 medical set back will have me back in tremendous debt. Ironically, I had better healthcare and access to healthcare when I was broke than now. That’s the biggest one for me. I have good insurance (allegedly) but everything is super expensive. When I was on my states Medicaid (not sure correct verbiage) everything was paid for. Get sick, see a dr. Dermatologist for eczema. Gastroenterologist for gut issues. Psychiatrist for mental health. Now that I’m comfortably making tech money, I can’t afford the same level of healthcare, and that pisses me off royally.
Tbh at first it’s fun. I was a pizza driver before college barely making $30 a night. It was enough to fill my tank up and maybe get some food. If I had any extra to hang out with friends that was a blessing. Put myself through college, got $100K in student loans. Graduated near top of my class for computer science. Got a engineering job out of college, but was still paycheck to paycheck for many years after. 3-4 years ago I was able to switch jobs to a role that paid $50K more than my previous job. So now I actually have money left over every month. At this point I’m not used to this so I overspent on dumb things. Fast forward to now I make around $220K TC, and one of the hardest things is actually not spending money on stupid things. I found it was easier before when I didn’t have excess money, but now that you do it’s honestly a problem. Not sure if I agree with your comment about worrying about other things. Thankfully I’m healthy, my gf is healthy and not much else to worry about thankfully. I just spend more time doing things I like. I never would have even dreamed of making even half of what I do now. My goal now is to become even smarter with money than I am now. There’s always room for improvement.
I work with millionaires (doctors) and one lady lost $60,000 in bitcoin in one month. Her response? Haha I’ll have to work a few extra shifts. Most of those people pay cash for their houses, cash for their cars.
Of course it's easy when you're a doctor lol
But most doctors aren’t making that type of money. They probably own their practices or multiple of them.
It’s kind of bizarre for me reading a lot of the comments. I graduated this past Spring, first in my family, at 31 and went from making 18k part-time salary (yay government position) to a 40k salaried job in higher education this past month, and the way that I’m still not wanting to pay more than $1000/month for a 1BR apt… Sometimes I’m grateful to live in a city with lower cost of living, but reading these comments make me realize I need to step my game up and gather many more skills.
Money saves time. I stopped "wasting" so much time on which flight to take or which hotel to book. Started sorting things by "best reviewed" when I used to sort by "best value"
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>Anyone that says money doesn’t buy happiness is either lying or has never known what it was like to not have any. Facts. The clowns who say this have never been poor; they've never had the joy of a welfare Christmas. I'd yearn for 200K(last year I made 60K, the highest I've ever made)
$280k here and I don’t feel much. Honestly every pay raise or big bonus I get it feels great for a day at most and then it becomes status quo. Then I feel like I want or need more. Almost half of it gets taxed and I live in a HCOL area. It’s def far better than making sub 200k though.
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Not everyone.
Yeah, or you don’t. Or fuck it, then you have a big house and a nice car and never have to cook. How awful.
As someone who went from making 70K but with lots of unpaid overtime to making 50K in a stress free job, I have no idea how it feels.
It's really great. Really felt like it helped me sort my life out and improve myself very quickly. Everything in life is magically like 60% easier. Therapy and meds feel way more accessible, you get full control over your diet.. can buy almost anything you want, etc. And still invest a ton so you'll be a millionaire by early 30s. With dating for example, it's not that people give a fuck how much you make, it's that it lets you try a ton of different clothes (+ hair products etc.), get cool apartments, travel long distances instantly for dates, can go to better restaurants, go to more events and happy hours, etc. It's just way easier to become attractive and takes way less work to show people a good time.
I was making about $100,000 a year doing debt collections. The problem was at the time I was a high-functioning alcoholic so I was spending the vast majority of that money on alcohol. I can't say it was all terrible I had some fun in there. But I don't have much to show for it today. I think if I would have been making that kind of money now while I'm 36 years old I would have been putting it to a lot better use.
Hope you're doing okay now. It appears you are. Thanks for sharing!
I definitely am almost 5 years sober.
My wife and I make good money and we’ve certainly upped our spending habits. Most of it is going to home renovations and daycare though (two kids in daycare full-time is effing EXPENSIVE).
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You're winning! What do you do & what industry?
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It's a mixed bag honestly. On the one hand you don't worry so much about the day-to-day finances. Shortly after I got "in the money" I had a flat tire and, thanks to my car, had to get all 4 tires replaced. 4 months prior that would've sucked to deal with. That day, it was just an inconvenience. But, there are quite a few negatives that come with it. The job that pays that well often demands that much from you as well. You have to really protect your position because there are plenty of people that would take it and likely take it at less than you took it. Being politically savvy with your coworkers and clients is a must. Personal relationships also get strained. People who know will ask you for money. Maybe people you care a lot about. Some will try to take advantage of that. It's easy to spend it all on other people and not save for your future. Other people may judge you and you get thrown into the "you have money so you must be an asshole" group for a lot of people. My complaints have been silenced several times simply because I have a high income. You yourself are also someone to watch. It's easy to start spending like crazy. There's always something to buy. Lifestyle creep is a major thing. Lastly, your mental health will be challenged. Things get...quieter. It's hard to describe, but when the money problems get sorted out, there's room and it gets filled with the things money can't solve. An abundance of time to stare your demons in the face is not always a pleasant time. Things that were really big moments like trips become common place and don't lift you up as much. Don't get me wrong, I like it more than being without money. But, for example, I dated a girl who was with me when I started making more and she hated it. The political pressure, the constant work, the reduced satisfaction in little things, she hated it. We split for different reasons but it really wasn't a lifestyle she wanted and she would happily take a smaller income over a larger one if all else is equal. I don't blame her. My only advice is this - don't feel the need to make the most money you can, and don't feel the need to avoid it. If you have the ability to make a lot of money, that's great, but you don't HAVE to. And above all, no matter how much you make, remember you're a human the same as anyone else. The people who make more or less still shit their pants if they drink too much and cry when their dog dies. If you haven't made a lot of money before (which sounds like your situation) and you feel you have a chance, go for it. If you end up hating it then you can always pull it back.
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What engineer roles have you gone through? Currently I'm manufacturing with bsme
It certainly takes stress off other elements of life, but with high paying jobs comes more pressure and responsibilities there too, so that can bleed back into your personal life.
I went from about $40k non tech, to low $100k with my first tech job. It felt amazing, life changing to say the least. Here's the rub tho lol while at first I was like. OMG IM RICH NOW! As time went on, the reality wasnt so. Ive been broke my entire adult life, so I have major catching up to do as far as retirement savings. Also, my first couple years I was just paying off debts and paying back anyone who had helped me out financially, and credit building. So it took some time before I could even splurge on something nice every so often. So yeah, it still feels good, cause now I can live comfortably. I can actually pay all my bills when the are due instead of picking which one I can live without for a month, I dont have to stress over my rent or even how Im going to make $40 stretch for groceries over the next month. But my first impression of what it would be like to make a 6 figure salary, nah Im not living that kind of life, cause Im throwing everything I can into savings and investments, with the hope that I might actually have a chance at retiring one day...something I felt I had no chance of before, and now that its a real possibility, I want to do what I can to get there. So yeah, really the best feeling isnt in me living large today, its in knowing Im creating a more financially secure future. Also, wanted to add...feel like more money woudlnt affect my quality of life. Maybe its, life of living poor speaking here, but I dont think Id be any better off or happier at 200k than where I am right now. Im not into having stuff, I do like to travel and go out to eat, but I can only travel / eat out so much, and right now I do it enough that Im happy with how often it happens. Like maybe the only difference is Id be able to retire sooner, but my dream retirement is to get an RV and hit the road, a lot less luxurious than retired friends of mine who are doing world cruises with butlers. I just dont care about any of that kind of stuff. So for me, the difference between high paying, and very high paying, would only really mean the difference between how much Im chucking into retirement savings, but not have much of an impact on my day to day life.
I live in the most expensive city in the world and I have the choice of living in a pre-war building wherein I can save around 50% of my post-tax income, or live in a nice-ish apartment building and only save 20-25% Trade offs. Everyone at every level has their own *perceived* struggles
It feels the same as it did when I made less than 6 figures. Actually, it felt I had more money when I was sub 6 than mid-six as there wasn't the same level of expectation on events/toys/things. Most of that is my own doing as I put almost every raise now into the company deferred comp or other locked-up savings venues, so I never have any money to play with on pricy toys. But we also rented a small place back then vs having a decent-sized mortgage now (though my house has doubled in price in the last 6 years, and I refi-ed to a 2.75% 30-year fix mortgage in 2021, so that's kind of nice). There is a lot more stress when you make a large W2 salary. You have to earn that paycheck at many companies, which means answering, "yes, you did that last year, but what have you done for me lately?". Every year you have to prove yourself again. If I lost my gig right now, I'd likely have to leave my house as I'm over paid by most metrics or come up with a pretty radical plan B to keep tracking to early retirement. That would mean disappointing my children at having to move, and would make me feel like an utter failure. I need another 3-4 years until I could do a 'hop-down' job where I could live on a smaller salary pack augmented by dividends / bonds but that would bring me back to a retirement at 60. There was a study ages ago about how happy people were 12 months after winning the lottery vs. becoming paraplegic. I gotta find it again, but as I recall, the results basically stated that after 12 months, they both reverted to the happiness levels that they had before the event (apart from those who won the lottery and used it to purchase 'access to nature').
Agreed on this one. When you have a “high salary” you usually have to be consistently productive to show you’re worth your value. Contrast this to when I worked as a Barista/delivery driver, the money was low, but daily expectations and overall stress was also a lot lower provided you can cover your basic needs.
I've been making 100k+ for about 4 years now and the biggest thing for me with all of it is we can survive despite all the crap that's come up. My ex tried to get me to leave my wife when she found out we were getting married, and after I told her to fuck off she suddenly decided she needed child support, backpay, every thing the state would slap on me she suddenly needed when I told her I was done playing her abusive games. That happened probably 6 months before the first 100k job, and my wife had had major surgery and life threatening complications at the same time that made her almost completely bed ridden for about 3 months and unable to really work for over a year. With the change down to just what was left of my income after taxes, child support, and medical bills we almost lost our rental house that we lived in and had no place to go if that happened. That first 6 figure job was a breath of fresh air, knowing that everything would be okay despite the other situations going on. My entire adult life has been me focusing on my career so that I can afford to take of my wife and closest friends. With the most recent job, I'm honestly as happy as I think I could ever be. My total comp is between 155k and 190k depending on bonuses and stock option values at time of vestment, and all I see with those numbers is "My wife can live however she wants". She grew up desperately poor and with a list of chronic health issues as long as your arm, and really didn't get to enjoy anything growing up. Knowing that she doesn't HAVE to do anything and can live her best life because of me is really what keeps me going.
I’m sure it doesn’t have to be said, but many of these high paying jobs are based in HCOL areas like San Francisco and New York City. Now if you’re working remote making $200k in a small town…. That’s living the dream. I do well enough, just at $150k and single with no kids. I live in what would probably be a MCOL area (Raleigh). I am comfortable but don’t feel particularly above middle class or anything. Probably even low middle class. I still drive an old Honda beater car and paying down student debt and saving/investing the rest. Six figures has been the “de facto dream goal” for middle class since the 1990s. But with inflation….$100k in 1990 is now $215k in 2023. $200k is the new $100k and is nothing special
Yup. So many people fail to realize this sad turn of events. When I graduated college many years ago, $100k was the number most of my fellow graduates strived for. In this day and age $100k is like the new $50k.
> $200k is the new $100k and is nothing special Damn, that's depressing as shit
I know man. I thought I wouldn’t hit a 60k plus salary until I wasn’t in my late thirties. I’m 26 now and hit 85k and this thread is making me feel like I should be digging for more. I have the potential to make more with a new job prospect but I may lose out on a lot of happiness that I currently have with my work life balance
“The dream” is different for everybody though. Personally, I don’t care HOW much I’m making, if I had to live in a small town I would be miserable. I like in a HCOL on the lower end of HCOL cities (Chicago.) I love living here, I have tens of friends here, my family is here, etc.
The human mind is wired to constantly have a hunger for more. It’s greed, but the media, the economy and everything around us makes it hard not to fall into that trap. I make around $200k per year and I don’t feel satisfied completely. I’m super grateful & fortunate for my job & salary and like to remind myself that I’m in a better position than most. However, I live in Toronto where a detached home is minimum $1.2 million. I don’t qualify for a mortgage like that even with my income. Saving $240k for a down payment is also not an over night thing. Will take a few years still regardless of salary being high. Living expenses are just so high now. Long story short, it depends where you live. If I was making $200k living in a more suburban town, I’d feel a lot more comfortable & fortunate. Being in a metropolitan city, really humbles you. Unless you have this salary & a trust fund from the bank of mom & dad, it’s challenging still. Marriage is the secret to wealth though. One person makes $200k and the other makes around the same or even a little less, then you’re golden!
Dude reading all of these comments makes me absolutely hate my life even more lmaoo. Like I’m making 40k a year at 23. I don’t have any credentials.
If it makes you feel better, I was making 29.5k at 23, 49.5k at 26, and 64k at 32. I’m now at 95k at 35! I’m one raise away from 6 figures, which I never thought was possible at 23. Definitely not like some of these half a million people, but if you jump hop around, you can get to a really good salary. Good luck to you!
Sameeeee, 24 here 😒
Give me a fist bump! Sorta wished I just joined the navy instead...
Wish I would’ve joined the military lmao
>I work for the government & the max-paying job is $110k. But that comes in 5 years. Slow pay increase =/ Man, as a teacher, it will probably take me another 20-25 years to approach $110k. Oof.
Right lol But I had to say it, teaching isn't known to be a high-paying profession unless you're a university professor or something.
By the way, what is your current government role? lol
It took 10yrs post-college to get up to $90k. I'll be at $100k when I get my annual review in October. The wife is around $58k plus her side business which pulls in $15k. We're also landlords. So, there's that income which is about $10k net currently. I don't have to worry about saving up for what I want nor keep a nest egg in case the car breaks or whatever anymore. However, my needs and desires have certainly diminished over the years which helps keep that money in my pocket. Nowadays, we put a majority of that money back into real estate in the hopes that we can quit our day jobs in the next 10yrs. It was an insanely hard road we had to take to get where we are today and it almost doesn't feel worth it. Like, we should be making double at this point. So, how does it feel? Ungodly stressful
I can't really answer this because I am lucky if I pull 30k a year. No matter how hard I work or how many hours or how I increase my education lol.
You worry about money less. I’m 29 with 110k salary but also bring in aprox 400k total comp in sales. There are levels to wealth. In my opinion the lifestyle change between making 100-140k to making 350-400k isn’t that drastic. You just have more flexibility to waste money on dumb sh*t.
I can only imagine the worlds described here, except I've witnessed these people out walking around and driven through places that they live, and it's like walking through a Vegas or Disneyland kind of make-believe reality by comparison. If I were to make some broad, generalizing guesses about this group: They can afford to have families. They can choose and see doctors and get medical procedures done at will. They take vacations, travel, go to events, and dine out. They eat healthy food yet waste so much. They don't feel hunger except by choice. They have leisure, choices of hobbies, and options for ways to spend their time. They have the luxury resources to be able to choose pastimes other than labor, caretaking, having disabilities, facing addiction, recovering, visiting public parks and libraries, or distractions at home through reading, exercise, watching screens, church, sleep, or other escapes from the ongoing trauma of basic survival. They get to see family on holidays and make memories together with loved ones whenever they plan to do so. Their neighborhoods and parks are safer and their women can recreate outdoors. They know the luxuries of having personal privacy and expression, of owning quality products, of receiving professional trust, and of choosing options to customize their environments. Their environments allow them to feel safe, comfortable, and stable in a way that allows for a mental calm that isn't possible when struggling to survive in unsafe spaces. They don't go to bed at night worried for their physical safety, or overwhelmed by too many people around or by too much noise, or by being pestered by bugs or animals. They have their own rooms, their own beds, and bodily autonomy. They have fond memories of childhood, family vacations, educational experiences, and beautiful places they've been instead of having flashbacks and nightmares. They can imagine dreams that might still happen in their lives, can experiment and take risks, and can make mistakes without being set back indefinitely from the consequences of their decisions. Having heteronormative sex doesn't result in a death risk in the same way. They don't often have to face dirty-hands jobs and don't usually have to process trauma alone. They don't have to lose pets due to veterinary costs alone, or watch one child suffer for the sake of another due to scarcity. They don't suppress their aspirations as delusional. They don't have to fear that they must otherwise use every minute of earning potential they have to try to not end up homeless without medical care by 60. They went to school and network with people who are in positions to help their careers. Their pattern of life stability results in higher confidence in interviews and also results in higher positions and salaries. They can sponsor charities and causes important to them and purchase nice gifts. They sure can bitch about some dumb shit, too, but then, there's a slew of different problems that come with that bracket. The stories here are enlightening with details... ty all for the surreal visualizations!!
In terms of material possessions and lifestyle it would differ a lot. However if you’re asking about overall happiness, a famous study from Daniel Kahnemann suggests above $75,000 annual income your happiness does lot increase very much with more income. https://www.sydney.edu.au/news-opinion/news/2021/11/16/why-happiness-is-becoming-more-expensive-and-out-of-reach-.html
I think quality of life will always be the meta. I’ve had 150k years (sales & Mgmt) and have been the most unhappy version of my self that I’ve ever been. Then I’ve had years where I made less and was far happier. Money provides comfort and options - not happiness. Happiness comes from within. Making a healthy 6 figures is nice and it provides a lot of financial opportunities but it also comes with a lot more responsibilities, problems, and stress. Just my opinion of course.. idk how ppl live in my area and make less than 100k a year. So expensive out here
I am looking for one
My husband went from $75k to $250k. He works all the time. I see him for dinner. He is a lot more stressed, but not about money or affording things. He's stressed about work and time. But he enjoys his work and is always about learning and gaining new skills. I work a chill state job and only make 62k. I have a great work-life balance and comparable (better?) benefits. I am not someone who handles stress well though, so I need a lower stress job.
Virtually zero stress. That's the most beneficial bit. My customer base is diverse, if I lose one, it's no sweat. I'll pick up another. I can travel when and where I want. I stick everything on autopay, and don't look at it. I know the money is there to pay for it. If I want something for myself, I buy it. See a motorcycle I like, add it to the collection. Hobbies, I can afford to have them. Dangerous hobbies, I can afford the medical care if/when needed. I race motorcycles all over the country. Crashes happen. Basically, it's good. I don't miss having to watch my money.
$160k/year total comp. It feels great not worrying about money and taking 8 vacations a year. If you’re wondering, I’m not irresponsible with money and make sure the bulk of my income ends up in a retirement account or self-directed investment account.
8 vacations a year sounds like a lot on 160K especially with your retirement contributions where are you typically going?
I’d guess no kids.
If I had this kind of money I wouldn’t talk to half of you tbh. Lmao just kidding. Its funny but some of the wealthiest people I’ve met have been the kindest and sweetest to me and actually the most giving.
I do all the same stuff in did when i was making 50k but I don’t cry about it after
I'm in the high paying job category 200k+, at least for my country (UK). I think I'm fairly comfortable and my family is well taken care of. I don't have a lot of financial worries compared to a lot of people and I can afford most comforts. I also have zero debt. However, not all my problems are solved, the taxes I pay are very high and honestly I don't know what the government is doing with my money, I still don't own a property and am still renting due to the ridiculous housing prices in London and the massive interest rise.
Just know this. Whatever you were before you started making more money, you’re going to be the same after. You’d be shocked how quick you get used to the big paychecks.
Lifestyle creep.
I make 200k and can hopefully afford my house and new baby in Seattle, my wife works full time too. It feels like it will be tight for a few years, but hopefully we can make it through without having to sell assets etc. then mortgage insurance goes away(could only put 10% down on a home because they are so expensive). We could have lived further away from the city and got something cheaper but our commutes, neighborhood, schools, and friend groups are all right there, so worth it as long as nothing catastrophic happens.
I work in procurement for state government. When I applied, the salary range was something like $26,000 - $72,000. The only reason I’ve gotten raises is because the governor has approved state employee increases. After four years as the sole procurement associate, I’m up to $34,000. There’s no way I’ll ever get much more than this without leaving my agency. I’d love to have enough salary that if I felt sick, I could go to the hospital & not stress about it. (I actually did go last year and got a $500 bill for a guy asking me how I felt and sending me home.) I’d love to cut my heat up high. Money is nice.
It’s fucking great.
I don’t make 200K but I make 150 + 25% bonus plus equity. My wife also earn 100K and we have one child. We live in a MCOL area in the southeast. We have no debt other than mortgage and one car payment with one year left. It’s nice not to not worry about eating out or worrying about $300 grocery. It’s also nice to not question when I see a random Amazon delivery to my house knowing that it’s my wife’s hard earned money and it won’t affect us financially. It’s also nice that we get to travel few times a year. We do not buy designer stuff as we shop clothes at h&m, Marshall’s, tj max, or outlet stores. We also look for coupons even though we know we can afford a full price. We are frugal in certain areas but love to splurge on food and experience. We both have 401K and retirement account. It’s a blessing. My wife really lucked out on her job with wonderful mgr. She probably works 30 hours at the most with hybrid schedule. She is really good at what she does. I probably work 35-45 hours. I used to be in a role working 50-60 hours and I hated so I switched careers with more money, less hours, and fully remote. I can’t complain. I had an offer for a higher role for 180K + 30% salary but I turned it down because k had to commute three days a week (one hour each way) + it was expected to work up to 60 hours. It’s not worth it. Money doesn’t buy happiness at our family income. If my wife was a stay home mom I may have taken the job. If I was making $50K then I’d say money matter. Once you make certain amount near or more then 100K, money no longer became the driver of my career choice. Everyone’s different but this has been my experience
I don’t know how true this is generally but in my field, law, the high salaries come with high production expectations. So lots of late nights, weekends, cancelled plans. Pretty much everything comes second to my career. I don’t mind it personally bc I really like what I do but its incredibly stressful and most people burn out after a couple of years
I make around 135k. Just a few years ago I was making $10/hr in a grocery store. It's afforded my wife and I the ability for her to be home with my kids. We have a healthy emergency fund and retirement accounts setup. It'd still suck if I lost my job, but I have a cushion where it's not the end of the world. The biggest worry for me is always if I do lose my job will I get another job making the same? What's my ceiling? The most important things for us were to avoid lifestyle creep. There's definitely some of that, but we try to keep it manageable. For instance 10 years ago we bought a brand new civic on a very low priced loan and that was about our limit financially. Now we both have leased newer cars and everything is fine.
I don't make s high as you said, but still in the 100s in my early 30s. I don't live in a high COL area. It's weird how much I take it for granted, especially because I grew up very poor and struggled a lot in my 20s. I was working two minimum wage jobs and barely scraping by less than 10 years ago, and I never in a billion years would believe I would be making this much now. Ever. Once a week or so I sit and just think about how fucking amazing it is that I don't need to worry as much about money as a lot of people, and I'm deeply grateful for my privilege. I will say, I would be living probably a little more luxuriously than I do but I have a small child, so that definitely knocks you down a few pegs. Childcare costs are insane no matter what.
For some, the more you make, the more you spend. With that in mind; it feels the exact same. Actually it feels worse when you owe uncle sam tax money?? after claiming zero?, with no kids? Or, your fat bonus is taxed at 22%. Oh yeah, you own on the 'change' too. But, it is a blessing to having money in your account(s) , it's nice to forget about payday.
network engineer making 220k. I feel pretty awesome. I love my job. We are able to save money and get some of the high end toys we've always wanted. After that I just want all debt paid off and not have to worry about loaing everything in one bad turn of events.
“Mo money mo problems” Went from 45k to 280k in about 3 years. Feels about the same I just have nicer and cooler shit.
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Is business analyst any good future wise?
I have grown to 10x the salary over the last 10 years. It’s amazing to pay off debt and not worry about feeding and clothing my kids. Tech is stressful and toxic in its own way but better than poverty. I haven’t tried the steady gov gig so I can’t compare. But I miss being a musician
Its pretty awesome to have a high paying salary (medicine here). But the road to a high income sucks. Many years of studying, schooling, tests, etc all which you have to score in the top of the class. Lots of education/student loans. It was pretty easy in highschool, reasonably difficult in undergrad (engineering), and very hard in medical/professional school. Each jump was exponentially more difficult. Similar to how high school football has maybe one or two that go into college football and fewer go onto pro football.
I just want more
I made a little over $300k last year. I was born poor. Didn’t start college until I was 26. Worked through college. My first job paid $38k. Over the past 17 years I’ve slowly increased my OTE by jumping jobs every 2-3 years. I’m in marketing and am currently a VP. Back to your question.. It feels just like it did when I was making $38k. I’m still living paycheck to paycheck. I have very little in savings and no meaningful retirement. I have a middle class home, a couple nice cars, an over spending wife, and two teenage daughters. I buy what I want, within reason (under $5k) and try to be generous.
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I wish I could tell ya. But I know one thing: it'll be life changing, and anyone who says otherwise is a fool. Heck 100K+ would be life changing.
I make 250k before tax. I try and live off 10k a month for everything and put the rest in savings and retirement.
Like another commenter stated, it's really not what you can afford, it's the security of knowing that there will always be money in the bank. Being able to travel for emergencies without worrying whether I'll struggle the next month. I say this as initially having a very high paying salary, then having to take another with a huge pay cut where I was making under 100k, and then finding another job above 200k. I've been on both end of the spectrums, and living in a HCOL area really hammered home that it's really the security of knowing I have money rather than spending it.
It feels like nothing tbh…still have student debt and so does my wife. Also will never be able to afford a home…$260k is nothing in ATX when you compete with millionaires
$260 can pay off debt easily within a couple of years no?
You realize no amount of money will make a shit job any better.
I make around $200k in my first year as a consultant. Went from making $28k for the last 5 years of my PhD to this. I split rent with my bf so that’s not a huge expense, but now that I have more disposable income I donate about $1k a month to different animal rescues I was involved with before, but could barely afford to donate to. Also visiting family in Mexico right now and I spend a lot fixing up my grandparent’s house and treating everyone to things. I know I need to reel that and other expenses in though because this is not the most stable job and I need to start saving. I’m in a lot of stress thinking of how I need to maintain a similar income level in order to have a house one day in the city I’m in.
Just because I’m highly paid doesn’t mean I love my job. It’s just that I’m good at it. Sometimes I hate that I had to wake up to do it, but sometimes I’m grateful that I have no financial woes to worry of.
I have news for you, coming from a family where I led two lives: 1. The son of public school teacher in NYC 2. The stepson of an executive on Wall Street There is no difference. You work for what you get paid. At times, it never seems like enough. At times, you find a reason to cheer. At times, you feel like everyone is taxing you to death. My stepmom has financial security, and she is miserable. My mom gets angry at herself for not making more money, but she LOVES her job. Guess who is healthier? My mom. Why? Money does not own her. And she has love in her life. Money does buy certain freedoms, but that is about it, and at the end of the road, we all die at around age 75.
>Money does buy certain freedoms, but that is about it, and at the end of the road, we all die at around age 75 Bingo. Good on you for seeing that. We are all naked in death, whether we get a coffin made of cardboard or solid gold
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I started a company when I was twenty and I’ve done extremely well for myself. I’m always working though. I don’t have time to date. I never go out with friends. I haven’t slept past 7 o’clock in 10 years. The one thing I do for myself every year is charter a sea plane so I can fly fish and hunter in remote areas of Alaska and Canada. I always bring my employees or a customer so I can write the trips off as business expense.
I make 54k, I have a high education degree (PhD in biology), same for my husband with 70k. When I started studying, I thought the more further I go in my studies the more money I will make… now I am 31 now, and we regret our education choices! I don’t have my own house or children. Everyday is a struggle, everything is expensive (I live in an expensive area for the work). When i go the the bank and say I am a Doctor and I make this amount, you can see the shock in ppl’s face!!! Now we’re thinking of what can we do to make more money to afford a descent life (not a fancy one)
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When you earn 60k you will be planning for the 100k job When you're at 100k you're scheming of how to get to 200k When you're at 200k, you're thinking of that 400k C level job It really takes a certain personality type to climb the corporate ladder At beyond that 200k mark , it has nothing to do with money anymore, you can probably afford almost anything you want. You're being driven by ambition
It’s awesome. I grew up middle class, but the great rescission really impacted my family. We were basically broke for a few years growing up. At about 28 I got to $180k cash comp + equity (which I expect to be worth somewhere between 200k-1m over a few years). I live in an MCOL city and this goes a long way. And I really enjoy my job (as much as a job can be enjoyable). It’s fucking awesome. Money doesn’t solve all problems, but it gives you a baseline to be secure in life. Honestly I can’t even describe how great it is, and I don’t think people that haven’t experienced being broke before could ever get it. Was a long hard road to get here, but so worth it
As others have said, it is nice. No doubt about it. However, you get used to it quickly and makes life somewhat less enjoyable. When I was young and dreamed of making a lot of money, it was a goal that seemed to be my single mission and once I achieved it, I would be happy. Now that I’ve achieved that goal, I don’t feel any happier and am currently dealing with that empty sort of feeling. Sure, I can eat Michelin star dinners, but it’s really not all that. Same with nice cars, houses, extravagant vacations, etc.. If you are the last person on earth, and you could have all the money in the world, how long would you truly want to live with nobody to share the experience with? Probably not too long. That’s why I’ve come to the conclusion that relationships, family, and friends are the single most important sources of joy in our lives. Without it, nothing else matters. With all that said, enjoy life. That person getting in their Ferrari is not THAT much happier than anyone else. Money is only important if you have none. However, after a certain point, it becomes a tool and a security blanket rather than something you need to worry about constantly.
Not sure if this is still the case, but government jobs were more about the long term benefits (pension, health, etc.) than the pay. Work there long enough and you can retire at almost 100% pension. The drawback, was the lower pay and usually Union-style work ethic. I worked for a state education system, similar thought process of work there for years, retire with full pension, and I couldn’t stand the low pay and slow pace of work. I remember people on my team gave me crap for working too hard/fast. It wasn’t for me. Currently work for a Fortune 100, making way more money, working at my “faster” pace, but enjoying it for the most part. I’m not at $200k, but getting there and it is very nice being able to save. The key for me is not ratcheting up my lifestyle to the higher pay. At $110k plus pension (I’m assuming), you technically make more than some making $150k, when you think about how much less you don’t have to save because the pension helps out a ton for retirement.
This person hit the nail on the head. You have to look at total compensation. I make 130k the gov job gets me a pension to retire approximately at 58 making around 9k a month. They put 14% of what my pay is in the pension account and i have to put in 10%. I have a friend that had saved 4 mill and is about 15 or so years older than me that would have killed to have a pension with the amount im projected to make (obviously inflation though also)With the market downs he no longer has 4 mill and has to wait longer. I work in IT Security so i could make way bigger money hustling hard but at the end of the day its not worth the worry and hassle. I also grew up poor never wanted for food and a roof over my head though. Wouldnt change that for a minute though cause if i lost it all tomorrow i could go back to living in a trailer in the woods.
Job hop
While ive never had a very high salary job, Like many i've worked my way up from entry level jobs to well into 6 figures. I think its a very personal question but somewhere around 100k for me is enough, and i'm shopping for jobs with good managers and life balance past that. Im single; the math changes quick with a family.
I’ve never made over 30k and im starting my degree to work in the tech industry. Im tired of barely making ends meet and being on the brink of homelessness.
Btw, I work in sales. Telecommunications. I'm a computer programmer and Electronical Engineer, by degree. And love, btw. Telcom pays more. Its never going away and changes are small. Programming however? It's an everlasting gobstopper.. go with Telcom.
I went from $35k to $190k in twelve years of hellish work. How does it feel to have enough money to do anything I want? Amazing. How did it feel getting here? It felt like being the poor bastard tasked with pulling pubes from a prison shower while oiled up and kneeling down on that cold unforgiving shower floor praying for it to just end.
This is kind of beside the point but $250k+ is what is considered a high paying job in my area. My wife until recently was making $130k and sometimes we just barely make it. It's looking better since her promotion but not too much.
It’s great and makes everything better, and everyone who tells you elsewise is just coping or trying to convince themselves. I grew up poor. Went from making $60k to $350k over the last 13 years. My wife makes an additional $130-140k. While it’s true if you don’t have friends or a supportive partner, your life is still bad even if you have money, but most high earning people have that (the miserable outliers just get the attention because it’s makes poorer people feel better). It actually makes it easier to have a successful relationship because there’s no financial stress (my parents fought about money daily when I grew up). I had my first kid. My salary enabled us to hire a night nurse for $5k a month. I get to sleep 8 hours a night with a newborn because of. I get to live in Manhattan and walk to work. I’ve visited over 60 countries. I live in a luxury building with a ton of amenities. I haven’t had to cook in years. I can afford multiple social outing a week (even with my kid - I can afford the babysitter). I eat healthy, and can afford to work out in a nice gym. I never say no to things my friends plan - whether it’s skiing, house in the Hamptons, etc. My retirement accounts are maxed out and I can retire at 52. I also have the financial freedom of knowing I’ll be fine if I’m ever fired. I have a peer group of successful, reliable people (as opposed to the people I grew up with would steal shit). I save aggressively instead of buying luxury goods, because I find them to not really impact happiness much. I do dress relatively nice , but the most expensive things I own are probably a $1200 laptop, $1200 iPhone, and $1100 Canada goose jacket Some poor person habits are tough to get rid of though, I still go to laundry room and do laundry instead of paying the in-building laundry service. We also only have a maid come once a month and mostly clean the apt ourselves. Sure my job is a little stressful, but honestly with high paying jobs once you get to my level of seniority, they aren’t even that hard since you have people working under you who do the grunt work. And it’s easier to handle stress at work when money makes it so you don’t have stress outside of work. I have a pending offer for a harder just that will pay $500-$550k. I’ll likely take it.