???

What I consider High Income are those who make more than me!.
The more you make the more you spend. It always feel inadequate, no matter how much you make.
It's all relative!

$80,000-100,000 is plenty enough to live a comfortable life. Anything more than that is nice, but you're living in excess at that point (unless you have many dependents to support).

I misread it the first time, a family of 2, I would say high income would be $100k+ per person in a family with 2 working parents. That would be enough for a nice house, decent education, and very little debt. Any less than that, they chances are you are probably still financing long term loans such as cars and houses. We do about $75k between me and my wife, and we struggle to get by, I would imagine at double that, we would be comfortable.

Originally posted by lex400sc
$80,000-100,000 is plenty enough to live a comfortable life. Anything more than that is nice, but you're living in excess at that point (unless you have many dependents to support).

a comfortable life is a life without debt.

Whats interesting is that no one has picked the choice that the Democratic party considers High income for a family of 4. hint. its not above $100,000 per year.

haha, yeah, if you can afford to eat, you are making too much, and they must take that away and put you on a program, you must be working too hard if you have that much money. Heaven forbid you don't have to rely on the government to get by.

Originally posted by EmeraldLexuSC3
The more you make the more you spend. It always feel inadequate, no matter how much you make.

Exactly, there are people who made millions and then went bankrupt because they just blew their money.

Originally posted by EmeraldLexuSC3
It's all relative!

Exactly, it depends on the person's wants. Some people can live on a very small income because they don't mind driving a beater, living in a one-bedroom apartment, wearing clothes from Salvation Army. Others feel they are poor even though they earn $150k because they feel the need to have very expensive cars and homes, the most expensive clothes, very expensive jewelry, etc.

VISA
"its what puts food on your plate"

Pay each meal off monthly

It also depends on your location's cost of living. $100k would go a long way in some midwest area but in places like CA and NY, it would not go as far.

100k jobs are all over the place these days. 10-15 years ago it was a big deal.

Looking at housing, cars, taking care of a family and setting up a future, 100k between parents isn't much.

its hard to say, my mom makes prob 50-60k year a year, and she works prob 8-9 months out of the year, and my father is disabled and doesn't make jack from social security, and the steelworkers pension is a joke. She does well with what they make, i wish she made more though. She def doesn't spend much and my sister is getting ready to start college. That means i gotta get DONE with college SOON, so i can help her i suppose.

I was referring to $80,000-100,000 as a single income being "high". It takes about that much money as a joint household income to raise a healthy family, around here anyway.

Originally posted by lex400sc
I was referring to $80,000-100,000 as a single income being "high". It takes about that much money as a joint household income to raise a healthy family, around here anyway.

and those same familys are the same ones that are in debt up to their eyes.

You can raise a healthy family so long as you can afford the monthly payments to VISA and Mastercard.

I find it remarkable that you think $80,000-100,000 is really "High" income...

Rough numbers


$90,000 income

After taxes say $5000 CASH every month

$1800 out to a home
$400 in utilities (gas,water, electric, cable, phone)
$700 for 2 cars and insurance
$200 for gas for the cars
$400 for food for a family of 4
$200 for entertainment
$300 for cloths and various other items a family would need

Around $4000 there for a family of 4 to live decent around here anyways

NOW if you have credit card debt etc, you don’t have much left over at the end of the month.
Now think about putting away money for 2 college funds and retirement, let alone any personal savings…..

This is by no means high income. This type of living may be comofortable, more comfortable then say an income of 50-60k, but it is no way “high income”

High Income is a relative number based on your expenses. The real question is one of wealth as income is a temporary measure of achievement that can change dramatically due to various factors. However wealth is a statement of long term. So the real question is; What is High Wealth? The answer is when you realize that the more you have the more someone wants to take it from you and the more you need to protect it for your future generations.

Murph

Originally posted by jpa2400
$1800 out to a home
Depends where you are in CA and how long ago the home was bought. ;) Otherwise a family buying a home now would be hardpressed to get that kind of mortgage in a well-established area.

I think most Americans consider 100k High income. Though for a family of 4, nowadays, the avg. family may need more.

Though it also means how much u spend and owe. A family making 50k can be better off a family making 100k due to continuous debt and purchasing. THough this is rare. THE MORE PEOPLE MAKE THE MORE THEY SPEND. Only few have focus and commitment to financial freedom. Seems everyone keeps up with the Joneses conciously or subconciously. JPA2400, for instance no where is savings, retirement, stocks/bonds, IRA even in there.












Or bugs like Lexus modding:D

Originally posted by 1SICKLEX
I think most Americans consider 100k High income. Though for a family of 4, nowadays, the avg. family may need more.

Though it also means how much u spend and owe. A family making 50k can be better off a family making 100k due to continuous debt and purchasing. THough this is rare. THE MORE PEOPLE MAKE THE MORE THEY SPEND. Only few have focus and commitment to financial freedom. Seems everyone keeps up with the Joneses conciously or subconciously. JPA2400, for instance no where is savings, retirement, stocks/bonds, IRA even in there.

Of course most Americans consider 100k high income when you consider that the average income for a family of 4 is slightly over $35,000.00 per year. Is that the model we want to set for our children though? I want my kids to grow up knowing what they want to be and realizing how much money comes along with it.

I always wanted to be my own boss and have a corporation with thousands of employees. I didn't set my goal based on wanting to be a millionaire, but I did understand that the money would follow the title.

I consider high income the amount of money it would take to purchase the things you want and need without debt and still have enough left over to retire at 45.

I'll be retiring much sooner than that though.


A family making 50k can be better off a family making 100k due to continuous debt and purchasing.

This statement is a bell curve statement.. Of course you will have a few families that make less but are financially more responsible.

Originally posted by 2Lexus430s
I consider high income the amount of money it would take to purchase the things you want and need without debt and still have enough left over to retire at 45.

I'll be retiring much sooner than that though.

Congrats. And what will you do when you retire before 45? I doubt I can retire at 45 but I hope to be able to throttle back to a less demanding job (Starbucks anyone? haha).

"JPA2400, for instance no where is savings, retirement, stocks/bonds, IRA even in there. "

I was just listing what it takes to live"

"NOW if you have credit card debt etc, you don’t have much left over at the end of the month.
Now think about putting away money for 2 college funds and retirement, let alone any personal savings….."


Add that to your total cost of living and there is nothing left over at the end of the month. 90k for a family of 4 is no where near "high" income. But I see that you agree :)

Originally posted by bitkahuna
Congrats. And what will you do when you retire before 45? I doubt I can retire at 45 but I hope to be able to throttle back to a less demanding job (Starbucks anyone? haha).

Well, I just plan on maintaining the Chairman position of my company, but not an active partner in the company.

I enjoy investing money in good ideas that people come to me with. I have many younger people who are trying to start small business' but lack the means and startup capital to do so. I have invested in almost 20 small business in this town, about 4 of them have capsized, but the others are doing well. I think that my goal after retirement is to help other reach their goal through smart business planning and implimentation.

"I enjoy investing money in good ideas that people come to me with. I have many younger people who are trying to start small business' but lack the means and startup capital to do so. I have invested in almost 20 small business in this town, about 4 of them have capsized, but the others are doing well. I think that my goal after retirement is to help other reach their goal through smart business planning and implimentation"

It is fun to coach, and even more fun when your a VC for the people and your seeing returns :)

wish i had the balls to try a company, or a small business and see what would happen. So many different routes a person can go. My degree in school isn't business, but sometimes i wish it could have been, but a degree doesn't mean i couldn't run one either...Sucks feeling like i am 24 and SOL sometimes, but thats a whole other thread. Really wish i could have that path and hit it wide open,dammit i wanna be successful.!! :)

Originally posted by fireballs gs400
wish i had the balls to try a company, or a small business and see what would happen. So many different routes a person can go. My degree in school isn't business, but sometimes i wish it could have been, but a degree doesn't mean i couldn't run one either...Sucks feeling like i am 24 and SOL sometimes, but thats a whole other thread. Really wish i could have that path and hit it wide open,dammit i wanna be successful.!! :)

1st. Look around your town and come up with the idea of a need that isn't being met
2nd. Look at your demograph and make sure the need will be taken in.
3rd. Location Location Location
4th. Inspire people to embrace this need.
5th. Make a plan that people will easily understand and choose to follow
6th. Find someone willing to invest in the idea, not because it will help you, but because you plan on making THEM money.
7th. Remember ALWAYS that everything in life in a business plan and should be treated as such.
8th. Form a busines structure and plan based on MORE THAN JUST YOUR ideas.. Group input.

Anyone can be successful so long as you understand whats against you and develope a means to overcome it.