How do people afford to live?

[Mystery Man]

What they found is that above a certain income level (depending on size of family), more money indeed does not buy more happiness. It doesn't even buy a feeling of more security, since the majority of people making that money are still in debt up to their eyeballs.

Because the things you own end up owning you.

 

[Desdichado]

This article says that in the Northeast, to live a good life with high quality stuff (basically, to be a Yuppie), your family of four needs to make at least $211,000 a year.

http://moneycentral.msn.com/content/invest/forbes/P121206.asp?GT1=6584

Now sure, I just graduated from college last year with an English degree, so it's not like I expect to be rich yet, and sure, the article is from Forbes so it might carry an air of unnecessarily high conceptions of wealth, but even the best jobs I'm seeing that someone with an undergraduate degree could get are around $40,000 a year. Me, I'm working 20 hours a week and will likely get about $12,000 a year, plus however much I make from E.N. Publishing and other writing work.

I'm guessing that both parents work, so that means $105,500 a year per parent. Or, if we say a 40 hour work week and 52 weeks a year, that's $50 an hour.

What I want to know is, where can I find a job like that? *grin*

Yuppies don't have college degrees, they have MBAs. An MBA husband and wife, here in Detroit, at least, which is actually a relatively high income locale, can start right out of college pulling down $150,000 between the two of them, and with a five years, and some ambition, can fairly easily be making over 2 grand.

But I agree that the Yuppie lifestyle is probably overstated. I only make $85k, my wife doesn't work, and we still do fairly well for ourselves, all things considered.

 

[Wulf Ratbane]

This is why my long-term plan includes moving to western North Dakota. Inexpensive, secluded, and the perfect place for hermit-types like me. I'd much rather structure my life around living 50-100 miles from a city than being in the middle of a city. If I had my way I wouldn't leave my place more than once a month.

It's a shame we're both already spoken for, Phil, we could have a wonderful life together.

 

[GlassJaw]

The point is that money doesn't buy happiness, but poverty buys a lot of unhappiness.

So true. My dad always says money isn't everything, but it sure does help.

Because the things you own end up owning you.

The one who dies with the most toys wins.

It's a shame we're both already spoken for, Phil, we could have a wonderful life together.

Yikes.

 

[Henry]

Down to a certain point, you can live on what you HAVE to live on, like Bloodstone Press says. I and my wife together make FAR less than 100,000 a year, and we do pretty well, when we're not screwing up with exhorbitant debt. If I had kids, there are two lessons that I would hammer into their heads time and time again -- (1)be a good person and (2) beware debt.

 

[DaveMage]

But I sound bad, women are the greatest creation on earth.

Even better than cookie dough ice cream?!?!?!?

I don't know about that....

 

[Mystery Man]

Down to a certain point, you can live on what you HAVE to live on, like Bloodstone Press says. I and my wife together make FAR less than 100,000 a year, and we do pretty well, when we're not screwing up with exhorbitant debt. If I had kids, there are two lessons that I would hammer into their heads time and time again -- (1)be a good person and (2) beware debt.

I'm hammering this into my sons brain at 10 years old. Teaching him to be practical with his money. All that good stuff. I use myself as an example on what not to do.

 

[Eosin the Red]

I don't think it is actually that hard to bring in $50.00 an hour or at least close to it. I am an RN and pull down a salary within that range. We are a one family income because raising my kids right is important to both me and the wife. Together we manage three children and a nice house (in Oklahoma that is actually affordable) but we try not to live beyond our means. We only have on car, we avoid credit debt like the plague, and we don't go nuts with entertainment (i.e. basic cable, one phone, one game console, a modest computer, no more than one night a week eating out, etc...). I think the key is deciding what is important to you and then cutting back on the love of money to fit your life around the "must haves" instead of the "cool toys."

 

[Kanegrundar]

My fiancee and I make well less than 200K a year by only making around 60K between the two of us. We own our home, have 2 nice Saturns to drive, and a dog. She's going to college to get her Masters in Education and we have some debt on top of that. However, we live just fine. There are times when we have to tighten our belts, but most of the time we have plenty of money to go out to eat or go to a movie. The very idea of owning a vacation home is idiotic. That's rich, plain and simple. We're looking for a new home, and while we can figure on getting a loan for 150K, unless we get away from KC, we're not going to be able to buy much and that means no second home.

The way I've always looked at it, as long as I can afford a roof over my head, clothes on my back, food in my stomach, bills paid, and still have a little money to go out or spend on my hobbies, then I'm living very well.

Kane

 

[Wystan]

I live 10 Minutes from NY City, in NJ. I can tell you that houses here are NUTS...1 family 2 bedroom houses break 200k Easily. In Upstate NY as well...