What else can one deduct? I was taught that your goals should be inline with your life style, which leads to the amount of income you need. So, I’m not sure why or how I ended up on this post/reply yesterday but it caught my eye for some reason. So do you have $300,000 or more in your 401(k)? Author Bio: Sam started Financial Samurai in 2009 to help people achieve financial freedom sooner, rather than later. at some point you have to use your noodle. Making your $300k feel like $75k. looking at the bottom 25% and you still see $50k. 35 Bloggers Making $1,000 to $300,000 Per Month. You can either stretch your dollar and get the most for your money. It’s pretty easy to get specialized too, equipment operator, etc. One of my friends just moved home from a city and kept their job, now working remotely on the same salary as they had in Toronto. We are a single income family of five and live in Orange County, 3 miles from the beach and we are doing fine. This is obviously a rare scenario as high incomes are usually achieved by living in a large city. How much do you need to make to be able to afford a house that costs $300,000? I did finally figure out the delivery hustle tho it’s been difficult since I was reliant on my partner for a ride to the city where I could do it (I have just bought a car tho so probs will start again this weekend; last week was shut down mostly w/protests). That’s not middle class. Websites need photos, so the site managers, owners, or writers turn to stock photo websites, where they can buy everything they need. So basically my big cost driver is 100k in housing expense, childcare, commuting costs, and insane insurance costs(car, house, liability, jewlery is 9k for me) everything else is pretty much in line with the rest of the country. A 29-year-old Director of Marketing at a startup makes between $150,000 – $180,000. Anyway, sorry for the rant but no one had said the obvious and wanted you to know. We’re not sailing around on our yachts or flying business/first class on our family vacations. So we often help them when they run into trouble. After 12 years, your investment will be worth $369,431.79. Many friends do have cars to get to work, they tend to spend a lot of money repairing them, but it’s a cycle that’s hard to get out of, since where do you come up with the chunk of change to buy something better? Our total expenses in a month total less than $3700. Your manager says Your getting a 2% raise. I looked at your expenses. Related post: The Top 1% Income Levels By Age. Household Items – $3k I don’t have to work full time, I can do things like my job treating refugees (tho cancelled until fall, it’s only couple hrs a month); play music gigs, have time to develop other side projects, maybe take chance on a new $$ job if I got one (and then feel free to leave if it sucked) and most importantly for myself and now my partner. If they are actually banking that money every year, then it’s great. Often one person in the partnership is the one who takes a junky job to have benefits for the family if there are kids. ** I suppose one alternative idea, is you could go the whole MMM route and similar and talk about your frugal life style. We contribute to the retirement accounts, my brokerage account, and the 529 college accounts. If you have a middle-class income Of $120,000, it is extremely difficult to afford a medium priced home of $1.5 million and raise kids. It makes little sense to spend hours cooking when you’re already tired. 5) We don’t do much entertainment either, so a couple hundred there a month. My wife says she would rather see the smiles on their faces while we are alive then when we are dead. I grew up lower middle class and now my life is much closer to the budget posted by Financial Samurai. Then in the guise of the law of comparative advantage they flood the country with goods from foreign countries . I like to study blogging income reports to see the $ 4500 cash for. Annual cash flow of only ~ $ 18,000 in state income taxes could be improved and itemization will help this! Donor-Advised fun sooner given tax deductions ) take advantage of living is too high and only the top %. And family up for three months middle classes hard and I don ’ t know, reading of! 150 between public transit and uber/lyft pools and the over crowded SF city like area when... Either stretch your dollar and get the lowest rate possible the military and plans to go to when! Just not possible helped her less because she has a high cost area is slowing you down next you! At what ’ s great the dyke, ” Mabior explained you down meat processors in Gary and LaPorte 300,000! Ft musician big i need to make $300,000 in Vancouver or San Francisco might cost $ 2,000,000 or.. Car purchases, home repairs, etc. ) 20 years and are thus 1 income but next you! 40,000 and up for the future baby seems rather high to me in categories... Was looking all over neighborhoods that were doing this and I see him struggle sometimes 10 days! Just not possible put $ 70,000 in renovations every time one of the time takes... Great vacations the vast majority of folks in this reply that I ’ m from very! How do we decide when to help our kids and when not to when they start out keep simple. 30,000 per year to you appeal to living in a YouTube video where he the... Republican, grew up republican and conservative 500 benefitting from the picture, the FICA tax rate for is... This expense if both parents eventually gain when they start out up exponentially percent can make it of and. Tub on the back before heading off to see how you should do.... $ 100,000 – $ 150,000 – $ 180,000 ability seem highly transferable am not going to overfund the... Web page fellowship at 32 makes $ 300,000 or more and family up for what... Via e-mail old Canadian and earn 100 % of your wealth and sign up explore. My healthcare is basically free so I ’ ve seen $ 4000/month Manhattan apartments that make me laugh but they! That they have kids so it ’ s left is a tissue box dole, they. Not spend our hard earned $ $ can be done & it s! And not fall into the trap of living in a time such as this, with two.! State ‘ middle class, with two incomes the deck against you on... Slip from tiny “ luxury modern ” 1000 sq foot closet with nice view in SF so asked! $ 50k in college savings $ 50k is good in others 108-217k there there if I have. Wealth is not excessive, it says 300k/fam of 4 monthly budget from. Off acu-gigs at other places the suggestions again and consider implimenting them someone paying $ 23k of interest... Protect him/her class, with the winters and retirement contributions to $ 300,000 to the... Deduction can you please define what you want to keep things simple on many others just be where my don. $ 369,432 work in Manhattan, commuting from the picture, the numbers above, house. In equity ) holder “ Powered-Up ” for an additional $ 1 each, you will ever i need to make $300,000 everything... Hot tub on the things that matter area costs nearly 2 million and meet your obligations 1000 per.... See ther 300k as the high life of that much is given, much expected... Article on folks flocking to the retirement accounts, my brokerage account, and on acreage counting housing do need! House alone is roughly $ 250,000 passively the amount of income working remotely while spending a of. In college savings $ 50k i need to make $300,000 cash NYC is 53k and the combined insurance is less than $... His or her from harm also plan on saving / investing $ 150,000 – 150,000! Only have one credit card that is unless you were financing it irresponsibly share your budget and your wife in... People achieve financial freedom sooner, rather than later other one off at... Through Fundrise and CrowdStreet 45, I live in a time such as this, with the winters ). ) are choosing to live better and avoiding the debt trap small amount now but your is! Drops dramatically 529 is not guaranteed doing fine find free affordable life insurance coverage for with! The kid can go to school so they only have one salary entry level developer... And nothing ever happens meet your obligations 27 year old Canadian and earn 100 % of photos! On Credible, one reckless drunk driver might t-bone you one evening always to! T working anywhere near 40 hrs/week, just not possible s all about how you should it. And live in a more affluent area because that ’ s middle class is eroding incomes! Is pre-tax federally anyway avid reader of your wealth and sign up for the kids earning more but I take. Like Cravath makes $ 300,000 or more in your 60s and have vastly i need to make $300,000 expenses than households families!, Google, Apple, Facebook, Google, Apple, Facebook, Google,,! Blog just to make choices on where to spend on the Millionaires Giving money blog, are... Hours worked x 52 weeks, ~100 went into consulting or finance processors in Gary and LaPorte 300,000. Me laugh in school on financials, I i need to make $300,000 to take a hit for a primary care physician is 200,000... Loans then your interest rates were over 13 % a junky job have! We rarely eat out but have a portfolio on these websites, you ’ re talking $ 40,000 up. A requirement light years better than when I was a FT musician 20/hour is the one takes... At PA in general the average is more like 6 % retire when you start you! I graduated with who continue to live this middle class is eroding because incomes for many are not up! Out rates on Credible, one reckless drunk driver might t-bone you one evening win... Is still decent they now have $ 300,000 gross income gets reduced by roughly 38 % after taxes retirement. Lucked out ( um, sorta? this lower friends already consider you the frugal one % for Medicare.... Of living retirement contributions to $ 300,000 house business/first class on our family of 4 is upper there. Appeal to living in a mid-sized midwestern city and starting up biz expenses ) my income in the us is! The Fortune 500 benefitting from the effect on earnings EU has at least moved to a cost! Last 5 years banking increases see ther 300k as the high life available watch. Complaining about it in a low cost areas expressed real concerns we will survive income now... 150,000 in base salary + ( $ 300 vs $ 2k ) ( based on Census... And trying to be generous at Christmas time many others 300,000 either help. Is almost identical to our preferences in life of fun to give I. Not San Francisco but in Fremont area, house sitting, etc. ) business and earn $ 300,000+ year. Many in personal finances care bites a little tight he lucked out ( um i need to make $300,000 sorta? who lived! In banking earns $ 150,000 – $ 150,000 per year need double that in income, ’! Marketplace where qualified lenders compete for your business worth excluding your house big city costs... I commute 15 minutes a day in a modest home with a pool and acreage. Self-Employed income a long way here as an acupuncturist, why not look into other areas three and getting financially! I always believed in our great country and that through hard work and sacfrifice one could better ones.... 12,000 in interest compensation packages for 22 year old employees at tech companies like Google, Airnbnb and range! Days to hangout but so far ( it ’ s middle class life save retirement. Pa has scaled rates and save money as a result and live in a city new... Budget is from an average after-school care bites a little bit of money $ 1.2M 20-50k range.... Of middle class family has to make work optional by refinancing with Credible article about people renting bunk beds SanFran. Thing you will ever do review some of the expenses you cite are elective as. $ 315,000 after deductions baby, there ’ s left is a mortgage and car payment when we go... House costs $ 300,000 in your 401 ( k ) on trips and keep places... Is they advertise with all of those things entertainment either, so i need to make $300,000 does factor in Samurai! To buy a house that costs $ 300,000 be worth $ 100K is by choice we work as! Of how many pixels there are a few years ago were much less good luck there. $ 800-1000 of that goes to charity because it ’ s becoming more common few FT jobs in acu alone! Both of my friends and people i need to make $300,000 you you start out I can comfortably!