Do you agree that in these times, in order to live well, one must earn at least $80,000 per year
individually and for a family of 3 to 5 members on average, one must earn at least $125,000 per year?
It's true the cost of living has gone up disproportionally to earnings over the last few decades, generally speaking for the average family, say parents and 2 kids. Your figure may be a little high for 'living well' but each country will have different averages.
I can hardly believe my father was the sole wage earner for near on 40 years, renting a large house, running a fair sized car and keeping a family of 6 clothed and fed. And we had holidays and a decent level of education.
That would be impossible nowadays.
If you are implying everywhere in the USA that is insane. I live well on $42,000 a year in a family of 5. I have to wonder what you mean by living well. I understand in some cities our income is nothing, but in others we are almost double the average. Please explain what you mean by well.
Living well mreans not worrying about the basics and being able to do what one wishes ss money isn't an object. It also means having savings & investments.
In that case I disagree and think it depends on the area a person lives in because I am doing all of that.
Again, as I said in my question earlier, this is all about perspective. Many families can live well AND reach their financial goals on far less than 80k or even 60k. Simply repeating your unproven premise does not make everyone agree, GM.
Well answered. I agree with you. I hope one can live well and save something within this much.
My family of 4 has lived (in the US) on $25k a year for the past 3 years. We have not been on any kind of government assistance during that entire time. We don't own a car, but we don't need one in the city we live in. We eat organic foods, we have a savings built up, we live in a nice apartment in a nice part of town, etc.. For many people, it doesn't matter how much money they make, they'll never have "enough" to live well off of. While I could imagine having more money, it's not something I need. My family and I do well with what we have, because we're frugal and we don't waste money on things we don't need.
I may sense difficulty if one has to pay rent and live within that much income. Owning a house apart from that income is necessary for your range of income to feed 4.
NO ONE can live well on $25K per year. NO WAY! In order to live somewhat decently, one's salary at the lower point has to be $50K per annum.
Well, my family and I live pretty well. Considering the average in my area is $18,000 a year, we're actually doing fairly well.
I know that I am going to get dinged with down votes or evil wishes but I would feel most comfortable earning, after taxes, $125,000 or more annually. There are a variety of factors that affect how much or how little one has to show for their earnings. I do not live in any of the major metro areas but know that I would be able to travel more often, donate more generously, save much more and save much more rapidly, etc. I choose not to have children and if I did, I would make sure I have at least six figures dedicated to that child's expenses before I brought one into my life.
I typically avoid saying this because too many people that I come into contact with at school or anywhere else believe that if they can get a job earning $20,000 or $40,000 a year that they will be, in their words, "all set" or "just fine" and many of them think I "want too much." I wonder why they want so little as they scramble to pay bills and care for multiple children, often out of wedlock. I feel the opposite way towards them but this is AMERICA and we are free to do or believe what we wish.
To each his/her own, but to be truly comfortable, I need the financial freedom of a minimum of six figures for myself and am working towards that. Eighty thousand is a good figure for an individual living in many areas of the country and $125,000 for smaller families in certain areas may work. But, when it comes to money, more is always better. Let my down votes begin...
Now, THAT'S what I am talking about. A realistic answer!
Thanks, I'm optimistic but I'm also a realist. Life costs a lot of money.
Yes. if one wants a cultivated life, it DOES cost money; however, if one has a poverty consciousness, one is well content to living at a five-figure level. Six figures is the minimum for a good quality of life!
I will not work until I die or live on less than I earned while working, requiring a lot of saving, investing + income. If one's earning $30K annually now, are they saving another $30K annually for retirement? Heck no for the overwhelming majority.
We are not free to do as we wish. If we were it would be a big problem for society as it would be chaos. That is why we have laws, to put boundaries on what we can do.
That is understood without having to be stated but there is chaos in society. In this context however, we are free to do as we wish whether we choose to plan and work towards our tomorrows, provide only for today or some measure of both.
I am not sure why you expected so many down votes. Your answer was honest and realistic. The fact is that the more money you have, the easier it is to live. The issue can come into play, when you are seeking more money for the sake of status.
Of course the more money, the easier it is to live decently. Wealthy people have no financial worries while the poor......DO. Smart people aim to be wealthy, there is no glory in being poor. WEALTH is GREAT/GOOD!
CoriHolder, large numbers of people are content to struggle financially & want others to do the same. Some will attack you for working towards or having more than them financially. Money is a tool & a resource to provide a better life & h
It is a true fact that money is never is never.The more you have it the more your needs sky rocket.on real life there are many who might be eathing less than $80,000 per month and a managing well. It all depends with one's nreds.$80.000 is a good sum
No, it really depends on where one chooses to live and their wants.
I know people for example who live in places like Jackson, TN where a single person earning $80k per year could practically live like a King or Queen. I imagine they'd have several acres of land.
Another couple I knew who lived in San Clemente, CA chose to sell their small two bedroom home which they'd purchased for $150k. They sold it for over $700k and moved to a rural area about an hour outside of St. Louis. They bought a large farmhouse that sits on 31 acres and it has it's own creek for less than $90k cash.
Between what they have left over and his $5k per month pension they retired in their mid 50s. Neither him or his wife had college degrees and they raised two sons.
To live well requires good planning, discipline, and the willingness to go where one's money will stretch the furthest. I've known single people earning $100k per year who live paycheck to paycheck. If one lives in LA, New York City, San Francisco, or Miami it's not hard to burn through some cash chasing after a certain lifestyle . For example $300k buys a 500-600 square foot 1 bedroom condo in Dana Point, CA.
However one hour outside of Chicago you could purchase a 4000sf home in a nice quiet suburban area for that much!
A family of 4 could live decently on $50k per year in states like (MS, AL, TN, AR, OK, KY) just to name a few.
One's individual taste and "must haves" also play a factor in much money they need to feel comfortable or happy.
Believe it or not a lot of folks would rather struggle financially in places like LA, NYC, Chicago, and Miami than to relocate to some place like Kansas or Wyoming. LOL!
I would say that it depends on where you live, but the higher you make the better of you will be. The American and even the world economy has changed. Since inflation and market rates for various expenditures has changed, it means that each individual and family must have a higher income. This is so the person or persons can offset the costs that comes with living. The cost of living is steadily increasing year after year, which means it will call for a higher income. I don't know if I would set $80,000 as the minimum requirement for living well, but it certainly helps you. Now, the poverty line at least in America is I believe $25,000 and below. The fact is, that same salary 30 years ago was acceptable to live on.
Now, just to make ends meet you will need a salary about twice that much if not more. Again, it can depend on your area or state, but overall, taxes continue to increase, the cost of goods continues to skyrocket, which means you need to have enough to live on, and also have enough for retirement. Since the market and life has changed, it means we as consumers must adjust.
Totally agree. The higher the annual income, THE BETTER!
I agree. Costs will always rise, the challenge is to stay ahead, preferably far ahead. Some get angry when they see that others are far ahead financially and take their anger and frustrations out on them.
Definitely! There is SUCH MANY HATRED & ENVY of the wealthier classes, SAD REALLY!
I have always found it beneficial for me to talk to them as well observe and learn from them if we don't know one another. There is so much information available to improve one's financial situation, getting it from the "horse's mouth" is priceless.
I believe that everything is relative. It depends on the person or persons as to what is important to them. Me, personally, I have enjoyed the 6 figure income, but I found that money after a certain age is just to be used as a tool. I don't 'hunt' money anymore, I used to pursue money in the form of investments and property, but the emotional strain of juggling all the financial irons in the fire, plus raising 3 children, working and going to school proved to be draining.
Once the children moved into their own life, I retired and downsized to an apartment in a building that I owned. I found the peace of mind that I always longed for but never realized because I was too busy being on the 'hunt' for financial gain.
However in these days and times, a nest egg should be the first order of business, this nest egg should include some type of annuity, so that when retirement does become an actual fact of life, there will be funds available to live comfortably, to travel or do whatever is important to you.
So to me income status in contingent upon the mindset of the person. The question to be answered is....is an actual plan in place to achieve financial goals.
An $80,000 annual income is a good salary/wage for a single person, they could live well. However, for a family of 4 the minimum of $125,000 is a good starting salary, which would be determined by lifestyle, city, state and community that you live in, that is why I say that everything is relative.
I couldn't live off $80,000.00 a year
Though it may be good for some people, it's not a good salary where I live
"Living well" financially will be different for many people. Much depends on your lifestyle. Some people are successful and happy with their lives and feel rich with their 5 digit income. Some people have a lifestyle which takes a great deal of money to support and no matter how much money they make they will always want or need more. Living well is a variable of many definitions.
It's relative. It depends on what "living well" means to you.
I'm almost living well on $7,200 per year, plus social security ($11,600/yr). Of course, I live in the Philippines, where cost of living is far less. I no longer own a car, but $0.75 gets me across the metropolitan area to just about anyplace I want to go. I support 3 families and sometimes more -- my wife, her two sisters and their 4 children. We stay in a 4 bedroom, 2 bath house in a gated subdivision. I make some of my extra income by teaching at a local college. The rest of it I make from writing.
I used to make $125,000 per year as a single individual. I'm glad I no longer have the stress that came with it.
I do not believe that in these days that someone needs to be making $80,000 a year just to survive. I think people need to get rid of the excess and live more frugal and to stay out of debt as much as possible and learn how to save their money instead of spend it foolishly on the biggest and best things that are coming out these days. However with that being said I would love to be making more than $80,000 a year because I want my family to have whatever they would like but I hope to instill within my kids wise spending habits.
This is really a subjective question, because living well to one person is not living well to another. Is having lots of money living well? Or is enjoying what you do living well?
Also, $80,000 is about what I paid for my 3BR, 2BA house in the DFW metroplex, while the same house would cost me well over a quarter million in California, where I grew up. So, that same income would go much further here.
I used to make about double what I do now, but didn't like my job. I know make a very modest income, but my bills are low, and I'm free to work when I like. I don't have anyone telling me what to do, and I love my work. I wouldn't trade that away to get the higher income back.
Maybe living well shouldn't just be gauged on dollars.
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