I would be satisfied if our household income was...

[purplefdu]

I voted 40-60k which is 2-3times what we make now if we are both working a decent amount. Which would allow us to ay off the car, and my student loans and maybe put a down payment on a house eventually.

One of the best tips I got when we went through a financial car buyers club was to NOT expand into bonuses and raises. Immediately set it aside unless you are behind on bills. If you lived on 10k, don't absorb the extra 5k if you don't need to. If you are behind in bills figure out how long they will take to pay off, and set up to have the rest skimmed back off when you know you will be caught up.

[72Tiger]

I went with just a little more than I make now. It is always nice to get a well earned raise. More important, I like my job, and I really don't want anything material that I don't already have, which may be surprising considering how little 'stuff' I own.

[Anthony Marrone]

I'm in law school, I'll be satisfied with an amount that allows me to pay my student loans and own a decent house.

[Ginger]

I would be fine with 175k. We are on our way to making that amount by the beginning of next year so I want to get our finances in check right now so when the increase comes we can actually feel it.

[Xin Lu]

Well, the more you make, the more taxes you pay. So in California $150k ends up being something like $75 to $90k after taxes. I think I am pretty satisfied with my income now but I do want to retire early so more is better I guess.

[jkuo13]

I vote for 150K since I want kids (sometime in the nebulous future) and have some investable cash so I can retire early. Of course, I don't want to be working so hard that I never see my family or have free time to enjoy some hobbies. I think it's pretty reasonable to shoot for a six figure household income to live a comfortable yet financially secure life.

[72Tiger]

Assuming (in a perfect world) that the harder you work, the more you will make, do you think there is a point where the extra money is not worth the extra work?

I am curious, because I have latched on to the idea that it is much easier to reduce my lifestyle than it is to increase my income. The net monetary benefit of each can be the same, but being frugal (or whatever you want to call it) seems so much easier.

[jkuo13]

Originally Posted by 72Tiger

Assuming (in a perfect world) that the harder you work, the more you will make, do you think there is a point where the extra money is not worth the extra work?

Interesting question. I'd say that when the extra work starts degrading your quality of life (taking away time with friends and family, preventing you from doing things you love, cutting into your sleep, etc). In other words, when the extra work only results in material gains while detracting from the truly important stuff in life, it's no longer worth it.

Originally Posted by 72Tiger

I am curious, because I have latched on to the idea that it is much easier to reduce my lifestyle than it is to increase my income. The net monetary benefit of each can be the same, but being frugal (or whatever you want to call it) seems so much easier.

I both agree and disagree with that assessment. Being frugal is certainly a wise thing you can do to maximize your available cash (and something everyone should do). However, being frugal isn't always the easiest option. I'll give the example of brown bagging lunch. It certainly saves quite a bit of cash, but it takes a fair amount of prep and cooking time to make enough food to pack for lunch. This might just be because I exercise like a fiend (so need to eat more) and have specific dietary requirements. Preparing enough food to pack a lunch (and oftentimes breakfast and two snacks) every day takes a lot of shopping and a lot of cooking. I'd free up a lot of time if I just got a higher paying job and went to one of the numerous food carts around my work. It's a toss up as to whether my cooking every meal (the frugal, living on less approach, but less free time) is better than earning more and just buying my lunch.

[72Tiger]

Originally Posted by jkuo13

Interesting question. I'd say that when the extra work starts degrading your quality of life (taking away time with friends and family, preventing you from doing things you love, cutting into your sleep, etc). In other words, when the extra work only results in material gains while detracting from the truly important stuff in life, it's no longer worth it.



I both agree and disagree with that assessment. Being frugal is certainly a wise thing you can do to maximize your available cash (and something everyone should do). However, being frugal isn't always the easiest option. I'll give the example of brown bagging lunch. It certainly saves quite a bit of cash, but it takes a fair amount of prep and cooking time to make enough food to pack for lunch. This might just be because I exercise like a fiend (so need to eat more) and have specific dietary requirements. Preparing enough food to pack a lunch (and oftentimes breakfast and two snacks) every day takes a lot of shopping and a lot of cooking. I'd free up a lot of time if I just got a higher paying job and went to one of the numerous food carts around my work. It's a toss up as to whether my cooking every meal (the frugal, living on less approach, but less free time) is better than earning more and just buying my lunch.

I absolutely see your point, and agree that there is a balance, and some things are worth the money because of the joy, or ease or, value that they bring. I just see so many friends and family chasing the latest, greatest, working all the time, and not getting the value out of the things money does buy them compared to the what they had to do to earn that money. When I am on my death bed, I hope my last thought, isn't, "I wish I had spent more time working".

[rstlne]

Originally Posted by jkuo13

I'd free up a lot of time if I just got a higher paying job and went to one of the numerous food carts around my work. It's a toss up as to whether my cooking every meal (the frugal, living on less approach, but less free time) is better than earning more and just buying my lunch.

I would definitely get food from one of the lunch trucks if I worked in Manhattan. Last year, I had to go to Manhattan twice to deal with some bureaucratic matters and the lamb, salad, and rice combo from the lunch truck just outside the office was to die for. And fairly inexpensive too!