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What income is a good income?

What amount of money would you need to pay all your bills and provide for your family. I am not talking Donald Trump rich, but enough for you to take care of your family without worry? I am sure this will be different for different parts of the Country. Let me know if you are adjusting for that in your amount. This is pure curiosity.

 
Joeygoat

Asked by Joeygoat at 9:03 PM on Aug. 11, 2010 in Money & Work

Level 17 (4,243 Credits)
This question is closed.
Answers (15)
  • I asked this question before, and many people answered over $100K. Personally, right now, we have a household of 3, with a room-mate. Between my SO and I we make less than $25,000 a year, and we make it. Definitely not comfortably, but we do it. No debt, two cars, own our home. I think we could live more than comfortably on $40K between the two of us, where we live now.

    It's all about budgeting and what you have and what you want- we don't need things to make us happy. We have cable, internet, telephone, video games, all the creature comforts. Our furniture is used and mismatched, but we're happy. We only have one child. If we had two or three, we would be struggling, probably not even making it.
    Annabel1809Lee

    Answer by Annabel1809Lee at 10:03 PM on Aug. 11, 2010

  • i hope to make 80 - 100 a year at least but i would not settle for less then 60
    PURPULbutterfly

    Answer by PURPULbutterfly at 9:05 PM on Aug. 11, 2010

  • I could do it on about $30K. our house and cars are already paid off so we don't have that much in bills. We also only use cash - no credit card debt.
    DarkFaery131

    Answer by DarkFaery131 at 9:09 PM on Aug. 11, 2010

  • Well, I think it's human nature to live to your means. If you make little, you learn to scrape by and stretch your dollars. When money isn't an issue you tend to be more frivolous with your money. The majority of people should be living where when all is said and done they have enough money left over to put into a savings account or other investments. If you are in the red every month, then you need to scale back and regroup.

    That said, we live in PA, and live comfortably (meaning donating to charity, have investments and savings accounts, and are able to support all of our children's special needs, and then some) on a base income of about $200k. Mind you we pay a lot more in taxes and do not take home $200k!! We also have additional rental income that we either put back into our properties, taxes, or adding to existing investments. We could probably manage just fine on a NET income of $100k.
    LoriKeet

    Answer by LoriKeet at 9:14 PM on Aug. 11, 2010

  • $75,000 ... average house, 2 cars, 3 people, and having extra money so no budgeting.
    kaylan010

    Answer by kaylan010 at 9:07 PM on Aug. 11, 2010

  • It really does depend on the cost of living in your area. We are very comfortable with a combined household income of right around $100K.
    EwansMommy

    Answer by EwansMommy at 9:08 PM on Aug. 11, 2010

  • We can live on 55,000 and have done it. We make 90,000 now b/c I teach now.
    Mom2Just1

    Answer by Mom2Just1 at 9:07 PM on Aug. 11, 2010

  • I think I am doing pretty good as a retired single person. My children say I am lower middle class, but then again, I don't make what they make. I paid for their college tuition for all 8 to 10 years each. I live in a very modest home and drive an average car. I make in one month what my children make in a week.

    Joeygoat

    Comment by Joeygoat (original poster) at 9:12 PM on Aug. 11, 2010

  • About $30,000 a year
    mamaofficer

    Answer by mamaofficer at 10:21 PM on Aug. 11, 2010

  • Well we used to have a household income of about 80,000 and lived comfortably. Went out to dinner occasionally and enjoyed life. And then in a matter of months it was 48,000. Family of 5 with a mortgage, car payment, and the usual insurance, utilities, equity loan, cc bills etc. We cut out everything. I haven't been out to dinner in years, haven't been to the movies in years, we utilize the library. We don't have cell phones, our home phone just rings. We don't get the paper or magazines. I drive my car less than 2500 miles a year. We just exist, waiting for the economy to pick back up. My teenage boys don't have drivers licenses because we can't afford driving school or insurance for them. We make due with what we have, which is not much. Their savings were cashed in along with an IRA to keep making mortgage payments on time.
    Anonymous

    Answer by Anonymous at 10:33 PM on Aug. 11, 2010

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