What do you consider "good money?"

There's two levels of 'good money'. Eff-You money, and Eff-Me money.

Eff-You money, means you can tell your boss off and live happily ever after if you are careful. These guys don't work.
Eff-Me money, means you can screw up and lose millions and still live happily ever after. These guys own islands.

I think right now I'm multiple levels below in whats called:
Yes-Sir money, where I suck up because I can't afford to screw up. These guys own 20 year old Jeep's outright and keep them going with youtube 'how-tos' and swear words.
 
I read somewhere that 70k a year is that magic number.... I don't make that.

I think 70k would suit me well though. I think no matter what... I could always use more money, but I think I could be comfortable at 70k. I recently took a lower paying job to gain experience and perhaps benefit myself on the long term level. It's a little tighter, the hours suck, but there is potential to make "Good Money" down the road. So I justified it to myself.

I could make 1 million a year though, and you better believe I would find a way to spend 700k a year without blinking.
 
XJfreakHO said:
I could make 1 million a year though, and you better believe I would find a way to spend 700k a year without blinking.
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Million dollar bank account, million dollar problems. $100,000 bank account, $100,000 problems. $100 bank account, $100 problems.
 
UTfball68 said:
Million dollar bank account, million dollar problems. $100,000 bank account, $100,000 problems. $100 bank account, $100 problems.
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It dont get much truer than this!!!!!!!
 
JSJJ388 said:
My company publishes pay range for each department each year as well as benefit packages. They go above and beyond to show all they can without blatantly saying "so and so makes xxxxx per year". It keeps drama down.
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My father worked for the same company almost his entire career, and they had this same type of information available to the employees. About 5-10 yrs ago I went to the HR dept at my work and asked if it was available and was told no.
 
drkelly said:
My father worked for the same company almost his entire career, and they had this same type of information available to the employees. About 5-10 yrs ago I went to the HR dept at my work and asked if it was available and was told no.
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We have a really confusing level system that somehow ties to a salary range that no one can tell you about. I'm pretty sure they make it confusing on purpose. No one knows what salary range is tied to each level but there is a theory that if you are a high performer and your raises start getting stifled below a standard cost of living increase, then you are probably approaching the salary ceiling for your level.
 
Or union hand book has every salary for every employee and position in district 3 of AT&T. My old job salaries seemed to be more secretive than what we did for the Gov. A few rumors about certain employees salaries got started and a bunch of people got butt hurt over the difference in pay checks. I never cared if coworkers knew how much I make but I was at the top and worked damn hard to get there.
 
I'm a federal employee and our paygrades are posted on damn near every bulletin board and you can even find them online.

Not to mention, to be in my shop you have to be a WG10 or WG11, so that also narrows it down.

My last job absolutely forbid you from talking about your pay...because they were breaking it off in my ass, no lube.
 
I’ll chime in as a currently enrolled full time college kid with a full time job. I make about $18k a year, i have the usual bills and a truck payment(from a 6.blow). Money burns holes in my pockets as @Croatan_Kid will agree :flipoff2: If i didn’t have a truck payment and had my Toyota back or sold my Ford to get another Toyota(1st-3rd gen), I’d be living high on the hog per say. However I’m well in college debt and just now in my Masters program of Biochemistry, persuing pharmacy/medical school.
 
I wouldn’t change too much in my past with the knowledge I have now except maybe some key financial decisions. If I had planned then for this stage in life now (approaching 30) man could I really be miles ahead. But I wouldn’t know now if didn’t do it then, and some of those memories are priceless. I’d probably be just as happy with say, just a 1/3 of them though.

And I only discuss my salary with very close friends and complete strangers on Internet forums.
 
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But do you really have "the usual bills" ? Mortgage/rent, electric, water, etc?

@Hunter44
 
I worked in a shop for a guy one time and he told me once "you'll never make any good money working for some one else" and in my case,he was right and when I left I left there on good terms.I had a big enuf part in the day to day operations of the garage that I knew what kinda money was coming in and out.I worked on 50% commission and he was always fair to me.
 
I feel very greatful to have my very well paying job with the railroad and my wife is a lender at a credit union. other than living on the road every week. With the pending new union contract pay rate for a B4 signalman will be right at 36 an hour plus meals, travel and perdim with great benefits vaca time and 401k. Not to mention that we pay directly into our pension and zero to social security. I currently bounce back and forth between a lead man and foreman since they got us more equipment. I'm just stoked that the pay increase for foreman will be damn near 40 an hour when the contract is signed! But as Biggie Smalls said "mo money mo problems"

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cgm147 said:
I feel very greatful to have my very well paying job with the railroad and my wife is a lender at a credit union. other than living on the road every week. With the pending new union contract pay rate for a B4 signalman will be right at 36 an hour plus meals, travel and perdim with great benefits vaca time and 401k. Not to mention that we pay directly into our pension and zero to social security. I currently bounce back and forth between a lead man and foreman since they got us more equipment. I'm just stoked that the pay increase for foreman will be damn near 40 an hour when the contract is signed! But as Biggie Smalls said "mo money mo problems"

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Norfolk Southern?

I got a buddy that’s been there for I reckon about 8 years now. Makes real good money but the real kicker is the benifits and retirement he tells me about!
 
77GreenMachine said:
Norfolk Southern?

I got a buddy that’s been there for I reckon about 8 years now. Makes real good money but the real kicker is the benifits and retirement he tells me about!
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Yes with NS. I've been here going on 6 years. All I hear about from the old timers that are retired now is keep working so I get that fat check. Making more now than they were working, average 6k a month. And spouses draw half of what we will draw, once they retire also. We put up with a lot of rules and restrictions, and dig with shovels almost everyday but you won't hear me complain.

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My answer is it depends on what your priorities are in life.
I'm self employed.(real estate investment, rental properties, and construction)
I busted my ass through my twenties chasing every dollar I could doing whatever I had to do while being very little in debt. I had no hobbies and done very little things just for fun. I worked all the time and spent little as possible. I also done some real estate investment. So most of my income is passive.
At the age of thirty I had my first son and my second followed two years later. I reaped the benefits of working hard through my twenties by getting to spend basically all the time I wanted to with my boys until they started school. Once they were both in school I started busting ass again from 8am-til the boys get out of school. When my boys get home from school we fish, ride motorcycles, ride bicycle, work on the jeep together, shoot guns, or generally what ever they want to do.
I've made descent through the years....some years are great and some years not so great.
But the money doesn't matter as long as my power bill is paid and there is food in the cabinets.
I feel like I am a rich man being able to spend the time I have with my boys. I swore I'd never be one of those dad's that say I wish I'd done this or I'd done that with my kids.

A simple family should live very comfortable on 50-60k net if they live within their means and don't go crazy with debt.
Good money is 75+k when your able to max out retirement accounts on top of every day bills and still have jeep money left over.

Just remember!!!!
He who dies with the most toys wins
 
I think being debt-free is a goal everyone should chase.The less you owe, the less you lose in interest, and the less you need to live on.

If you look at what you end up paying for a house after interest, its insane. If you are smart with your money and your needs, you can do well. If you're stupid, you'll pay dearly. (Which is the majority of American's these days)
Mortgage Calculator

A $170,000 house will cost $292,000 after 30 years at 4% interest. (It's a neat calculator, you can punch in how much extra you want to pay per month and it will show you how much time and interest you will save)

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Nice representation of why to be debt free.

I like that calculator, but would be nice if had a few extra plugins. Such as balance today, so it can predict payoff time and amount if you've ALREADY paid extra sporadically.
 
There's an advanced version button at the top that will let you do that.

But if you pay an extra $50, you will save $14,616 and over three years in payments. (The total amount paid should really drive home the point of why you should try to get a big down payment. I used a VA Loan with 0% down... ick. AND this doesn't show what your ESCROW will be in taxes/insurance as it varies to much)

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Atla said:
I think being debt-free is a goal everyone should chase.The less you owe, the less you lose in interest, and the less you need to live on.

If you look at what you end up paying for a house after interest, its insane. If you are smart with your money and your needs, you can do well. If you're stupid, you'll pay dearly. (Which is the majority of American's these days)
Mortgage Calculator

A $170,000 house will cost $292,000 after 30 years at 4% interest. (It's a neat calculator, you can punch in how much extra you want to pay per month and it will show you how much time and interest you will save)

View attachment 257845
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The key here is then seeing how that $170k performs over the same 30 years, and seeing what the net difference is. Sure, you'll lose $122k in interest by getting that mortgage, but if you put that $170k into a modest 8% annual return...at the end of 30 years, you're sitting on over a million. Not all debt is bad debt.

Edit...note this assumes the scenario you have $170k cash, and are considering either buying a house for cash or investing and letting it sit. As has been discussed many times on this forum, generally, if you're somewhere north of net positive on your return...take the cheap debt (ignoring any tax/gains implications).

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lockedup5 said:
M

A simple family should live very comfortable on 50-60k net if they live within their means and don't go crazy with debt.
Good money is 75+k when your able to max out retirement accounts on top of every day bills and still have jeep money left over.
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75K+ of net income (take home) would wind up being 150k salary to most people. If you are maxing retirement accounts that is probably more like 160k. Assuming you mean the 401k contribution limits.
 
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UTfball68 said:
The key here is then seeing how that $170k performs over the same 30 years, and seeing what the net difference is. Sure, you'll lose $122k in interest by getting that mortgage, but if you put that $170k into a modest 8% annual return...at the end of 30 years, you're sitting on over a million. Not all debt is bad debt.
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Although this is correct it is not accurate, as you have to live somewhere! This assumption doesn't take that in account and it also implies you have the full $170k at the beginning. Neither of which are realistic.
 
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