Salary question for those over 30

[Redwood_75]

  Golf Yokel said:

Yes, but...

That is true, I do not get paid in dollars, but in comparison to the average wages between the UK and the US I'd estimate that the proportion of a persons wages that goes towards buying property in the UK is proportiantely higher than in the US!!

I don't give two hoots how Oil prices got that high, all I know is that I have to pay them, and actually, the main reason for us having to pay such high petrol prices is down to government taxes on fuel. If I filled up my tank with £50 worth of petrol, roughly £33 of that is going to the government...crazy.

[Golf Yokel]

  Redwood_75 said:

That is true, I do not get paid in dollars, but in comparison to the average wages between the UK and the US I'd estimate that the proportion of a persons wages that goes towards buying property in the UK is proportiantely higher than in the US!!

If your mortgage is on a $220,000 house in America, and you make the same amount in the UK in quid and have a £220,000... the houses don't miraculously suck money out of your pocket. Your credit and interest rates/tax may affect your final purchase price, but not the cost of the house itself.

And... we actually have higher average mortgage rates in the U.S. than in the UK.

  Redwood_75 said:

I don't give two hoots how Oil prices got that high, all I know is that I have to pay them, and actually, the main reason for us having to pay such high petrol prices is down to government taxes on fuel. If I filled up my tank with £50 worth of petrol, roughly £33 of that is going to the government...crazy.

Wanna know the sad thing? In April you are getting another 2p increase per litre

And yes, your consumer cost for gas is quite high... but if you convert your price to gallons... you are looking at £4.80 per gallon. Ours is $3.20 per gallon. Your gas, yes, is a dollar and fifty cents more, but your taxes aren't jacking your costs up as much as you think. Yes, your gas would be alot cheaper if you didn't have to pay the VAT prices, etc... but your prices aren't as bad as some people think.

[Redwood_75]

  Golf Yokel said:

Wanna know the sad thing? In April you are getting another 2p increase per litre

Hang on, I don't think you get the idea of the exchange rate...

. £4.80 per Gallon is not $1.50 more, that is $9.60 per gallon, which is 200% more than you pay.... not that it bothers me that much becasue at the end of the day I pay what I pay. If I couldn't afford it, I'd by a more economical car!!

[TourSpoon]

  Redwood_75 said:

Hang on, I don't think you get the idea of the exchange rate...

We have come to believe that Europeans already drive more economical cars than we do in the States. I mean how many Hummers do you see in the UK? Where I live they are popular. I love it when I see a Hummer with a "Save the Rainforest" bumper sticker while the soccer mom inside is getting 12 miles to the gallon.

As gas inches up here in the US we are seeing more hybrids on the road and more SUVs and F150s in the used lots being marked down 3-6K below blue book value. If gas ever gets to $9.6 a gallon here I would have to ride my bike. I would have to get a carry bag and give up the mini-staffer for the commute to the course. *semi off topic rant over*

[Redwood_75]

  TourSpoon said:

We have come to believe that Europeans already drive more economical cars than we do in the States. I mean how many Hummers do you see in the UK? Where I live they are popular. I love it when I see a Hummer with a "Save the Rainforest" bumper sticker while the soccer mom inside is getting 12 miles to the gallon.

That is true. All you guys driving around in your Detroit muscle cars...

I get around 30 miles to gallon in my car, which isn't too bad.

[lamebums]

  g-funk13 said:

Growing up in West Texas (I am 32) I dreamed of one day earning 125k per year. Somehow in my mind, if I could just find a way to make that much, all my worries would vanish. . . Well, for 3 years now my wife and I have lived beyond the dream of that number, BUT. . .

Where in Kentucky?

(And to the question: 200 is the new 100. Inflation is annihilating prices everywhere. Bernanke is a crock. Inflation is not 4%. Prices on most thing have gone up by half or more in the past year.)

[TourSpoon]

  Redwood_75 said:

That is true. All you guys driving around in your Detroit muscle cars...

I would take that in a heartbeat.

[tigerwoo]

  Leek said:

This is an interesting thread. I have no idea what a lot of money is by current standards. I often do wonder.

Leek... you're rich. Lexus/Porsche, country club AND saving 40-50k/year? Some people don't even make 40-50k/yr!? Come on... ;)

I live in Canada where we're theoretically paying upto 40% income tax so not alot of take home pay if you know what I mean. But I do agree that $100k/yr doesn't go as far as it use to especially if you live in coastal cities that seemingly have higher than average realestate prices than the rest of the country/continent. For example, the average detached house price in the greater Vancouver area where I live is almost $750k! Unless you have a big chunk to put down, there is no way a person making $100k can afford to buy an 'average' home up here.

[golf_junkie27]

  lamebums said:

Where in Kentucky?

What exactly has gone up by half or more? It's not clothing, it's definitely not housing, it's not sports equipment or cars. Neither is it electronics, footwear or food. I'm actually paying less for certain food products, like milk, than I did, last year. So, what exactly, has risen by 50% or more?

[tigerwoo]

  golf_junkie27 said:

What exactly has gone up by half or more? It's not clothing, it's definitely not housing, it's not sports equipment or cars. Neither is it electronics, footwear or food. I'm actually paying less for certain food products, like milk, than I did, last year. So, what exactly, has risen by 50% or more?

Well, in our neck of the woods, housing prices have gone up 100% in 5 years. Unfortunately my salary has only gone up 20% in that same timeframe.

[Jeepthrills]

  tigerwoo said:

Well, in our neck of the woods, housing prices have gone up 100% in 5 years. Unfortunately my salary has only gone up 20% in that same timeframe.

In my area housing prices have plummeted. A house 5 doors down from me just sold on a bank foreclosure for $80,000 less than my house appraised for only 4 years ago. Houses are just not selling because the economy is shaky at best and foreclosures have set records each of the last 2 years. $100,000 can allow someone to live very comfortably if they use it right. The key is as your income goes up are you expenses going up proportionately. If so, you can create a situation where you never get ahead. I have learned this lesson myself the hard way at times. My wife and I make more than double what we were making 10 years ago. However, we bought a bigger house and drive nicer cars. I don't regret either one. However, I too have been pinched by the economy. I made $10,000 less in 2007 than I did in 2003. My wife is making more than she ever has and our health insurance is paid for by her company. If we had to pay it ourselves we would have to change our way of life drastically. We are also fortunate that my older son is 13 and we can leave the kids alone if we go out and after school. They are also both in school all day so we don't have to pay for daycare. That was one of the things that led us to buying the larger house. We were paying $75-100 per week for afterschool care for my older son. When he started 1st grade that freed up about $300 per month.

The owner of my company owns 4 companies. He makes over $100,000 from the company I am trying to buy from him alone. However he has always been an earn and spend person. A divorce and the down economy here has cut into his income greatly but he never made the necessary adjustments to account for that. Now he is cash poor and running up his credit cards. He bought a second home 4 years ago while he was initially starting the divorce. Whenever he made a few extra grand he would spend money on the house. He spent over $30,000 to redo the driveway and his pool. Now the house he bought for $650,000 and put another $40,000 into would be hard pressed to sell for $550,000. It's a beautiful home and has a great piece of property but it's a buyers market.

[Matt P]

Jeepthrills,

Tell me about it. The Michigan Economy sucks right now. For those not in Michigan, as Mitt Romney said, we have been going through a one state recession for at least a year. Once the car companies started downsizing and supply companies started dying off, people began leaving the state and others have not been able to find jobs or pay for their mortgages (sub prime or otherwise). As such home values have plummetted and a lot of expeneses (gas and utlities) are rising.

Here's hopping to an economy turnaround.

[mutadayen]

Salary Range = 100 - 110 base with bonus
Monthly Expenses
House = 1800
Cars (2) = 700
Insurance = 150
Cable TV = 65
Internet = 40
Cell Phones (2) = 200
Heat/Gas/Electric/Water = 200
Credit Cards = Wife (???)

Simply put, the range of 100k isnt what it was before. One user wrote 200k is a more comfortable living, and they're right. I would even say the new 100k is 150k for a single person, 200-220k for two people. I was living in NY making what I am now after moving back in Chicago, and it's a big difference in what I can afford. NY is a different monster than the rest of the country. Three years or so from now ill be at the new 100k of 150k...i hope (god bless the recession)...

[T.J.K.]

  golf_junkie27 said:

What exactly has gone up by half or more? It's not clothing, it's definitely not housing, it's not sports equipment or cars. Neither is it electronics, footwear or food. I'm actually paying less for certain food products, like milk, than I did, last year. So, what exactly, has risen by 50% or more?

Yea, I can't think of anything either. A bit of a stretch I would say.

[nevets88]

Try this site for comparing real salaries - http://salarydom.com/index.htm .

Sound accurate to you? Looks pretty accurate to me for my area, New York.

[dave39]

  nevets88 said:

Try this site for comparing real salaries -

I currently live in Alberta, Canada and the housing here has sky rocketted in price over the last 5 years. I am only 22 years old but I would love to find a job where I was even making 100k per year but right now that is not possible. I pay $1450 per month just for rent on my townhouse. If I didn't have a girlfriend with an income I would not be able to live here, or else I would be looking for a basement apartment.

How do you guys who aren't making 100k per year manage your money so that you aren't just living from cheque to cheque? Any tips for a young guy trying to get a start on his own life?

[andre112]

  dave39 said:

I currently live in Alberta, Canada and the housing here has sky rocketted in price over the last 5 years. I am only 22 years old but I would love to find a job where I was even making 100k per year but right now that is not possible. I pay $1450 per month just for rent on my townhouse. If I didn't have a girlfriend with an income I would not be able to live here, or else I would be looking for a basement apartment.

I'd say move to a basement suit and start saving some money.

Cook as often as you can. Save a little bit here and there. My basement suit in a fairly new house is costing $650 per month. Car lease $365 plus $200 insurance. I can save about 15% of my income every month.

[The Golfing Polack]

I'm 2 years out of college making well below $100k/yr. The median family income in my county is well below my yearly salary, and right now my wife doesn't have a job. Even with that we're scraping by each month. Fuel oil for heat is $3.50 per gallon, and we're going through about 30 gallons a week. Add that to the electric bill and our very small mortgage ($1,000) If I had to pay for my own car and gas (it's company supplied) there would be no way to make it. If my wife and I could make $100k combined I would be sitting pretty.

What kills me in my area is that even though almost everyone is below the poverty line they all drink and smoke. I try to talk to my neighbors who is always complaining about how I have a nice TV and a nicer house. They probably make the same as I do, but spend x amount of dollars a month on booze and smokes. Add to that the hundreds in lottery tickets and they're just running themselves into the ground.

I think more than inflation it's the lifestyle that people think they need to live that's making $100k look smaller and smaller. 20 years ago you couldn't buy a 70 inch tv or a $60,000 Cadillac.