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At what salary did you stop stressing about finances?

likefunny
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$38k was stress, reeling from a zero balance checking account, but getting by renting rooms and cooking
$55k was enough to start having some left over
$90k was when I finally bought a house, could afford that and my other existing costs with some additional play money
$125k was no stress, just extra luxuries added on top, more nice dinners, more vacations
$190k is still hard to believe for me, but I can assure you I'm managing to find fun ways to spend it and save a ton at the same time

Texas, 30, no kids but committed partner, finally having some fun after a lot of sacrifice

likesmarthelpful

hmmm with or without kids / wife etc.? that's when the expectations start creeping in and you need to budget for house, school, cars, nanny etc. Also, higher salary means more expectations and more stress. I've worked with execs making 400k and above and they are constantly stressed and jumping jobs because of the insane amount of pressure that goes with those roles. Personally, we are in a golden age with crypto assets (digital gold) making big strides esp. in DeFi. I've taken advantage of that and started investing in passive income crypto projects that supplement my income by 20-40% which is way better than rental income (I'm also a landlord). My 2cents, is to make 5-10% higher per year, stay competitive so you are making decent $, and as a side gig look into crypto projects that could pop. It's very new and only use $ you are ok losing if it fails, but frankly the level of money involved in DeFi is insane and really easy to get in if you know what you're doing. Check out Thor Financial / Project X / Strong Nodes / Drip etc. Not financial advise, but I like to help people where I can. Educate yourself in this space and best of luck!

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I was just at the dollar store because I needed something small asap and while on line to pay, the lady in front of me with a bunch of groceries and a 4 year old checked her chase bank account for funds, and I happened to glance at her phone by mistake…she only had $43 to her name. Point is we should be happy with what we are making because there’s someone always with much less wishing they had your life.

likeupliftingsmarthelpful

Sending you many blessings Visa!!!
I grew up incredibly poor and sometimes my family didn't have food to eat. I never told anyone this before because I'm so ashamed, especially since all my friends flaunt their money. I'm so happy there are great people like you!

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As a single person I was able to spend whatever I wanted and still hit all my savings and financial security goals at 180k in New York City.

As a married partner with three kids, my 750k TC still keeps me up nights.

likefunnysmarthelpful

A1, for you to retire earlier, sure. For a sole breadwinner with multiple kids requiring special needs education, supporting 3 parents with typical late life issues and needing to accumulate a cash cushion knowing how cyclical consulting is, perhaps not.

Income is really the least important measure. Wealth, risk tolerance and family play a bigger role in deciding how much is enough and what makes you secure.

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They key is you have to be grateful for what you have. Not jealous about what your neighbor has. So the answer is NOW!

likeupliftingsmart

Amen DD!

likeuplifting

Not to discount the psychological factor of having a higher salary, but I don’t think it’s about salary at all. I think it’s more-so an income to expense ratio

Like I’m sure someone making 75k while saving 50k will feel better than the person making 100k and only saving 10k. I think it’s just all relative to your specific circumstance. It’s like hearing when professional athletes or lottery winners go completely broke. It’s not about the amount they made but what they ended up doing with it.

likesmarthelpfulfunny

On the contrary, you’ve got new grads making that or more and moving back in with their parents - they can easily ball out and still save a good chunk - maybe not 50k depending on taxes - but the point stands that stress is caused by expenses and not income.

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I got fired from a job making 60k and ended up happy to take a job making $15/hr. When I realized I was good on that amount I’ve never really stressed too much. Ofcourse this was just taking care of myself, with no loans over my head. Now I make 250+ and the “stress” is revolves more around how to save my target so I can retire early

likeuplifting

Can you share how your story?

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70k

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Where is the source, D19? I think 70k is like the base level, isn’t it?

Making six figures in NYC while having six figures in school debt. I’ll get back to you in 20 years

likefunny

Or sugar daddy

likefunny

My first job out of college as an engineer. I was making $60k and didn’t have student loans to pay back, which I’m so fortunate for.

Is there always a bigger house, a fancier car, or a nicer vacation that I want? Of course. Have I ever gone to sleep at night worried about my financial situation? No.

like

I stopped worrying when I crossed $150K, living in a HCOL.

likesmart

Same

like

Somewhere around $275k HHI. It was at that point we could take a nice vacation or two, not worry about the kid’s school costs, and still save a decent amount. We’re also fairly strict about managing lifestyle creep although we do feel the pull occasionally to keep up with the Joneses.

likesmartfunny

ZS A 2, my path has been a bit unconventional. I spent a fair bit of time in industry before moving to consulting. Spent the better part of the next decade working for a smaller firm, then went freelance pre-COVID, which is when I was making ~$275K. Things got a little shaky with my freelance pipeline during COVID, so I started looking for a permanent position, which is what landed me at PWC. I took a step back in earnings in exchange for the improved stability that a company like PWC provides.

If I had started out in consulting straight out of college, I’m sure I’d be at a higher level (maybe even Partner) by now and making more money. So I’m not sure my path provides a lot of insight into hitting that $225K mark. It’s a very attainable number if you’re willing to work your way up to SM-D in a company like PWC. If you’re trying to get there sooner, then you might think about using your consulting experience as a springboard to a job in industry.

Pre relationship: ~80k
Post relationship: ~100k

The honest answer is probably lower than that if we are just talking basic necessities. I just have a very high savings goal and after I got in a relationship I did reduce my savings to pay for dates, more trips etc. But I was back to hitting my savings goal after I hit a 100k

likesmart

Good to know that the implied cost of relationship is 20k lol

likefunnyuplifting

So far never 😞 need to get out of the mentality of stressing about finances. There’s always something more I feel like I could be doing and it’s hurting my contentment with life. Actively working on it though!

likesmart

I do financial coaching for fun if you want someone to bounce ideas off of! Also, financial peace university is a great class many have used to eliminate the “stress” of finances. Good luck!

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I stopped “stressing” the second I got my first job out of college for $61k. I’m now at $120k. Still not stressed but always looking for more. Don’t make enough to buy a single family home in my city. I don’t have kids yet but plan on it and I know that will be a financial burden.

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When I made partner

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And hate to tell you, but I know 1st yr ACN MDs that are below 300k base. TC with bonus and RSUs (5 yr vest) over 300 but probably still below 350.

I didn’t stress about finances in my first year of work and still don’t now when my TC is 30-35x higher.

likeuplifting

You keep stressing, but just for different reasons: from stressing to cover any unexpected expenses to not saving enough.

When I started I was stressing because my rent was going to go up from 600 to 900. Today I was stressing because this week I’m down like 50k on the stock market 😅. In essence, never ending game

likesmart

You should still stress a $300 monthly rent increase, regardless of your income. I’ve never seen an apartment complex do $3600 worth of annual upgrades.

Man, I really miss ripping apart apartment managers. Worst part of owning a home is not getting to berate them annually.

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I don’t think I have ever stressed about finances. Since starting my first job I have always budgeted and tracked my spending and savings closely. By planning properly and prioritizing savings I have always felt confident that I would be ok. I think how you manage your money is just as important as how much you make. Although it is always nice to make more.

likeuplifting

When I quit the consulting grind, actually bought assets within my budget and decided that material things didn’t bring me happiness. It’s not about what you make its about what you spend. I’m still well north of 100k outside of consulting and my work life balance is way better

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the limit does not exist

likesmartfunny

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