{ "media_type": "text", "post_content": "What salary did you find that you no longer had to worry about money? Basically you didn't have to think twice about buying something you want\n\nFor reference, currently make 135k in a T2 city but am the sole earner for my family and also have 1200/month in student loans, so still feel like I'm not there yet.", "post_id": "60882ad1abc798002ace6608", "reply_count": 254, "vote_count": 39, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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What salary did you find that you no longer had to worry about money? Basically you didn't have to think twice about buying something you want

For reference, currently make 135k in a T2 city but am the sole earner for my family and also have 1200/month in student loans, so still feel like I'm not there yet.

likehelpfulfunny
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For me it was right when I graduated and was making $74k. It was more money than my parents were making and despite having graduated with ~$60k in student loans and living in NYC, I never needed anything more than I had. I went out, ate at restaurants, dated, did a bit of travel abroad, and never felt like I had to worry about the cost of my lifestyle catching up to me. Also paid off loans aggressively to get rid of them in about 3.5 years.

As many have said here, I think the key is living your life and not someone else's. This obviously changes as your circumstances change (e.g. married, children), but as long as you understand what's truly important to you, you can probably recalibrate your level of comfort to something that's achievable.

For reference, I'm now at ~200k TC and up for promotion to ~300k TC, 6YOE. I think if I were married and had maybe 1 kid, I still wouldn't be too worried.

likesmart

I've been making about $225-250K for some time now, but like others I think that liquid assets have more to do with feeling comfortable spending than income does.

As I near early retirement, after decades of living fairly well below my means, but not radically so, my liquidity is about 3.5 million. And just two days ago I finally felt comfortable enough to buy a lightly used Porsche instead of a more sensible used Subaru. And I wrote a check.

Be honest and listen to yourself. You know when it is or isn't wise to splash out on something you don't really need. And with age most people learn that it's better to have just a very few well-chosen nice things than piles of shiny stuff that just weighs you down.

Get accustomed to living below your means and you won't feel deprived at all. And in a few decades you'll realize you are very wealthy and can do things for yourself or others.

I use some of my money to be a patron to a couple of young people who show promise in their areas of talent. Just giving them a bit of foundation so they can confidently push their own boundaries without having to worry every minute about money. This is one of the greatest luxuries I enjoy. I wouldn't have even considered doing it if I weren't pretty confident that I have enough wealth to take care of me whatever happens, so I will NEVER be a burden to anyone.

Sorry I don't have time to edit this to sound less boastful. I don't mean it to be, and besides, it's anonymous, so what would be the point anyway? I mean to lift you up... to let you know that you can get to a place of comfort. I am not an exceptional person, and I managed it. Most of you are smarter and more capable than I am. So go do it!

likesmart

Did you travel at all or do things like that which requires money to be spent? If yes how often?

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The amount of money ppl in this industry make for putting together pptxs is incredible.

likefunnyupliftingsmart

G2 you've clearly never worked at a large company or client who doesn't know how to build PPTs. Take away visual aids, communication tools, process, and methodology and you have a dumpster fire and high employee turnover. As someone who has hired many consultants before going into consulting myself I can attest that a good consultant can be worth millions, which is why clients pay consultants millions.

That being said, a bad consultant is worse than useless. But that can be said about doctors, engineers, really anyone.

At the end of the day, if you feel your current work is not meaningful, switch jobs to find something you do find meaningful.

likefunny

I have $400k in TC and still think twice for all my purchases. I just used a coupon at a restaurant to save $4. Even if you make a lot, spending can quickly start to get out of control.

likesmartupliftinghelpfulfunny

If you received above avg service tip an extra $100. Ppl that were impacted the most had the least runway in some cases. They are still recovering from the pandemic. Consulting was extremely fortunate to come out ahead, we’re all drowning in work.

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I always thought 500K was enough. My spouse and I now have a gross income close to 2M in NYC. While it eliminates the minor expense worries (eg cabs, general dinners, some gifts, the occasional crypto investment), I don’t think we ever reach a point of stopping to “worry”. There’s always something next!

likefunnysmart

Will wait for EY5 to read through the full thread and comprehend the discussion. “Super tone deaf”. Haha.

If I may, I think a more appropriate metric might be net worth.

A great salary, with poor net worth, only affords a particular lifestyle as long as the salary remains, which implies a reliance on a job.

Right now, even though I have a great salary, I worry about spending, because spending reduces my ability to build the net worth I think I need in order to truly “not worry about money”.

Additionally, a salary of X means nothing without the context of expenses. 100k, no dependents, no debt, T2 city VS 100k, two dependents, lots of debt, T1 city...

likehelpfulsmart

350TC - able to save ~150k a year and never think a lot what I buy.

likesmart

PEG is 60-65 unless you do it wrong. they're a CTL or manager and doubt they're doing much more than this

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In college!

(Have a trust fund though, might differ for others)

funnylikesmart

I finally got that milk son/daughter.

funny

Boy I hope the answer is 86k because I'm sitting at 85k and man is money tight

likefunny

@accenture boutique strategy firm. Also, fyi I've been full-time now for a half year despite my title. Not pulling in 85k for a summer internship

@McK, thanks for the vote of confidence friend! I'll keep your words in mind

smart

I make 180k with a 20% bonus and i’m living comfortably but I still want more. I actually think it’s a problem because all I do is think about money

likefunny

7, ex Accenture Strategy. didn’t get an MBA, just left consulting for an industry job (same title as you, just haven’t updated my FB yet)

likefunny

110k base

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I agree with this, can easily live off 35-50k/yr stress free while easily maxing out 401k. Once you start earning more than around $125k your disposable income really starts to increase for toys and such. I also don’t have a family though, I’m sure my response would vary if I had to take care of a SO/kids with that 110k salary

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Never stressed about income or affordability at any point in my career. Stopped paying attention outside of very major purposes at around $750K income.

likesmart

D12: prefer to not disclose firm. Stayed at the same company the whole time. I’m fortunate to have landed somewhere I liked and that was a good fit for me.

Thanks, A8. I have a very healthy ego, but have to admit that it’s sorta weird to think about my professional success and how lucky I’ve been. Almost every one of us is ludicrously fortunate, and me more than most within the fortunate category. I’m happy with my professional success, but probably the biggest key to the happiness has been realizing how lucky I’ve been. Makes it easy to not sweat the annoying stuff.

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We, peasants in Europe, reading salaries in the US while making the exact same jobs for 10 times less money 🤣🤣💀

likefunny

Okay then that sucks even more then.

like

As your salary grows, so does the complexity of your life. Adding a spouse, house(es), kids, etc. make the answer impossible to give, as financial responsibilities only grow over time.
But to force an answer, I grew up very much middle class, so ~$135k when I was single had me feeling pretty comfortable. $250k-ish when it was my wife and me in a house.

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Ignorance is bliss

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I’ll let you know when I get there

likefunnyhelpful

When our invested capital passed 1.5MM. Salary doesn’t matter if your burn rate meets or exceeds your salary. We don’t have a Ferrari in the garage, but we’re comfortable. Truly blessed

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No salary will make this possible. Only when my assets are earning me enough income to dispose of my salary will I not have to worry about money.

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About 2 months out of college at 60k base. Was buying everything I wanted, not worrying about it, and saving >50% gross

I don’t have expensive wants 🤷‍♂️

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All my extra income goes into crypto, so I can always use more

I broke $700k this year and honestly with the pandemic have had limited areas to spend it on. Not gonna lie have been quite depressed and it’s true that money does not buy happiness

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This is a great point and something that should be remembered at all income levels. One of the most overlooked aspects of happiness though is the insane amount of happiness that can be attained through giving of money

@Principal 2, I've DM'ed you my Venmo, please make yourself very happy in increments of $5k

funnylike

It wasn’t an amount - it was tracking my spending weekly and making and keeping goals that changed my perspective. That behavior used to sound terrible to me but now I don’t worry not because I have a good salary. I don’t worry because I know where all my money is going. If you don’t want to think about it, you will always feel like you need more.

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