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Why do people think $100k is a high salary in 2021? Intellectually we understand that inflation continually reduces the purchasing power of each dollar, but emotionally we seem stuck to this specific dollar figure being the line for struggling banking comfortable.

likefunnyuplifting
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If you all can’t live off 100k a year you all need a lesson in economics. I have a family of 4 and my annual budget is 100k. I get that is like 150k in salary but still that includes budgeting for vacations, activities for kids, college funds, savings for retirement above 401k and that budget is generous alway have extra and I live in NYC metro area. Yes it isn’t a lot if you think you don’t have to budget can eat out every night, travel wherever whenever, spend 50 a week on Starbucks, by expensive designer clothes, go to bars every weekend. 100k is a comfortable salary if you aren’t an entitled brat who wants everything. You do not need to stress over money at 100k and most would be very happy to make that so maybe the issue isn’t the number but the perspective. This is why no matter how much firms pay it will never be enough people always want more just because they want more

likefunnyuplifting

I live two hours from NYC and property taxes are 23k alone. And I have kids so family health insurance from work is 10k, before Covid train was 4500 a year. Maybe in Arkansas 100k is a lot.

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I lived in NYC from 2014-2017. I made between 80k-100k while living there. I lived in the west village for a year and then moved to a nice part of Brooklyn for more space. My west village apartment was a tiny walk up 2 bed that I shared with another girl but it was clean and in an awesome location. My life was great!!

Do I think particularly housing, education, and childcare costs have gotten out of control and the gov should do something to change that? Yes.

Do I think wages have not raised enough, particularly for the lower and middle class, as productivity has increased? Yes!

Do I think perhaps that 100k mark isn’t what it used to be? Sure.

But it is delusional to suggest it’s not a lot of money and doesn’t go far in a lot of places. My sister and her husband have two young kids in a mid sized city and they own a home and live a totally fine middle class life on what I estimate is about 80k. They are happy and healthy. Do I sometimes worry about them? Yes - and it is because our country does so little to provide a safety net not because it’s not enough money.

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^^^ you get it!!!

This is the issue. This is sooo much of why we all never feel like we have enough. It’s basically like, if you don’t have 1M in the bank things could collapse for you at any moment. It’s fucked up!

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The median income for individuals in the USA is 44k. Is 100k filthy rich like it used to be? No. But stop pretending like 100k is not enough to live comfortably. Get a grip.

likesmartupliftingfunnyhelpful

Welcome to America.

personally no matter how financially stable i get, i will always regard $100k as a high salary because i grew up poor and know what it's like to try to live on much, much less. $100k might not sound like a lot to you, but to SO many people, that's a lifechanging amount of money.

likesmartfunny

I grew up poor as hell, my father worked in a flea market and my school had gang violence. I escaped by finishing at the top-1% of my high school.

$100k is still a low salary nowadays.

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Before, it was very high, today it is not as high, but still considered high.

Thank you for coming to my Ted Talk

likefunnyupliftingsmart

BNY, a little confused by what you’re saying. “Many of these positions” but then “still definitely a rarity?” Doesn’t add up.

Also, the ones that are better paying, while they aren’t as bad as accounting/finance positions, still are often very demanding.

To put things in perspective, my wife makes 27k as a teacher. New teachers get around 20k. Some of you seriously live in a bubble.

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She lives in abject poverty. This isn't perspective.

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Lol I’m fairly confident that OP is living in NYC or SF, and has for some time. It’s easy to stay in a bubble and think that $100k isn’t a lot when you’re used to spending so much for rent and your day-to-day.

If you moved any where else in America and factor in lower COL, $100k is quite a lot especially if you are single and don’t spend much. You could save up enough for multiple properties, luxury items, etc., pretty quickly.

likesmarthelpful

RSM 1, Pull last year's tax statements. What did you actually pay after all deductions?

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I’m actually shocked at the number of people in here seemingly arguing against being paid more? This is illogical, 100k is not a lot.

How does the boot of capitalism taste?

What’s that statistic? CEO pay is up 600%, staff pay up 6%?

I don’t freaking get the people making 100k arguing with people making 40k arguing with people making 500k, we all have the same gosh darn enemy, and it’s the fools at the top hoarding wealth for no reason other than a d*ck measuring contest between teeny weeny losers.

likesmartfunnyhelpful

Yeah, they aren’t my enemy. Speak for yourself PwC4.

Imagine living in a reality where you can buy almost anything and receive it overnight, and then whining about the fact that the people who made that a reality make more money than you

likefunny

I make $90k in Northern NJ (HCOL), combined with my wife’s salary we make $150k and live very comfortably

I think people need reasonable lifestyle expectations, if you want to live in the trendiest neighborhood and lease luxury SUVs every 2 years that’s a personal finance problem not an income problem

likesmart

So if you read my second comment, which is the one posted immediately before your screenshot so clearly you didn’t, he was making about 40k through the 90s, which would be about 72k in 95.
He’s currently making about 70k, which I think is about 70k inflation adjusted for 2021.

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I make close to $100K and I feel behind my NYC peers. Then I hang out with my sibling and her friend group and they all make less than $50K, some on gov’t assistance. It’s all relative and I feel lucky to have a salary when I see them. That is unattainable for so many. That said, I also agree that I deserve more than $100k lol

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I remember the $100k mark vividly in the 90s and $100k in 1990 is about $210k today.

likehelpful

That makes sense. A person making $200k is probably at least mid-career. Which can be a lot depending on lifestyle. But then that means $100k today is like $50k in the 90s.

like

100k salary means you only take home 70k. Even less after insurance, 401k deductions

like

Less than 70k if you factor in state and city taxes

helpful

$100K is a high salary. It’s a lot of money. But because of inflation and increased expenses/costs, it’s just not enough money for some families anymore. Doesn’t mean it’s not a lot.

like

It’s a high salary in a small city within a middle-American state.

While us peasants are bickering over whether an annual salary of $100K is a lot of money, Jeff Bezos is gaining $142K per minute.

likesmartfunny

Lmao at “Elon is worth every penny he’s worth.” Rabid investors going apeshit over your stock because they like your mission and celebrity status doesn’t justify $300B in personal wealth.

like

My spouse and I combined make less than $100k annually so yeah, to us that would be a lot. It’s a privilege to be able to say that a $100k salary is not a lot of money because it absolutely is for some people.

like

100k salary is not a lot of money. Please if you make less than ASK for more. It’s exhausting and very sad listening to people in an industry (any corporate or professional role) making $50-60k, with experience, you are suffering because new or entry levels are making at least 70k coming in. I’m not criticizing, merely calling out, ask for more. I ask every chance I get for my team, for myself, help others to request more pay. Well wishes!

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KPMG3, I am around people with decades of experience getting 45-65k, I’ve not figured out why yet.

like

Kind of like $1M by retirement not sounding so impressive anymore, given inflation and longer life expectancy

like

I mean it hasn't been impressive for a long while now.

What you need for retirement is entirely dependant on your expected annual spending and your financial situation when you retire... (i.e. having fully paid off house).

There are people who still manage to FIRE today and are very young because they still live below their means and have still found ways to make some light income on top of what they're receiving from their nest egg..

A lot of this argument is just about an individual’s perspective. I’m making 85k at 26, while my parents are just now making about 100K each in their low 50s. They also raised 5 kids with that kind of money.

So while I “struggle” at times because of inflation and HCOL, I am living like a king compared to how I grew up and compared to many of my friends who never made it to the white collar industry.

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In 2015 I was making 30k (pretax) and living in a HCOL. I lived in an OK apartment with 2 roommates and didn’t eat out often, never took cabs, only public transit. That was only 6 years ago. Also had high-ish student loans and 0 help from parents. I was juuust fine.

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This works when in 20s post college and lots of single friends and lots of social events. Good times.

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