How much money is enough money?hungryhippo
“At the risk of sounding naive, recently I have noticed many young people such as Kben and admittedly myself when I was younger, think that money somehow is the answer to all of life’s problems.
Not trying to sound pretentious but as academically high achieving students many of us believe if we end up commanding a less than spectacular salary (200k+) in a respected profession then somehow we have failed in life regardless of our passions and interests.
Then on the other hand it is difficult to believe that those on less than average salaries in a dead-end job are truly happy.
Many people as just shouting “do what you love” left right and center, but how did this actually turn out? Somehow just as many people as reflecting “I love computers in my own time but somehow I am sick of working with them”.
Basically what I am curious about is how much money(salary) do you guys think is sufficient to live a decent middle-upper class lifestyle including occasional overseas holidays, sending the kids to a top school and a house in a nice neighborhood.
At what point does the pursuit of money start working against you and your chance of living a happy and fulfilling existence?
It would be great if the older generations respond to this and give us younger people a first hand insight. Thank you and sorry if this post is a bit convoluted.”
BaconBits
“A family with someone earning $80K (excluding super) and the other adult partner earning $50K (excluding super) should see you capable of the lifestyle you mention.
But with kids you might have to postpone the holidays until both adults can work.
They are very achievable salaries.
That’s kind of my plan anyway. I have no children yet – need a bigger deposit before those above salaries can support a mortgage for a nice house in a nice area.”
ScottR
“Having overseas holidays, private school and a house in the good part of town is a pretty high middle class aspiration.
I grew up with no overseas holidays, public school and a house in an average part of town (now a very good part, but I digress). We were middle class.
If you want to send your kids to $20k a year schools, as well as having a million dollar house and overseas holidays, you probably need to be earning $150k-$200k as a family in Adelaide. Sydney/Melbourne would be more.
I’m sure you can achieve all of the above on less, but there’d be sacrifices to make which would put you out of “upper-middle class” so the figures sound reasonable to me.
If you’re content with middle class, a smaller house in an OK suburb and public schools then you’d get away with $100k as a couple, but it would be tight. Probably less if you don’t intend to save anything until the mortgage is paid off.
I’m now expecting people to come in this thread and say you need $30k to have a good life and that I’m way off ;)”
Potato chip connoisseur
“I’m 30 and I didn’t waste my youth with my head in books.
Myself and my wife have a combined income of $170K-$190k we now own a house in south west Sydney where I grew up and there is no place in Sydney I think I would be happier.
I work from home have good hours and and lots of freedom and flexibility.
I have expensive hobbies, and have the expendable income to buy anything I want.
I have no desire to travel, or own a Porsche. I drive a new corolla.
I don’t cry myself to sleep at night so I guess I am happy.
So you can keep your 5 years of study, years of corporate ladder climbing. And stressful demanding jobs cause that wouldn’t make me happy”