Posted on 05/29/2011 10:10:34 AM PDT by SeekAndFind
It turns out $200,000 is the magic number. That's when you're considered affluent in America.
And what you make in your 20s is a huge predictor of whether you'll ever get there.
According to advertising agency Digitas, it's much more likely you'll hit $200K if you make at least $100K before age 35. That puts you into the emerging wealth category; anyone older and in that income bracket is considered aspiring.
Digitas pulled this research together after the economic downturn, after realizing that the core luxury consumers were the ones who made more money earlier. Those in the aspiring category no longer "felt rich" and identified with the middle class.
Emergers also have a better chance of being part of the coveted 1% who control 40% of wealth in America someday.
(Excerpt) Read more at businessinsider.com ...
I understand that. Although I haven't been interviewing, I do get recruiters calling on occasion and some of the numbers they throw out wouldn't pay my taxes- even from companies like Google.
Don’t consider yourself “rich” at $100K when local, state, and federal taxes will suck about half of it right out of your paycheck. With the remaining money, if you live in the South or Southwest, you might be able to pay rent and utilities and transportation without having to put something on the credit card to get by. If you live on the coasts, you will definitely have a hard time buying the basics.
The U.S. economy is up on blocks, and the young have a very poor future.
This is quite true. What they see and what they can afford is quite a contrast. They do not realize that if often takes 30+ years to get grounded and financially wise. Obama has wrecked this for the new generation.
Life is not always about money.
Money is necessary for necessities, but not every thing is a necessity.
I decided early in my working life that family was more important than making lots of money. This means I turned down overtime and promotions in favor of more free time. Because I was good at what I did, showed up on time, worked hard I was left alone.
Personal happiness is not something that can be purchased. It comes from within. More money would not have made my life happier (perhaps there were times it would have made it easier, but at what price?)
I am retired now and home is paid off and I have no debt. I am not rich, but I am not poor. I am comfortable.
I have seen other who have made a lot more than I would ever make end up in worse financial shape because they had an image they had to live up to (which cost a lot of money).
They made more money but have less than I have. Worse, in some cases they sacrificed their family life to earn more money. Has anyone on their death bed ever wished they put in more overtime, or earned more money?
Project Management skills and certification is in high demand. As programmers are outsourced, the need for coordination of those assets becomes more and more important. When I first started in what I was doing (a similar field), a developer would also serve as a project manager or at least a SPO for many of his projects depending on the phase. You can’t get that from outsourced workers. You give them something to do, they do exactly what they have to, nothing more.
“You can’t get that from outsourced workers. You give them something to do, they do exactly what they have to, nothing more.”
And that is exactly what those that outsource are finding out the hard way.
Business: “Um, the buttons on the screen are all of differing sizes and shapes and are not aligned at all. Can you fix that?”
Outsource: (In a heavy Indian accent), “We are very sorry, but that was not in the requirement spec. It will cost more and take more time.”
Business: “OK, but the spelling on several items is also not right.”
Outsource: (Still in a heavy Indian accent), “No one specified the proper spelling. That, too, will take more time.”
You have it right. Take time to try and understand who you are rather than what others want to see. I have a large mortgage that I am considering cutting in half by the end of next year. That will require quite a meager lifestyle.
Great book to read “The Millionaire Next Door”. Frugal people who invest and save. Many end up being multi millionaires by the time of retirement. I followed its philosophy when I got married (should done it when I was single). My family lived off of my salary, while my wife’s entire take home salary was saved. In ten years I paid off my house. Freed up cash to save for my son’s college. My son will go to college this fall and I have enough saved to cover his four years. Even after all these expenses we are still millioaires. It can be done, but one must have the proper philosophy early.
I’ve had almost that exact conversation. LOL. Especially the spelling part.
Would you consider yourself to be as wise as a Dave Ramsey type person..... Serious question
Unfortunately, I wish I had learned that in school. I paid off all my debt but still way short of a descent retirement plan when the government takes more and more to feed their reckless spending.
Bingo! You win! Above a relatively small number, it is not how much you make, but how much you spend and how you spend it that determines how much you have.
My definition of wealth is whether you have enough wealth so that you are independent and do not have to work if you so chose.
I live better spending 20K a year than my attorney friend who makes $500k a year, spends it all, and saves nothing. Wealth is much more a frame of mind than it is frivilous and mindless consumption.
We call that, "Having FU Money."
To me, wealth is wrapped in memories and a feeling of comfort. Financial freedom is definitely a part of it. People who are constantly difficult will never be happy, and that is a true measure.
Maybe Obama and his “stash” will help out...... LOL
I actually feel sorry for people who make in the 100-200K range, because you go your entire life doing things right, then you end up giving half or more to the government, because liberals think you are evil and have to pay your fair share so they can sit on their asses in some bureaucracy wasting your money on people who didn’t make an effort to do anything.
Yeah, me too. Plus, have you ever seen a hearse pulling a U-haul?
“So what if you make 200K a year. The govt. takes at least 50% of it. After that, medical bills, mortgage, fuel, insurance, etc. The list goes on and on.”
The purpose of the current progressive tax system is to prevent producers from acquiring wealth thereby preserving the power of those who already have it, the elites.
Notice that none of the “soak the rich” rhetoric from the wealthy Democrats speaks to adding intangibles taxes or higher property taxes on the accumulated assets of those who are already wealthy nor does it call for elimination of income derived from tax free bonds or an end to the various trusts used by the super rich to avoid estate taxes. Instead all we hear are calls for higher marginal current income tax rates on those who are trying to accumulate wealth.
Now they’ve truly rigged the system by artificially holding down interest rates and turning the equity markets into casinos manipulated by a select group of Wall Street firms in bed with big government. The bankers rake off billions in fees from the 401K and IRA savings of conscientious citizens whether they increase the wealth of those savers or destroy it. Accumulating wealth, after inflation and taxes, is extremely difficult in the America of today.
“They made more money but have less than I have. Worse, in some cases they sacrificed their family life to earn more money. Has anyone on their death bed ever wished they put in more overtime, or earned more money?”
I’m with you. One guy I worked with (program manager) traveled so much that his kids called him “uncle dad”. I have no fear of that ever happening in my case.
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