The game is rigged. 100k is still not enough, and that is crazy.

[aXiom]

Depending where you live in Cali and NY with the fact that you’ll have faster access to a six figure salary.

plenty of people in these locations who live ordinary lives who save lots of money with six figures.

An average 1 bedroom goes $1700 in my area. You don’t even need six figures to afford that.

This is my problem with wage theft and cost of living increases.. There are a lot of areas now where rent has no business being this high, but yet it is. Same spots were $1000-1$1200 4-5 years ago, but everyone has no choice but to pay these crazy prices now or be forced to live in less desirable areas. The middle class is being bled at a much faster rate than it's ever been, and mostly through housing.. but as with everything else, we just adjust to it and it becomes the norm.


I get where OP is coming from. 200k is the new 100k. For you to feel somewhat easy at 100k/yr, you need to go back 10 years.

 

[Nigerianwonder]

I don’t care what you lived

that 1 bedroom 600ft square foot apartment you live in it’s not going to make any sense when you more than double your income for example

and let’s be real you’re not you are not going to more than double your income without more than doubling your responsibility and time commitment with work

People don't realize there are expenses you don't even know exist until you reach higher levels of responsibility and income. For example lets say you gotta go to some black tie gala with company executives now that you are in leadership. Your cheap little off the rack walmart suit aint gonna do it no more. Now you gotta shell out over a stack on a nice tailored suit. Something you may have never had to do or even considered before.

 

[Tom Foolery]

But is it not the gateway to financial freedom?

If you're saving $24k a year, that means in 2 years you'd have $48,000. That's enough to buy 1 or 2 houses and rent them out. Or you can save for 4 years and put $90,000 down on 5 unit apartment building. A 5 unit apartment building will bring in $6000/month.

Sure. That's what OP is trying to say.

 

[trillanova]

Your money management skills are trash and you need to curb your desires.

 

[Bboystyle]

In summary, the 100K salary doesn't provide the freedom most people think it does.

Depends on the person making it. I make slightly over 100k, dont live in an expensive ass city or area, and live comfortably.

My income alone allows me to save $1800 a month and thats with $400 going to my 401k. With my wifes income, we have about $2500 a month after all bills and necessities are paid off to save or use as we please.

Theres no need to save unless u plan on buying something in the near future. The whole idea of u needing to save was based off of an idea by our great/grand parents because of the hardships they faced and went through.

There will never be another great depression and todays modern technology, everything lasts for years (cars, phones, computers, ect.)


So again, its pointless to save unless u planning on buying something or going kn vacation.

 

[threattonature]

It's easy to spend when you have more. If you go from making 40K to 120K, you can go out to eat more often, you can spend a little bit more on that vacation, you can spend more on your vice of choice(smoke/drink/gambling).

Things can get out of hand quickly. Living like you make 40K when you make six figs... that's the discipline.

This is the thing a lot of people don't realize when you make more money. The cost for instance to live alone versus having roommates is one of the first one that eats into the money. Those restaurants that before was too expensive now you can fit in on occasion. The funniest part about it is that the people who say shyt like "if I made what you made I'd have all kinds of savings" are the same ones who already spend recklessly and blow their money. But somehow when that salary increases they think they'll somehow become smarter and more disciplined with money lol.

It has taken me a long time to get smarter financially and start saving more and investing part of it. My hardest thing was having two kids and paying for things that would come up with them or spoiling them in ways. Like OP said $100K isn't rich by any means event though people try to paint it like it is. That money can get spent easily if you're not paying attention. That's enough to lead a comfortable life but not rich by any means even if you're disciplined as hell.

 

[RubioTheCruel]

This is the thing a lot of people don't realize when you make more money. The cost for instance to live alone versus having roommates is one of the first one that eats into the money. Those restaurants that before was too expensive now you can fit in on occasion. The funniest part about it is that the people who say shyt like "if I made what you made I'd have all kinds of savings" are the same ones who already spend recklessly and blow their money. But somehow when that salary increases they think they'll somehow become smarter and more disciplined with money lol.

It has taken me a long time to get smarter financially and start saving more and investing part of it. My hardest thing was having two kids and paying for things that would come up with them or spoiling them in ways. Like OP said $100K isn't rich by any means event though people try to paint it like it is. That money can get spent easily if you're not paying attention. That's enough to lead a comfortable life but not rich by any means even if you're disciplined as hell.

I think a lot of it is people simply don't know where their money goes and don't have a proper budget. Sure, we all know we have rent/mortgage/bills/etc, but to really sit down and reconcile where your money goes is eye-opening. When you see you're spending 1K-1.5K a month eating out and 500 a month on random frivolous bullshyt, it gets you more focused.

 

[CrimsonTider]

Your money management skills are trash and you need to curb your desires.

He’s saving close to 30k a year how is he money management trash?

People don't realize there are expenses you don't even know exist until you reach higher levels of responsibility and income. For example lets say you gotta go to some black tie gala with company executives now that you are in leadership. Your cheap little off the rack walmart suit aint gonna do it no more. Now you gotta shell out over a stack on a nice tailored suit. Something you may have never had to do or even considered before.

Yeah man, he’s advocating to live like a broke boy when you make 100k. shyt changes whether you want it to or not

 

[L&HH]

The problem is you're outlook. There is absolutely nothing wrong with a mortgage and car payments which your salary can more than afford. It's called leverage. If this is the game they want you to play then play it and play it smart. Buying a house or car cash and exhausting all your liquid capital imo is a fool's errand. Use your liquid capital to make more liquid capital and leverage your liquid capital and and credit to attain assets. You guys keep seeing debt as a bad thing. The richest ppl in the world love debt and use it to their advantage. They purchase everything via debt:

Bullet loan - Wikipedia.

 

[Deflatedhoopdreams]

On another note I don’t understand how folks with big salaries don’t save their money. In my situation it would be super easy to.

The way most people do. Buy more shyt they think is going to make them more happy. Rinse and repeat until they are spending more than they bring in.

 

[Skooby]

I haven't read a thread but cost of living matters.

I make $116k. But I live in the DC area. It's not as much as you think.

 

[Pimp]

I understand the OP.. I was in that position before until i figured out you have to invest all your extra money. I remember i was saving 40-50k/year and only investing like 20k.. Once i started investing all the extra money that's when my money became financial steroids. If i could go back I would have at least 2m.. Now I'm creeping up on a M but it's only because for years i had idle money doing NOTHING.. Your salary really doesn't matter, your investments do.

 

[Houston911]

and let’s be real you’re not you are not going to more than double your income without more than doubling your responsibility and time commitment with work

this is 100000000000 percent false

 

[mamba]

On another note I don’t understand how folks with big salaries don’t save their money. In my situation it would be super easy to.

Lifestyle creep as their salary increases. When, in reality, you shouldn’t be making crazy lifestyle leaps after salary bumps that aren’t massive.

You’ll have someone making $75k and renting a $1500 apartment. They hit $100k and upgrade to a $2500 apartment because they want to project an image. Not to mention probably upgrading car as well.

 

[Pimp]

Why is this in the bushes? This is a learning experience for people. If you don't understand him it's probably because you never made 6 figure salary and trust me, 6 figures ain't shyt.. Was a dream until it became reality.