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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Is $200K enough?

Is $200K enough?

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  • G Offline
    G Offline
    George K
    wrote on 23 Feb 2023, 13:02 last edited by
    #1

    https://ofdollarsanddata.com/is-200k-a-year-good/

    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

    L 1 Reply Last reply 23 Feb 2023, 13:32
    • J Offline
      J Offline
      Jolly
      wrote on 23 Feb 2023, 13:13 last edited by
      #2

      Down here, most would consider that a little better than good.

      “Cry havoc and let slip the DOGE of war!”

      Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

      L 1 Reply Last reply 23 Feb 2023, 14:02
      • 8 Online
        8 Online
        89th
        wrote on 23 Feb 2023, 13:16 last edited by
        #3

        What an American question... is $200,000 a year good enough? LOL

        Umm, yes it's more than good enough. Even in the most expensive areas (NYC, San Fran, Horace's neighborhood) if you "had" to live there in order to keep a household income of $200,000 you would be fine. Even if you <dramatic pause> couldn't live in the perfect house or have 10 media subscriptions... life would be fine.

        1 Reply Last reply
        • G George K
          23 Feb 2023, 13:02

          https://ofdollarsanddata.com/is-200k-a-year-good/

          L Offline
          L Offline
          LuFins Dad
          wrote on 23 Feb 2023, 13:32 last edited by
          #4

          @George-K said in Is $200K enough?:

          https://ofdollarsanddata.com/is-200k-a-year-good/

          Only part of the way through, but something grabbed me.

          alt text

          In all of these datasets, income was maximized 45-54 with a pretty sharp decline from 55-64. Any ideas why such a significant drop? Industries value youth over experience? More single income households ie divorce? Early retirements? I can imagine a little bit of a drop off, but in the bottom two, they seem significant.

          Another interesting (and frightening) thing I saw was just how low the 65 and above incomes are. Dangerously but understandably low for the HS Dropouts and HS Graduate levels, but unreasonably low for the college grads. At those median incomes at younger ages, their SS income alone should be $40K single income and $70K two income households. A $71K Median shows way too little invested for retirement.

          The Brad

          8 1 Reply Last reply 23 Feb 2023, 13:37
          • L LuFins Dad
            23 Feb 2023, 13:32

            @George-K said in Is $200K enough?:

            https://ofdollarsanddata.com/is-200k-a-year-good/

            Only part of the way through, but something grabbed me.

            alt text

            In all of these datasets, income was maximized 45-54 with a pretty sharp decline from 55-64. Any ideas why such a significant drop? Industries value youth over experience? More single income households ie divorce? Early retirements? I can imagine a little bit of a drop off, but in the bottom two, they seem significant.

            Another interesting (and frightening) thing I saw was just how low the 65 and above incomes are. Dangerously but understandably low for the HS Dropouts and HS Graduate levels, but unreasonably low for the college grads. At those median incomes at younger ages, their SS income alone should be $40K single income and $70K two income households. A $71K Median shows way too little invested for retirement.

            8 Online
            8 Online
            89th
            wrote on 23 Feb 2023, 13:37 last edited by
            #5

            @LuFins-Dad Yes I suspect it's a combination of what you mentioned. Early retirement, divorce, maybe (as in my case) conversion to single-income for other reasons, maybe health?

            L 1 Reply Last reply 23 Feb 2023, 13:52
            • J Offline
              J Offline
              Jolly
              wrote on 23 Feb 2023, 13:42 last edited by
              #6

              Government employees and public school teachers tend to retire in their mid-fifties to early sixties.

              Would that account for some of it?

              “Cry havoc and let slip the DOGE of war!”

              Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

              1 Reply Last reply
              • 8 89th
                23 Feb 2023, 13:37

                @LuFins-Dad Yes I suspect it's a combination of what you mentioned. Early retirement, divorce, maybe (as in my case) conversion to single-income for other reasons, maybe health?

                L Offline
                L Offline
                LuFins Dad
                wrote on 23 Feb 2023, 13:52 last edited by
                #7

                @89th said in Is $200K enough?:

                @LuFins-Dad Yes I suspect it's a combination of what you mentioned. Early retirement, divorce, maybe (as in my case) conversion to single-income for other reasons, maybe health?

                I don’t think too many households 55-64 are converting to single income households for the same reason you did, 89th…😉

                The Brad

                8 1 Reply Last reply 23 Feb 2023, 13:58
                • L LuFins Dad
                  23 Feb 2023, 13:52

                  @89th said in Is $200K enough?:

                  @LuFins-Dad Yes I suspect it's a combination of what you mentioned. Early retirement, divorce, maybe (as in my case) conversion to single-income for other reasons, maybe health?

                  I don’t think too many households 55-64 are converting to single income households for the same reason you did, 89th…😉

                  8 Online
                  8 Online
                  89th
                  wrote on 23 Feb 2023, 13:58 last edited by
                  #8

                  @LuFins-Dad LOL true

                  1 Reply Last reply
                  • J Jolly
                    23 Feb 2023, 13:13

                    Down here, most would consider that a little better than good.

                    L Offline
                    L Offline
                    LuFins Dad
                    wrote on 23 Feb 2023, 14:02 last edited by
                    #9

                    @Jolly said in Is $200K enough?:

                    Down here, most would consider that a little better than good.

                    And that’s the issue not addressed nearly well enough… Good enough for where? I could live like a king off of $200K a year in Southwestern, PA. And I mean like a king…Cleaning/Cooking staff, live in nanny, 5000 square foot home, etc…

                    In Norrhern, VA? Not so much…

                    The Brad

                    1 Reply Last reply
                    • A Away
                      A Away
                      Axtremus
                      wrote on 23 Feb 2023, 14:26 last edited by
                      #10

                      Have not found the definition for "income" yet for that article. E.g., is it the AGI figures from US tax returns, is it Social Security wages or Medicare wages off your tax forms, does it account for employer sponsored/subsidized benefits (employer paid portion of medical insurance premiums), etc. ?

                      Regardless, when you read the word "income" in this sort of discussion, what definition of "income" comes to your mind?

                      For W2 employees, would that be your pre-tax, pre-deduction (for things like healthcare insurance premiums, retirement savings) income, post-tax income, or just the net take-home pay? Do you mentally add in (or deduct as the case may be) bank interests or investment dividends? Capital gains?

                      For the self-employed, it may just get even more complicated.

                      How about retirees? What definition comes to your mind when you read the term "household income"?

                      1 Reply Last reply
                      • C Offline
                        C Offline
                        Copper
                        wrote on 23 Feb 2023, 16:42 last edited by
                        #11

                        I think $200K would be considered very good in these parts - almost rural southern Virginia.

                        Half that would probably be considered at least good.

                        1 Reply Last reply
                        • 8 Online
                          8 Online
                          89th
                          wrote on 24 Feb 2023, 13:12 last edited by
                          #12

                          Somewhat related:

                          5ba65912-6e5a-482d-b573-8f3f2a715e93-image.png

                          G 1 Reply Last reply 24 Feb 2023, 13:25
                          • 8 89th
                            24 Feb 2023, 13:12

                            Somewhat related:

                            5ba65912-6e5a-482d-b573-8f3f2a715e93-image.png

                            G Offline
                            G Offline
                            George K
                            wrote on 24 Feb 2023, 13:25 last edited by
                            #13

                            @89th "Happiness with your body" peaks at 74?

                            Woohoo! Almost there. Adonis, am I...

                            ...at least to myself.

                            "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                            The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                            1 Reply Last reply
                            • jon-nycJ Online
                              jon-nycJ Online
                              jon-nyc
                              wrote on 24 Feb 2023, 14:07 last edited by
                              #14

                              I guess a Nobel prize winning discovery isn’t in the cards for me.

                              Only non-witches get due process.

                              • Cotton Mather, Salem Massachusetts, 1692
                              Aqua LetiferA 1 Reply Last reply 24 Feb 2023, 14:13
                              • jon-nycJ jon-nyc
                                24 Feb 2023, 14:07

                                I guess a Nobel prize winning discovery isn’t in the cards for me.

                                Aqua LetiferA Offline
                                Aqua LetiferA Offline
                                Aqua Letifer
                                wrote on 24 Feb 2023, 14:13 last edited by
                                #15

                                @jon-nyc said in Is $200K enough?:

                                I guess a Nobel prize winning discovery isn’t in the cards for me.

                                I've got 6 months left, I'm gonna pwn the shit outta you.

                                Please love yourself.

                                8 1 Reply Last reply 24 Feb 2023, 14:47
                                • L Offline
                                  L Offline
                                  LuFins Dad
                                  wrote on 24 Feb 2023, 14:43 last edited by
                                  #16

                                  It was a privilege just to be nominated.

                                  The Brad

                                  1 Reply Last reply
                                  • Aqua LetiferA Aqua Letifer
                                    24 Feb 2023, 14:13

                                    @jon-nyc said in Is $200K enough?:

                                    I guess a Nobel prize winning discovery isn’t in the cards for me.

                                    I've got 6 months left, I'm gonna pwn the shit outta you.

                                    8 Online
                                    8 Online
                                    89th
                                    wrote on 24 Feb 2023, 14:47 last edited by
                                    #17

                                    @Aqua-Letifer said in Is $200K enough?:

                                    @jon-nyc said in Is $200K enough?:

                                    I guess a Nobel prize winning discovery isn’t in the cards for me.

                                    I've got 6 months left, I'm gonna pwn the shit outta you.

                                    I only have 4 months left. Ugh, really ought to spend time proving out my perpetual motion machine. I still remember freshman year when Aqua told me my idea was impossible. Little does he know the machine hasn't stopped in 23 years! Hahahaha

                                    HoraceH 1 Reply Last reply 24 Feb 2023, 14:52
                                    • 8 89th
                                      24 Feb 2023, 14:47

                                      @Aqua-Letifer said in Is $200K enough?:

                                      @jon-nyc said in Is $200K enough?:

                                      I guess a Nobel prize winning discovery isn’t in the cards for me.

                                      I've got 6 months left, I'm gonna pwn the shit outta you.

                                      I only have 4 months left. Ugh, really ought to spend time proving out my perpetual motion machine. I still remember freshman year when Aqua told me my idea was impossible. Little does he know the machine hasn't stopped in 23 years! Hahahaha

                                      HoraceH Offline
                                      HoraceH Offline
                                      Horace
                                      wrote on 24 Feb 2023, 14:52 last edited by
                                      #18

                                      @89th said in Is $200K enough?:

                                      @Aqua-Letifer said in Is $200K enough?:

                                      @jon-nyc said in Is $200K enough?:

                                      I guess a Nobel prize winning discovery isn’t in the cards for me.

                                      I've got 6 months left, I'm gonna pwn the shit outta you.

                                      I only have 4 months left. Ugh, really ought to spend time proving out my perpetual motion machine. I still remember freshman year when Aqua told me my idea was impossible. Little does he know the machine hasn't stopped in 23 years! Hahahaha

                                      Aqua is going to be so embarrassed.

                                      Education is extremely important.

                                      1 Reply Last reply
                                      • 8 Online
                                        8 Online
                                        89th
                                        wrote on 24 Feb 2023, 15:39 last edited by 89th
                                        #19

                                        Totally. You see, I placed a device in Papau New Guinea where gravity is the strongest on earth, what it does is a marble drops into a shoot that uses the extra strong gravity to accelerate its decent until it hits a ramp that shoots the ball back up and then back into the same shoot. This repeats over and over. The trick is I placed a small windmill of sorts that the ball hits and rotates the blades. The reduction of energy from the ball hitting the blade is less than the gravitational strength gained in this part of the world so the ball never slows down enough to stop. Therefore there is a net positive amount of energy produced each cycle. Then I placed 10 billion of these devices across the country, and placed them so that the wind produces from the first windmill generates actual wind to aid the windmill of the second loopty-loop device thereby increasing the net energy produced for the 2nd device. So on and so forth until the 5,001,618th device is able to run without a marble at all! So far this has generated enough power to create one bitcoin, which has since lost $50,000 in value since its creation.

                                        HoraceH 1 Reply Last reply 24 Feb 2023, 16:00
                                        • MikM Away
                                          MikM Away
                                          Mik
                                          wrote on 24 Feb 2023, 15:50 last edited by
                                          #20

                                          Cyber Rube Goldberg.

                                          “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

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