Dad, How Much Money Do I Have To Make?

[slakjaw]

How much money you need to make depends on a lot of things. Do you want to fit in on a Porsche fourm for example.

[Tervuren]

Originally Posted by cockerpunk

for myself it would be around 45k/year. which is well under what i currently make.

this question i file under the heading "questions that make sense when you are young but no longer do once you have life experience" i know that sounds crazy, but let me explain. i file this one (esp with the phrasing 'how much do i have to make') in that file with the classic, would you rather have money, or freedom? its a question that makes sense when you are a small child, but as you get older, freedom changes. and you realize ... money buys freedom. there is no freedom like being able to pull out your bank card and not give a ****. until you have a pretty decently bad crime, you can pay your way out of it. vacations and travel become easier and more freeing when you go without reservations and just do whatever the hell you want to, whenever the hell you want to do it etc etc.

in the same vain, how much money do i have to make ... well what kind of life do you want to live? ultimately, that is the tougher question, and the money question just kind of answers itself.

I have to agree, I saved up my money through my teenage years - and even when there wasn't work to do - those savings give a nice pad on life.

However, money - has been loosing value quite rapidly, and its accelerating its rate. A harmonica I bought for $150, is now $320, as the value of the dollar sinks - it takes more to buy things.

Storing money then - is a frustrating exercise, its like keeping water in a leaky bucket.

If you put in "things" other than money - if the money takes a dive - other people will be selling their "things" to - so the "things" also take a dive.

Shortly after the last election, I placed a few phone calls and started dumping whatever I had into the stock market, expecting the policies to make a bubble. The statements look awesome, but Bubbles pop, and this is getting to be a HUGE bubble.

When money isn't worth much - it will be your own resourcefulness. Can you cook, sew your own clothes? Have tools and materials to fix your car/motorcycle, can you keep your appliances running if they fail?

You trade your things/time for money, and your money for other people's things/time. Depending on the value of what you can do, and the value of money, making careful choices for higher income will allow you to pay someone else to do many of the things that would eat your time.

I built my own RC racing monster truck chassis with scrap aircraft aluminum pieces, basic hand tools and a tape measure. Saved myself $200, but spent several hours of my time on it. Since I enjoyed it - no brainer. To someone else - would be a chore, easier to buy.

Finally - location is really far more important. Guy at my workplace lives 6 months in the Philippines with no income aside from what he saved while working in the US for 6 months. Cost a heck of a lot less to live in a hut and scavenge/grow your own food than it does to live in a United States city.

Location will change costs, and job availability will change with location as well. Ultimate advice - look at the cost of housing and gasoline in different desired areas - get a cost for that area - then look for potential job opportunities the area might offer. If you don't have a skillset that meets the opportunity/cost of an area - either change skillset, or look else ware.

[Cajundaddy]

Just as a data point, my youngest is 28. She is a tenured master teacher at a HS and makes around $65k. She owns her own 3br condo and rents 2 rooms out. Recently bought a 2011 Lexus for $20k and has about the same $20k left in student debt from her MA. No other debt beyond car and mortgage. She has a good savings account and enjoys travel. Seems pretty satisfied with her choices so far. Not wealthy by any means but living comfortably and self sufficiently for a single twentysomething.

[fred cook]

How many kids will she have to put thru college? Where and how well does she want to be able to live? What level of retirement income does she expect to need? If it was something that I was able to do over again, I would figure on $100k+ per child for college. A home in the $200k - $300k range in the less populated areas would be comfortable. For someone her age, at least $1000k (1 million) in retirement funds. Of course, if she is married, her spouse will contribute to the "pile" also. As mentioned above, living in the south is much less expensive than living in New York or San Francisco! Just some thoughts, hope some of this helps.

[sleepy911]

I was told that money doesnt make you happy.
Well I've been poor and unhappy, so I'd like to try rich and unhappy.

[pegasus9]

No matter the number, it's never enough. All we really have are the true moments.

[cashflyer]

[72doug2,2S]

Some very good insights posted here.

Above all it will be about what you're saving.

The right job should:
1) Pay above the poverty line
2) Meet 100% of needs
3) Provide for savings
4) Meet 10% of wants
5) Provide a good life work balance
6) Be something you're good at
7) Require you to take on debt only if you sleep in it, or it makes you money.

[wildthing]

A lot of good has been said here. Allow me to throw in my 2 cents:

First, it is important to discover what it is your daughter wants to do in life. Second, see if that will allow her to make a living. If not, what's the second choice? Or third choice?

And then secondly, recognize that there is an unlimited amount of money to be made. Money can be multiplied. It may take years. But it is possible. A business. Joining a startup. Investing...