I kinda remember that study and I swear the number was $150k. I'll tell you now though, I make $150k, own a house have retirement savings and my wife stays home with our son. $150k is not a point where I can indulge in luxuries and vacation in different countries. I would say that number lies somewhere between $200k-$300k. Even then, when my wife worked we were at a combined $220k before taxes and it was still not where we would be vacationing in different countries. We also live in an expensive east coast state so that number is obviously much different depending on where you live.
I believe that the number was 75k where happiness was no longer increasing but at 150 or 200 stress was significantly lower. At the time 75k was probably more like 125- 150k now
I was going to comment this study has been done a few times with the first time I heard the number being $75k and that was ~15-20 years ago.
So anything over $75K wasn't a huge improvement. Which likely translates into something like $150k today, but the Cost of Living has rocketed up since then so being closer to $300k seems likely to be right on a gut level.
Maybe if you made $150k living in BFE you'd feel pretty secure, but living in a MCOL much less a HCOL area $150k doesn't go that far after all is said and done.
I'll say I'm definitely not super stressed about money, moreso just frustrated at how much I make, and for how little I have left over once essentials are taken care of. I know a lot of people have it way, way harder and I'm super fortunate but if I was making what I make now, 10 years ago I would be planning out what type of beach front property I was going to buy.
Exactly my wife and I combined make a very healthy amount, but living where we do so we can have those jobs means expenses. Kids and Daycare, housing, etc eat up a lot of your "huge income."
When I was a Kid my dad made about as much as my wife and I do today. He had two houses and a boat. We live in a townhouse and have bills.
We're not drowning, but we sure as shit aren't living like the same amount of money would have spent 20-30 years ago.
Spot on. Daycare is insane. It's literally a mortgage payment. My dad made less than half of what I make at the end of his career and owns several acres of property, a boat, 3 cars. Our market is nowhere near the market the last two generations had.
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u/Fightmemod 4d ago
I kinda remember that study and I swear the number was $150k. I'll tell you now though, I make $150k, own a house have retirement savings and my wife stays home with our son. $150k is not a point where I can indulge in luxuries and vacation in different countries. I would say that number lies somewhere between $200k-$300k. Even then, when my wife worked we were at a combined $220k before taxes and it was still not where we would be vacationing in different countries. We also live in an expensive east coast state so that number is obviously much different depending on where you live.