What do you consider doing ok Financially? Gross income

roots1986

Sat, Jun 24 2017, 11:09 pm

I am just curious when someones say they are doing ok financially, what does that usually mean they are making gross income? Trying to understand.
TIA

zaq

Sat, Jun 24 2017, 11:12 pm

I suspect that financial security, like beauty, is in the eye of the beholder. Some feel they're financially ok if they can pay their bills each month. Some feel insecure with millions in the bank.

rachel0615

Sat, Jun 24 2017, 11:21 pm

Also depends where they live. Living oot and doing ok and living in Brooklyn and doing ok r very diff

amother

Gray

Sat, Jun 24 2017, 11:28 pm

Are we talking as a newlywed with no kuds or mortgage? Are we talking about a family with 5 kids and a mortgage?

amother

Orange

Sat, Jun 24 2017, 11:37 pm

IMO
1. Being able to pay all your bills on time
2. Owning a house
3. Owning a car
4. Paying full tuition
5. Having at least 6 months salary in savings
6. Going on vacation 1x a year without touching savings.

mommy3b2c

Sat, Jun 24 2017, 11:49 pm

For everyone it's different. I think in Brooklyn with 3-5 kids between $250,000 and $300,000 the your are doing pretty okay. But if you overspend and have a ton of debt, or invested in a business and have debt from that, or any other reason for debt, then it's a lot less then it sounds.

roots1986

Sat, Jun 24 2017, 11:50 pm

Are you able to do that with gross income of 120?150?200?250?

I am curious what most average people are making combined gross income.

amother

Pearl

Sun, Jun 25 2017, 12:06 am

amother wrote:

What about marrying off your children?

amother

Pearl

Sun, Jun 25 2017, 12:08 am

mommy3b2c wrote:

How many people you know really earn this amount of money?
250 to 300k???
Nice dream. Please tell me which jobs pay like this. I need one asap. Ready to travel anywhere in N.Y. Or even farther.

amother

Fuchsia

Sun, Jun 25 2017, 12:13 am

mommy3b2c wrote:

That's what you consider financially okay? I would think that's well off.

amother

Gray

Sun, Jun 25 2017, 12:23 am

amother wrote:

How many people you know really earn this amount of money?
250 to 300k???
Nice dream. Please tell me which jobs pay like this. I need one asap. Ready to travel anywhere in N.Y. Or even farther.

Nobody said alot of people make that income. I agree with the poster that a typical family of at least 6 living in Brooklyn, needs to make a MINIMUM of $250,000 to be even slightly comfortable.

Of course if family is paying some bills that's a whole different story.

mommy3b2c

Sun, Jun 25 2017, 12:29 am

amother wrote:

How many people you know really earn this amount of money?
250 to 300k???
Nice dream. Please tell me which jobs pay like this. I need one asap. Ready to travel anywhere in N.Y. Or even farther.

I know lots of people who make that money.

mommy3b2c

Sun, Jun 25 2017, 12:30 am

amother wrote:

That's what you consider financially okay? I would think that's well off.

What makes a person well off? With that amount you are most certainly not rich.

amother

Pearl

Sun, Jun 25 2017, 12:32 am

mommy3b2c wrote:

I know lots of people who make that money.

Employees? Or, business owners?
Please tell me about them. I'm not sarcastic. I really need such a job and I'm ready to do anything. Thanks.

tichellady

Sun, Jun 25 2017, 12:36 am

There is no one answer to this question.

Last edited by tichellady on Sun, Jun 25 2017, 12:37 am; edited 1 time in total

amother

Gray

Sun, Jun 25 2017, 12:37 am

mommy3b2c wrote:

I know lots of people who make that money.

It's not about the actual number of people that you personally know. I think it's fair to say that at least 80% of families living in Brooklyn with at least 4 kids DON'T make $250,000 or more a year. The fact that you might personally know 20 families that make above that number doesn't change the dynamics of the situation which is the overwhelming majority are under that number.

amother

Fuchsia

Sun, Jun 25 2017, 12:39 am

mommy3b2c wrote:

What makes a person well off? With that amount you are most certainly not rich.

I guess it's all relative. In my mind okay means paying all the bills and having a little extra, well off is more comfortable, and rich means you're making significantly more than average.

amother

Sapphire

Sun, Jun 25 2017, 3:51 am

amother wrote:

That's what you consider financially okay? I would think that's well off.

Don't forget that with that income, almost 1/2 goes to taxes and another about $35,000 a year goes for health insurance.

amother

Pearl

Sun, Jun 25 2017, 3:57 am

amother wrote:

Don't forget that with that income, almost 1/2 goes to taxes and another about $35,000 a year goes for health insurance.

So instead of 300k they end up with 115k?