Why can't you live off a 24,000 year salary?
Hey buddy, if we could all take home the income that's promised to us, 1) we'd all be filthy rich, 2) the schools, parks, roads, highways, etc. would all be much nicer and 3) a lot of people in the country will get screwed. Basically, I'm just trying to say that you need to pay your taxes. I'm really happy to know that there are people like you who place passion and interest first before money. I hope you don't lose that as you get older. 24K a year for a single person is doable in certain places like very rural areas or lesser developed cities. Obviously, you know that 24K a year is not even half the amount that would be needed to live in places like New York, Washington, San Francisco, Chicago, etc. You can make do with 24K if your area is cheap. If rent is inexpensive (like under $600/month) and you are willing to budget for groceries and cook every day and buy an older used car, yes you can make do and be okay. However, you won't be saving any money and you won't be able to work toward any financial goals for a while. Your outline of your potential expenses only scratches the surface of what it would really be like; it's actually quite unrealistic to live off 24K comfortably. Between taxes and realistic monthly expenses, you'll likely never find yourself with a dollar to spare, and that wouldn't be an ideal situation. Think long and hard about this. Maybe you can make it work if you live at home with your parents for some time and take shifts at a bar when you're not on duty. I admire your passion but 24K is really pushing the bare minimum and you might feel differently after a year of being constantly without any financial freedom. Good luck.
What kind of lifestyle can you live making $600,000 a year in Philadelphia?
Extremely well. Housing in the city and surrounding suburbs is relatively affordable, as big cities go. That income would get you a very luxurious condo in the city, or a large stately home in one of the more upscale suburbs. You csn live very well for a great deal less than that. I live in a suburb close to the ciry, and our income is not nearly at that level, amd we have a nice house in a top school district. If I had that income, I would have a nice house in or near the city snd a house in an upscale beach town “ down the shore” in New Jersey.
I am 29 years old, have $600,000 in cash, live with my parents, and sit in my room all day. What should I do with my life?
Invest your cash in opportunities that will increase your overall net worth.How did you get $600,000 in cash? I don’t need to know the answer to this question, but if you earned it from an online business you run, then great, keep doing what you are doing! But if you inherited it, then learn how to invest your money to make more! For example:Stocks [High Risk]- Stocks is High Risk especially if you don’t know what you are doing. If you learn and master how stock works, then you can definitely make double the amount of money you started off with.E-Commerce [Low Risk] - Do some research and learn everything about E-Commerce. Get a small team and start selling some stuff online. If done correctly, you can make more money than you imagine!Brick and Mortars [High Risk] - Just like Stocks. This option is real-estate and requires you to have extensive knowledge in the real-estate business.Investment Counsel Firms [Low Risk]. Basically, you give them x amount (for instance, $250,000) and they will invest your money for you and you get to stay rich.Q: What to do with your life?A: Go travel. Have some fun. Make friends. And most importantly, take care of your parents!A world filled with adventure and happiness is awaiting for you!If you liked my answer, feel free to follow me here
How could a 30 year old survive with $600,000 cash without ever working a job/career again?
The risk-free interest rate is about 2.5% right now. That would be $15000 per year, slightly above the poverty line for a single person in the USA. But inflation will slowly push you down below the poverty line. So you will need risky investments like stocks, bonds, or real estate. You might get more like 5% that way, without taking insane risks. That is $30000 per year, above poverty level in the USA but nothing to boast about. You could live all right if you stuck to places with relatively low cost of living. Inflation will push you slowly downwards once again, and your risky investments may go sour on you at some point.The only way to do what you want would be to move to a middle-income or third-world country where living costs are really low. I’ve heard that some people do this and succeed at it (for example, US retirees in Latin America), but you would have to do a lot of research and preparation. You would have to learn the language, customs, legal and economic realities. Ignorant foreigners are easy prey in many of those places.
If you had $600,000 at the age of 35 years, would you retire or continue to be productive?
If you had 600K you might be able to earn 5% to 8% on it5% with the lowest risk so you’d get about $30K income per year with no COLA in succeeding years.That would probably put you at or near the poverty line for one person let alone a couple. At 35 you would have no social security for another 37 years at least, so that’s about it.The most minimal health insurance would still cost a signicficnat fraction.So I don’t think you could reasonably retire, esp. if you wanted to continue a lifestyle that allowed you to save 600K in 24 or so years and live off the income without touching the principal..The other thing is to spend the principle. If you live to be 65 the you need 30 years of income… that would be about 20K per year taking out 1/30th per year. And what if you live longer?That’s even worse.So, no retirement for you.
Is a couple considered wealthy making $600,000 a year in New York City?
No. That’s just my personal definition. “Wealthy”, to me, in New York, means that you live in downtown Manhattan at an apartment you own ($3–6M) and that you have a summer house somewhere outside the city (no idea how much it costs).I would say you live well but my personal definition of “wealthy”= being able to afford to live anywhere you want. Wealthy=freedom and I am not sure that is quite enough. I am not making that much either but I associate “wealth” with being able to live anywhere you want. I do not mean “flashy” at all. If I think someone is “wealthy” that means they must have between 10M and 20M in cash, no debts, plus home and summer home all fully paid, and private school (50k/yr+ per child). That means they could live frugally from if they invest well and don’t work for whatever reason.This has NOTHING to do with outward displays of wealth, like jewelry, “designer clothes” and such. That is pretty meaningless if you think about it. New York is full of people who live for appearances, like these women on “The Real Housewives of New York”. Most of them are far from “wealthy”.Wealthy, in my mind also means that you only have to work if you have to, so if your money comes from a salary, unless you’re a CEO or making 5M+ per year, you’re not wealthy. You’re an employee and you can’t lose your job. You’re not really “free”.
My dad makes $600,000 a year. Do you think he should pay for me to go to college?
Let me tell you a story. Malaria is a disease that kills millions. It is easily prevented. Simply don’t get bitten by mosquitoes. Well, how do you prevent that, well, it turns out that the Mosquitoes that carry the disease only bit at at night, up to dawn. If you sleep somewhere where they can’t get, you won’t get this disease. Cool, huh? Governments around the world started donating money so that everyone who lived in areas that had Malaria would have a mosquito net, and would thus be much more resistant to getting the dread disease. They started handing out the nets for free, and about 30% of the people who got them, used them. They started an education program, and about 35% of the people who had them, used them. The NGOs that was distributing the nets couldn’t figure out why they wouldn’t use the nets. A group came in and started a pilot program. They would educate people, and then charge them $.35 for a net. Same nets that were free, but now they were being used 90% of the time.Things that are delivered free are not appreciated, no matter how valuable they are. Some payment, any payment made by the one consuming the product makes them appreciate that product, even if their contribution is a small percentage of the actual cost.I believe you should pay everything you can, and your father should insure that you graduate with no debt. In the end, though, it is your father who must make the decision of what to do with his money.
Is 600,000 dollars a year alot?
My mom told me that the job I want to do when I get older pays 600,000 dollars a year. Would I be considered wealthy if I made that much? And what could I do with all that money?
Is a yearly income of $600,000-$800,000 a year considered to be upper-middle-class in any area?
All of the answers so far are quite ill informed.An annual income of $600k-800k for a family of four is solid middle class or upper middle class in any major global city.From personal experience, this is true for Manhattan, San Francisco, the Menlo Park-Palo Alto-Los Altos-Mountain View-Cupertino-Saratoga axis, and Beijing.$600k-800k is actually pretty much $300k-$400k after taxes and deductions … in New York, San Francisco, and Beijing. So that can reasonably support … a $2 million mortgage right?That buys you one of these in Palo Alto …or this in San Francisco …or this condo in Manhattan ….or this gem in BeijingThey certainly look like middle class homes to me.Everything leftover would probably be spent on a modest car or two and childcare expenses … and some savings of course.Kids are really expensive, no matter whether it’s daycare, a nanny, school fees, or college tuition … they could easily cost up to four to five thousand dollars a month in a high cost of living area.Also in these cities, the families who are making $600k to $800k pre-tax are much more likely to a couple of seasoned professionals like doctors, lawyers, financial professionals, engineers, etc rather than like … executives or financiers or entrepreneurs or whatever.They’re much more likely to go to work like this:than in one of these …