Six figure salary

[Bob the Nob]

Originally Posted by WWSituation

Just checked my stub - my fed rate isn't 28% (PHEW!). It is more like 20%

Your stub just shows how much is taken out based on your own exemptions, not what your tax liability will be

[The Drunken Actuary]

Originally Posted by UNCORRELATED LAY

I just got a raise to six figures. Only enrolled with 10 years experience. I also live in a lower cost of living area. 100,000 is enough to support myself, wife, two children and bought a new $450,000 home.

After mortgage and essentials we have about $1,500 to spend on other stuff.

You must not pay much in taxes, or maybe you put a lot down on that house, or perhaps your 'essentials' are rather spartan, but anyway, that sounds like a lot left over after all the expenses. Maybe you don't have any car payment....I'm rambling.

[Roto]

Originally Posted by UNCORRELATED LAY

I just got a raise to six figures. Only enrolled with 10 years experience. I also live in a lower cost of living area. 100,000 is enough to support myself, wife, two children and bought a new $450,000 home.

After mortgage and essentials we have about $1,500 to spend on other stuff.

This is mind-boggling... I have a wife that makes 50K, a home that is barely worth 50% of this figure, half the kids of UL... and we go deeper in debt each month!

No lie!

[The Drunken Actuary]

Originally Posted by GefilteFish144

6 figs ain't what it used to be. A number of lawyers and i-bankers get that as a starting salary. $200K is the new holy grail.

I was at some sales seminar a few years ago and the guy giving the seminar mentioned how he started his own business in the 1950s and was soon making $200,000 per year. And then he mentions 'And that was a lot of money back then'. Someone in the audience (actually, a lot of us) were like "dude, it still is". And he kind of gave this expression like, sure, if you're a loser you might think 200k is good. WTF? I zoned out the rest of his presentation.

[Roomba]

Originally Posted by The Drunken Actuary

You must not pay much in taxes, or maybe you put a lot down on that house, or perhaps your 'essentials' are rather spartan, but anyway, that sounds like a lot left over after all the expenses. Maybe you don't have any car payment....I'm rambling.

He didn't say that he makes only 100,000. Just that it is enough to support the family and make payments. Maybe the $1500 is in addition to the 100,000 annual salary?

[Maxprime]

My post was for a single person - $100k is not rolling it in with a fam.

[Emily]

Originally Posted by Roto

This is mind-boggling... I have a wife that makes 50K, a home that is barely worth 50% of this figure, half the kids of UL... and we go deeper in debt each month!

No lie!

He put 350,000 down.

[GefilteFish144]

Originally Posted by WWSituation

Just checked my stub - my fed rate isn't 28% (PHEW!). It is more like 20%

20% is still a lot. I'm getting 16%, married no deductions, and that's just regular paychecks. Federal tax rates on bonuses are 25%, and by the time all the other taxes kick in nearly half the bonus is gone.

[tope]

If you have like 7 exams and you are willing to make a move in the NYC area, is $125k base too much to ask for? especially with 10yrs experience...

Also is the DW simpson survey a good proxy?

I keep thinking that the DW simpson survey is a national average, so i expect NYC area to have higher salaries than average...

any thoughts?

[The Drunken Actuary]

Originally Posted by Roomba

He didn't say that he makes only 100,000. Just that it is enough to support the family and make payments. Maybe the $1500 is in addition to the 100,000 annual salary?

Good point.