How much to earn to fell or be " well off"

Was chatting to some lads at work the other day, conversation turned to cost of living.

One lad on 70 ( same for last 3 years) has said that never had he felt so poor as this year.

Got me to think, how much do you actually need to be well off, or even have lots of walking around money.

lbunnae

It's a pointless question , It depends on your outgoings. Family size, rent , mortgage etc. The one thing I will say is 100k salary isn't particularly rich anymore. Used to be a bit of a target for people.

Jim2007

It entirely depends on what stage you are at in life and how much you need to spend to reach your idea of well being, not how much you earn...

For example I retired at 55 as did most of my colleagues. We are all at a stage where we spend maybe 12k a year beyond the usual amount needed to cover food/accommodation etc... but that is mainly because we have already bought most of the stuff for hobbies such as crafts, sports etc... at this stage so it really comes down to extra dinning out, a trip or two and so on. And of course all the costs associated with working disappear.

Viscount Aggro

https://www.boards.ie/discussion/comment/120500544#Comment_120500544

I agree with you here.. retired younger than you... its down to cutting your recurring expenses.

I live in Dublin, reckon I am living on 3K per year, and I am not suffering.

https://www.boards.ie/discussion/comment/120500568#Comment_120500568

How do you live on so little?

https://www.boards.ie/discussion/comment/120500482#Comment_120500482

I suppose that's my point. A few years back, even before covid, this chap on 70 would have seemed to have a good run at things.

Myself am on a bit more, not huge outgoings but do find it tighter too.

Padre_Pio

https://www.boards.ie/discussion/2058293226/how-much-to-earn-to-fell-or-be-well-off

Everyone has expensive times of their lives.

It's all children. You're rich before them, and rich after them.

Viscount Aggro

I have learned how to live this way.

Someone on 50K could be wealthier than someone on 100K ... what matters is, the amount you are left with each month.

OK, there is inflation... my food bill was 20, now its 25 per week... big deal.

Ive cut everything.

I dont do central heating.. have wood burning stove, supply of wood.

No eating out, no drinking, no subscriptions, prepay phone eur20 per year, no buying anything new.

Just chucked out the TV, one too many visits from the feds.

SuperBowserWorld

On a good salary, but family problems means I can't easily retire. Also, I'm not sure what state my pension fund will be in at retirement the way the planet is going.

LambshankRedemption

https://www.boards.ie/discussion/comment/120500482#Comment_120500482

Yes. I was fortunate to be on about that for part of last year. It doesn't go as far as it used to. To definitely feel comfortable, with as the OP said, "lots of walking around money", I'd be aiming for abut 200k.

At the moment Im on nowhere near that, but tis something to aspire to.

In the past 10 years, some things have become a lot cheaper due to technology, but some things have gotten more expensive.

blackbox

Most people should feel well off after their children have been educated.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120500544#Comment_120500544

Oh man, that's the dream to retire early, I'm very envious 😁

I agree it depends on outgoings, if you can live on €12k of expenses then €70k will seem like a fortune

I think a lot of folks tend to hit peak poverty around their 30s. That's usually the point where you're paying a mortgage and maybe have a kid or two to soak up excess cash. And you tend to not have hit your career peak, so you might not be earning your full potential

I do think that there's a big difference between surviving and living in terms of income. For example if you want a couple of holidays every year you could be looking at €6k per annum, could even be double that. And a fairly modest night out could easily be €30-50 for a few pints, a cheap dinner and a taxi home

So while someone could probably survive on an average income, you quite likely won't be able to afford many luxuries, and you feel poor as a result

Personally I think it's important to have some kind of plan to build up savings to ensure you can enjoy life when you're in retirement

I'm aiming to have the mortgage paid off by 40, getting rid of that enables a lot more income to be sent to savings/investment or pension. Hopefully it'll enable me to at least partly retire before 65.

There's a lot of folks seem against early retirement, the thinking seems to be that work gives them purpose or something. I'm happy to see that notion has been seriously put to bed by COVID, but I think it's worth saying there's a difference between partial early retirement and full retirement

I think there's a lot of folks would be happy to stop working full time in their 50s, and just do some contracting work to pay for the lifestyle budget

Allinall

https://www.boards.ie/discussion/comment/120500604#Comment_120500604

I’ve no children. Does that mean I’m destined for a whole life of poverty?

blackbox

https://www.boards.ie/discussion/comment/120500727#Comment_120500727

If you don't have children in the future, there is unlikely to be as much up & down to how well off you feel.

monkeybutter

https://www.boards.ie/discussion/comment/120500597#Comment_120500597

that doesn't make a whole pile of sense, someone on 50k isn't going to be as wealthy as someone on 100k just because the person on 100k spends more, even with that the chances to have anything left over at 50k is tiny

its the things they spend it on that make you well off

not many surviving on 250 notes a month, 100 of which is on food, unless say you are living at home, it it pocket money 😁

one off expenses catch up on you

ask anyone on a small fixed income

even those on the doles get 4 times that basically and extremely low rent and extras

fits

I’ve thought about doing more to pay off mortgage early but decided against as our children are only small once and I want to enjoy our time with them when they are young without straining to pay it down. Things may ease up financially later or may not - it’s hard to tell. But I want to enjoy this time.

in answer to op I don’t think you can put a figure on it. If you can live on less than you take home, enjoy yourself and put some aside that’s not too bad no matter what the salary.

o1s1n

https://www.boards.ie/discussion/comment/120500597#Comment_120500597

What do you do for fun if you don't mind me asking?

Jim2007

https://www.boards.ie/discussion/comment/120500568#Comment_120500568

https://www.boards.ie/discussion/comment/120500675#Comment_120500675

Ya, what I actually said:

we spend maybe 12k a year beyond the usual amount needed to cover food/accommodation etc

None of us are living on 12k pa! More like 50k - 60k pa

Viscount Aggro

https://www.boards.ie/discussion/comment/120500897#Comment_120500897

I have everything I need.

Cycle, hike, canoe, travel .. that sort of thing.

Viscount Aggro

https://www.boards.ie/discussion/comment/120500857#Comment_120500857

You are wrong with your assumptions.

Someone on 100K could have more debt, spending habits. They certainly pay more tax.

Money is like a gas, its expands into whatever space you put it.

Its about living below ones means.

Its what you do not spend money on, thats what make you wealthy.

I probably have more than most people here, its about financial freedom.

I value my time more, and I am not defined by my worklife.

Only 13% of people love their job.

Did you ever sell that 500k gaff you inherited?

Viscount Aggro

Ha ha... good research there. I got 600 for it.

Added to the pile.

Nah, just a good memory.

Buddy Bubs

I feel pretty wealthy, I'm not going to say what my income is but I have everything I need and want. And I have freedom and flexibility in my job which is Priceless.

Mortgage being paid for, pay into a pension fund, turn heating on when we want, eat well at home, have a 222 reg EV and a 2017 reg PHEV on the drive, few weekends away here and there, eat out when we want, go for a few drinks or a show when we want, go on holidays. Bring the dogs to the vet when they need it. Buy clothes as needed but nothing overboard. That's my needs and wants really.

Comfortable enough that if good fortune blesses us with children, we'll be able to afford them too. Might feel a pinch then, who knows but I'm sure spending on social life will be curtailed to compensate.

Very rarely spend money on pints with the lads anymore, out of choice, just lost interest. Do it the odd time and it's grand. Was a big part of my spending in my 20s and early 30s for sure. Walking the dogs up mountains, on a beach or local park is basically free and I love doing that.

No tv subscription, just pay streaming services and an iptv. Mobile phone paid by work, Internet paid by work, don't buy crap online that I don't need. Don't spend a tenner in spar on lunch for work, don't smoke, don't buy takeaway coffee very often.

Bank balance not massive but then again, I don't really want it to be. Have a sufficient emergency fund should I need to dip into it. Happy with that, I don't feel the need to be flash or flaunt any wealth.

monkeybutter

https://www.boards.ie/discussion/comment/120501040#Comment_120501040

you are totally incorrect.

There's a point where you dont need to worry about what you spend

thats the point where you are well off

you can always spend more, but the trade off in happiness starts to drop off

the person scraping by on 3k a year is not there

plus of course you still needed to work to your mid 50s to get to this point and no doubt you have saving behind you, so you arent really surviving on the 3k

monkeybutter

https://www.boards.ie/discussion/comment/120501122#Comment_120501122

chancer are you the donald?

i only got a small loan of a couple of million....

One eyed Jack

https://www.boards.ie/discussion/comment/120500482#Comment_120500482

You say it depends on outgoings, which it does, and then come out with this?

The one thing I will say is 100k salary isn't particularly rich anymore.

That doesn’t make any sense if outgoings are relative to income and you’ve outgoings that would easily be covered on a €100k salary, which only 2% of Irish people earn, so to suggest it’s not particularly rich… just makes even less sense 😳

This gap monitors the income of single individuals on jobseekers’ benefit (‘poor’) and the disposable income (after income taxation and employee social insurance) of a single PAYE worker earning €100,000 (‘rich’).

https://www.socialjustice.ie/article/irelands-rich-poor-gap-middle-poor-gap

monkeybutter

https://www.boards.ie/discussion/comment/120501246#Comment_120501246

the issue is that its rare for say 1 person to break 100k, its not that rare for a couple, it could be 25% of those working

hayrabit

Tate reckons on ~ €500,000 a month to be well off/have eff you money 😂

monkeybutter

https://www.boards.ie/discussion/comment/120501372#Comment_120501372

Catherine knows her stuff

gmisk

https://www.boards.ie/discussion/comment/120501394#Comment_120501394

Is she bovvered?

gmisk

https://www.boards.ie/discussion/comment/120500597#Comment_120500597

Where did you get the 20 euro a year phone from?

Jim2007

https://www.boards.ie/discussion/comment/120501246#Comment_120501246

It’s not about poor versus rich or social justice. In today’s world a 100k pa won’t make you rich, you can live comfortably on it and if you manage your savings carefully you will probably retire debt free and finish your life that way. But that is not rich!

If you could by your two kids a top of the range BMW on their 21st birthday and you would not even notice it hitting your bank balance then you’d be starting to get there.

gameoverdude

https://www.boards.ie/discussion/comment/120501246#Comment_120501246

Go away will you with your 100k being rich.

hayrabit

wondering about €20 p/year PAYG, meself. normally have to top up phones every 3 (?) months or so, in order to receive/make calls on ongoing basis

SEPT 23 1989

Your physical and mental health is all that will matter to you at the end of the day

all those shiny new things you are chasing now that you think will make you happy won’t

BorneTobyWilde

Thread full of people born with a silver spoon in their mouths, not one can relate to reality.

monkeybutter

https://www.boards.ie/discussion/comment/120501519#Comment_120501519

and if you can't afford to turn on the heating your physical and mental health go out the window

that is reality

Viscount Aggro

https://www.boards.ie/discussion/comment/120501501#Comment_120501501

Vodafone PAYG.

I only use the phone in wi-fi zones, use Whatsapp for calls, texts.

gameoverdude

https://www.boards.ie/discussion/comment/120501525#Comment_120501525

True.

I just use platinum cutlery. Fat less reactive metal.

One eyed Jack

https://www.boards.ie/discussion/comment/120501467#Comment_120501467

https://www.boards.ie/discussion/comment/120501488#Comment_120501488

In today’s world I would consider a salary of €100k should enable anyone to generate substantial wealth. If they have outgoings, such as providing for their spouse and two children, those are outgoings which have nothing to do with how much they earn in employment. An employer isn’t paying anyone extra in their salary because that employee has a family to provide for. Saying a single person on a salary of €100k wouldn’t be rich is a head scratcher.

monkeybutter

https://www.boards.ie/discussion/comment/120501548#Comment_120501548

how are you posting it? are you hanging around outside a mccds?

gameoverdude

https://www.boards.ie/discussion/comment/120501576#Comment_120501576

Substantial wealth. Single person? Partnership? 4 kids kids? Go on now explain.

Are you talking net or gross?

If you're talking about a couple, you're talking around the average wage.

Jealous?

Edit: a single person on 100k gross I would not consider rich. After a deposit a house for 350k. Good luck in Dublin.

monkeybutter

https://www.boards.ie/discussion/comment/120501597#Comment_120501597

it is nowhere near the average wage even for couples

gameoverdude

https://www.boards.ie/discussion/comment/120501602#Comment_120501602

100k for two experienced working people?

Edit: completely right. Average wage is only around 45k.

One eyed Jack

https://www.boards.ie/discussion/comment/120501597#Comment_120501597

You’re adding in all sorts of outgoings that have nothing to do with how much anyone needs to earn from employment to be considered rich or well off, or have the ability to create substantial wealth for themselves. If someone was capable of burning through even €60k a year net and had nothing to show for it after a year in employment, I’d be wondering are they stashing it under the mattress! 🤔

gameoverdude

https://www.boards.ie/discussion/comment/120501625#Comment_120501625

I most certainly am not. Circumstances.

You said substantial wealth. 60k net is not that

monkeybutter

https://www.boards.ie/discussion/comment/120501606#Comment_120501606

its not the average for say 2 high powered CEOs now is it

only 15% of household breaks 100k

in dual income families its about 70k

gameoverdude

https://www.boards.ie/discussion/comment/120501652#Comment_120501652

Just looking at the government stats. We can go with median if you wish?

lbunnae

https://www.boards.ie/discussion/comment/120501246#Comment_120501246

Yeah I've contradicted myself there. But 100k salary used to be viewed as a rich persons salary, it isn't anymore.

gameoverdude

https://www.boards.ie/discussion/comment/120501689#Comment_120501689

I will back track a bit and say some important jobs are ridiculously under paid. Example; community support workers. Criminally underpaid. The education and risks they undertake.