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

  • 20-04-2023 6:28pm
    Registered Users Posts: 812 ✭✭✭

    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.



  • Registered Users Posts: 1,755 ✭✭✭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.

  • Moderators, Business & Finance Moderators Posts: 10,177 Mod ✭✭✭✭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.

  • Registered Users Posts: 1,203 ✭✭✭Viscount Aggro

    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.

  • Registered Users Posts: 812 ✭✭✭Skyrimaddict

  • Registered Users Posts: 812 ✭✭✭Skyrimaddict

    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.

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  • Registered Users Posts: 5,088 ✭✭✭Padre_Pio

    Everyone has expensive times of their lives.

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

  • Registered Users Posts: 1,203 ✭✭✭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.

  • Registered Users Posts: 6,752 ✭✭✭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.

  • Registered Users Posts: 6,032 ✭✭✭LambshankRedemption

    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.

  • Registered Users Posts: 4,243 ✭✭✭blackbox

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

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  • Registered Users Posts: 11,141 ✭✭✭✭the_amazing_raisin

    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

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost

  • Registered Users Posts: 6,635 ✭✭✭Allinall

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

  • Registered Users Posts: 4,243 ✭✭✭blackbox

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

  • Registered Users Posts: 3,597 ✭✭✭monkeybutter

    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

  • Registered Users Posts: 13,353 ✭✭✭✭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.

  • Registered Users Posts: 34,725 ✭✭✭✭o1s1n
    Master of the Universe

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

  • Moderators, Business & Finance Moderators Posts: 10,177 Mod ✭✭✭✭Jim2007

    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

  • Registered Users Posts: 1,203 ✭✭✭Viscount Aggro

    I have everything I need.

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

  • Registered Users Posts: 1,203 ✭✭✭Viscount Aggro

    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.

  • Posts: 0 [Deleted User]

    Did you ever sell that 500k gaff you inherited?

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  • Registered Users Posts: 1,203 ✭✭✭Viscount Aggro

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

    Added to the pile.

  • Posts: 0 [Deleted User]

    Nah, just a good memory.

  • Registered Users Posts: 3,658 ✭✭✭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.

  • Registered Users Posts: 3,597 ✭✭✭monkeybutter

    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

  • Registered Users Posts: 3,597 ✭✭✭monkeybutter

    chancer are you the donald?

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

  • Registered Users Posts: 23,695 ✭✭✭✭One eyed Jack

    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’).

  • Registered Users Posts: 3,597 ✭✭✭monkeybutter

    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

  • Registered Users Posts: 2,165 ✭✭✭hayrabit

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

  • Registered Users Posts: 3,597 ✭✭✭monkeybutter

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  • Registered Users Posts: 32,428 ✭✭✭✭gmisk