What salary makes one wealthy in Iowa?

[Chipper]

I know it's dependent on expenses and your ways of living, but what say you?

 

[wgleason]

I would only consider one wealthy or financially independent if their passive income exceeds their living expenses. Salaries come & go so I view them as temp income.

 

[MeanDean]

$250k should be about the break point.

It sorta depends on the family support requirements

 

[isucy1234]

I judge wealthiness in terms of happiness.

 

[dosry5]

It all depends on how shallow you are.

 

[4429 mcc]

I judge wealthiness in terms of happiness.

Says the guy with no money.

See the grin on my face? Ear to ******* ear.

 

[cyclonedave25]

Define wealthy.

 

[Spam]

Family of 4? I'd say 250k. But wealth also depends on accumulated capital I guess, rather than only inflows.

 

[BKLYNCyclone]

Says the guy with no money.

See the grin on my face? Ear to ******* ear.

Share the wealth... Renovate your apartment!

 

[mt85]

If you consider thirst for additional tax revenues by all branches of the government, it may take a couple of million in annual income to exceed the poverty level.:smile:

 

[RotatingColumn]

50 grand is considered loaded in Sioux City. Not sure about the other parts of the state... you know, the parts with paying jobs and opportunity.

 

[Wesley]

The salary of the one that coaches in Ames.:smile:

 

[HandSanitizer]

If you live with major debt then you are not wealthy. I saw this all the time at my last job.
Guy makes 300K and has the following:
$550K House
$45K Car
$35K Spouse Car
$20K Kids Car
$100K Student loans
$30K Credit Card debt
$5K Boat
Goes on trips
buys exessively
This typically means the person is spending whatever they are making. If you think I am kidding then just look at the what is going on in the United States right now. Most people have NOTHING in savings and have thousands in credit card debt.

Wealth (IMO) is a combination of:
Having all major debt paid off (Except your home - although you should have 10-20% paid off.
Helping others out (Giving)
Saving (College, Retirement and emergeny funds)
Spending (on things that you can afford. If you are making good money and have debt paid off then you can buy and play more)

So that being said there are couples with the combined income of $130K that are much wealthier than someone making $250K. They just might not show it.

 

[BryceC]

I make about 34k and I feel like I make a lot.

 

[mizouse87]

I make about 34k and I feel like I make a lot.

34k could be a lot of money if you don't have a lot of debt. It all depends on the way one lives.

 

[1100011CS]

I feel very wealthy living off welfare and food stamps.

 

[Ficklone02]

I would only consider one wealthy or financially independent if their passive income exceeds their living expenses. Salaries come & go so I view them as temp income.

I agree with this. I define how I am doing financially by net worth.....and the more loaded the net worth is with liquid assets the better. Who cares how much you make, if you never have any means of exiting the workplace.

 

[Cy Hard]

Any salary that at the end of the year you file by checking the Single box.

 

[4Cyclones]

If you live with major debt then you are not wealthy. I saw this all the time at my last job.
Guy makes 300K and has the following:
$550K House
$45K Car
$35K Spouse Car
$20K Kids Car
$100K Student loans
$30K Credit Card debt
$5K Boat
Goes on trips
buys exessively
This typically means the person is spending whatever they are making. If you think I am kidding then just look at the what is going on in the United States right now. Most people have NOTHING in savings and have thousands in credit card debt.

Wealth (IMO) is a combination of:
Having all major debt paid off (Except your home - although you should have 10-20% paid off.
Helping others out (Giving)
Saving (College, Retirement and emergeny funds)
Spending (on things that you can afford. If you are making good money and have debt paid off then you can buy and play more)

So that being said there are couples with the combined income of $130K that are much wealthier than someone making $250K. They just might not show it.

This+1

Amen Brother!

 

[Cy's Taxi]

Living wealthy is such a subjective topic. For me, I grew up in a family with a combined income less than 30k and 2 children. So really, knowing that I'm going to be graduating in about 5 weeks and I'll be earning that or more, I consider myself to be in a pretty good situation. I think if I get to the point where I'm making 50-60k I'll be pretty wealthy. It's all about how you live within your means and what you believe you "need" to be happy.