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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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What does "doing well" financially mean to you?
Just curious since it seems there are posters on here from a wide range of areas across long island and elsewhere.
If someone said to you "he does well" financially speaking - about how much $$$ would you think that meant? I'm talking just about one person's salary.
Trying to settle a little debate 
TIA!
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Posted 5/28/15 8:21 PM  |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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What does
For me- doing well is making the money that is aligned to your career. I work in non- profit and always will. For my position I do well. Now if I went to a public school I would absolutely make more money but I have a position that gives me tons more benefits that outweighs going to a public job. For me you can't put an exact dollar on it because each field and job is very different. For example I am a behaviorist. I will never make the salary of say a doctor. But even though I will never make the doctors salary it doesn't mean I don't do well financially. I do well for the career I have chosen
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| Posted 5/28/15 8:27 PM |
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alexb
LIF Adult
Member since 5/13 960 total posts
Name:
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What does
In my mind, its north of $150K (for one person). For a couple with two kids, i would say north of $300K.
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| Posted 5/28/15 8:30 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: What does "doing well" financially mean to you?
Posted by alexb
In my mind, its north of $150K (for one person). For a couple with two kids, i would say north of $300K.
yes, this. I would say by 40 having at least 500,000 and closer to 1 million in savings with no debts.
Message edited 5/28/2015 8:48:22 PM.
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| Posted 5/28/15 8:40 PM |
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What does
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
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| Posted 5/28/15 8:43 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Re: What does "doing well" financially mean to you?
Posted by EatingMyVeggies
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
Agree!! And well said!
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| Posted 5/28/15 8:44 PM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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Re: What does "doing well" financially mean to you?
Posted by EatingMyVeggies
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
Totally agree!
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| Posted 5/28/15 8:46 PM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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Re: What does "doing well" financially mean to you?
Posted by LSP2005
Posted by alexb
In my mind, its north of $150K (for one person). For a couple with two kids, i would say north of $300K.
yes, this. I would say by 40 having at least 500,000 and closer to 1 million in savings as well.
I don't know many people who fit this criteria. Is this even realistic for the average person? To me that's not doing well, that's wealthy.
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| Posted 5/28/15 8:48 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: What does "doing well" financially mean to you?
If you make 300,000 I would expect you to have substantial savings. How many people really make 300,000? If you are making that kind of money, yes, I expect you to have a million between savings, 401k, and home equity. If you are spending all you make, and living paycheck to paycheck, you are not doing well.
Message edited 5/28/2015 8:54:23 PM.
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| Posted 5/28/15 8:52 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: What does "doing well" financially mean to you?
I define "doing well financially" as first and foremost, being paid well. Generally speaking, being paid a salary that's above average compared to what most people make.
Aside from that, it also means living well and not having to worry about every penny. Debts are paid off, money in savings, bills easily paid every month, having extra money to enjoy luxuries such as traveling.........all of that, to me, means someone is doing well financially.
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| Posted 5/28/15 9:18 PM |
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PearlJamChick
No one sings like you anymore.
Member since 7/10 9264 total posts
Name:
Petticoated Swashbuckler
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Re: What does "doing well" financially mean to you?
Posted by EatingMyVeggies
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
Exactly. All of this, but also having some extra spending money (not going into debt) for whatever your interests are: traveling, a nice car, designer clothes, whatever.
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| Posted 5/28/15 9:20 PM |
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StaceyWill
It's a girl!!!
Member since 6/10 21539 total posts
Name:
Stacey
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Re: What does "doing well" financially mean to you?
Posted by Hofstra26
I define "doing well financially" as first and foremost, being paid well. Generally speaking, being paid a salary that's above average compared to what most people make.
Aside from that, it also means living well and not having to worry about every penny. Debts are paid off, money in savings, bills easily paid every month, having extra money to enjoy luxuries such as traveling.........all of that, to me, means someone is doing well financially.
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| Posted 5/28/15 9:30 PM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: What does "doing well" financially mean to you?
Posted by Hofstra26
I define "doing well financially" as first and foremost, being paid well. Generally speaking, being paid a salary that's above average compared to what most people make.
Aside from that, it also means living well and not having to worry about every penny. Debts are paid off, money in savings, bills easily paid every month, having extra money to enjoy luxuries such as traveling.........all of that, to me, means someone is doing well financially.
This
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| Posted 5/28/15 9:33 PM |
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Re: What does "doing well" financially mean to you?
I agree you can do make a great salary but have nothing. Many spend more than they make, even if they make $300,000/year.
Many people who make little money have more saved and live better lives not trying to keep up with the Joneses.
That mentality seems to have many people losing their homes and divorcing while it seems they should have it all.
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| Posted 5/28/15 9:37 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: What does "doing well" financially mean to you?
Posted by EatingMyVeggies
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
I agree.
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| Posted 5/28/15 9:37 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: What does "doing well" financially mean to you?
"Doing well" based solely on the salary of that one person?
I'd say $150k-$200k
"Doing well" financially in general? Then I agree with othe posters. No debt. Nice savings and retirement. And the ability to go on vacation or make home repairs without having to save separately for it or wait on tax return.
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| Posted 5/28/15 9:41 PM |
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ppm80
LIF Infant
Member since 9/09 336 total posts
Name:
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What does
Assuming the person is financially responsible, if someone told me that X is "doing well," I'd assume he was making over $200K on Long Island and over $500K in the city. But it also depends on how old that person is. If the person is in his or her 50's, which is the age when you'd hope to be pretty advanced in your career and at an executive or management level, I'd double those figures.
Again, assuming financial responsibility. I used to work with plenty of people making $300-$500K in their 30's and they were living paycheck to paycheck or had credit card debt.
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| Posted 5/28/15 9:48 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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What does
Doing well for one person, I think $60k or above, for a couple, over $100k
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| Posted 5/28/15 11:14 PM |
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AprilBabyBoy
LIF Infant
Member since 7/13 206 total posts
Name:
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Re: What does "doing well" financially mean to you?
Posted by olive98
Posted by LSP2005
Posted by alexb
In my mind, its north of $150K (for one person). For a couple with two kids, i would say north of $300K.
yes, this. I would say by 40 having at least 500,000 and closer to 1 million in savings as well.
I don't know many people who fit this criteria. Is this even realistic for the average person? To me that's not doing well, that's wealthy.
I used to work in financial planning on the side and there are many young families (35 y/o - 40) on the Island with this type of savings in their combined 401ks.
Closer to 500k, still far from a million.
Message edited 5/29/2015 1:35:44 AM.
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| Posted 5/29/15 1:34 AM |
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What does
Doing well for me is being able to comfortably pay your bills and put money into savings. Not having to stress if you need time off or want a vacation. No number per se. Just that financial freedom.
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| Posted 5/29/15 4:53 AM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: What does "doing well" financially mean to you?
Posted by EatingMyVeggies
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
Agreed!
Doing well means that this person has enough to take care of the bills, still have $ for fun and frivolties, AND still have $ to sock away/invest.
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| Posted 5/29/15 5:27 AM |
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alexb
LIF Adult
Member since 5/13 960 total posts
Name:
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Re: What does "doing well" financially mean to you?
Posted by Hofstra26
I define "doing well financially" as first and foremost, being paid well. Generally speaking, being paid a salary that's above average compared to what most people make.
Aside from that, it also means living well and not having to worry about every penny. Debts are paid off, money in savings, bills easily paid every month, having extra money to enjoy luxuries such as traveling.........all of that, to me, means someone is doing well financially.
Definitely!
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| Posted 5/29/15 5:46 AM |
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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Re: What does "doing well" financially mean to you?
Posted by EatingMyVeggies
"Doing well" to me no longer translate to a number.
To me, it means free and clear of debt, having some savings, a 401k, no financial stress. Living within ones means.
A high number (like people noted above) means zilch if your in debt and/or have no savings.
I agree too.
I also think it depends what type of debt we are talking about.
Some people still can live within their means, but will always have school loans, a mortgage and a car payment.
Living on LI to me means we are probably doing okay compared to many people, but it still feels like we are under a lot of pressure. Everything costs more here and the prices are constantly going up and up.
We don't always feel like we are doing well as a result. 
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| Posted 5/29/15 5:46 AM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: What does "doing well" financially mean to you?
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
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| Posted 5/29/15 6:43 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: What does "doing well" financially mean to you?
Posted by itsbabytime
Thanks ladies - I think this thread took an unexpected turn as I think it goes without saying what many of you said defines doing well financially. I should have been clearer that I was talking solely about salary. For ex. My debate was that a husband making $200,000 per year when the wife was a SAHM- is really just average these days - not doing "well." Sadly. Thanks for the responses though!
Yes, I think that is true - one income of $200K (depending on how many kids you have and their ages) does not necessarily mean that you are "well off" financially. Better off than many, yes, but definitely not living the high life. But that income for just a husband and wife with no kids to support would be in a very different situation from a family with a couple of kids - then I might consider it "well off"
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| Posted 5/29/15 6:51 AM |
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