What's A Comfortable Household Income?

Just curious, what household income is considered 'good enough'?

Also, would either you or hubby consider leaving the workforce if just one of you is making over 100k, 150k or 200k?

I'm debating over this as both hubby and I are working and ideally it would be great if one of us could just call it quits soon!

Re: What's A Comfortable Household Income?

DH wouldn't leave the workforce for anything under a winning lottery ticket. His job has too many benefits.

At $200K, I wouldn't consider leaving the workforce either unless I absolutely had no choice. If you were to take the potential increases plus years of work experience, $200K would never make up for it.

Not sure how long you mean leaving the workforce but for argument's sake I'll say 5 years.

I would only stop working if I had a winning lotto ticket or if DH had a multi-million dollar life insurance policy.

Re: What's A Comfortable Household Income?

I mean permanently leave so you can dedicate your time to raising your kids.

200K seems like nothing at all these days, esp. in NYC where that's considered middle middle class, I think.

Re: What's A Comfortable Household Income?

Not in NY so I put 175K. In NY I have no idea how moms SAHM on anything less than 200K but somehow they do it. I know if we ever moved back to NY (which we never will) I would have to go back to work FT for sure.

That said I don't know if every couple's dollar value would be the same. For instance if you have no student loans or no debt you won't need as much to pay bills as another couple so I think debt plays a big role in how much you need to live.

Re: What's A Comfortable Household Income?

DH and I don't even make any of those options combined! but I would have to say probably around 175K to live comfortably, which we are not doing now.

Re: What's A Comfortable Household Income?

a lot factors in to your choices as some people don't own property or have kids, etc...

i'm not in the group i want to be in but i'm very comfortable where i'm at now

Re: What's A Comfortable Household Income?

i think it depends a lot on how many kids you have or plan on having.. and also the lifestyle you want to have. do you want to take a few vacations a year, or is traveling not your thing? do you like going out to eat a few times a week, drive a newer car, own a decent sized house?? all of these things factor in to how much you need to "live", i think.
DH and i don't have kids yet, and make about $125 combined and we are doing well and living comfortably (eat out a few times a week, take a couple trips a year, i have a newer SUV, own a nice 3 bedroom house)... however, i don't know if that would be the case if we had a couple kids...

Message edited 10/25/2007 7:43:29 AM.

Re: What's A Comfortable Household Income?

I put 150K but here on Long Island to be truly comfortable and to have the things you want, own a home and a car....Probably 175K like others said.

If DH was making 200K I would leave the work force and stay home with our future children...But since we are both teachers...NOt likely happening anytime soon.

Re: What's A Comfortable Household Income?

That's a tough question to generalize with as everyone is in a slightly different situation.

As far as DH and I are concerned if he were pulling in 200k+ I would most definitely be a SAHM. However, I would only do it until my kids reached school age. After that I'd probably find decent part time or consulting work this way I'd still be available for our children when needed, but wouldn't be at home twiddling my thumbs.

All in all, I would never quit the workforce forever. Ultimately we would need both salaries to help put kids through college, save for retirement, etc.

Re: What's A Comfortable Household Income?

I'll tell you this - it never seems like it's enough, no matter how much your household income is. When DH and I met, we started at a combined income of $30k! (we also don't live on LI, and I was still in school, and his business was just starting up). I don't know how in the world we paid for our mortgage and other expenses, but I don't remember ever hurting for money.

Now, we make considerably more - in the $200k range, and honestly, I feel like we're in the same exact place that we were in when we were making $30k. And, in fact, now that we have a bigger mortgage, a daughter, daycare expenses, life insurance, and 529 account expenses, I'm even MORE stressed now than I ever was before about money. While we have enough savings to sustain ourselves for a year if we both get fired, there's something much more unsettling when you have so much more to lose.

I would never, no matter how much we make, even if we were to win the lottery, stop working. For me, personally, it brings too much personal fulfillment to my life - I truly love my job, so I can't say how much it would take to feel comfortable enough to stay at home.

Re: What's A Comfortable Household Income?

It all depends on your income vs outgo. If you have no mortgage, no car payments, no credit card debt, you can be very comfortable on much less than someone with a $3000 mortgage, $1000 in car payments, and $1000 in credit card debt. That's $60k a year (which means you need to earn about $90k to have $60k left).

If you earn $100k/year and no outstanding debt, you'll be doing pretty good. If you make the same $100k, but have the above mentioned debt load, you'll be bankrupt in a week.

Re: What's A Comfortable Household Income?

I make over 100K (just a little over it) and there is no way we can live on just my salary.

Between the mortgage, school loans, bills and daycare on top of everyday living expenses...we use every penny

its so sad

Re: What's A Comfortable Household Income?

if dh was making at least 150k on his own, we would choose for me to be a stay at home mom.

Re: What's A Comfortable Household Income?

My idea of good enough is constantly changing. Years ago we were so much more comfortable on so much less. Now we have a home and a baby which have changed the dynamics of our finances.

Neither of us would consider leaving the workforce for any of the amounts listed. As Barb said...it would take a big winning lotto ticket to get us to consider it.

Re: What's A Comfortable Household Income?

I also think it depends on when you purchased your home. Homes bought 10-15 years ago for $300K less take significantly less income to run. For a family that recently purchased a home I think a minimum of $125K.

Re: What's A Comfortable Household Income?

Like a few othesr posted, I would not leave the workforce unless I won the lottery.

DH and I are fortunate in that we can live on either one of our salaries. However, I could not imagine doing it. Our combined salaries are allowing us to do things that we just could not do if we only had one salary.

Plus, for me, leaving the workforce would mean giving up my career, and that is something that is too important to me.

On the other hand, we both work a lot of hours and have demanding schedules. At this time, DH is looking for a career change that would reduce his hours and probably his salary.

ETA: I didn't really answer the original post! Obviously, it's so hard because there are so many factors - but I think at least $200K to be comfortable.

Message edited 10/25/2007 10:52:06 AM.

Re: What's A Comfortable Household Income?

i think that's a tough question to answer b/c it depends (IMO) on what the household bills are.

I got fired from a job back in March, which was right after we moved into our house. I took the first job that was offered to me, just b/c we can't afford the house on only DH's income. Has we still been in our apartment though, I could've afforded to be more picky and hold out for a job I really wanted. So everything is relative.

Also, I think it also depends on the lifestyle you want to lead and what you are willing - or not willing - to give up in exchange for a lower household income.

Re: What's A Comfortable Household Income?

I wouldnt leave the workforce to raise my kids unless DH was clearly making enough to run the household...so I guess a "good enough" salary really depends on what your lifestyle entails?!

eta: i chose 150K as comfortable (like, living in an average house on LI, having average things)

Message edited 10/25/2007 9:47:06 AM.

Re: What's A Comfortable Household Income?

Good question....I'll let you know once I find it! Seriosuly sometimes I feel like the more you make the more you tend to spend.

Re: What's A Comfortable Household Income?

We live in FL. If DH was making $100k or more i'd probably be a SAHM when the time came or work part-time.

Re: What's A Comfortable Household Income?

Posted by Bxgell2

I'll tell you this - it never seems like it's enough, no matter how much your household income is. When DH and I met, we started at a combined income of $30k! (we also don't live on LI, and I was still in school, and his business was just starting up). I don't know how in the world we paid for our mortgage and other expenses, but I don't remember ever hurting for money.

Now, we make considerably more - in the $200k range, and honestly, I feel like we're in the same exact place that we were in when we were making $30k. And, in fact, now that we have a bigger mortgage, a daughter, daycare expenses, life insurance, and 529 account expenses, I'm even MORE stressed now than I ever was before about money. While we have enough savings to sustain ourselves for a year if we both get fired, there's something much more unsettling when you have so much more to lose.

I would never, no matter how much we make, even if we were to win the lottery, stop working. For me, personally, it brings too much personal fulfillment to my life - I truly love my job, so I can't say how much it would take to feel comfortable enough to stay at home.

Re: What's A Comfortable Household Income?

Posted by LadyMaravilla

Good question....I'll let you know once I find it! Seriosuly sometimes I feel like the more you make the more you tend to spend.

Re: What's A Comfortable Household Income?

on LI my vote is for 175k

Re: What's A Comfortable Household Income?

On LI, you can never have enough. In some cities outside of LI you can live comfortably*if that is a word, lol* for 75K.

Re: What's A Comfortable Household Income?

I would say no less than $150, $175 would be better.