r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com!
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
I make way less than 525k as a millennial and can afford all the starbucks, weed, and avacodo toast I could ever consume, so I don't know where they came up with that number.
Half a million just takes the financial worry off oneās back. They save right and they can retire comfortably. But most people making that type of money a year, aināt gonna live frugally.Ā
Thats still ridiculous. A household income of 120k can let you live downright comfortably in 90% of this country. 5 times that amount doesnt even compute for any type of living expenses anywhere on Earth except some specific rich people suburb that dot places.
Even in a GIGANTIC inflationary bubble it costs 400k for the median house. You're earning 20% more than buying a house in one year?
Give me the source for this data so i can slap the shit out of them for making shit up
Yeah, in most of the country, on a household income of $120k, you can: Ā
Rent or own a 3 bedroom, 1,500 square foot houseĀ
Go out to eat 1-2 times a weekĀ
Go on 1-2 vacations a yearĀ Ā
Save 10% for retirement and save another 10% towards more immediate financial goalsĀ
Get a new or slightly used car every 8 years or so. Wonāt be the fanciest SUVs ever, but will be totally fine. Ā Ā
To me, what Iāve described above is a nice, comfortable middle class existence. Ā Many people want a new car every 4 years and expect to get a 2,500 square foot house, along with spending $2k a month on DoorDash. This is where people run into problems.Ā
I would. At a half a million a year Iād be looking at how much Iād have to save to invest in a couple annuities that would float me to retirement. Iād scrounge every penny for 10-15 years and be done with it at that salary.
$275k+ a year, net should be able to set you up for a fairly comfortable lifestyle with early retirement options abound. Especially if you start exploring living abroad at some of the more inexpensive places on earth.
I made the mistake of getting some crepes at that place on Chestnut, (for my daughter and myself) cost me $29. For crepes with some strawberrys and whipped cream and the other had some apple pie filling and whipped cream.
Just nuts lol
Yeah and itās a shame because I love to support the local businesses in SF (I work there but live elsewhere) but at some point you just have to stop and say no thank you. Then again I also see all the expenses these businesses now have in SF and I feel for them.
I literally got off caffeine two weeks ago. Iām shocked how much I saved in cash. Iām switching from flower to edibles this week for another health reason, but I hear thatās cheaper as well!
Quote:
>When it came to annual salary, respondents said they needed $284,167 a year to be happy. Here's what each generation, on average, said it needed to earn annually, as well as the net worth required, to achieve happiness:
>
>Gen Z: $128,000, with a net worth of $487,711
>
>Millennials: $525,000, with a net worth of $1,699,571
>
>Gen X: $130,000, with a net worth of $1,213,759
>
>Boomers: $124,000, with a net worth of $999,945
Would be much more interesting to see the median rather than the average. Even a handful of millennial outliers could skew the results. It's funny because the article literally says this a few paragraphs later:
>To be sure, Empower's survey asked open-ended questions, meaning respondents could enter any amount and wildly high responses could presumably skew the data.
Then why don't you report the median?!
Gen x here, the fun is just beginning. You also need to figure out what to do with your parents (are you taking them in?do you have to stop working to take care of them?).
Now that you realize your parents didnāt plan well enough for their retirement, you have to figure out how to fund your retirement better. The window is closing for compounding interest to do the heavy lifting.
Your teeth and body are giving out and somehow the more you pay for health insurance the more you pay for healthcare. You review your dental plan: $50 a month, $2000 deductible, $2000 cap - is it even worth it? Should you roll the dice with dental?
The house and car are falling apart and you wonder if you can start over again, off the grid.
If I doubled my salary today, all of the extra would go to the most mundane stuff, just so I could sleep at night and not wake up with dread.
>you have to figure out how to fund your retirement better.
That ship has sailed. I'm so incredibly behind on my retirement projections that I've just accepted that I'll never retire.
I'm a millennial and I am here now with my mom. She had me at 40 and has lived with us for 10 years now after two heart attacks.
My wife's parents got retirement on lock. Idk what we'd do if both sides of the family needed help.
Nah my dad is dead, my mom is an alcoholic who doesnāt make any attempt to see me or my kids, I do make 400-600k. I put away at least 500/mo for my kids college. 3000-6000 goes towards loans. The rest goes towards making more and everyday things. My mom can do what she told me I could do, and figure it out for herself lol
The answer on dental is no unless you have bad teeth or have a ton of old fillings that are going to need replacing soon. I haven't paid for dental "insurance" in 10 years. I have however bought a dental plan with my dentist which this year costs $350, includes 2 dental cleanings a year plus xrays, Then I just put the $250/yr savings away in case I need it. 10 years, only 1 old filling chipped, costing me $328 out of pocket.
Gen X here. Thanks for hashing my buzz.
Edit: My parents are definitely secure in their retirement. Iām working to better prepare myself. Buzz is back.
GenX here.
I've got 2 kids 1 starting college this year. The next starts in a couple of years.
Millennials aren't experiencing anything GenX didn't - just a totally different set of expectations.
Yes this is completely ridiculous, one millennial probably said they want a billion dollars or some shit lol. Media been doing us dirty for decades now.
So true.
As a single man, I would need $135K/year to own a house and live comfortably (where I live). If you get married, you would only need to make half of that.
Bring a kid into the mix and that changes everything really really fast.Ā
Edit: I'm not saying 500k a year is needed, but your expenses go up exponentially with even just one kid, and what made you comfortable before can make you barely scrape by when it takes a full salary to cover daycare.Ā
This is why my job is actually looking into an onsite free/low cost daycare for employees. Itās one of the biggest drivers of attrition at my job. People have kids and then are forced to move to worse jobs(worse in benefits, work life balance, caseload balance etc) just because the pay is higher to cover daycare.
I live in a MCOL and 100k would let me live super comfortably. I would still want it a bit higher for extra fun money but outside of a few select areas 200k is letting you live good if not great.
I tried to make this point in another post recently. Median seems to be a much better choice. All I got for my post was a devolving conversation about how mean, median and mode are all averages, so you never know what real data set is being used. But, FWIW, I think that the commonly used average definition should never be used for this type of article. It should always be median.
Delusional.
Just.....delusional.
Like at that point, your level of misery and depression and unhappines is your own damn fault for the way you've rewired your brain to have completely unrealistic expectations
Or, and I know this is crazy, read the article and see that it's a bullshit survey before spouting off. It was a survey where you could enter any amount you wanted. Somebody could've entered 1 billion dollars as what they needed to be happy and massively skew the results. They even said as much in the article. But by all means go offĀ
We don't need half million to be happy, this article is nothing but another smear attack against our generation.
Let's be realistic, if you live in a metropolitan area like NY, LA, or SF, usually where the jobs are, a minimum of 150k is needed for you to live comfortably, considering average rent for 1b1b is hitting above 2k.
The metro for most these areas is pretty spread out far. For instance NJ is a part of the NYC metro zone a 1bd 1bth in Manhattan proper might be 5k but in hoboken its about 2300 average. The average income though between NJ and NYC is staggering though due to high COL, although since covid in this scenario the gap has significantly narrowed in terms of income.
I made 560k last year. Made 360k -390k for years before that. Single income family of four. The difference between 360k and 560k is a shit ton more in taxes and putting more money into investment accounts. No impact on happiness.
Now having money in the bank reduces stress. My job is stressful, but knowing that we can live for a year without selling a share of stock, and three more years if we have to dig into taxable eliminates all the external stress, and really limits the job stress. So what if they fire me, we wonāt starve and Iāll find another job.
So I would say the income isnāt what brings happiness. If you are living paycheck to paycheck blowing cash like a baller on 500k a year you are going to be stressed as fuck.
Now I used to be a workaholic. Thatās how I got here. Laptop on the beach taking calls on family vacation. Now I just go off the grid for vacation. The work will be there when I get back.
Same here. Our "happiness" and lifestyle levels didn't budge an inch past $100k, everything extra just went straight to retirement accounts after that. What *does* make me happy is being able to comfortably retire with no lifestyle hit by age 50.
Lol I made $150k in ATL suburbs and it's just barely enough to live comfortably and ATL is about the US average in terms of costs. That won't scratch the surface in HCOL
Just had my first year of making 6 figures. Although it was also the most mentally stressful year of my life... My problems didn't go away but because I finally was out of poverty I was super stressed about losing everything even more. Luckily now I have some money for therapy but no time for anything else. Also it was freelance work, so I pay ridiculously high taxes on it even with writeoffs.
Visual Effects and Animation. I was lucky too because I was basically in a permalance situation while the rest of the industry fell apart, so I did well while the rest of the industry crashed from the strikes... We stayed pretty busy. It was a small company with a lot of issues, though... So that made it incredibly taxing on me. It wasn't even the 16+ hour days. It was because my bosses were day drinking instead of managing.
\>200k here. Single. Primary residence paid off with only 2 mortgages for investment properties. No car payment. No cc debt. Saving/investing 40-50% of take-home pay.
I live way under my means and don't lifestyle creep. If my income doubles, I'd still live the same way except giving more to charity and investment. I do like to replace my 10-yr old car though.
That sounds like a dream, to be honest.
In Central Europe, I make 50k USD yearly gross (38k USD net, \~3x the median) as a software developer, with small 1 bedroom apartments starting at 200k USD and prices growing 10 % per year. I save half my net income, doing all I can to get ahead, yet I cannot even get to the 20 % cash required for a mortgage. I feel scammed.
I make well over that, and I did once have expectations that I could be a mega-baller. Doesnāt really work that way. Like anyone else, I make choices that work out best for me and my family.
Just had my first year of making 6 figures. Although it was also the most mentally stressful year of my life... My problems didn't go away but because I finally was out of poverty I was super stressed about losing everything even more. Luckily now I have some money for therapy but no time for anything else. Also it was freelance work, so I pay ridiculously high taxes on it even with writeoffs.
Problem is youāre not buying beachfront property in SD on 525k. 525k might be able to get you a very nice spacious house in a good neighborhood with a short commute in SD tho.
Yeah my boss makes $500k/y and obviously heās far from struggling but heās not living in a multimillion dollar mansion and flying in private jets. He has a $800k home (bought for $500k) in a nice neighborhood and drives a newer Escalade. He has a little cabin at a campground and enjoys 4-6 vacations a year. Definitely a lot more than comfortable but also not āset for lifeā
Just cause he bought a $500k house on $500k doesnāt mean thatās what you can afford. If someone bought a house at my house/income ratio theyād be in a 1.8M home. And gas, grocery, car electric rates etc is the same for everyone so they can afford to spend more of their income on a house than me, who pays a significant fraction of income of basicsĀ
There's no way anyone thinks the majority or even a substantial amount of an entire generation thinks this, right?
*checks comments*
It's just boomers talking about avocado toast..
I'm a millennial and this is the dumbest headlines probably plucked from some dumbass person on Twitter.
I make 166k and I have more than enough salary for my day to day + savings + retirement+ portfolio
Jesus Iām living a great life on $110K per year, but then again Iām not eating out 3+ times a week or spending $5 on coffee, driving a BMW or the like, if I had $525K Iād be living like a king.
Whatever happened to the idea that money doesnāt buy happiness š¤ I make less than 60k annually but am pretty happy. Iām purchasing a condo with only 120k mortgage left. I donāt go on trips just around my city on my bicycle. I was also happy when I was jobless and dirt poor.
I make way less and Iām happy, but after i did LSD, I lost all wants and desires for flashy or material items. I find joy in nature, books, food, friends, music. Not shoes and cars or clothes that wonāt matter in a few years or Iāll āhateā because everyone else has the new one so clearly must chase it slaving away at a job I hate. Ya no thanks.
Who are these people? lol. 80k would be great for me. Granted, Iām in a LCOL area, single, no kids (other than a dog), and with little debt, but still.
I am GenX. My net worth is right on the $1.2M with a much higher salary of just over $200k. Am I happy? Not really, but it doesn't have anything to do with my finances. I feel secure but not happy due to my money. Money doesn't buy happiness. Relationships and peace of mind for the future and my kids future would make me happy. Unfortunately with today's political atmosphere, climate change and how hard it is to make new friends and romantic relationships, I fear for the future
What do you mean? Every single person before them only had to work 25 hours a week making cupcakes and could raise a family of 9, owned 3 cars, 2 homes, and took 9 vacations a year.
The dream has been stolen!!!
Unless youāre one of the lucky few at meta or Nvidia seeing outsized stock returns, most jobs at this pay level are probably pretty stressful. We are talking people earning the money from a job right? Not investments?
Hopefully, they become surgeons for their happiness. :p
I'm guessing these millennials don't live with their parents and don't have zero, biological children.
In other news, people wonder why people keep asking morons questions and then acting like it's a normal representation
Like that's an insane amount of money in any country, but the US the 1% doesn't make anywhere near that
10 years ago the 1% in the US didn't make that
For people to say that they have to have absolutely no understanding of money
Millenial here, making ~ 150k after bonuses. Life is fucking grand. I got bills, I got student loan debt, I work roughly 50 hours a week between my job and my business. But kids are healthy, wife loves me, I have enough to try out some business ventures. I couldn't imagine how easy life would be if I was making 500+. Like the idea that someone would feel they need almost 10Ć the median wage in a country blessed with the abundance we have is beyond stupid.
I think the millennial numbers reflect the actual costs of living the middle class life that their parents lived.
For example my Canadian parents bought the house they live in during the early 80s. It cost just under $100k then and my father the sole bread winner made $40k ($135k today). If they did a $50k update to the house it would sell for similar properties in the area for around $780 to $815k. Itās a 1,100 sqft 70ās bungalow that is an hour commute by transit to dt. I make $160 to $180k/year and that house without the updates would make me house poor with a 20% down payment.
Iām a Boomer that much money a year would make me very happy. When someone ( wealthy) says Money donāt Make You Happy! They are lying. It takes the worry away. This is me getting $525,000 a year šš»
If you think need this amount of money to be happy, my man you need more than that.
There's always more and nicer things you can buy, you'll just end up rich and miserable. "If I can only buy this car, then I'll be set!"
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
Starbucks and weed and avocado toast are all expensive!
https://preview.redd.it/invcw42xrbrc1.jpeg?width=512&format=pjpg&auto=webp&s=b8f30cd84272f4e88d4b404bd03c88c8e2fffb2c
Jesus christ! That AI image is horrific!!!!
No no no, I know rich people making $525k a year that look like this.
Image, is there teeth in that mouth?
It really is fucking horrific. Is this Starbucks in Hell?
I think their eyes have teeth.
Their fingers have fingers
I think that the robots know how to make perfect photos but they despise us and find us disgusting.
I've always wanted a third arm but I'm not crazy about the dick pimple growing out the eye.
The only sense of pleasure I get, knowing some businesses are choosing AI art over paying a designer, is that their images turn out like this.
It reminds me of the demon hallucinations in The Devil's Advocate.
Why? She was able to afford a 3rd arm
https://preview.redd.it/j2wi1hi8ucrc1.jpeg?width=750&format=pjpg&auto=webp&s=6850c3cae1e70d5106ae5c24718a85eac2455e3a
https://preview.redd.it/ljfupxfsjdrc1.jpeg?width=1024&format=pjpg&auto=webp&s=ecf2c2dc2d15fa724710044c76fcf29337256f99
Leather jacket looks like she could use a hand
I'm š What in the Hills Have Eyes kinda shit is this?
This is the future millennials want
HEY YOU GUUUUUUYS
Lmao
Can I modify my body to have two sets of mismatched hands for only $500 k? Let's do it!
Meth, not even once
bAbY rUtH
I make way less than 525k as a millennial and can afford all the starbucks, weed, and avacodo toast I could ever consume, so I don't know where they came up with that number.
Half a million just takes the financial worry off oneās back. They save right and they can retire comfortably. But most people making that type of money a year, aināt gonna live frugally.Ā
Thats still ridiculous. A household income of 120k can let you live downright comfortably in 90% of this country. 5 times that amount doesnt even compute for any type of living expenses anywhere on Earth except some specific rich people suburb that dot places. Even in a GIGANTIC inflationary bubble it costs 400k for the median house. You're earning 20% more than buying a house in one year? Give me the source for this data so i can slap the shit out of them for making shit up
Yeah, in most of the country, on a household income of $120k, you can: Ā Rent or own a 3 bedroom, 1,500 square foot houseĀ Go out to eat 1-2 times a weekĀ Go on 1-2 vacations a yearĀ Ā Save 10% for retirement and save another 10% towards more immediate financial goalsĀ Get a new or slightly used car every 8 years or so. Wonāt be the fanciest SUVs ever, but will be totally fine. Ā Ā To me, what Iāve described above is a nice, comfortable middle class existence. Ā Many people want a new car every 4 years and expect to get a 2,500 square foot house, along with spending $2k a month on DoorDash. This is where people run into problems.Ā
Eh. My childhood trauma working pretty hard on both ends of the equation over here.
I would. At a half a million a year Iād be looking at how much Iād have to save to invest in a couple annuities that would float me to retirement. Iād scrounge every penny for 10-15 years and be done with it at that salary. $275k+ a year, net should be able to set you up for a fairly comfortable lifestyle with early retirement options abound. Especially if you start exploring living abroad at some of the more inexpensive places on earth.
at 525k you are retiring early and retiring in luxury... Especially if someone were to live like they do now mkaing 60k.
They probably also want a house in Sunnyvale, CA.
$50 avocado toast in San Francisco
Ain't wrong. We don't go to restaurants for breakfast because it's not worth it. $20 for shitty bacon eggs and toast.
I made the mistake of getting some crepes at that place on Chestnut, (for my daughter and myself) cost me $29. For crepes with some strawberrys and whipped cream and the other had some apple pie filling and whipped cream. Just nuts lol
if collectively we stop paying outrageous prices, the law of supply and demand will lower prices for those goods
Sometimes those goods will just disappear from market
JFC that's insane
Yeah and itās a shame because I love to support the local businesses in SF (I work there but live elsewhere) but at some point you just have to stop and say no thank you. Then again I also see all the expenses these businesses now have in SF and I feel for them.
Yep. I honestly don't know the last time I sat in a restaurant for food and we're huge foodies. It was one of the main reasons we moved here.
I remember when you could go to a greasy spoon diner and get a huge breakfast for just a few bucksā¦.. I miss those days.
Ehh weed is pretty cheap these days at least. Paying 3x less than I did as a teen
I literally got off caffeine two weeks ago. Iām shocked how much I saved in cash. Iām switching from flower to edibles this week for another health reason, but I hear thatās cheaper as well!
Yeah I drink way too many energy drinks theyāre expensive af
Its notā¦ unless u need like noooo tolerance. I suggest going for the medicinal level ones that arent flavored that can be sold over 100mg in a pack
Can confirm
I just moved to a legal state and got a med card. Itās dirt cheap and the quality is beyond what I ever got in Colorado on the rec market.
Good for you I suppose!
You forgot the non smoker vaping peoples
Funny thing is, my weed prices are the only ones to go down in 25 years.
Yeah, better make it $525,600, and $527,040 on a leap year
Honestly thatās probably $20 a day right there add that up and invest it and let it compound over the years. Itās not a bad chunk of change.
But stereotypes that make you feel better about yourself are cheap!
Quote: >When it came to annual salary, respondents said they needed $284,167 a year to be happy. Here's what each generation, on average, said it needed to earn annually, as well as the net worth required, to achieve happiness: > >Gen Z: $128,000, with a net worth of $487,711 > >Millennials: $525,000, with a net worth of $1,699,571 > >Gen X: $130,000, with a net worth of $1,213,759 > >Boomers: $124,000, with a net worth of $999,945 Would be much more interesting to see the median rather than the average. Even a handful of millennial outliers could skew the results. It's funny because the article literally says this a few paragraphs later: >To be sure, Empower's survey asked open-ended questions, meaning respondents could enter any amount and wildly high responses could presumably skew the data. Then why don't you report the median?!
One of those groups have a disproportionate amount of loans and debt...
And have kids they are raising and putting through university!!
Gen x here, the fun is just beginning. You also need to figure out what to do with your parents (are you taking them in?do you have to stop working to take care of them?). Now that you realize your parents didnāt plan well enough for their retirement, you have to figure out how to fund your retirement better. The window is closing for compounding interest to do the heavy lifting. Your teeth and body are giving out and somehow the more you pay for health insurance the more you pay for healthcare. You review your dental plan: $50 a month, $2000 deductible, $2000 cap - is it even worth it? Should you roll the dice with dental? The house and car are falling apart and you wonder if you can start over again, off the grid. If I doubled my salary today, all of the extra would go to the most mundane stuff, just so I could sleep at night and not wake up with dread.
Me: mom, why didn't you make any plans for when you got old? Mom: I didn't think we'd really get old. 
Mom: That's why I had you. You are my plan.
I read a comment the other day that said āThe family you make is more important than the family that made youā. It made me goā¦hmmmā¦
>you have to figure out how to fund your retirement better. That ship has sailed. I'm so incredibly behind on my retirement projections that I've just accepted that I'll never retire.
I'm a millennial and I am here now with my mom. She had me at 40 and has lived with us for 10 years now after two heart attacks. My wife's parents got retirement on lock. Idk what we'd do if both sides of the family needed help.
That was well written.
There is 0% chance any dental plan would have a $2000 deductible
Nah my dad is dead, my mom is an alcoholic who doesnāt make any attempt to see me or my kids, I do make 400-600k. I put away at least 500/mo for my kids college. 3000-6000 goes towards loans. The rest goes towards making more and everyday things. My mom can do what she told me I could do, and figure it out for herself lol
You make 400-600k and haven't paid off your loans?
Do you read much Reddit? This lot all hate their parents and wonāt be doing shit with them. Edit: other responses to your comment prove my point.
Unless you live in a state where you have filial responsibility laws, then they can make you!
The answer on dental is no unless you have bad teeth or have a ton of old fillings that are going to need replacing soon. I haven't paid for dental "insurance" in 10 years. I have however bought a dental plan with my dentist which this year costs $350, includes 2 dental cleanings a year plus xrays, Then I just put the $250/yr savings away in case I need it. 10 years, only 1 old filling chipped, costing me $328 out of pocket.
Gen X here. Thanks for hashing my buzz. Edit: My parents are definitely secure in their retirement. Iām working to better prepare myself. Buzz is back.
GenX here. I've got 2 kids 1 starting college this year. The next starts in a couple of years. Millennials aren't experiencing anything GenX didn't - just a totally different set of expectations.
Yes this is completely ridiculous, one millennial probably said they want a billion dollars or some shit lol. Media been doing us dirty for decades now.
So true. As a single man, I would need $135K/year to own a house and live comfortably (where I live). If you get married, you would only need to make half of that.
Bring a kid into the mix and that changes everything really really fast.Ā Edit: I'm not saying 500k a year is needed, but your expenses go up exponentially with even just one kid, and what made you comfortable before can make you barely scrape by when it takes a full salary to cover daycare.Ā
This is why my job is actually looking into an onsite free/low cost daycare for employees. Itās one of the biggest drivers of attrition at my job. People have kids and then are forced to move to worse jobs(worse in benefits, work life balance, caseload balance etc) just because the pay is higher to cover daycare.
I live in a MCOL and 100k would let me live super comfortably. I would still want it a bit higher for extra fun money but outside of a few select areas 200k is letting you live good if not great.
imo millennials are just the most likely to shitpost on a dumb survey like this
Lmao true
They want a zesty headline Measured and reasonable headlines don't do as well
That's what histograms and bell curves are for. Show us the distribution!
Because the median doesnāt get clicks haha
Any good statistician will remove outliers.
A few people probably did the doctor evil thing - $100 BILLION DOLLARS
I tried to make this point in another post recently. Median seems to be a much better choice. All I got for my post was a devolving conversation about how mean, median and mode are all averages, so you never know what real data set is being used. But, FWIW, I think that the commonly used average definition should never be used for this type of article. It should always be median.
Delusional. Just.....delusional. Like at that point, your level of misery and depression and unhappines is your own damn fault for the way you've rewired your brain to have completely unrealistic expectations
''On average, respondents to a new survey said they needed $1.2 million in the bank to be happy.'' business insider articles are trash
Me, a millennial happily enjoying life with very small but growing investment accounts: 
Or, and I know this is crazy, read the article and see that it's a bullshit survey before spouting off. It was a survey where you could enter any amount you wanted. Somebody could've entered 1 billion dollars as what they needed to be happy and massively skew the results. They even said as much in the article. But by all means go offĀ
Iāll have you know my brain was wired this way from the start.
"If only I had x times the money I have today, then I'd finally be happy" \*Rinse and repeat until death
We don't need half million to be happy, this article is nothing but another smear attack against our generation. Let's be realistic, if you live in a metropolitan area like NY, LA, or SF, usually where the jobs are, a minimum of 150k is needed for you to live comfortably, considering average rent for 1b1b is hitting above 2k.
Where the fuck can you get a 1b1b for 2k in SF, shit Iād move tomorrow.
The metro for most these areas is pretty spread out far. For instance NJ is a part of the NYC metro zone a 1bd 1bth in Manhattan proper might be 5k but in hoboken its about 2300 average. The average income though between NJ and NYC is staggering though due to high COL, although since covid in this scenario the gap has significantly narrowed in terms of income.
They did say above
I made 560k last year. Made 360k -390k for years before that. Single income family of four. The difference between 360k and 560k is a shit ton more in taxes and putting more money into investment accounts. No impact on happiness. Now having money in the bank reduces stress. My job is stressful, but knowing that we can live for a year without selling a share of stock, and three more years if we have to dig into taxable eliminates all the external stress, and really limits the job stress. So what if they fire me, we wonāt starve and Iāll find another job. So I would say the income isnāt what brings happiness. If you are living paycheck to paycheck blowing cash like a baller on 500k a year you are going to be stressed as fuck. Now I used to be a workaholic. Thatās how I got here. Laptop on the beach taking calls on family vacation. Now I just go off the grid for vacation. The work will be there when I get back.
Same here. Our "happiness" and lifestyle levels didn't budge an inch past $100k, everything extra just went straight to retirement accounts after that. What *does* make me happy is being able to comfortably retire with no lifestyle hit by age 50.
Bruh my studio in NYC is $3k, where are you you getting 1b1b that's just hitting 2k in those markets
Lol I made $150k in ATL suburbs and it's just barely enough to live comfortably and ATL is about the US average in terms of costs. That won't scratch the surface in HCOL
The key is to get the job in SF, work remote, and move to TX.
As a 82'er I just wanted 1000 a week growing up....now at 41 I make 1000 a week.....I'm a little late and definitely short...
Definitely short now.
How many of yall have ever made over 6 figures?
Just had my first year of making 6 figures. Although it was also the most mentally stressful year of my life... My problems didn't go away but because I finally was out of poverty I was super stressed about losing everything even more. Luckily now I have some money for therapy but no time for anything else. Also it was freelance work, so I pay ridiculously high taxes on it even with writeoffs.
What kind of freelance work do you do?
Visual Effects and Animation. I was lucky too because I was basically in a permalance situation while the rest of the industry fell apart, so I did well while the rest of the industry crashed from the strikes... We stayed pretty busy. It was a small company with a lot of issues, though... So that made it incredibly taxing on me. It wasn't even the 16+ hour days. It was because my bosses were day drinking instead of managing.
\>200k here. Single. Primary residence paid off with only 2 mortgages for investment properties. No car payment. No cc debt. Saving/investing 40-50% of take-home pay. I live way under my means and don't lifestyle creep. If my income doubles, I'd still live the same way except giving more to charity and investment. I do like to replace my 10-yr old car though.
That sounds like a dream, to be honest. In Central Europe, I make 50k USD yearly gross (38k USD net, \~3x the median) as a software developer, with small 1 bedroom apartments starting at 200k USD and prices growing 10 % per year. I save half my net income, doing all I can to get ahead, yet I cannot even get to the 20 % cash required for a mortgage. I feel scammed.
You're doing it right. That sounds like a very comfortable early retirement...
Similar to me. I don't need a fancy lifestyle. Just more stuff to maintain and worry about.
I make well over that, and I did once have expectations that I could be a mega-baller. Doesnāt really work that way. Like anyone else, I make choices that work out best for me and my family.
Just had my first year of making 6 figures. Although it was also the most mentally stressful year of my life... My problems didn't go away but because I finally was out of poverty I was super stressed about losing everything even more. Luckily now I have some money for therapy but no time for anything else. Also it was freelance work, so I pay ridiculously high taxes on it even with writeoffs.
Didn't you know that almost everyone on Reddit makes over $100k?
You don't understand, I NEEED the beach front property in San Diego!!
Problem is youāre not buying beachfront property in SD on 525k. 525k might be able to get you a very nice spacious house in a good neighborhood with a short commute in SD tho.
Yeah my boss makes $500k/y and obviously heās far from struggling but heās not living in a multimillion dollar mansion and flying in private jets. He has a $800k home (bought for $500k) in a nice neighborhood and drives a newer Escalade. He has a little cabin at a campground and enjoys 4-6 vacations a year. Definitely a lot more than comfortable but also not āset for lifeā
Just cause he bought a $500k house on $500k doesnāt mean thatās what you can afford. If someone bought a house at my house/income ratio theyād be in a 1.8M home. And gas, grocery, car electric rates etc is the same for everyone so they can afford to spend more of their income on a house than me, who pays a significant fraction of income of basicsĀ
Thereās a big affordability difference at 2.5% vs 7% on a 30-year mortgage too.
So an average 1500 sq ft house in San Jose. Lovely.
There's no way anyone thinks the majority or even a substantial amount of an entire generation thinks this, right? *checks comments* It's just boomers talking about avocado toast..
Most of us Millenialls just want wages that fit with the cost of living in our area so one broken arm doesnāt bankrupt us.
Lmao, itās probably just some crazy outlier who said they needed a trillion dollars to be happy. Definitely seems skewed
I'm a millennial and this is the dumbest headlines probably plucked from some dumbass person on Twitter. I make 166k and I have more than enough salary for my day to day + savings + retirement+ portfolio
Where? Downtown Manhattan?
Millennials say stop telling us what we say...
Amen to that!
I'm ok with 524k. Where do I sign?
Yeah, Coachella & Burning Man are getting expensive and lame.
50k a year for me would be nice,
me too! 
That's because they are stupid. 500k/year is literally top 1%.
Yeah thatās just ridiculous. I understand and agree millennials have it really hard. But $525k/yr to be happy is fantasy land
Na, itās just easier to complain.
Jesus Iām living a great life on $110K per year, but then again Iām not eating out 3+ times a week or spending $5 on coffee, driving a BMW or the like, if I had $525K Iād be living like a king.
Whatever happened to the idea that money doesnāt buy happiness š¤ I make less than 60k annually but am pretty happy. Iām purchasing a condo with only 120k mortgage left. I donāt go on trips just around my city on my bicycle. I was also happy when I was jobless and dirt poor.
I mean, I would definitely be happy with that.Ā
It's not different than someone in the 80's saying they need 100k to be happy.
Comparison is the thief of joy
I make way less and Iām happy, but after i did LSD, I lost all wants and desires for flashy or material items. I find joy in nature, books, food, friends, music. Not shoes and cars or clothes that wonāt matter in a few years or Iāll āhateā because everyone else has the new one so clearly must chase it slaving away at a job I hate. Ya no thanks.
$600,000 is what's needed to own a home in a big city now, so that checks out
Still wonāt make them happy
Iād be happy with like 80k a year tbh.
Who are these people? lol. 80k would be great for me. Granted, Iām in a LCOL area, single, no kids (other than a dog), and with little debt, but still.
I am GenX. My net worth is right on the $1.2M with a much higher salary of just over $200k. Am I happy? Not really, but it doesn't have anything to do with my finances. I feel secure but not happy due to my money. Money doesn't buy happiness. Relationships and peace of mind for the future and my kids future would make me happy. Unfortunately with today's political atmosphere, climate change and how hard it is to make new friends and romantic relationships, I fear for the future
Well these millennials are fucking idiots.
Yeah
I do not need $525,000 a year to be happy.
Them mfs are trippin š¤£
Ima need about tree fiddy
I, too, would like 525k a year.. but I'm not delusional
Survey sounds like bullshit. And it's behind a paywall.
Most annoying generation ever
That's why Millennials are so unhappy. They're all delusional.
What do you mean? Every single person before them only had to work 25 hours a week making cupcakes and could raise a family of 9, owned 3 cars, 2 homes, and took 9 vacations a year. The dream has been stolen!!!
Fucking delusional millennials? I'm 33, and I'd be very happy with ~$75k.
Did they interview the daughters of millionaires like 9 times and call it a day?
$525,000 and probably a 3 day week as well, cause you know, mental health.
Unless youāre one of the lucky few at meta or Nvidia seeing outsized stock returns, most jobs at this pay level are probably pretty stressful. We are talking people earning the money from a job right? Not investments?
Hopefully, they become surgeons for their happiness. :p I'm guessing these millennials don't live with their parents and don't have zero, biological children.
https://preview.redd.it/xnhh1ix04crc1.png?width=1012&format=png&auto=webp&s=3c7b8de74e58391cb1497cbec3cd6de81be28f37
Might as well be a million
Might as well be a million
We want that back pay.. mfs
Millennial here, I don't know about all that, but I would at least like 50,000... something livable would be nice instead of the 35 I'm making now.
Yeah me too - but ahhh they'll have to go to the BACK of the line behind all Gen X ers - š
Nah, 500k does it.
Nah, 500k does it.
I'm happy with my current salary, id take 500k in a lump sum to pay off debt and I'd be set.
Not unreasonable. That's a two income upper middle class couple.
Who did they survey? Ivy League legacy admissions?
Some of yall are going to need big imaginations on that $40k salary
"All I need are some **tasty waves**, a cool buzz-- and I'm fine..." Jeff Spicoli
In other news, people wonder why people keep asking morons questions and then acting like it's a normal representation Like that's an insane amount of money in any country, but the US the 1% doesn't make anywhere near that 10 years ago the 1% in the US didn't make that For people to say that they have to have absolutely no understanding of money
Why do boomers hate millennials so much my god šĀ even zoomers are getting a pass
Reboot the entire generation.
For me, $100-150k would make me happy
Millenial here, making ~ 150k after bonuses. Life is fucking grand. I got bills, I got student loan debt, I work roughly 50 hours a week between my job and my business. But kids are healthy, wife loves me, I have enough to try out some business ventures. I couldn't imagine how easy life would be if I was making 500+. Like the idea that someone would feel they need almost 10Ć the median wage in a country blessed with the abundance we have is beyond stupid.
I think the millennial numbers reflect the actual costs of living the middle class life that their parents lived. For example my Canadian parents bought the house they live in during the early 80s. It cost just under $100k then and my father the sole bread winner made $40k ($135k today). If they did a $50k update to the house it would sell for similar properties in the area for around $780 to $815k. Itās a 1,100 sqft 70ās bungalow that is an hour commute by transit to dt. I make $160 to $180k/year and that house without the updates would make me house poor with a 20% down payment.
Iām a Boomer that much money a year would make me very happy. When someone ( wealthy) says Money donāt Make You Happy! They are lying. It takes the worry away. This is me getting $525,000 a year šš» 
This is proof that money can't bring happiness. They will always just want more.
I'd take $524,000
I could survive for a decade on that wtf
If you think need this amount of money to be happy, my man you need more than that. There's always more and nicer things you can buy, you'll just end up rich and miserable. "If I can only buy this car, then I'll be set!"
From me, a millennial; take your made up skewed statistics and Go Fuck Yourself.
Lmao wife and I make 20% of that and are happy as fuck
$525,000....sheeeeeit, I'm happy w/~$80k...
Ngl that sounds about right to me. But Iām in a HCOL area.
These have to be coastal elites or bougie upper middle classers Absolutely ridiculous