Reality check on what people earn

[veloman]

So I was checking out what the salaries are at the university here in Austin. 2000 people make over 100k a year at UT Austin.

There are a lot of people making big bucks, that's my point.

And you're telling me there isn't a market for a high powered ebike like the Stealth bikes? Rich people have loads of money to blow. If I made 100k a year and didn't have time to build my own ebike (or interest in it), I would buy a stealth ebike no question, completely worth it to have something turn key, with good customer support, a one of a kind toy/transportation whatever.


I love seeing new perspectives. I feel like a poor slob now...lol.

$35k for a Leaf? Sure, why not, when you take in 150 a year and want to brag at how you aren't killing polar bears.

4g's for a nice fast new recumbent bike? Don't mind if I do since I can't put all my 80grand savings this year into investments and not have any fun.

All this time, I've been so cost concious. I always thought that only a few people make over 100k.

I need to start making real money. ha :lol:

 

[grindz145]

You need both a "rich" person, and a person who appreciates a supremely efficient and euphoric form of transportation, and who also takes responsibility for their own actions.

That starts to make it alot smaller group, unfortunately. We need more 2wheel riders.

 

[Ykick]

We need more 2wheel riders.

Rich folks scare more easily and don't wanna lose the ability to make big bucks so probably not gonna "get it" when it comes to 2wheel transportation. Some do of course but they be the minority IMO.

 

[wineboyrider]

I saw lot's of bicycles when I was in Austin over New Years, but not one electric bicycle? 8) 8) 8) 8)

 

[zombiess]

I decided a long time ago to go the opposite way. Reduce my out going costs so I can live like I have a 100k income. When I say a long time ago I'm talking around 5 years which is about what it took to get to the point I'm at now. Some things that have messed up my plans were unplanned pay cuts, but that just made my plan make more sense. It took me about 3.5 years to become 100% debt free and have a decent safety net.

I am middle class, but I'm not even close to the 100K mark (if I was I'd be saving something like 75% of my take home pay). This is a strategy just about anyone can do... if you are willing to make some sacrifices now for bigger rewards later. The keys to success are patience and persistence. This means you will most likely need to change your behavior when it comes to your spending habits. The surprising part for me was how easy it was for me to make the change. I just did it gradually cutting back a little at a time. The very first thing I did was set a goal to pay off one of my car loans. I started by saving a measly $50/wk when I was making 60-70k/yr and then after several months was able to increase that to $100/wk as I found other ways to cut my outgoing costs. Soon the money I had saved = what I owed on the car so I wrote a check and paid it off leaving a little left as a buffer. That car payment then got added to my weekly savings. I just kept whittling away at non essential monthly expenses and became a bit of a cheapskate for about 2 years while I saved. Every now and then I'd want something and I'd really think about how bad I wanted it, though about it's cost and how many hours I had to work to pay for it and then decided whether or not to buy it.

Anyways, I make a less now, but I also only work 30 hrs a week and love life, free time and low stress. I'm also having other opportunities open up to me as a result of all of this that I don't think would have been possible before. I'm not big pimpin by any means but I'm not doing too bad of a job small to medium pimpin

I know several people who make over 100K/yr and almost none of them have any money and several people think I'm making bank due to my life style.

To summarize "money" for those who have to work for it like me, my favorite quote is "it's not about how much you make, it's about how much you keep!".

BTW, I've probably dropped around $5k on bike and ebike stuff in 2011 (my first year for ebikes) and I tell you what, I'm happy as can be. It's a massive chunk of my take home pay but it's been totally worth it due to the fun/health benefits + stimulating my brain for projects / hobby. After your first two ebikes are sorted out the 3rd one becomes pretty cheap to build because you have so much extra stuff/ can swap battery packs / know exactly what to buy and do. Got a 3rd build starting soon LOL

 

[SamTexas]

Good for you zombiess. In case you don't already know, LBYM is what you are doing, and it's about the best thing a person can do to him/herself.

 

[dumbass]

Do you honestly consider a $100k a year as "rich"? NOT!!..... Doing betterthem most maybe but a long way from what I would consider rich.

Bob

 

[zombiess]

Good for you zombiess. In case you don't already know, LBYM is what you are doing, and it's about the best thing a person can do to him/herself.

Yeah living below your means is great once you figure it out but it can be rough going at first due to the change. I've also lost most of my attachment to physical possessions and have little desire to acquire more stuff I don't need. While I enjoy most them I don't worship them. When I was looking at houses for purchase or rent (I rent now because I have a killer deal and want to be mobile) I shunned anything over 2000 sq ft due to the electricity costs associated with running the air con in the summer.

 

[Gordo]

LBYM is a little confusing. It has 2 contradictory definitions. B=Below and also Beyond.

 

[neptronix]

You need both a "rich" person, and a person who appreciates a supremely efficient and euphoric form of transportation, and who also takes responsibility for their own actions.
That starts to make it alot smaller group, unfortunately. We need more 2wheel riders.

^-- this.

A well to do person with less regard for their life than most ( someone willing to go fast on 2 wheels ) is a rarity.

 

[veloman]

Other than spending on bike stuff and eating out with the gf, I live pretty frugal. I"m just a little dissatisfied with what I saved this year, I thought I could save another 5k or so, but somehow spent that $100 a week.

100k is rich to me, as if I were to make that I would be able to retire in a few short years due to how much I'd save.


The biggest waste I see myself spending on is eating out with my gf. We almost always use groupon, but that only saves about $10 off a $40 bill. I should cook more often for us, she cooks for us at least twice a week. The other big expenditure is all the little bike stuff I've been buying, which adds up. I keep saying I am done, I don't need anything else, and I really think I am near that soon (maybe after a little bit more lipo/ better charger) :wink:

 

[veloman]

You need both a "rich" person, and a person who appreciates a supremely efficient and euphoric form of transportation, and who also takes responsibility for their own actions.
That starts to make it alot smaller group, unfortunately. We need more 2wheel riders.

^-- this.

A well to do person with less regard for their life than most ( someone willing to go fast on 2 wheels ) is a rarity.

I don't think riding my ebike is dangerous. It feels a lot safer than when I road cycle as do many rich people.

I think it's more about: "Okay, I can easily drop 40k on a nice car, so I must." There is little thought outside the consumer box. Even if I was a billionaire, I'd still want to ebike around the city like I do now, I just don't like the cumbersome nature of a car in the city. It's much more of an experience on a bike.

 

[SamTexas]

Yeah living below your means is great once you figure it out but it can be rough going at first due to the change.

Exactly. It wouldn't be worth talking about if it were easy. In this country, people struggle financially not because they don't make enough money, but because they don't know how to live within their means, let alone below. And when something "relatively minor" happens, like losing a job, they could easily find themselves in the streets within a few short months.

 

[Gordo]

Other than spending on bike stuff and eating out with the gf, I live pretty frugal.
The biggest waste I see myself spending on is eating out with my gf. We almost always use groupon, but that only saves about $10 off a $40 bill. I should cook more often for us, she cooks for us at least twice a week.

The trick I have always used on us, to get over the great, costly, pleasure of eating out, is to learn to cook very simple meals of the best food, that costs a fortune in a restaurant. For $15-$20 at home, you can make an incredible meal. Restaurant food cost is usually kept to 33% or less of menu. That tells me a lot.
Foods like scallops, sushi, cutlets, etc. If you like sushi, which is a pain in the ass to make, do sashimi which is the same stuff, but so simple to make. As not liking the cleanup is often the real reason to go out, keep the prep simple. The fewer dishes and pots, the more enjoyable the dinner for me. Learning to make a good hearty soup from a basic stock and tossing in leftovers, really saves. Buy that whole chicken which makes several meals and make soup from parts of it. I made turkey steaks from a breast, (previously cut off a whole turkey and frozen) for guests on Sunday, packed one bachelor a lunch and had leftover turkey with spaghetti and fresh mushroom tomato sauce last night. @$40 for 7 great meals. Food cost is where we will see the real increases in the next few years. Best to get on top of them now.

 

[REdiculous]

$100k/yr is pretty rich - I heard there's like 20 million Americans living on food stamps as their only (..reported..) income.

 

[amberwolf]

Do you honestly consider a $100k a year as "rich"? NOT!!..... Doing betterthem most maybe but a long way from what I would consider rich.

To me, that's stupendously rich, as it is more than ten times my typical gross income (was 20 times my income for about a year, between 2009/10). This year has been better than most in recent history, but it's still something like 1/8th of that, at best.

I work retail, and typically get 15-30 hours a week when business is good (much less when business is bad, sometimes up to 40hrs/wk on really busy times like during the holidays, if I'm lucky). Retail doesn't pay much, hours are unpredictable--makes getting a second job difficult or even impossible, since you can't coordinate schedules between them, either.

Lots of people out there doing the same thing with the same problem. Some of the people Ive worked with live off their credit cards for the lean months of the year, and pay them back during thanksgiving thru christmas when they get a lot more hours.

So yeah, I consider 100K/yr "rich".

 

[bobc]

So yeah, I consider 100K/yr "rich".

especially in US where you get too keep most of it.

I'm extraordinarily fortunate - they give me 50grand a year to do what I'd be doing as a hobby otherwise....

 

[heathyoung]

I'd say 100K+/year is probably about right for a professional with years of experience - you are doing something few people can.

However, there are people locally (in the coalmines) - that are paid 125K per year + production bonuses (extra 10-30K) for driving the mining trucks up and down a hill, or driving a train, the most ridiculous thing I heard was a gate operator (ie. opens and closes the electric gate) at one of the mines in Orange complaining about only getting 90K per year and having to work 4 days a week.

Now you can't tell me that's fair...

 

[StudEbiker]

So yeah, I consider 100K/yr "rich".

especially in US where you get too keep most of it.

The correct way to say that is, "especially in the US where they don't take most of it." This idea that everything you earn belongs to the gov't and THEY decide how much "you get to keep" is ass backwards.

 

[granolaboy]

zombiess has the right idea...the west is broke. The party's over guys...although the party is just beginning for China...

[youtube]yEG4OcUQu3I[/youtube]
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[dennyt]

Source: http://en.wikipedia.org/wiki/Household_income_in_the_United_States

 

[dumbass]

For sure we all have our own idea of what wealth is. I did a little research online to determin how many Americans make $100k or more per year. But there doesn't seem to be a clear answer that I could find quickly. It looks like the answer is from 5% to maybe 8% for individuals and upward to 17% for a household. In Sanfrancisco I found it was as high as 33%. So among other things a lot depends on your chosen location to live and profession. Like I said, $100k makes you better off and makes your life easier but it does not make you rich. Personally, I don't think having a few mil. in the bank makes you rich anymore ether.

Bob

 

[wineboyrider]

So yeah, I consider 100K/yr "rich".

especially in US where you get too keep most of it.

The correct way to say that is, "especially in the US where they don't take most of it." This idea that everything you earn belongs to the gov't and THEY decide how much "you get to keep" is ass backwards.

+1 on that one! It's a shame they even take away any money from people who "work" for a living. I hate income taxes, but I especially hate taxes on poor working people.

 

[Spicerack]

I've just come up with a great plan to tap into some of the wealth out there and also encourage richer people to ride ebikes: Grab a cheapie China ebike and put a BMW badge on it! They'll fall over themselves to buy them!

Oh, and 100K/yr ain't much around here- in Western Australia the truck drivers in the iron ore mines get $120K+. They do make you work long hours though- it's all about the work/life balance...

 

[DAND214]

And when something "relatively minor" happens, like losing a job,

Anyone here lost a job worth while lately?

I have, 3 years ago. Let me tell you, you better keep what you have if you can. It's brutal out there to find a good paying job.

My daughter said about 10 years ago, her high school teacher said that everone in the area makes 100k+ a year. Boy she was shocked that we didn't at the time.
All I could afford for here fist car was a Civic abd the school parkung lot was/is full of BMW's and such crap.
And now there is no way the wife and I will veer see it again. 4 years ago was the peak for the normal working people to make any money. Now you need a degree with a masters to get there. Both daughters are there a lot sooner than I did, but will not see any extra money till all the school loans and other loans are repaid.

100k is a lot of dollars, problem is the dollar is in the crapper. As BOB (dumbass)said it takes Millions to get started being rich today. Once you have millions it's easy to save money as you don't pay as much % tax as the normal people do. I know they are supposed to, but they find ways to hide it or write offs that get you back twice in other things. You gotta be rich to be rich. If that makes sinse.

100k a year was nice now it is out of my reach. Oh, living in the chicagoland area is not cheap.

90k openig a gate? Now that's a well paid person. bitching all the way to the bank! All the money is gone week after week. I can't do this gate job for such little pay.
Better keep your mouth shut to keep that job or ther will be many waiting for your boot out the door.

I said too muchalready.
Dan