How much money would you need to make (annual household income) to live the life you want to live? I am talking about buying the things you want to buy, providing what you would want for your family, do what you want, without having to have debt for toys, house, cars, etc continually. This is a serious question and not looking for answers like 10 million so I can hunt all day am over the world.

I am not sure the question is clear, but I am asking because I have a nephew I am trying to help out. He is 19 and I am trying to show him he needs to get a worthwhile degree or seek serious training in a trade in order to make the kind of money it takes to have the life I know he wants.

Thanks for the help. I am hoping there will be some good answers I can show him.

It doesn't matter how much you make,there will always be some desire you can't afford.

What you need to do is to take some time,sit down with him, and pick out a car and house and go through a grown up budget with him. Show him about taxes and health insurance,the whole works. Then add a wife and kid and give him a taste of reality.

$100K for a family of 2
Add $20K per kid


Add 35% if you live in a major city.

I believe the uppermost household income for middle class is something like $120K. That would be dad making $80K and mom making $40k, or some variation.

That's a reasonable, attainable goal I'd tell him to think about. Can't make that at just any old job.

Yeah somewhere around 100k for a married couple plus a little more for children.

Not sure there is an answer I can give on how much it really takes. Because it changes due to life changes. But I will say this, you are doing the right thing pointing him in a direction of being specific in his next step. Having just gone through a year of pointless college, my son is going to trade school. Commercial refrigeration and electricity. With work ethic he will be able to provide a nice living for his family one day. Some kids are going to college and getting a degree that isnt going to help them get a job. The job market is tough in Alabama, plenty of college graduates are looking because the did not specialize in a degree choice.

If he goes to college he needs to get a worthwhile degree. Something specialized in a field that gives him a great opportunity for employment. If he chooses a trade he should have no problem with that. My generation was told to go to college its the only way. That was right and wrong. Secondary education is really the only way. Wish I had listened to my Dad and went to trade school.

Some of the answers here are good. I would say a combined income of 120K is a good start.

Yall's estimate is way to low, trust me.

Well I would like to be at that number again but after a while you learn to deal with it.

100k per couple doing what to want without debt on toys, and a house!!!!???? My wife and I are close to that 100k mark and we have $150K house and no toys, and own both of our cars outright. We live modestly, but still are pay check to pay check. To do what I would want, bigger house, new trucks, tropical vacations, any hunting gear less than 10 years old, buy name brand products, pretty not have to think if I can afford this or not on every purchase. $250K minimum per household easy

Best way to do it is to start breaking everything out on a spreadsheet in excel with him sitting there:
Start with income, then start taking things away from that money. Work on a monthly basis, because people can understand payments on a monthly basis.

Income = _____________
FICA
State Income Tax
Medical Insurance
Dental Insurance
Take Home = _____________/yr then __________/month (This is where you start)

-------- (start subtracting)
Food _____/month
Dinner out = 50$
Truck/Car = ______month payment + $0.55 per mile you plan to drive
Rent/Mortgage
electric
gas
water
cell phone
TV
computer
internet
cable TV
go to football game/movie/night out
medications
clothing
hunting
fishing
boat
boots
furniture
travel
401k/savings
gonna have a hospital stay at some point

Baby..... (20 doc visits by mom / vitamins, etc)
Daycare = $125/month until 2yrs old
car seat
meds
food
etc

teenager.....
car
college
another phone

There is no magic number. It depends on what is important to you.

150-200k annually

Speaking as the father of a 12 week old,... Try $875/month,... And that's until they go to kindergarten

Man I've never made much over 30,000 a year and I always thought I was happy?

Such a hard thing everyone has a different pov on this. Imo about 40k works my family of 5 has everything they want need on that average. The two things it grants above all else is time as a family and freedoms to do as we wish.

I honestly think to really have extra money for toys, descent cars, hunting camps, vacations, and do the things I'd really want without taking on debt and no worries. Probably more like $350K. But it really depends on where you live. You can have a lot nicer house and land in different locations. It seems like your location would play a very big factor in that amount.

The more you make more the more you spend. If you are happy, then you have yourself the American dream.

I aint making much,but I love my life! Then again, I didn't go into this profession thinking I was going to be making 100k.


Check out some Dave Ramsey books. May not agree with every little thing he does, but its good advice and helps set realistic budgets.

Teach him like others have said. I saved up a decent bit in the military but I was young and dumb with a credit card. I'm thinking about taking a second job just so I can get it paid off within 1 year of me being out of the military. I don't have to as I have a great job but I want to completely get rid of that little bit of debt I have.