What does it mean to make "good money"????

[LitigatorChick]

People say this all the time. I don''t know what the heck it means!!! One person told me that, and I later learned that they made $50,000 (I don''t think that is a huge amount). Is it $100,000? $250,000? $500,000? What the heck does "good money" mean???

 

[sevens one]

I think "good money" means you won''t have a lot of month left at the end of your money.

Actually, who knows. This will be interesting. I''m in the same boat as you; what is the definition of good money?

 

[LaurenThePartier]

I think it really depends on your region.

In TX, if one is making $100k, I would say that's "good money". Most homes here are in the mid- $100ks - low $200ks, but one could still live relaitvely well here on $50k. I bought my first house when I made only $45k a year, and it was a pretty darn nice house and I wasn't strapped for cash, at all.

If we're talking about CA, NYC, or the East Coast, where the cost of living is so much higher and the break-in point for a home is in the $400k area, I would say the threshold for "good money" would be at least twice as much.

But, that's just my perception of it. Age is also a factor - at 25, $50k was "good money" for me, but at 32, I don't know how I ever survived on that.

I hate when your salary starts to shrink.

 

[allycat0303]

I think it''s all relative to what the person was making before. Someone who just finished school, 50 000 might be good money. Someone who is 10 years into their career then maybe not so good.

And then there''s variations on what people need. Good money might be considered to some if they have everything they need (once again all relative).

It''s practically all relative so impossible to determine. If you really want to know then I suppose you have to ask outright. Although I find that a little intrusive.

 

[LitigatorChick]

I guess I just find it a very interesting figure of speech. It does appear to be really relative, and because of its relativity, it doesn''t say very much, maybe except that the person is happy or satisfied with the amount that they make?

 

[kellyfish]

ITA-sevens-one. To me, it means you have more than ample money to live comfortably.....may be different amounts to different people.

 

[tberube]

That is probably about as relative a question as you can ask. Last year a friend of mine who works as a project manager bragged on and on about how she makes "good money" at her job in NH. Soon after, I realized she was making almost $20,000 less than me, and I work as an art director in Boston. But then again, could I say I make good money? Yes, compared to my NH friend, but not as compared to my cousin who is an engineer, probably making twice or more than what I make. I think it depends on where you live, your age, what your profession is, and how you compare to those around you.

$40,000 might be good money to a retail worker in rural Alabama but not to an IT guy in NYC.
$50,000 might be good money to a 23 year old but not to a 45 year old of the same profession.
$60,000 might be good money to you, but not to your best friend who is making $160,000.

It also has a lot to do with what kind of expenses you drum up. My engineer cousin makes a heck of a lot more money than me, but he's in debt up to his eyeballs and drives an expensive car. If his monthly expenses are at a higher percentage of his income than mine are, then is he really doing better than me?

Interesting topic...

 

[ephemery1]

I am on the East Coast, in my late 20s, and I usually think of "good money" as earning an annual income of $100,000+ (for one person working one job). Most of my friends have only been out of college/grad school for 3-6 years... so that is enough to put them on a very stable track, even if they're not "wealthy" yet by any means. Not many are actually earning that though, except for the lawyers!

That being said, I'm sure my 50-something financially successful parents would set the bar considerably higher, while my 21-year-old brother might set it lower.

 

[joflier]

I really think it varies from person to person, and how that particular person lives.

Also, I really think it depends on how you grew up and the attitudes your parents had about money. I grew up with money. My parents weren''t what I consider to be rich, but lived a nice upper-middle-class lifestyle. As a kid, you don''t really know or even care about that kind of thing. And I didn''t. I see it now, but don''t pay much attention to it, because I was surrounded by wealth through all of my extended family, and it just didn''t mean that much to me. I guess its something that I''ve even taken for granted.

I don''t consider myself to be wealthy. Most people that have the same income that I do(not including DH), would consider 90-100k really good money. but because of my upbringing i really don''t consider anything less than 300-400k/year good money.

 

[Madam Bijoux]

Good money is never having to say "I can''t afford that".

 

[chiefneil]

I agree that it''s a figure of speech that''s relative to age and social bracket. When I graduated school many years ago, I got a great job making "good money". And it was good money for a 22 year old. But I still drove a cheap Ford and shared a house with 3 roommates! Today I make about 5x that original salary, and I consider my income to be decent but not outstanding. I''m still not driving a ferrari yet (although by an unusual set of circumstances I was roundly ignored in the ferrari showroom yesterday)!

But there are some measures that are hard to argue with. Only 15% of families in the US make over 100k. So 85% of the population would certainly consider that a good income. Only 6% make over 150k, so 94% of the population would consider that a good income. And then only 1.7% make over 250k, so 98% of the population would consider that a good income.

 

[canuk-gal]

HI:

Alberta Nurses are the highest paid in Canada--so when I was working, at the top pf my pay scale I made around $75K. For that, is "good money". When I worked in medical research my salary was dictated by grants, and when I got $20K for a project (part-time) that might take 2-3 years, that was considered pretty "good money". (sometimes there were more than one grant). Finally when I went to teach in a Baccaleaurate program, altho I had 20 years experience, I had no teaching background and my salary was reduced by 20% of what I would have made at the bedside. Good money for a starting assistant Prof, but not for a tentured bedside nurse.

Now my DH an Engineer is in the Oil industry. Recent pubished information showed that new grads entering the industry are often offered high 5/low 6 figures for wages. Within 5 years those workers can become "VP's" and earn two times increase in salary and stock options worth $$$$$$$. The sky can be the perverbial limit. Where in my case, I was working on my PhD, had 20 years of experience making around 60K teaching. And my salary would be definatley scaled and capped/no bonus system. NOT good $$$!!!!!!!!!!!!!!!!!! (no wonder I left early!!) It is all relative.

cheers--Sharon

 

[LegacyGirl]

Date: 2/29/2008 10:28:30 AM
Author: Madam Bijoux
Good money is never having to say ''I can''t afford that''.

This is how I always thought of it.

 

[joflier]

Date: 2/29/2008 10:52:45 AM
Author: LegacyGirl

Date: 2/29/2008 10:28:30 AM
Author: Madam Bijoux
Good money is never having to say 'I can't afford that'.

This is how I always thought of it.

The funny thing is, is that there are a lot of wealthy people that don't think like that though. I have a relative that makes somehwere in the ballpark of 500k per year, doesn't have much debt to speak of, but keeps their house fairly cool in the winter, warm in summer, because he complains that his electric bill is just too much money. They have a decent sized house, but its not THAT big! I've seen that a lot. I find it kind of amusing

 

[strmrdr]

good money too me is not having too worry about paying for the essentials and having some money left over too save and being able too buy some toys once in a while.
COL is dirt cheap here compared to Chicago just 65 miles away but so is the pay, you would need 5x the pay for the same lifestyle.
So its all relative.

 

[Elmorton]

Weird...I think of "good money" as being $$ earned from honest work that you can at least tolerate because of wages. When I hear the good money phrase, it''s usually in the context of "Well, by boss is a jerk, but the job ain''t bad. It''s good money." - meaning, "sure I could be doing something else that I like more and be paid a little less, but that slight increase in wage is worth my time to stay put."

- I don''t really think of "good money" as being associated with a number, especially since the last time I heard the phrase, it was from the pizza guy who was explaining to me that he made "good money" and it sure as heck beat working in the local factory.


Slightly off-topic - but did anyone see the story that one of the major news channels (US) was doing about how most millionaires are/are living like middle class? I found the teaser interesting, but missed the show.

 

[Kaleigh]

Date: 2/29/2008 10:52:45 AM
Author: LegacyGirl

Date: 2/29/2008 10:28:30 AM
Author: Madam Bijoux
Good money is never having to say ''I can''t afford that''.

This is how I always thought of it.

Me too.

 

[Girlrocks]

I think it depends on a lot of things rather than 1 cut and dry figure. Where you live, your lifestyle, your social-economic circle. $100,000 is HUGE where I live, but may be nothing to someone living in Manhattan. Also $50,000 is pretty good money for a single person, but our family of 6 could NEVER survive on that.

 

[NewEnglandLady]

Date: 2/29/2008 11:55:09 AM
Author: Kaleigh

Date: 2/29/2008 10:52:45 AM
Author: LegacyGirl

Date: 2/29/2008 10:28:30 AM
Author: Madam Bijoux
Good money is never having to say ''I can''t afford that''.

This is how I always thought of it.

Me too.

Add me to the list of those who agree with this.

My parents always said they just wanted to make enough to stop worrying about the bills. I tend to think that if a person is living a lifestyle he/she likes and still has room to save a good chunk of what he/she makes, that person is doing well.

 

[chiefneil]

Date: 2/29/2008 10:52:45 AM
Author: LegacyGirl

Date: 2/29/2008 10:28:30 AM

Author: Madam Bijoux

Good money is never having to say ''I can''t afford that''.

This is how I always thought of it.

But is that in reference to going out to dinner at a $100/person restaurant at the spur of the moment, or buying a $50,000 watch while browsing stores on vacation?

 

[DivaDiamond007]

To me making good money means not having to live paycheck to paycheck.

We actually talk about this a lot in the office. We''ve come to the conclusion that for the most part people are proportionately poor - meaning that the more money you make = more money spent. We all know people to make "good" money but are still either in the hole at the end of the month or have very little left over. More money = bigger house = bigger mortgage = more taxes. More money = more expensive car = bigger payment = higher insurance.

Jess

 

[Miscka]

Date: 2/29/2008 12:44:38 PM
Author: DivaDiamond007
To me making good money means not having to live paycheck to paycheck.

We actually talk about this a lot in the office. We''ve come to the conclusion that for the most part people are proportionately poor - meaning that the more money you make = more money spent. We all know people to make ''good'' money but are still either in the hole at the end of the month or have very little left over. More money = bigger house = bigger mortgage = more taxes. More money = more expensive car = bigger payment = higher insurance.

Jess

Interesting point. I would say good money means that you can afford to live comfortably and then have enough left over to not feel strapped for cash.

 

[kcoursolle]

I think it''s relative from person to person. From a blue collar worker it might mean 40k and to a business man it might mean 500k...regional differences and urban/rural differences probably apply too.

 

[Mara]

" We''ve come to the conclusion that for the most part people are proportionately poor - meaning that the more money you make = more money spent."

This is so true. When I think back to when I was making like $30k out of college at age 22. That seemed like good money. But never ''quite enough'' to do everything you wanted at the time. No real savings. Couldn''t go out as much as I wanted. Now at age 30 or 35 or 40, you make so much more but it seems like you still have to struggle to sock some away, do what you want (eat out, travel, etc)...and feel like you are ''getting ahead''.

To me ''good money'' is more of an old-school term. I don''t know anyone in my generation or the one before mine who uses that term....it''s almost like they know that there is no such thing as GOOD MONEY when it comes to cost of living and cost of spending increasing...but my parents and grandparents generation still use the phrase.

For me it''s all about ''getting ahead''...saving for retirement, having $$ to have fun with, buy baubles with, travel with. And yes as everyone else has pointed out, obviously it''s proportionate to your cost of living and where you live. I live in the SF Bay and our salaries here are very disproportionate to cost of living. We could move to another area and make 80% of what we make here in salary, but our house would cost only 30% of what we pay here.

 

[doctork]

Like others have said, I think good money is either:

a) you can live very comfortably and still have money left over at the end of the month to save

OR

b) you start spending money on things other people would consider rediculous.

 

[musey]

Date: 2/29/2008 12:08:18 PM
Author: NewEnglandLady

Date: 2/29/2008 11:55:09 AM
Author: Kaleigh

Date: 2/29/2008 10:52:45 AM
Author: LegacyGirl

Date: 2/29/2008 10:28:30 AM
Author: Madam Bijoux

Good money is never having to say 'I can't afford that'.

This is how I always thought of it.

Me too.

Add me to the list of those who agree with this.

To a degree... there will (hopefully) always be something you'd say "I can't afford that" to, yanno? I don't think that one needs to be able to afford a mansion, a great car, AND a yacht in order to qualify as making "good money."

Good money, to me, is making enough to live the way that you'd like to (not the way you dream of) without sacrificing the necessities (comfortable insurance policies, retirement savings, etc.). There's a difference between "good money" and "filthy rich."

 

[vespergirl]

I totally agree with Madame Bijoux. And I think that it deflinitely depends on what part of the country you live in, and if it''s an urban or rural area. We live in a suburb of Washington DC, and average home prices in our area are around $700,000 for a single-family house. So, for this area, to be basically comfortable and able to purchase a home, I would say at least $150,000. In fact, before I met my husband, I was dating on match.com. I got some flack from my friends because I would only date people who earned over $100,000. Not because I expected a life of luxury, because 100K won''t buy that in our area, but because I knew that I wanted to be a stay-at-home mom someday, and that wouldn''t be possible in our area on less money than that. So I think it also depends on what your standards are - are you OK renting, or must you own a home? Will you both work, or does one spouse want to stay at home if kids come along? It''s pretty much relative depending on your idea of what''s a necessity and what isn''t.

Oh, but the funniest part of the story is, after being so discerning with the people I would date on match, I ended up marrying the guy I met in a bar. Good thing he met the requirements anyway

 

[joflier]

Date: 2/29/2008 1:54:09 PM
Author: vespergirl
I totally agree with Madame Bijoux. And I think that it deflinitely depends on what part of the country you live in, and if it''s an urban or rural area. We live in a suburb of Washington DC, and average home prices in our area are around $700,000 for a single-family house. So, for this area, to be basically comfortable and able to purchase a home, I would say at least $150,000. In fact, before I met my husband, I was dating on match.com. I got some flack from my friends because I would only date people who earned over $100,000. Not because I expected a life of luxury, because 100K won''t buy that in our area, but because I knew that I wanted to be a stay-at-home mom someday, and that wouldn''t be possible in our area on less money than that. So I think it also depends on what your standards are - are you OK renting, or must you own a home? Will you both work, or does one spouse want to stay at home if kids come along? It''s pretty much relative depending on your idea of what''s a necessity and what isn''t.

Oh, but the funniest part of the story is, after being so discerning with the people I would date on match, I ended up marrying the guy I met in a bar. Good thing he met the requirements anyway

Thats too funny!

 

[LegacyGirl]

Date: 2/29/2008 12:33:51 PM
Author: chiefneil

Date: 2/29/2008 10:52:45 AM
Author: LegacyGirl

Date: 2/29/2008 10:28:30 AM

Author: Madam Bijoux

Good money is never having to say ''I can''t afford that''.

This is how I always thought of it.

But is that in reference to going out to dinner at a $100/person restaurant at the spur of the moment, or buying a $50,000 watch while browsing stores on vacation?

Let''s just say I would feel I made good money if tomorrow I decided I wanted to go to Paris for dinner and shopping and I was able to call my private plane to come get me.

That will never happen.

 

[eks6426]

I think in addtion to where you live it depends on the income levels of your friends. I make more myself than the average HH Income (read usually 2 incomes) for my area. I don''t feel well off but I know I''m not doing that badly either. I have 1 group of friends that is fairly frugal. The things they buy, activities they do are with an eye toward maintaining their "budget." I feel "rich" around them because I''m not THAT budget conscious most of the time. But then I have another group of friends who pretty much buy anything they want. It''s nothing for them to blow $500-$1000 on a weekend of eating out & shopping in town. They eat at "nice" places and regularly have meals that cost around $100 per person. To me, a $100 per person meal is a "special occasion" only thing...done in a larger city certainly never my home town. So, when I am around friend group #2 I tend to feel rather poor.