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

[Independent Gal]

Oh heavens, is this thread ever depressing.

 

[Elmorton]

LOL, Indy, I totally agree!

 

[Mara]

Date: 2/29/2008 2:18:05 PM
Author: 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.

Don''t say that!! Dream BIG!

 

[Independent Gal]

Well, if that''s the way you define it, SDL, then we are doing A-OK after all. Phew.

 

[crown1]

gee, i never interpreted the term "good money" to mean a certain amount or to be above a certain dollar figure. the term to me means that it is a reasonable amount to be paid for doing a certain job. if you offer someone five dollars an hour to clean out your garage i would not be thinking it was "good money". if you were to offer twenty dollars an hour to clean the garage that would be "good money".

 

[Independent Gal]

Yes, living without worry.

The only thing more money could buy which would contribute to my happiness at this point (rather than being a pleasure, which is different) would be a bigger home. It's hard to go from living alone for yeeeeeears to sharing 800 sq ft with someone! Even someone you love.

Other than that, I really don't feel like I'm missing anything that money could buy for my contentment. Which is not to say there's not stuff that would give me LOTS of pleasure (more bling pleeeease!_

So I guess I'm making 'good money' even though I make what many of you defined as lousy money for my age range! Oh, so glad I got that Ivy Ph.D.! See where it got me?!!?

Well, where it got me was being able to recognize what's really important to me in my life, I guess.

 

[bee*]

To me, it would mean earning enough that I can pay all my bills, have enough to put into some savings and still be able to afford to buy luxuries also.

 

[coatimundi_org]

Too me, good money is making more than you spend.

 

[Allison D.]

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

Amen.

 

[LitigatorChick]

I have found these responses really interesting! When I was in university, I lived off of $400 per month (not including my rent). Somehow, I survived. Today, I dropped $400 on an unplanned trip to the mall while my SUV was being serviced! Yeesh!

 

[brazen_irish_hussy]

I may be the only person here with a set dollar amount. To me, anything over $100,000 a year is good money. That was always the amount when I hit it I would know I had "made it" and, although my goal certainly isn''t money in life, that is what I am ultimately looking to do. Of course, by the time I am at a place where that''s a possibility for me inflation will have made it worth far less, sigh.

 

[Deelight]

Date: 2/29/2008 8:33:18 PM
Author: Allison D.

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

Author: Madam Bijoux

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

Amen.

I agree also want to add good money to me is also the money you don''t have to work for and by that I mean money you have that incrues of investments and such (passive income).

 

[snowflakeluvr]

most people would define my husband''s salary as "good money"...most of the upcoming presidential candidates would call us "rich" but with five children(i''m a stay at home mom), one child in college, one cihild who has a chronic medical condition =major $$$ for medical, one still in diapers, one in private school, one can realize that the "good money" does not go as far as people think.
i think "good money" probably means little or no financial worries, enough to live on comfortably, no debt(except for maybe the mortgage), a little xtra to travel and a nice savings for that rainy day that has been pounding us lately.
i feel like san diego lady-i have many wishes for myself, most are sparkly but my family''s needs come first, so my wants tend to be secondary to the basic needs of life.
i do think, though, that money may not BUY happiness, it sure makes the window shopping more fun!!!

 

[ursulawrite]

Each time I come to answer this question, I end up stumbling. My gut says upwards of $500k, but then I start thinking about Manhattan co-op boards and their definition of "good money" (aside from having enough to pay the mortgage on an average $1.8m apartment you also need, say, $150k in cash in your bank account). It's probably closer to $1m. But that sounds ludicrous.

I think that the mere act of living in Manhattan gives you a distorted and unshakeable perspective about the notion of "good money".

 

[A Day Late]

Hi, hope I am not butting in here, but....

I just wanted to say, I thought I made good money until I read this thread!!! Just kidding. I live in a very small city in Canada, and work part time. I do not make any where near $50,000 a year. However, my husband works ten hours away in Alberta - two weeks in camp, and then one week home with me and the kids. I guess he makes very good money - way more than $50,000 a year (double + ). So, I also want to say we live frugally - I drive older vehicles - four cars all in the 1980''s, we have an 1100 square foot house (although it is in a very nice part of town), and one child at home, one in college and one starting out on her own.

The thing with us is this: if we cannot pay for it today, we do not buy it. The only thing we have on credit is our mortgage - everthing else we own, we actually own!! However, I have many friends who make more than us (or they say they do), but live on payments - new cars/trucks, boats, campers, cabins at the lake, hot tubs, etc - you know. We do''nt live from paycheck to paycheck (thanks to my hubby''s income), but we save what we make so he can come home and have his family life back sooner rather than later. He did work here in our hometown three years ago, and only made a third of what he is making now. So more money = less family life in my circumstance. I don''t like him to be away from home, and he misses alot when he is gone, BUT he will be able to retire soon, and come home for good to work part time at a hobby job. I miss him dearly when he is gone (it is very hard to go from a "couple'' to two individuals), but he is out there to make our retirement better.

I am not saying that we go without the things our friends have - we just buy them instead of financing them. We own a boat (used), a camper (new), four cars (two are everyday, and two are vintage), and we are prepared to put the kids through college if that is what they desire. I still have a wish list, as we all do. But, there are days I would give up Don''s "Good money" to be able to wake up with him in the morning, and to have supper with him across the table from me after work. I beleive that good money is enough to keep you satisfied and keep your head on straight enough to know what actually makes you happy (hint: its not the money)...

 

[surfgirl]

While I agree to some extent that making "good money" means you can afford what you want/need, it''s not that simple to me.

I liked what A Day Late said about "if we can buy it now, outright, we can afford it", or something like that. I think the problem in today''s society, at least in the US, is that people misunderstand what the meaning of "afford" really is. I''d venture to say that most of America thinks that if they can get enough credit cards to buy something, that means they can "afford" it. To me, if you cant pay for/buy it outright with cash right now, you probably cannot afford it. For example, people constantly are approved for mortgage loans that are way out of their realistic price range, yet they see what the bank is saying they can "afford" and they end up buying at the very top of that range and really struggling, and now often losing their homes. I think there''s a lot to be said about living UNDER one''s means, rather than OVER, which sadly seems to be the norm these days.

 

[snlee]

The amount depends on where you live and how much expenses you have. For me good money goes beyond being able to afford what you need and want. It''s also getting ahead - saving for retirement, having a good amount of savings, and having enough money for leisure activates.

 

[beau13]

The only time I use that sentence.."he/she makes good money"..is when it refers to a specific job, and the amount of labour associated with that job. For instance..she" makes good money working in retail" (considering reatail doesn''t pay as much as some other industries). It usually depends on the physical labour, and or mental stress and responsibilities that go along with the job. If the person enjoys what he/she does to earn the money, then I would consider that as "making good money"..earning a pay for something the individual has a passion for and probably would still work hard at..even for little or no pay! My husband makes around the $ 200 000 mark, but LOVES his job, yet has a lot of responsibility, so I believe the pay is fitting for what is expected of him. I guess in that case I would say he makes "good money", because he would still love his job, and do it well for half his current salary! (Note...the Canadian government takes at least 50% of his annual income in income tax...so I guess he does earn half! LOL)

 

[diamondfan]

I think it can mean different things to different people. It also depends on the field. I think anyone would agree that someone making $500,000.00 and up is making good money. But think of a studio head who makes $20 million? To him, $500,000.00 would not be good. So it is a relative thing. And if you grew up in more modest circumstances and now were doing well, it could span a lot of things for you individually. To me, it is having the money to do the things I want, live the life style I want where I want to live, etc. Generally not having to worry about things and being able to do what hubby and I want to. But that might not hold true for all people.

 

[Haven]

I think an individual's perception of "good money" has nothing to do with money, and everything to do with her own idea of what it means to live a happy, successful, fulfiling life.

For example, if you require designer bags, shoes, and clothes, a fancy car, and a McMansion to live a fulfilling life, then you'll probably think you're making good money if you earn enough to buy all of those things regardless of how much you have to work to do so.

However, if you require time to spend with interesting people, unique experiences in your own city, and opportunities to travel around the world, then you'll probably think you're making good money if you earn enough to do all of these things without having to work more than 30 to 35 hours a week.

It seems like there are two distinct types of people, those who value earning money so they can use it to own more things, and those who value earning money so they can use it to have experiences.

(My first post was eaten! I hope this one makes sense.)

 

[angel_nieves]

Wow this is a good thread! I have always thought of good money as one who makes enough to cover bills, have enough for investments, still have money to have fun with, and not loaded with acquired debit from credit cards.

 

[Skippy123]

Date: 3/1/2008 8:24:35 PM
Author: Haven
I think an individual's perception of 'good money' has nothing to do with money, and everything to do with her own idea of what it means to live a happy, successful, fulfiling life.

For example, if you require designer bags, shoes, and clothes, a fancy car, and a McMansion to live a fulfilling life, then you'll probably think you're making good money if you earn enough to buy all of those things regardless of how much you have to work to do so.

However, if you require time to spend with interesting people, unique experiences in your own city, and opportunities to travel around the world, then you'll probably think you're making good money if you earn enough to do all of these things without having to work more than 30 to 35 hours a week.

It seems like there are two distinct types of people, those who value earning money so they can use it to own more things, and those who value earning money so they can use it to have experiences.

(My first post was eaten! I hope this one makes sense.)

Wow, I love reading this thread! I agree w/Haven thinking a little deeper on the perception aspect of What it means to make good money??? I think you hit the nail on the head; I kept feeling something was missing in this thread and your post said it for me. I also agree w/Macie above too.

 

[diamondfan]

I certainly know that I am often happiest with the richness of experience versus an item...and the photos and memories that go along with it.


Having enough to take care of yourself and your family, pay bills, have money saved, college paid for, etc...those are all great things to know are covered.

 

[LitigatorChick]

Hmmm. I lived and was happy on $400 bucks a month going to university. But for my level of responsibility, stress, hours, etc. as litigatorchick, I would not be making "good money" at anything under $100,000. Not to say I could not pay the bills, have food on the table, and live in a good house, but it would not be a fair wage for what I do.

 

[elle_chris]

Date: 3/1/2008 9:31:14 AM
Author: ursulawrite
Each time I come to answer this question, I end up stumbling. My gut says upwards of $500k, but then I start thinking about Manhattan co-op boards and their definition of 'good money' (aside from having enough to pay the mortgage on an average $1.8m apartment you also need, say, $150k in cash in your bank account). It's probably closer to $1m. But that sounds ludicrous.

I think that the mere act of living in Manhattan gives you a distorted and unshakeable perspective about the notion of 'good money'.

I'm in the city too, but i don't think it's realistic to compare manhattan unless we're comparing it to Tokyo, London, San Fran.
Living here most definitely gives you a skewed view of reality.

To me though, it just means making enough to afford what i need, and having extra to get what I want while still being able to save.

 

[Haven]

Date: 3/2/2008 9:12:10 AM
Author: LitigatorChick
Hmmm. I lived and was happy on $400 bucks a month going to university. But for my level of responsibility, stress, hours, etc. as litigatorchick, I would not be making 'good money' at anything under $100,000. Not to say I could not pay the bills, have food on the table, and live in a good house, but it would not be a fair wage for what I do.

I KNOW I don't make "good money" for the level of responsibility, stress, and hours that I have and put in to my job. It's an enormous shame, as one of my colleagues just shared a research article about how little teachers get paid relative to other professionals who have the same level of education (and in most cases, far less education). The saddest thing about this--I work in one of the highest paying districts in my state, which pays far higher than most states in the country, and we only start teachers at $43,000 with a BA / $54,000 with an MA/MEd and no experience. It really is shameful.

I can't imagine doing anything else, though, so I'm staying put, 12-hour days, weekend prep, angry parents, responsibility over 120 students' education, and all.

 

[diamondfan]

Haven, teachers are seriously overworked, and under paid. Considering the role they play with kids and how they fare in the future (liking learning, excelling, achieving, or just being there without a lot of spark) I think that we are seriously underprioritized! Let''s pay some athlete 50 million and maybe he is not on drugs or will not get arrested for who knows what, but let''s give teachers a fraction of their worth. Really gets me riled up.

 

[Haven]

Date: 3/2/2008 11:56:45 AM
Author: diamondfan
Haven, teachers are seriously overworked, and under paid. Considering the role they play with kids and how they fare in the future (liking learning, excelling, achieving, or just being there without a lot of spark) I think that we are seriously underprioritized! Let''s pay some athlete 50 million and maybe he is not on drugs or will not get arrested for who knows what, but let''s give teachers a fraction of their worth. Really gets me riled up.

Amen, DF! Don''t even get me started on the fact that we pay kindergarten and elementary teachers LESS than everyone else--talk about undervaluing the most important years of a child''s education.

 

[diamondfan]

what is so funny to me is that teachers play such a critical role, some positive some not, but think about it. Ask any successful person was there a pivotal moment for them or a teacher who inspired and helped them, and I will bet you to a one they will have someone to talk about. I know teachers who truly love their jobs and really want each kid to shine and succeed and find their talents. Sometimes the teacher is the only one who really believes in the child or supports their dreams. It can have such an impact on the future, what the kid decides to pursue, what goals they set for themselves...really critical.

 

[Haven]

Absolutely, DF. Many times, teachers are the only adults in their entire lives that a child can trust. But hey--we do it for the love of education, so we don''t need to make "good money", do we?

I think there are a lot of professions that are undervalued in terms of pay, especially those in the service professions. I read recently that social workers earn an average of $32,000 a year. Despicable. I''d also go so far as to say that if we were to assess American values based on the way we compensate people in various professions the outcome would be pretty bleak: artists, service professionals, and educators are all paid far less than commodity-based professionals.

I chose my profession, though, so I can''t complain. I turned down a full scholarship plus a monthly stiped to respected law school (I quit after a semester because it just wasn''t challenging, I missed the depth of my English courses) but I have several friends from law school who admit to doing it for the money. You just need to find something that works for you and accept it. And I can''t imagine who I would be today if I had never met many of my students.