What Americans say they need to earn to feel rich, or even just financially secure

While waiting in a checkout line at Lowes, I had a brief conversation with a guy who mentioned that to retire one needed at least $100,000 a year in income to survive. I have no idea how he determined that. I told him I was doing it on a lot less, and have more than I need. He looked puzzled.
 

@Capt Lightning, do you have a VAT tax? I know Germany does, but not sure about the rest of Europe. If you do, I wonder if that makes a difference because we do not have one here.

I don't like dealing with filing yearly taxes as it can be confusing when tax laws change. I love Turbo Tax which has been a blessing to do taxes each year.
 
helenbacque said:
If wealth brought happiness, why do so many rich people commit suicide?
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I don't think it does. Based on what I have read money only brings happiness to the very poor barely scraping to get by, and it doesn't take a lot. For the vast majority of us not so much.

Not that I wouldn't be happy to find a bunch of money, but I suspect that happy feeling would not last long.
 
Lilac said:
@Capt Lightning, do you have a VAT tax? I know Germany does, but not sure about the rest of Europe. If you do, I wonder if that makes a difference because we do not have one here.

I don't like dealing with filing yearly taxes as it can be confusing when tax laws change. I love Turbo Tax which has been a blessing to do taxes each year.
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VAT is paid on some goods and services. This is generally included in the stated price so you just pay what the price tag says. When I was in the US, I found it confusing that a tax was added to some things so you paid more than the ticket price. Is this still the case.

We only have to file a tax return if we make over about £50k ($ 65k) pa. We pay tax on our earnings (PAYE) and this is adjusted at year end.

The USA is one of only 2 countries that taxes its citizens resident in other countries. Our American friend in the village renounced her American citizenship because it was such a pain to declare not only her earnings, but all accounts in which she had an interest. There was a fairly good tax free allowance, but she still had to go through financial hell every year filling in a tax return.
 
I never believe polls, they can be easily skewed simply by geography and demographics. Ask a bunch of thirty year olds living in southeren California vs sixty year olds living in rural Mississippi and you will get very different poll results.

Another thing that drives those high projections are investment organizations, they want your money and want to keep it. They spend hugh amounts of money on marketing strategies convincing people to invest and never withdraw a dime or you will spend your retirement in a box living under a bridge.

Not saying to be an idiot with your money, but you can live a good life on much less than $233k a year.
 
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SmoothSeas said:
as for me, I need a roof over my head; enough food to fill my belly and a few solid friends who are in my corner and I'd be eternally content... :cool:
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Me, too! I made a calculation a while back that in order to live in this house comfortably for the next 20 years, I would have to have enough money to replace the roof, replace the HVAC, replace the washer/dryer, replace....you get what I mean. So one of my projects is to put a little money aside for future "replacements."
 
Capt Lightning said:
VAT is paid on some goods and services. This is generally included in the stated price so you just pay what the price tag says. When I was in the US, I found it confusing that a tax was added to some things so you paid more than the ticket price. Is this still the case.

We only have to file a tax return if we make over about £50k ($ 65k) pa. We pay tax on our earnings (PAYE) and this is adjusted at year end.

The USA is one of only 2 countries that taxes its citizens resident in other countries. Our American friend in the village renounced her American citizenship because it was such a pain to declare not only her earnings, but all accounts in which she had an interest. There was a fairly good tax free allowance, but she still had to go through financial hell every year filling in a tax return.
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Yes, you still have tax on items that aren't included on the price tag. Not sure about other states, but in Ohio groceries, medical services, medical devices, prescribed drugs & private occasional sales (like yard sales) are exempt from taxes when you buy those items.

The tax is included in the price per gallon listed when you purchase it in all of the states.

I knew a few guys who worked as government contractors overseas after they retired from LE. They were only taxed on their overseas income if they came back to the U.S. while they were working over there. They stayed out of the country for the entire time. On vacations, their wives flew to Europe to get with them. They were there for about two years doing those jobs.
 
Alligatorob said:
More than 2,500 US adults said they would need to earn, on average, $233,000 a year to feel financially secure and $483,000 annually to feel rich or to attain financial freedom

https://www.cnn.com/2023/07/06/success/how-much-to-feel-rich/index.html

Wow, must be a lot of insecure people out there...
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Like all polls, once you look into the details you find the numbers are skewed to what they want to the outcome to represent.
2500 people is the equal to a small town USA, not a representation of all states/people out of the 331 million people. And folks over 18 (working age) 258 million....still a far cry from 2,500
Here is the actual link to the BankRate poll...
https://www.bankrate.com/personal-finance/financial-freedom-survey/#discretionary-spending

The demographic breakdown are questionable.
Point is, don't believe polls until you read through the actual poll. Many times they pay with the 'margin of error' to sway one way or another, and other 'trickery'.:)
 
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