What salary would be "enough" for you

[BSmith1068]

Interesting. Maybe I'll buy it. I'm not familiar with Short Sales. What does that mean exactly? I know it means they are trying to get out fast, but would that cause it to be that cheap?

Here is some info on short sales:

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.[2]

http://en.wikipedia.org/wiki/Short_sale_(real_estate)

There also might be some problems with the house. It most likely is a fixer upper.

Yeah… there are not a lot of pictures nor is there even a description of the property, which leads me to think that there are some “issues” with it. That and it is only $15k.

 

[Narz]

So, I was just wondering to you guys: How much would your salary/profits have to be each year before you would not expend considerable amounts of energy to make even more. In other words: How much is "enough" for you to make you completely happy.

Well money doesn't make happiness.

But after $50K I think more money would bring diminishing returns.

However, if I could make money while doing something I loved/making an extremely positive difference in the world I would never stop.

About $50K a year sounds nice though, I would work hard for that but probably less hard once I got/maintained it.

 

[Mise]

IIRC, the median salary in London is about $50k.

(No real point, just thought it was interesting since so many people say they want $50k.)

 

[Traitorfish]

Yeah, but money isn't actually worth anything in London. There's an effective 1:20 exchange rate with the rest of Britain.

 

[Mise]

http://en.wikipedia.org/wiki/London_weighting

London weighting is ~£3,500, so I suppose you could say the median wage was more like $45k on a PPP basis.

 

[Perfection]

50k is not enough

 

[Narz]

IIRC, the median salary in London is about $50k.

(No real point, just thought it was interesting since so many people say they want $50k.)

London is ridiculous expensive though. If I was making $50K I definitely wouldn't waste it paying rent in London or Manhattan.

 

[Zelig]

London is ridiculous expensive though. If I was making $50K I definitely wouldn't waste it paying rent in London or Manhattan.

Maybe you'd only be able to make $50k living in London or Manhattan.

 

[Xanikk999]

There isn't an upper limit.

If your a businessman you will never stop at a certain amount of profits, more is always better and you will do anything to increase your earnings.

As for individual people i feel the more money they have if they are still earning more such as through profits of a business or stocks they will continue to aim higher.

 

[Adria]

I'm going to go with $100k, but that's minimum household income, not just my salary. Why? To pay my mortgage (and hopefully pay the house off early): average and median house prices in this city are above $500k.

If I was living on my own and was happy with a condo, I could probably get by just fine on $60-70k.

 

[El_Machinae]

Well, I took my current contract at a decent discount because I believe in the work. When I was pricing out what my discount would be, I realised that if I wasn't able to save ~$1,000 per month, I was reaching the threshold of where I'd not want to accept a contract.

So, I guess it really is "enough to save $1,000 per month", though I couldn't do this long-term.

 

[Xanikk999]

Interesting. Maybe I'll buy it. I'm not familiar with Short Sales. What does that mean exactly? I know it means they are trying to get out fast, but would that cause it to be that cheap?

The neighborhood isn't that bad (compared to Martin Luther King and Lake Mead areas). It's far from good. I haven't actually drove through that area in a while, so it may be much worse. It is a mix between white trash and mexican in that area. There most likely is gang activity there. But most of my city has gang activity. Most "gang"aren't all that violent. They just like to say they are in a gang and get tats and all that.

There also might be some problems with the house. It most likely is a fixer upper.

As for Arlington, I knew prices were high there, but not that high. I was guessing around 300k. 490!!

This is why i am living with my parents right now. I cant even afford to rent a place...