What HHI is "success" to you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A rich person is not that who has more, but that who needs less.

Can someone who makes north of 500k vouch for this?

I do and I vote no. More is better. Sorry. There probably is some point when this axiom stops being true (I don't know, 2 million a year? 5 million? More?). But not at $500k. After taxes, you only take home $300k.

How will I LIVE?!

Well it will be tough to pay for private school and live in anything larger than a two bedroom apartment in Manhattan. Let alone save to buy an apartment. Sure, you're better off than many people but it's hardly the lifestyle many people would think you're living on 500k.

[Anonymous]

Our household income was $400k, but I wouldn't consider it a success at all because we were constantly stressed. Now it is $250k, but we have tons of free time and fun, and life is good. I consider that a success.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not a matter of HHI, it's a matter of net worth. My HHI is respectable but my net worth is good for my age and income.

You people are hilarious. "Net worth" lol. An imaginary figure that can fluctuate in the blink of an eye and is determined by present day economics that can fluctuate in the blink of an eye. Housing equity can be here today and gone tomorrow. Retirement accounts can disappear. Even the paper your dollar is printed on may not even be worth as much 5 or 10 years from now. A major life unexpected event can wipe away everything you own leaving you with just the clothes on your back. Nothing in life is secure or guaranteed. Neither money, nor jobs, nor health, not even life itself.

The only thing you have that's worth anything is the air in your lungs.

“Regarding life, the wisest men of all ages have judged alike: it is worthless.” Friedrich Nietzsche

HHI can disappear even faster than net worth. All it takes is one, "you're fired."

[Anonymous]

The pseudo philosophers in here are making me roll my eyes. The OP should have inserted the word "financial" but he/she probably didn't feel the need to since this is the MONEY forum where, you know, it's appropriate and relevant to talk about money. Of course money doesn't "buy" happiness. But don't kid yourself, it sure does go a long way to helping. I've been rich and I've been poor and you're delusional if you think it's better to be poor. The only people who would say something like that are ultra wealthy people who have never known anything different.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A rich person is not that who has more, but that who needs less.

Can someone who makes north of 500k vouch for this?

I do and I vote no. More is better. Sorry. There probably is some point when this axiom stops being true (I don't know, 2 million a year? 5 million? More?). But not at $500k. After taxes, you only take home $300k.

How will I LIVE?!

Well it will be tough to pay for private school and live in anything larger than a two bedroom apartment in Manhattan. Let alone save to buy an apartment. Sure, you're better off than many people but it's hardly the lifestyle many people would think you're living on 500k.

So don't live in Manhattan. Besides we were talking about what defines success. Not what is the lifestyle you think you should have at 500k

[Anonymous]

First, this post wasn't originally in the Money forum, it was moved there later.

Second, the poster who keeps mentioning Manhattan needs to move along. We don't live there, and we don't care if you do.

Third, 500k is still a lot of money. It buys you choices. If you make poor choices with your HHI, that's on you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is no HHI that is "success" to me.

Successful marriage, maybe well-adjusted children. Positive relationships with friends and family. Being in a position to give back to my community (and following through on that).

THAT is success.

+1

Defining success based on HHI is so arbitrary and relative. $500k is a lot for Nebraska, but not for NYC or Palo Alto. $500k is a lot for 1 person, but not a family of 7.

Jesus. 500k is a huge income even if you live in an expensive area or have a lot of kids.

Not really. Here's 500k in NY:

200k taxes, including city

You're left with 300k to pay for:
100k - two kids in private school
60k - renting two bedroom apartment
12k - garaging car and car expenses
25k - children's' activities
50k - 1k a week for groceries, dining out
So you have 53k leftover and that's without taking any vacations, buying clothes, etc. plus you need to keep saving for an apartment since your rent will go up $200-400 every month.

A lot of assumptions baked in here ($1,000 a week on groceries and dining out?), but also, your paltry leftover amount is only a few thousand dollars less than the median national household income.

You've clearly never lived in NY.

I live in Manhattan with a family of 4 and feel bad about myself when we spend more than 1k/mo on food and dining.

[Anonymous]

100k/year in passive income after taxes. That would be the right HHI for me

[Anonymous]

Anonymous wrote:First, this post wasn't originally in the Money forum, it was moved there later.

Second, the poster who keeps mentioning Manhattan needs to move along. We don't live there, and we don't care if you do.

Third, 500k is still a lot of money. It buys you choices. If you make poor choices with your HHI, that's on you.

Agree with this. It is a lot of money. My income went up rapidly from $250k to $440k within 18 months. DH earns $70k. I feel very lucky that we have choices. DH grew up very poor. He is still incredibly careful with money. I worry more about my kids attitudes to money. Trying to instil in them that their lives are not the norm. And that things can change quickly (lost job, divorce, crisis)

[Anonymous]

You people have a very serious problem! Shame on you all!

[Anonymous]

Anonymous wrote:You people have a very serious problem! Shame on you all!

Well not all of the people on the thread have a problem. Quite a few piped in to say that money is not what defines success.

[Anonymous]

HHI = $2 million and its barely enough to get by on if you have kids and live in City. I would say $5 million = success.

[Anonymous]

Doesn't NYC have its own forums?

[Anonymous]

In high school, I would have said 100k.


Now our income is 160k at age 30 and we think we are rockin it.

[Anonymous]

Anonymous wrote:Doesn't NYC have its own forums?

They actually don't. There's something called Urbanbaby (also has many non NYC-ers on it) but the format is beyond awful. Free idea: create NYCUM.