PDA

View Full Version : Quantify: How Much money do you need?



Blutwölfin
Tuesday, August 28th, 2007, 09:37 PM
How much money do you need to bring in each year, in order to meet your basic needs and wants?

To be happy?

Are these numbers different?

If you made more money, how would you spend it?

Gagnraad
Tuesday, August 28th, 2007, 10:38 PM
I have no idea how to transform the Norwegian currency into Euro's/Dollars, but I would be more than happy with 100 000Kr a year. In my eyes, I would be rich then, although I know it's less than what is common :D

Gorgoroth
Wednesday, August 29th, 2007, 12:00 AM
I taught Economics to children, combined with part-time working in construction, I earned about 1000 E a month. It is all I need! Not much, but totally independent and able to have free time and do whatever I want.
Besides, you are happy when you desire what you have. If you desire what you do not have...well, not my style of living.

Leofric
Thursday, August 30th, 2007, 04:19 AM
My household can get by on $9000 (52 500 NOK; 6600 Euro) a year. More than about $15,000 (87 500 NOK; 11.000 Euro) feels exorbitant.

Any unneeded money gets saved/invested to help us get closer to our goal of getting some land for a farm.

Blood_Axis
Thursday, August 30th, 2007, 10:35 AM
Leofric, 6600 a year? :eek

I don't know about the prices in your area, but in Greece it is impossible to live on that (550 euros per month)!
Just think that the minimal rent for a small appartment is 300E :eek Counting bills, food, gas and personal expenses...well, not even enough for peanuts.

Anyways, I currently earn approximately 1200E monthly and it's sufficient for me to pay my bills and get along fine, but still there is nothing left to put aside for a rainy day. And to think I am planning to move to a better appartment and get a driver's licence. It won't be barely enough then :(

Gorgoroth
Thursday, August 30th, 2007, 11:02 AM
Leofric, if this is true (I do not doubt your words, just a manner of speech), I am packing my things right now!!!

Blood_Axis
Thursday, August 30th, 2007, 11:25 AM
Leofric, if this is true (I do not doubt your words, just a manner of speech), I am packing my things right now!!!
All hail the land of opportunity! :D

Gorgoroth
Thursday, August 30th, 2007, 12:02 PM
I was joking, you know. USA is an even tighter police state than ours!

Hersir
Thursday, August 30th, 2007, 01:21 PM
I have no idea how to transform the Norwegian currency into Euro's/Dollars, but I would be more than happy with 100 000Kr a year. In my eyes, I would be rich then, although I know it's less than what is common :D
Well I guess that is alright when you are living at home. But when you want your own place you would need more cash:P
Being happy at job is more important that getting rich I think (along as you manage ok financially) Wish I could live on our old farm, then I wouldnt need so much cash for rent, just food, power and alittle cash for other things. But I guess it would get boring without a women to live there with.

Leofric
Thursday, August 30th, 2007, 05:49 PM
Leofric, 6600 a year? :eek

I don't know about the prices in your area, but in Greece it is impossible to live on that (550 euros per month)!
Just think that the minimal rent for a small appartment is 300E :eek Counting bills, food, gas and personal expenses...well, not even enough for peanuts.
I don't know much about Greek prices. I visited Europe in 2003. Of all the countries I went to (Spain, Portugal, France, Italy, Switzerland, Austria, Germany, Poland), only Portugal and Poland had prices for food and basic goods that were comparable to what I am used to paying here in the Rockies. And the low end there was the high end here.

I had heard that Spain was very inexpensive. It was definitely more expensive than I'm used to.

Now that I'm married, it costs a lot more to get by — mainly because it's harder to get inexpensive housing. Most single people in my area share apartments with other single people — typical rents are around $200 a month for one person (1200 NOK; 150 €), but I have seen as low as $60 (350 NOK; 44 €). It's hard to find family housing that's as cheap as twice single housing. The best you can usually find without taking a substantial reduction in quality is around $450 a month (2650 NOK; 330 €).

But on the flip side, as a married person, I have much lower entertainment expenses. Since I'm no longer paying for dates with so many different women, it's fairly easy to reduce my entertainment budget quite nicely, and that makes up for the extra cost in housing.

After housing, we have about $200 to $300 a month (considering $9000 a year) for food, utilities, and other costs. Utilities are invariably below, and often well below, $100 each month (600 NOK; 75 €), so that leaves at least $100 to $200 dollars a month for food and sundries; that would be $25 to $50 a week — very doable.

Of course, we don't yet have children. Once we do, costs will go up. Also, once we're out of school, we'll need another $2000 a year or so to pay student loans. But for now, $9000 a year will cover our needs pretty well.

The great part is that we don't have to pay any income tax until we've earned around $15,000 in a year — so we get by just fine without having to suffer taxation (except, of course, for social security — and sales taxes when we're in states that use them).



I currently earn approximately 1200E monthly
Wow! We would be rolling in it with that kind of income! $1600 a month?!? We wouldn't even have to try to live frugally — eat what we want, buy whatever toys we want, dress as nice as we want, and on and on.

We could get a nice apartment (though with that kind of income, we'd have enough to buy a house, and we would) and still have around $1000 a month (more like $750 if we bought a house) to cover bills and food and whatnot.

And we'd be able to get our farm really quick!

Papa Koos
Thursday, August 30th, 2007, 10:23 PM
That's a thought provoking question.

I've always had a pay-as-I-go policy. Never use credit cards or finance things. I own my land, home, & vehicles, so the money spent goes for taxes (spit), medical care, vet bills, food & drink, clothing (shorts & t-shirts), books, & music. My wife thinks I fjert away too much money but what she doesn't grasp is that I don't have any expensive hobbies (hunting, fishing, fast cars & women).

I'll have to meditate on this for awhile before coming up with a figure.

ambiorix
Friday, August 31st, 2007, 12:26 AM
Land, a nice house, many children, a wife, my own business, and a deap sea fishing vessel....

ambiorix
Friday, August 31st, 2007, 12:29 AM
My household can get by on $9000 (52 500 NOK; 6600 Euro) a year. More than about $15,000 (87 500 NOK; 11.000 Euro) feels exorbitant.

Any unneeded money gets saved/invested to help us get closer to our goal of getting some land for a farm.



Is this true!?!?!?!? The rent and utilities around here is so expensive that I could not get by on three times that!

Blood_Axis
Friday, August 31st, 2007, 11:07 AM
Wow! We would be rolling in it with that kind of income! $1600 a month?!?

Amazing.

With that kind of money I can barely cover expenses.

I need approximately 500-600E monthly for rent and house-related bills. Another 100-200E goes to my credit card (well, that's my own fault :rolleyes:).

I pay approximately 40E monthly for public transportation as well as a similar amount for taxis.

For food and such. Every time the average Greek goes to the super market to get just a couple of basic things to pass the week, a minimum of 30-50E is spent.

But since my work schedules are frantic, I very frequently eat outside. So it's a minimum of 15E for a meal, usually more because I also drink -and alcohol is frustratingly expensive ;)

Clothing, cosmetics, and other expenses counted...well, there's nothing left in the end of the month.

Luckily I don't smoke because I'd need another 3-6E daily for that :P

Æmeric
Friday, August 31st, 2007, 03:22 PM
My household can get by on $9000 (52 500 NOK; 6600 Euro) a year. More than about $15,000 (87 500 NOK; 11.000 Euro) feels exorbitant.

I'm paying more then $9,000.00 a year just for health insurance. Nearly $5,000 a year into college funds, over $30,000 a year in mortage, property taxes & home insurance. Taking into account tax obligations, it would take at least $80,000 a year to maintain my current lifestyle.

Leofric
Friday, August 31st, 2007, 06:06 PM
Amazing.

With that kind of money I can barely cover expenses.

I need approximately 500-600E monthly for rent and house-related bills.
We're definitely less than that (more like $500) — probably because land is more available and so less expensive in America. We still have quite a lot of completely uninhabited expanses of land over here, spots where you can be over 100 km from the nearest building (my wife lived in just such a place this spring while working on an archaeological excavation). And the inhabited land is much less densely inhabited.


Another 100-200E goes to my credit card (well, that's my own fault :rolleyes:).
Yeah, we don't have that problem. ;)


I pay approximately 40E monthly for public transportation as well as a similar amount for taxis.
Now, you see, that's how much we pay annually for public transportation.


For food and such. Every time the average Greek goes to the super market to get just a couple of basic things to pass the week, a minimum of 30-50E is spent.
I'm kind of guessing that's EU-related. I don't know, though. Just a speculation. But I understand that sales taxes can be quite high in Europe, too. I didn't know where my supermarket money was going in Spain — I just knew where it sure as hellfire wasn't staying! I found food prices to be way too high in Europe, for everything except wine (which was very nicely priced!).


But since my work schedules are frantic, I very frequently eat outside. So it's a minimum of 15E for a meal, usually more because I also drink -and alcohol is frustratingly expensive ;)
I eat out kind of frequently, too, but usually very cheaply. One advantage to the influx of Mexicans into the United States is the increased availability of authentic Mexican food (which I love) at nearly-authentic Mexican prices (which I also quite enjoy). Paying $3 for a full meal for two is always nice.

And I usually drink, too, but my drink of choice is a bit cheaper. In fact, when the weather's right, it just falls on my head from the heavens! ;)

But that's something else I noticed in Europe — drinks are very expensive there. At least, that's how it was in Spain — Germanic countries might be different (and I base that idea solely on Tacitus). When I was paying close to 2€ for 20 cl of Fanta or something like that, I was simply disgusted. First of all, no one in America would ever try to sell just 20 cl of anything but whiskey as a drink. And secondly, you can get 44 oz (1.3 L) of Fanta or whatnot for under $1 very easily here. And drinking fountains are rather prevalent here as well, something I found nowhere in Europe outside of Lisbon.


Clothing, cosmetics, and other expenses counted...well, there's nothing left in the end of the month.
Well, it is cheaper to be a man. Sorry! ;)

My wife also tends to be rather spartan in such matters.

But most of my clothes I buy secondhand, so they're much less expensive. But then, I'm not making half of what you make, so I need to be frugal!


Luckily I don't smoke because I'd need another 3-6E daily for that :P
Maybe not, with all the wildfires the Turks are starting over there! ;)