Comments on: Happiness Is Earning $60,000 A Year?

By: Charles

Charles — Sat, 04 Feb 2012 18:04:37 +0000

I feel like this research is geared toward SINGLES with no children. I’m only 21 years old, but I know that RENTING a 2 or 3 bedroom older house in the SF Bay area where I currently live with family can run anywhere from $1,800/mo-$3,000/mo. When I say older house, I mean built before 1960, with poor insulation and central heating. With 60k annually, you’ve got to be willing to live closer to other people, be willing to downsize, and be willing to have a tighter grip on your wallet. It doesn’t help that eating healthier tends to be more expensive, which leads us to have bad eating habits, which leads to medical complications, which leads to MORE MONEY SPENT. Things can quickly spiral. We can’t have it all. I think that’s what many Americans struggle with. You can’t have 3 kids, <$60k annually, live in a 4 bedroom house, drive a new Mercedes, and shop at Gucci. You can have 1 kid, shop at Macy's, drive a Honda Accord, and live in a modest 3 bedroom abode. Life's about sacrifices, and you have to sacrifice something—it's either your time, your money, or your health.

By: Smart

Smart — Mon, 23 Jan 2012 07:51:36 +0000

All I have to say is I would trade my worries of how I will pay all of my bills for paying all of my bills without worry. Without the perk of being any happier

By: sarah

sarah — Tue, 03 Jan 2012 06:28:21 +0000

I make around $60,000 a year. No debt. I can’t afford to get a decent apartment in this city ( San Francisco) and am now living like a college kid in a dorm style house with no privacy. I am happy most of the time but frustrated that I am now making what I consider “good” money but cannot get a decent place to live.
Looks like I will be moving out of the city and spending my money elsewhere. Sad as I do love SF and supporting the local eateries and shops.

By: Raghu

Raghu — Mon, 12 Dec 2011 23:19:14 +0000

Money buys happiness, Naw
I agree with this article. I know of people who are attorneys and they make a bunchload of dow, but they have a special needs child. Are they happy. No way

By: David

David — Fri, 09 Dec 2011 13:48:25 +0000

I have never nor do I now make $60k/year, even during my last year of active duty – and I had EVERYTHING I needed. I’m trying to figure out how the figure got dialed in on this exact amount. People need to be happy with what they have. You don’t need a new auto every 3 years (or months for some). You don’t need the latest gadget. You don’t need the largest house on the block. You don’t need the latest fashions. You don’t need ANYTHING but the basic necessities. There are people out there that don’t have that, yet Americans (not any other country’s populace per se) feel these things are important. Well, feelgood economics and religion and everything else is a bunch of malarky. Now, if you were suggesting that all occupations be capped at 60k/year including Government, then sure. Maybe that will drive inflation down and put more money where it should be and maybe even create more jobs that have been lost due to lean green corporate hogwash. To quote a movie, “Money money money money… who do you trust?”. People are in for a world of hurt because of their own doing and feelgood mentality.

By: rockcandy

rockcandy — Sun, 27 Nov 2011 02:09:01 +0000

To John: My husband and I don’t have any children yet, and even at 5-7k a month we’ve had to hold off on a few things here and there. I am not complaining. Our home is almost paid off, mortgage & insurance is $650 a month, yet we still have other bills and obligations. It’s not as simple as you think. Our home really is beautiful too. We purchased it 20 years ago and put down 35%. Most people are astonished to hear this. One car is paid off, the other will be paid off this year.

Homes cost money to maintain. We had to put on a new roof $16k, new air conditioner 3.3k, and we need both our bathrooms & kitchen remodeled as well in addition to new rugs (2-3k). One estimate for our master bathroom was between 7-10k and the other was 2.5k. We can’t even take a shower in our master bathroom until we come up with 10k. People have no idea how much money it costs to maintain a home. It costs about 2k to paint the house, which our family gave us as a gift a few years ago. Insurance for our home is about 2.5 – 3k a year due to our tropical location. It all adds up.

We have no kids. Think about it. We need more than 5k a month to get our home fixed up. Seriously! And we have no kids. Even though our mortgage and property taxes are very inexpensive, in addition to living in a lovely neighborhood, it still costs money to keep it maintained. This year will be the first year we went on a vacation that we actually paid for since 2005. We did get a good family and friends’ discount, however it still cost us about 1.8k for this 4 day vacation. I think two people need much more than 5k a month to be comfortable. And for families, that amount would have to be higher. I don’t believe in taking out a second mortgage for home repairs so maybe you could factor in that as the reason why I feel the way I do. I feel it’s important to save for retirement first. Using one bathroom until the other gets repaired seems more economical than taking out another mortgage. I just can’t see doing it.

I personally feel you need much more than 5k a month to live comfortably. I really do. Try sharing one bathroom with your husband, your cat and any house guests that drop by for a few months. It’s a little too close for comfort.

By: Neil

Neil — Wed, 02 Nov 2011 02:36:06 +0000

$60,000k pa? Are you kidding me? Even with $25,000k pa if are doing what you like and have free time to pursue your interest, it will bring you sufficient happiness. For starters, you could make $12.00 an hour as a security guard watching a construction site or a vacant building and you can pursue your other interest with plenty of downtime, if not 90 percent of your work time being downtime able to pursue your own studies like doing homework, building websites, playing videogames, or just practicing meditation.

By: AMY

AMY — Tue, 25 Oct 2011 03:54:07 +0000

Yes, to an extent money brings about happiness. When one is struggling financially and worrying about day-to-day necessities how can he/she even begin thinking happy thoughts? The big killer today is inflation–in the housing market, for food, vehicles, prices are constantly rising yet incomes are barely changing for the better. If anything, some positions that used to yield more reasonable salaries are now paying hardly a livable wage because employers bank on the desperation of the unemployed to fill positions. All in all, it’s a sick sad world, and we cannot depend on monies not even backed by tangible goods to bring about true happiness.

By: John

John — Fri, 30 Sep 2011 00:14:37 +0000

I know many of you guys are lying about how much you make because you guys are making no sense at all. I will soon be making 60,000 dollars a year and if you divide that up its $5,000 a month for your expenses. If you have good credit you can definitely buy a house. I dont believe most of you guys make near that amount because many of you guys say you make that much but say you cant get a house with that. How can you be wise enough to make that much and be dumb enough not to know how money works? 60,000 a year is good enough to have a mortgage, car, pay your bills and still have money to party.. Its called payments, learn how to build your credit stick with your job and you can live off that with happiness and a small family.. I doubt any of you guys are even close to making that much but if some of you guys are then please do the math. good day

By: SaraJaff192

SaraJaff192 — Mon, 04 Jul 2011 18:31:19 +0000

in my opinion key to success lies in this phrase “if there is a will there is a way”

First strong your will then all will be your, i am also trying to follow this rule for my work.

By: The Breaking News

The Breaking News — Sat, 07 May 2011 06:10:27 +0000

Most people do not have the money to a certain point, they do not know how to spend the money. But yes, I agree that less money will bring some of the unnecessary misery and idealize poverty, or who have money “just enough”.

By: The D man

The D man — Sat, 30 Apr 2011 22:05:44 +0000

I make a little over 60k a yr but I live alone. Does that mean I should be uncomfortable. I seem to have no problem surviving here in California. I could pay bills with no problem. I could eat out every day if I wanted to. So why is this article stating that if I make less than 60k a yr, then I’m most likely unhappy?

By: 58999k

58999k — Fri, 08 Apr 2011 14:41:46 +0000

So I make just under 60K. Now divorced, stayed in the house. Due to the economy can’t sell it at this moment, however, before the big D we were closer to 90K. I can still a) pay the mortgage b) pay bills and c) find time to get some entertainment worked in. Have very little debt (maybe $75 a month if I pay minimums, which I don’t), no car payment (PIF car that I take very good are of). I live pretty damn well, can afford to go shopping here and there (not Saks, but A&F sales, yes), and i even splurge for a starbucks coffee here and there. It’s all about looking for the deal when shopping. Groceries at target, shopping TJMax or Marshalls. I don’t go out to the bar/club scene anymore or do weekend binges with the lads. That saves a ton of wasted $$$. Sure the ex is still doing it, so that’s probably why I live what I consider a happier life now with less money!!!

By: The Reality is

The Reality is — Mon, 21 Feb 2011 01:49:20 +0000

I’m 50 and I’ve made 60k for a few years now, not constant due to illnesses. What I see is disheartening, Although I’m single and no children My take home pay is only about $1400. every 2 weeks. I have 2 siblings – one is raising 2 children on her own the other has a child but pays child support, both siblings make 20 to 30 less than I do and I can only pray that they get through each month. I find it difficult to understand with making over the 60 mark and ending up with a little over 1400 bi-weekly and on top of that I must pay my local taxes that are not taken out by my employer. and that averages about 100 a month. I hold my breath when my bills come in. My mtg is under 500 but the house is not fit for more than 2 people-bad judgment when buying-but I figured better then paying rent and paying someones mtg, If I purchased a more livable home YES it would have added some happiness “knowing I would have room if a family member needed a place to live. Point being 60k is not that much and I feel for my siblings doing the best they can and have concern for them that effects my happiness also-. The Govt needs to stop with this triple taxation and start thinking where their salaries are going to come from when there are no jobs that pay enough to tax the people. Fuel and basic necessity items need to come down / it always amazes me to see stores selling items at 70-80% off and still knowing they are making a profit. The Us needs insurance reform as well as watchdogs for price gouging in many areas, I understand its a free economy but big corporations are not going to have consumers being able to buy products that are so over priced. vehicles have almost tripled in 19 years -But wages have not… milk alone over $4 a gal. I see why people buy cheap alcohol to numb the shock of whats become of our Great Country. 60 would be enough if basic needs and taxes where not tripled.

By: NYC GUY 2

NYC GUY 2 — Tue, 16 Nov 2010 20:44:01 +0000

In NYC, 60k is not enough. I’m 23, going on to 24 and I’m actually in Queens, but work in the NYC. No way is 60k salary enough because that’s relatively what I’m reaching now with all the side jobs, etc. When it boils down, you’re looking at approximately $39k after-tax, if not even less than that. Perhaps, if you rent for $1500/mo, that’s already $18k aftertax from the $39k, that’s $21k left. You figure you would be spending at least $600/mo for food expenses, loans, bills, etc. so that knocks your $21k to $13,800. Your looking at $1000-4000 for travel expenses, your down to $12,300.00 – Now how much is that allocated to investing? How much is allocated to gifts for holidays? How much is that allocated to saving? At that rate, that will be a long time before I will have enough money to put on a down payment on some property. Saving $10k a year… that means possibly 7 years just for a down-payment.

By: Fables

Fables — Mon, 04 Oct 2010 19:41:09 +0000

60K is more than enough for most people as long as they know how to budget properly. If you don’t know how to budget, millions of dollars can be gone before you know it, as it happened to many lotto winners. It’s true, having less money will make people miserable because they can’t afford important and necessary things for survival. But having too much money also make people miserable because they realize there are many things they still can’t buy. You will never have enough money to buy all the things that you want.

By: Now-What?

Now-What? — Wed, 22 Sep 2010 01:01:08 +0000

Interesting comments. I wonder what the ave. age is of most of the people commenting just out of curiousity. I grew up in a poor familiy from Boston. I got a scholarship to go to college and then went to med school. I have spent the last 20 building a medical cosmetic company. Long story short, I now earn around 2.4 million a year and have been making 1 mil+ for the last 7 years now. One thing I will say about money and work is that if you want to earn more money in your life then set goals and work as hard as you can to achieve them. ONE catch though, more money is nice to have to use for enhancing family life (traveling the world, living comfort, help around the house, toys-cars,boats). IMO the best attribute to more money is the ability to do a variety of unique things with people close to you. BUT, the catch is, for me and many others most likely, is that I have had to work very hard for many years to get to where I am. Working long hours makes people less happy; family is what makes people happy. So In my case more work towards career goals translated into more work to maintain a happy family life. I hope that is somewhat understandable. To put it another way, someone works hard building a business, and in turn that person will need to work even harder to maintain a happy life on the journey…i.e. spending time with family, kids sporting events, birthdays…. I can say that it did take the extra effort making sure I was always there for my family, but honestly if I had lost my family along the way it would have NOT been worth it. Now I am starting to really scale back work and really devote the rest of my life to quality times with my family. If you want achieve high income and have a happy family life, you MUST do something you enjoy, but other than that it is possible. Be creative though, build a business or something, busting your ass to make 150K from 75K is not worth it; take a shot at something great that your have a passion for…money will be a by product.

By: Junior

Junior — Mon, 20 Sep 2010 19:53:03 +0000

Is money happiness? it seems like that is the question floating in the comments above.

Hi- I am Junior I am 19 will turn 20 January 2011. I am also an immigrant from Haiti. I have been living here for 7 years now, and since living here, I have noticed that the American money ($) is something to die for. Where I am from, money is happiness to us- why? because more than half of our population are dry broke- Other countries come and uses our labor and trow cheap money at us. We, we think its a lot until we convert the money into Haitian Gourdes, than reality bites. I currently graduate from high school, due to low grades and financial issue, I was reluctant of even bother looking at colleges.(Money would have def help me here.) But I am in the process of writing people for grants. Unlike other 19/20 years old, I think I have a different approach to life, ya I wish I could live the lives of some of those rich Americans but unfortunately its not that easy. I always want to go to college and pursuit a degree in Computer- other than the fact that I am good with PCS, money is the other reason why I have choose this field- if you guys are following me, y’all see the connection there. So I have done things that are detrimental to my life(no criminal background), but I am human, and (I am not using that as an excuse). So even in my situation, I still don’t think money is happiness, BUT it is something that is equally side by sides with health and family, and these are to me the three majors HAPPINESS factor out there. Money will guide you to happiness, but you in your own term need to decide what happiness is to you.

jmpreval@gmail.com

By: greeneyed.kaye

greeneyed.kaye — Sun, 12 Sep 2010 23:31:46 +0000

A lot of these comments are about the additional material possessions that people can buy with a higher salary. But nobody has mentioned the experiences that money can buy: travel, private schools, lessons or classes.

It’s not all about having more stuff. Money can give you a great lifestyle- and I think that can increase happiness.

By: Me

Me — Fri, 03 Sep 2010 07:36:57 +0000

I hate all the rich and well-to-do people commenting that complain and whine about a good life.

By: Don

Don — Thu, 26 Aug 2010 20:16:58 +0000

Sorry, Matt Vorwald, but it looks like you know just as much about taxes as Atish Banerjee! Do your HW, you can become educated and hit the 60k happiness mark too!

Based on 2010 Tax Brackets:

60k Salary
Taxes: $11,181
Take-home: $48,819

90k Salary
Taxes: $18,909
Take-home: $71,091

Tax difference: $7,728
Take-home difference: $22,272

By: Matt Vorwald

Matt Vorwald — Sat, 21 Aug 2010 21:51:32 +0000

atish banerjee Says:
May 27th, 2010 at 10:32 am
If you take a 30% tax bracket, then the difference between gross income for a person earning 60k vs. a person earning 90k appears to be 30k ,whereas the difference in actual income is only 9k.

Dear Artish:

Before you make claims about math, learn how to perform its most basic functions. The take-home income difference between 60k and 90k assuming a 30% marginal tax rate for both levels is $21,000. It’s uneducated folks like you who scare thousands of other uneducated people into a frenzy.

By: W. Ying

W. Ying — Fri, 20 Aug 2010 00:36:15 +0000

As family is the most important SYMBIOTIC group (an big origin of happiness), I could not entirely agree what Dave said (May 26th, 2010 at 4:02 am) “some people would be happy without a family”.

By: W. Ying

W. Ying — Thu, 19 Aug 2010 02:27:44 +0000

Hi Bruce, (August 16th, 2010 at 5:43 pm )

You are right.
However, we can not be happy long if we only have $60k/year without doing something A-STEP-BETTER for keeping our DNA alive.

By: Bruce

Bruce — Tue, 17 Aug 2010 00:43:38 +0000

The key to happiness is also related to how much goes out as well as how much comes in. Having all your debts paid off and making $60K is a lot different from making $60K with house payments, credit card debt, and student loans. I can attest to that fact now that I don’t own anyone a cent–never been happier!