Six Figures Is the New Minimum Wage
6-Figures is not what it used to be. I'm going to go over that in this post. I crunched some numbers on this to help illustrate how income looks these days and how far your dollar goes. First off: This is not financial advice nor am I trying to take the place of a professional. Please make your own decisions about what you want to do with your money. This is just educational to illustrate income, retirement accounts in relation to expenses. Consult a professional for personalized advice. Also: All of the calculations made here are assuming a single filer, NOT married or filing jointly. I'm also assuming a non-income-state-tax state like Florida, Texas or Nevada. Retirement Terminology Let's define some terms before we begin so we're all on the same page here. If you already know what these are, then you can skip to Scenario 1 401k A 401k is an employer sponsored tax-deferred investment account. Usually your job will offer this as an option. They may also provid...