5 answers
Joe
Student
Nowthen, MN
3
Questions
Updated
477 views
What salary should I look for to have a family?
i hope to have a family and would like to know how much an average family of 4-6 people would need to live comfortably with the current outlook on inflation affecting prices and housing costs going only up.
Login to comment
5 answers
Connor Adams
Technology Consultant
23
Answers
Provo, Utah
Updated
Connor’s Answer
Hello Joe,
It's great to hear from you, and I'm thrilled to share my thoughts on this as it's a goal I'm currently pursuing as well. I've spent a considerable amount of time contemplating this very question, seeking to make choices that would ultimately enable me to provide for a family. It's a significant consideration, and I believe it's essential.
Remember, life is a journey with many twists and turns. What constitutes comfort for you might be a yearly income of $100,000, or perhaps it's $300,000. It's also challenging to foresee how swiftly your career will progress by the time you're deeply involved in raising and supporting a family. My career as a consultant has provided me with a safety net and more, from my personal viewpoint. We're lucky to travel extensively and invest a lot. As our family grows, we might reduce our travels, and if necessary, we can cut back on our investments. Alternatively, we might find ourselves earning more from new jobs or promotions, leading to an even greater safety net.
The key takeaway here is to pave your path to success by striving for a career that not only provides you with a comfortable living but also sparks your interest. My father, for instance, always dreamt of becoming a school teacher. However, he chose to be a surgeon to ensure financial stability. His choice was influenced by his priorities: he valued financial security slightly more than potential job satisfaction.
Your thought process is heading in the right direction. However, it's crucial to remain open to change and remember to enjoy the journey, as already mentioned.
I hope my perspective and experiences provide some insight and assistance.
Best of luck!
It's great to hear from you, and I'm thrilled to share my thoughts on this as it's a goal I'm currently pursuing as well. I've spent a considerable amount of time contemplating this very question, seeking to make choices that would ultimately enable me to provide for a family. It's a significant consideration, and I believe it's essential.
Remember, life is a journey with many twists and turns. What constitutes comfort for you might be a yearly income of $100,000, or perhaps it's $300,000. It's also challenging to foresee how swiftly your career will progress by the time you're deeply involved in raising and supporting a family. My career as a consultant has provided me with a safety net and more, from my personal viewpoint. We're lucky to travel extensively and invest a lot. As our family grows, we might reduce our travels, and if necessary, we can cut back on our investments. Alternatively, we might find ourselves earning more from new jobs or promotions, leading to an even greater safety net.
The key takeaway here is to pave your path to success by striving for a career that not only provides you with a comfortable living but also sparks your interest. My father, for instance, always dreamt of becoming a school teacher. However, he chose to be a surgeon to ensure financial stability. His choice was influenced by his priorities: he valued financial security slightly more than potential job satisfaction.
Your thought process is heading in the right direction. However, it's crucial to remain open to change and remember to enjoy the journey, as already mentioned.
I hope my perspective and experiences provide some insight and assistance.
Best of luck!
Thanks for your encouragement!
Joe
Lisa Irving
Activities Director
5
Answers
Peekskill, New York
Updated
Lisa’s Answer
Stop daydreaming and focus on finding a job that will truly make you happy. Let the family life unfold naturally when it's meant to happen. We all have dreams and aspirations for our future, but it's impossible to predict with certainty what lies ahead. Building a career around an imagined family could lead to dissatisfaction if you end up disliking your job. Prioritize your own happiness first. Once you're content, you can then consider finding a partner, getting married, and starting a family. Remember, families thrive on various income levels. A tight budget at times doesn't make you a less competent parent or partner.
Thank you for giving me advice.
Joe
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
3806
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Joe,
Answer:
To ensure a comfortable lifestyle for a family of 4-6 members amidst the present economic conditions, with escalating inflation and housing expenses, it's advisable to target a family income between $75,000 to $100,000 annually. This income bracket should suffice for a decent living standard, covering fundamental costs like housing, food, healthcare, education, transportation, and reserves for emergencies and future requirements.
Here are some key elements to consider when calculating the necessary salary for a family:
Living Expenses: Living costs differ greatly based on the location. City areas usually have higher expenses than countryside areas. You must take into account the cost of housing, utilities, groceries, healthcare, transportation, and other daily expenditures in the specific region where you aim to bring up your family.
Family Size: Naturally, larger families demand more financial resources to meet basic needs. Costs such as food, clothing, education, healthcare, and extracurricular activities rise with each additional family member.
Inflation and Economic Forecast: Inflation can diminish the buying power of your income over time. Taking into account the current economic forecast and possible inflation rates can assist you in estimating how much your income should be to sustain a comfortable lifestyle.
Emergency Fund and Savings: It's vital to reserve an emergency fund for unexpected costs or financial difficulties. Furthermore, saving for future objectives like education funds for children or retirement savings should be incorporated into your financial planning.
Debt Obligations: Current debts like student loans, home loans, or credit card debt should also be considered when calculating the necessary salary for a family.
By targeting a family income between $75,000 to $100,000 annually, you can better equip your family to meet its financial requirements and maintain a decent lifestyle while dealing with the hurdles of inflation and escalating housing expenses.
Top 3 Credible Sources Used:
U.S. Department of Housing and Urban Development (HUD): HUD offers valuable insights on housing affordability trends, rental aid programs, fair housing laws, and resources for homeownership. Their data can assist individuals in understanding housing expenses and affordability factors when planning for a family.
U.S. Bureau of Labor Statistics (BLS): BLS provides extensive data on consumer spending, inflation rates, employment trends, and wage details across various sectors. This data can be crucial in understanding economic elements that influence household finances.
Financial Planning Association (FPA): FPA is a professional body that offers resources and advice on personal finance topics like budgeting, saving strategies, investment planning, and retirement planning. Their expertise can provide insights into effective financial management for families.
These sources were referenced to ensure the information provided in response to your question about the necessary salary to comfortably support a family amidst inflation and escalating housing costs is accurate and reliable.
GOD BLESS!
James Constantine Frangos.
Answer:
To ensure a comfortable lifestyle for a family of 4-6 members amidst the present economic conditions, with escalating inflation and housing expenses, it's advisable to target a family income between $75,000 to $100,000 annually. This income bracket should suffice for a decent living standard, covering fundamental costs like housing, food, healthcare, education, transportation, and reserves for emergencies and future requirements.
Here are some key elements to consider when calculating the necessary salary for a family:
Living Expenses: Living costs differ greatly based on the location. City areas usually have higher expenses than countryside areas. You must take into account the cost of housing, utilities, groceries, healthcare, transportation, and other daily expenditures in the specific region where you aim to bring up your family.
Family Size: Naturally, larger families demand more financial resources to meet basic needs. Costs such as food, clothing, education, healthcare, and extracurricular activities rise with each additional family member.
Inflation and Economic Forecast: Inflation can diminish the buying power of your income over time. Taking into account the current economic forecast and possible inflation rates can assist you in estimating how much your income should be to sustain a comfortable lifestyle.
Emergency Fund and Savings: It's vital to reserve an emergency fund for unexpected costs or financial difficulties. Furthermore, saving for future objectives like education funds for children or retirement savings should be incorporated into your financial planning.
Debt Obligations: Current debts like student loans, home loans, or credit card debt should also be considered when calculating the necessary salary for a family.
By targeting a family income between $75,000 to $100,000 annually, you can better equip your family to meet its financial requirements and maintain a decent lifestyle while dealing with the hurdles of inflation and escalating housing expenses.
Top 3 Credible Sources Used:
U.S. Department of Housing and Urban Development (HUD): HUD offers valuable insights on housing affordability trends, rental aid programs, fair housing laws, and resources for homeownership. Their data can assist individuals in understanding housing expenses and affordability factors when planning for a family.
U.S. Bureau of Labor Statistics (BLS): BLS provides extensive data on consumer spending, inflation rates, employment trends, and wage details across various sectors. This data can be crucial in understanding economic elements that influence household finances.
Financial Planning Association (FPA): FPA is a professional body that offers resources and advice on personal finance topics like budgeting, saving strategies, investment planning, and retirement planning. Their expertise can provide insights into effective financial management for families.
These sources were referenced to ensure the information provided in response to your question about the necessary salary to comfortably support a family amidst inflation and escalating housing costs is accurate and reliable.
GOD BLESS!
James Constantine Frangos.
Pam Szivos
Manage projects and provide operational support for a customer service area
8
Answers
Bath, Pennsylvania
Updated
Pam’s Answer
So many factors play into the answer to this question. Where you live will influence job availability, cost of living and way of living. Your education level will influence which job opportunities are available to you. Your lifestyle/spending and saving habits will also impact how much money you "need".
My suggestion: Do your research, on yourself, the opportunities, the area you choose to live, etc. Don't think of it as a question with 1 answer. Let life evolve. Don't limit yourself. Get a good education. Seek out financial advice. And don't forget to enjoy yourself. Your picture of a family of 4-6 may not be your future. It's good to plan, but don't be so stuck on the plan that you miss out on enjoying life.
My suggestion: Do your research, on yourself, the opportunities, the area you choose to live, etc. Don't think of it as a question with 1 answer. Let life evolve. Don't limit yourself. Get a good education. Seek out financial advice. And don't forget to enjoy yourself. Your picture of a family of 4-6 may not be your future. It's good to plan, but don't be so stuck on the plan that you miss out on enjoying life.
Michelle M.
Entertainment Industry
1179
Answers
Updated
Michelle’s Answer
Hello, Joe !
Advisor Lisa Irving is right and I agree with her. I would like to share some advice for you about what you've asked.
You want to know how much money you should have IF you have a family of 4 - 6 people. That range of family members makes a difference. You want to live comfortably but you didn't say exactly what that means to you. For these and other reasons, no one can tell you a salary that you should have in your future.
Life is a series of processes. When done naturally, a person takes one step at a time. Your first step may be to decide upon a career that you are absolutely passionate about. That is what will matter most in the future. Also, you don't LOOK for a salary, a salary is OFFERED to you and you can accept it or refuse it if it's not what you want. There's no predicting salaries especially when you didn't mention what field of work you plan to go into. You may even end up having two careers simultaneously, work for a company or have your own business or service. How much you'll need to have a family will be evident to you as time goes on, but cannot be answered before it even happens. I wouldn't worry, though because it's easy to live within one's means, You will realize this as you take the steps moving forward.
Do not give up your mindset to have a family. Another reason why your question does not have a specific answer in dollar amount now is also because you do not know if the person you have the family with will also have a career and what career that person will have. So that's two incomes coming in to support a family. But it's only natural to wonder about these things. I remember as a kid pondering how old I'd be in the year 2000. I couldn't really imagine it till it happened.
So right now, in order to think about monies and financial planning, you can settle on a career choice that you carefully look into and see if it fits what you'd like to do in the future and how it will fit in to your personal life, too. It's fruitless to financially plan when you have nothing to plan with. So my advice is to concentrate on education and career and the rest will naturally fall into place. You'll know what to do. We've all been there through ups and downs and have managed.
I hope that this was a bit inspiring and I wish you all the best !
Advisor Lisa Irving is right and I agree with her. I would like to share some advice for you about what you've asked.
You want to know how much money you should have IF you have a family of 4 - 6 people. That range of family members makes a difference. You want to live comfortably but you didn't say exactly what that means to you. For these and other reasons, no one can tell you a salary that you should have in your future.
Life is a series of processes. When done naturally, a person takes one step at a time. Your first step may be to decide upon a career that you are absolutely passionate about. That is what will matter most in the future. Also, you don't LOOK for a salary, a salary is OFFERED to you and you can accept it or refuse it if it's not what you want. There's no predicting salaries especially when you didn't mention what field of work you plan to go into. You may even end up having two careers simultaneously, work for a company or have your own business or service. How much you'll need to have a family will be evident to you as time goes on, but cannot be answered before it even happens. I wouldn't worry, though because it's easy to live within one's means, You will realize this as you take the steps moving forward.
Do not give up your mindset to have a family. Another reason why your question does not have a specific answer in dollar amount now is also because you do not know if the person you have the family with will also have a career and what career that person will have. So that's two incomes coming in to support a family. But it's only natural to wonder about these things. I remember as a kid pondering how old I'd be in the year 2000. I couldn't really imagine it till it happened.
So right now, in order to think about monies and financial planning, you can settle on a career choice that you carefully look into and see if it fits what you'd like to do in the future and how it will fit in to your personal life, too. It's fruitless to financially plan when you have nothing to plan with. So my advice is to concentrate on education and career and the rest will naturally fall into place. You'll know what to do. We've all been there through ups and downs and have managed.
I hope that this was a bit inspiring and I wish you all the best !