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Net-worth (savings, stocks, retirement accounts) of over $100k, at age 23. $100K cash in savings, at **age 24**.

According to a new Bank of America survey, 16 percent of millennials — which BoA defined as those between age 23 and 37 — now have $100,000 or more in savings. That's pretty good, considering that **by age 30**, you should aim to have the equivalent of your annual salary saved.

Generally **5–7 yrs** is good rule of thumb to get to your first $100K if you do not have a ton of debt. You don't have to be earning much to save but you do want to contribute as soon as you start working a job.

Depends what it's for and what your personal situation is. It's a **great emergency fund** and a good down payment on a house. If you are relatively young, it's a good start on a sizable retirement nest egg. It is too less to retire on, you can only expect 4–5k income per year from a 100k investment.

When it comes to building wealth, it's **good to outperform your 30-year-old peers**. According to CNN Money, the average net worth in 2022 for the following ages are: $9,000 for ages 25-34, $52,000 for ages 35-44, $100,000 for ages 45-54, $180,000 for ages 55-64, and $232,000+ for 65+.

There are a plethora of different ways to hit the coveted six-figure income milestone. With enough hard work and persistence, you can literally make $100,000 **doing pretty much anything**. For instance, it's possible to buy and sell used items and make $100,000 per year.

On an individual level, **$100,000 is a lot of money**, especially as a lump sum. Above that, it very quickly becomes an insubstantial value.

- Business owners. Being a business owner provides the highest likelihood of making 7 figures because no one is standing in your way! ...
- CEOs and C-level executives. ...
- Corporate lawyers. ...
- Sales executives. ...
- Investment bankers. ...
- YouTubers. ...
- Actors and actresses. ...
- Professional athletes.

a salary of **between 100,000 and 999,999 pounds**, dollars, etc. a year: As a lawyer she can earn a good six-figure salary.

This was the basic rule of thumb for many years. Simply take your gross income and multiply it by 2.5 or 3, to get the maximum value of the home you can afford. For somebody making $100,000 a year, the maximum purchase price on a new home should be somewhere **between $250,000 and $300,000**.

$100,000 could conceivably get you into **a home priced close to $1 million** if you have enough income to qualify. The loan I have described above is a “non-conforming” loan. This means that Fannie Mae or Freddie Mac will not purchase it because of its size.

If you make $100,000 per year, your hourly salary would be **$51.28**. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

With that 28/36 rule in mind, someone with $120,000 yearly income could spend **up to $33,600 per year** on a mortgage. Assuming a 30-year fixed mortgage, a homeowner following the 28/36 rule could feasibly pay off a $1 million home with a $33,600 yearly commitment.

A Critical Number For Homebuyers

One way to decide how much of your income should go toward your mortgage is to use the 28/36 rule. According to this rule, your **mortgage payment shouldn't be more than 28% of your monthly pre-tax income and 36% of your total debt**. This is also known as the debt-to-income (DTI) ratio.

What income is required for a 400k mortgage? To afford a $400,000 house, borrowers need $55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should **be at least $8200** and your monthly payments on existing debt should not exceed $981. (This is an estimated example.)

For homes in the $800,000 range, which is in the medium-high range for most housing markets, DollarTimes's calculator recommends buyers bring in **$119,371 before tax**, assuming a 30-year loan with a 3.25% interest rate.

If you make $80,000 per year, your hourly salary would be **$41.03**. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

“We found that the **ideal income point is $95,000 for life evaluation** and $60,000 to $75,000 for emotional well-being” for an individual, Jebb told Purdue, and more for a family. ... For families in North America, you have to do a little math to figure out the magic “life evaluation” number.

One rule of thumb involves dividing your pretax earnings by 40. This means that if you make $100,000 a year, you should be able to afford **$2,500 per month in rent**. Another rule of thumb is the 30% rule. If you take 30% of $100,000, you will get $30,000.

The golden rule in determining how much home you can afford is that your monthly mortgage payment **should not exceed 28% of your gross monthly income** (your income before taxes are taken out). For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866.

While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that buying a home **on a middle-class salary is still possible** — in some places. Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.

According to the census, the national average household income in 2019 was $68,703. A living wage would fall below this number while an ideal wage would exceed this number. Given this, a good salary would **be $75,000**. ... In other words, a $75,000 salary would cover the basic necessities in even the priciest of areas.

**$60,000 per year is a really good salary to live comfortably on**. However, everyone's situation and finances are different.

For high earners, a three-person family needed an income **between $106,827 and $373,894** to be considered upper-middle class, Rose says. Those who earn more than $373,894 are rich.