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How much do I need to earn?

How much do I need to earn?

Old Jun 27th 2019, 11:29 pm
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Default How much do I need to earn?

I have written up a spreadsheet to calculate costings for my potential household budget. On average I'm looking at $2800 per month (including trying to save $300/month) - roughly $33,000/year. That is being conservative, based on the last 12 months of bills of a family of four. Now that the wife has buggered off it is just me, so bills will be lower.

How much do I need to earn to cover this amount?

This website seems to suggest $40,000 as a minimum, though I'd hope to earn more.. How accurate is this?

https://www.icalculator.info/austral...ion/40000.html
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Old Jun 28th 2019, 12:18 pm
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Default Re: How much do I need to earn?

Originally Posted by Lucas_Dad View Post
This website seems to suggest $40,000 as a minimum, though I'd hope to earn more.. How accurate is this?

https://www.icalculator.info/austral...ion/40000.html
I assume $40k for a starting point. So if you earn more, you should be OK, although the tax man will steal a progressively larger slice. Kids take money though.

https://www.paycalculator.com.au/

Personally I'd target six figures pa.
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Old Jun 28th 2019, 12:27 pm
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Default Re: How much do I need to earn?

Originally Posted by GarryP View Post
I assume $40k for a starting point. So if you earn more, you should be OK, although the tax man will steal a progressively larger slice. Kids take money though.

https://www.paycalculator.com.au/

Personally I'd target six figures pa.
Wouldn't that be nice! Totally unrealistic for a huge amount of the population though.
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Old Jun 28th 2019, 12:36 pm
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Default Re: How much do I need to earn?

Originally Posted by moneypenny20 View Post
Wouldn't that be nice! Totally unrealistic for a huge amount of the population though.
Depends. I just think that somewhere in the intersection of skills and opportunities, there's usually an answer in six figures. Might not want to do that job, but it's usually there somehow. Start by working out where it is, then work back (or forward) from there.
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Old Jun 29th 2019, 3:09 am
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Default Re: How much do I need to earn?

Yes you could manage that on $40000. You'd have to be very self disciplined and quite frugal but it is manageable.
My wife and I manage on around $42000. We manage to save around $300 a week too. But the children have left home and we're mortgage free.
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Old Jun 29th 2019, 6:47 am
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Default Re: How much do I need to earn?

Originally Posted by GarryP View Post
Depends. I just think that somewhere in the intersection of skills and opportunities, there's usually an answer in six figures. Might not want to do that job, but it's usually there somehow. Start by working out where it is, then work back (or forward) from there.
Where could someone who has not worked outside the home in at least 7 years (more probably) find a job paying 6 figures?
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Old Jun 29th 2019, 7:09 am
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Default Re: How much do I need to earn?

Originally Posted by GarryP View Post
Depends. I just think that somewhere in the intersection of skills and opportunities, there's usually an answer in six figures. Might not want to do that job, but it's usually there somehow. Start by working out where it is, then work back (or forward) from there.
That is possibly one of the daftest comments I've seen in a long while. Well done.
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Old Jun 29th 2019, 7:13 am
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Default Re: How much do I need to earn?

Originally Posted by moneypenny20 View Post
That is possibly one of the daftest comments I've seen in a long while. Well done.
Nice.

So you don't understand, but decide to throw insults anyway. Who was the one that was daft?
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Old Jun 29th 2019, 7:43 am
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Default Re: How much do I need to earn?

Originally Posted by GarryP View Post
Nice.

So you don't understand, but decide to throw insults anyway. Who was the one that was daft?
Because the op was trying to figure out if on a lower wage was doable. To quote that a six figure some was more needy would not be a great help but a downer on the question asked. As was stated not many people are capable of earning this amount. So be more realistic when people ask these sort of questions.
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Old Jun 29th 2019, 9:35 am
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Default Re: How much do I need to earn?

Originally Posted by GarryP View Post
Nice.

So you don't understand, but decide to throw insults anyway. Who was the one that was daft?
I didn't insult you. I called your remark daft in the context of Lucas's Dad's situation. There's nothing to misunderstand. You're telling people that there a a ton of high paying jobs out there open to anyone who makes the effort. That is clearly nonsense in the real world and more importantly irrelevant to the OP.
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Old Jun 29th 2019, 10:55 pm
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Default Re: How much do I need to earn?

Originally Posted by moneypenny20 View Post
I didn't insult you. I called your remark daft in the context of Lucas's Dad's situation. There's nothing to misunderstand. You're telling people that there a a ton of high paying jobs out there open to anyone who makes the effort. That is clearly nonsense in the real world and more importantly irrelevant to the OP.
Actually I'm not.

What I'm saying is that in looking for jobs, if you look around the area you are interested in, you will often find high paying opportunities that you, personally, can exploit, if you want to.

So let's take an example. Maybe you are looking towards an "Admin Assistant" role, paying $40-50k pa. Quite a few of those around, very generic. If you look towards locations that people don't want to be, the rate can go up (say $50-60k). Or maybe you look to "Executive Support Officer" roles where you could get ~$70k for having to deal with the board. Or maybe you could manage admin assistants for $80k. Or maybe you could look to adjacent areas, such as "Research Administration Officer" looking after grant applications for $96k pa. Or maybe "Community Engagement Officers" (over $100k). Or maybe into sales and contacts admin.

Depending on your exact skills, or what you can claim, you can find job classes that stretch up to the six figures from starting at a base of 'admin assistant'. The reason being that there are loads of people looking for 'admin assistant' roles, so rates can be lower - but if you catalogue your skills and experience more closely, and are prepared to do thing that others don't want to, you can often (not always) find opportunities that you have a good chance of, at higher salary numbers.

It's a technique of how you look at job opportunities, and how you find niches that you can both fulfil, and demonstrate your suitability for. Now that doesn't mean you'll get them, or that you shouldn't be looking for the broad classification jobs as well. But it IS a useful way of looking at the job market. Key skills and niches often push into the six figure regime, depending on the demand/supply factors.
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Old Jun 30th 2019, 9:38 am
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Default Re: How much do I need to earn?

I'm actually quite encouraged. I assumed I'd need to be earning $70-$80K+++ to afford this house. I always left money up to the now departed (as in buggered off, not kicked the bucket...) wife. She is on just over $100K, but we never bothered (foolishly, I know) to write up a proper budget. Not even a simply spreadsheet. I've now done one month-by-month showing exactly when my cheap and expensive months will occur.

I'm now looking at what were our living costs, school fees, kids clubs, etc. and whilst all that isn't cheap, with her take-home being around $70K, why haven't we got healthy savings? Or at least had more holidays? We only ever spent money on 'life' and barely any luxuries. Oh well, yet another great unanswerable question. My living costs should be under $30K. My budget as it is now is based on the last 12 months bills with a full family living here. And having now done the budget, and had the question 'what do I need to earn' answered, I'm feeling quite positive about my potential to not have to sell this house. That's quite something considering how I was feeling about life just six weeks ago. Counselling + antidepressants = progress

The wife threatened a couple of weeks ago that if the house wasn't sold by September she'd seek legal advice on how to force its sale. I'm pretty sure she can't do that, especially if I'm making very visible and positive efforts to not sell. Out of my control, can't worry about her, so I'll cross that bridge when I come to it (unless she blows it up first)...

Last edited by Lucas_Dad; Jun 30th 2019 at 9:40 am.
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Old Jun 30th 2019, 10:30 am
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Default Re: How much do I need to earn?

Originally Posted by Lucas_Dad View Post
And having now done the budget, and had the question 'what do I need to earn' answered, I'm feeling quite positive about my potential to not have to sell this house. That's quite something considering how I was feeling about life just six weeks ago. Counselling + antidepressants = progress

The wife threatened a couple of weeks ago that if the house wasn't sold by September she'd seek legal advice on how to force its sale. I'm pretty sure she can't do that, especially if I'm making very visible and positive efforts to not sell. Out of my control, can't worry about her, so I'll cross that bridge when I come to it (unless she blows it up first)...
Great to hear that you got yourself some help where needed and are feeling much better LD Re the house, if you haven't done so already a chat with a community legal centre might help to clarify what can and can't be done. I know that a property forms part of the joint marital assets during divorce but don't know how it works prior to divorce.

Keep on keeping on!

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Old Jul 2nd 2019, 1:31 am
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Default Re: How much do I need to earn?

Originally Posted by GarryP View Post
Depends. I just think that somewhere in the intersection of skills and opportunities, there's usually an answer in six figures. Might not want to do that job, but it's usually there somehow. Start by working out where it is, then work back (or forward) from there.
I would strongly refute that. Obviously certain areas differ and locations may vary due to shortage of applicants or not as the case may be, which would reflect the offering salary. Best concentrate on an area fell best/confident at working in and attempt to get into position from there. For most people, I would say the present times are hard to break into the six figure . Positions I found going for $110,000 to $120,000 a few years back have indeed gone backwards offering $20,000 or more less. Those earning reasonably money in cases I have known to have been restructured out and invited to reapply with a slightly different job title but of course at less money.

Last edited by the troubadour; Jul 2nd 2019 at 1:43 am.
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Old Jul 2nd 2019, 1:41 am
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Default Re: How much do I need to earn?

Originally Posted by spouse of scouse View Post
Great to hear that you got yourself some help where needed and are feeling much better LD Re the house, if you haven't done so already a chat with a community legal centre might help to clarify what can and can't be done. I know that a property forms part of the joint marital assets during divorce but don't know how it works prior to divorce.

Keep on keeping on!
After what has happened the last two days (the wife transferring money away), that generated more questions about rights, entitlements, etc. I have a full page of notes and an appointment on Thursday morning with community legal. This might sound disparaging, but I hope they're good! My wife has a private lawyer, no doubt paid for by her parents. Just hoping private does not mean better! And I hope I qualify for more than a single meeting.

Cheers
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