eyespii
Member
Think your numbers are a bit off. $150k is about top 10%, while $270k is top 3%. To be top 1%, you’d need about $440k/yr.
How close are you to the top 1%? - CNNMoney
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Think your numbers are a bit off. $150k is about top 10%, while $270k is top 3%. To be top 1%, you’d need about $440k/yr.
How close are you to the top 1%? - CNNMoney
Lasttoy
Active Member
Just for fun I will disclose my garage.
20013 S, fully loaded
1979 Malibu, 800HP 454 cu in
1986 Chevy PU. 400 HP crate motor
1985 BMW K100RS bike
2002 Gulfstream motor home, that tows any of the above on my trailer.
Hint, start planning at 18, when you get 70ish it will all be just fine.
20013 S, fully loaded
1979 Malibu, 800HP 454 cu in
1986 Chevy PU. 400 HP crate motor
1985 BMW K100RS bike
2002 Gulfstream motor home, that tows any of the above on my trailer.
Hint, start planning at 18, when you get 70ish it will all be just fine.
K-MTG
Sunshade Captain of TMC
I guess in order to feel rich these days...you gotta be in the top 0.1%. Elon is probably 0.0000000001%
eyespii
Member
I used personal income data from here
Income Percentile Calculator for the United States. What Percent Are You?
The cnn data is household.
Income Percentile Calculator for the United States. What Percent Are You?
The cnn data is household.
I’m only a little above that mark and I went with a new S70 about a year and a half ago (facelift but AP1). The payments continue to sting, but I’m still happy I did it. I feel like 50k in an area with a low COL and without kids (or, if kids, with dual income and a very forgiving partner) is definitely doable for an S. Maybe not a P100D, but not everyone needs that.
I am 36 years old and make around $80k/year before tax. Living in Norway, that translates to roughly $50k after tax. Bought an used Model S, no loan on the car, just used savings. Single income, no kids. Own my own apartment, but pay $1200/month to the bank for it. Living in Oslo, Norway with high cost of living, but I have no "luxury habits" - when traveling I fly as cheap as possible, never take a taxi, sleep in hostels etc.
I could technically sell my Model S for around $45k, buy a new one and pay around $500/month for a couple years, but I don't want to spend so much on a car. It would have to limit my spare time activities a lot, which is not my interest at all.
People talking about $3M in investments, getting $100k/year out of their investments etc. is talk on a different planet than what I am on and will ever be.
I could technically sell my Model S for around $45k, buy a new one and pay around $500/month for a couple years, but I don't want to spend so much on a car. It would have to limit my spare time activities a lot, which is not my interest at all.
People talking about $3M in investments, getting $100k/year out of their investments etc. is talk on a different planet than what I am on and will ever be.
K-MTG
Sunshade Captain of TMC
But isn’t the TAX much higher in Norway? Or is it as bad as California
Pentium2004
Former Vendor
Affording certain luxuries isn’t about how much money you make but how you choose to spend it.
Saimaannorppa
Member
Likely so, but main challenge for Norway is the highly inflated prices (except for EVs which get the highest subsidies in the world). I guess he referred to that by comparing 80k$ income being effectively 50k$.
Norway is a bit of a special wonderland due to vast oil resources and small population.
Comparing disposable income between different tax and benefit systems is complex. It is also not only about income, but net assets and availability/cost of credit as well.
I don't have any hard numbers to back this up, but people who talk about successfully raising millions in retirement investments represent a very tiny fraction of the population. Few people have the luxury of tucking away any significant portion of that amount while meeting their immediate financial obligations, let alone being fortunate enough to see it grow.
I'm part of a generation of people under the age of 30 that faces wildly inflated costs of education, rising property costs, saturated workforce / increased difficulty finding fair paying jobs, etc... It's very common to see people living at home or perpetually renting at rates that look like a mortgage on a sizeable home in other parts of the country. I have friends just starting their careers with hundreds of thousands of dollars in toxic medical student debt, only to struggle for jobs that pay a fraction more than me (100K+), who went for a funded technical education.
I could go on but will spare everyone. My point is that things are a little tougher than some here would make it seem, due to things like survivor bias and the fact that the thread is being posted in a Tesla forum.
For me, around $80k before tax leaves me with around $50k after income tax. Depending on various things, income tax here in Norway is usually somewhere between 25% and 45%.
Education and healthcare is government funded, so medical treatment doesn't cost anything, neither do you need any additional insurance. Higher education is technically free, only cost is around $250/year, as there is no tuition, only an administrative fee. You still have to buy books for your studies, pay the rent for a place to live, buy food, other living costs etc., which usually causes around $12k/year in student debt to build up, which translates to around $60k in debt for a master's degree. Most students also work part-time to have more available income than the fixed student loan available.
Renting a one-bedroom apartment in Oslo will cost around $1500/month, more or less the same as I pay on my mortgage for the same size/standard apartment. There are no studies that will send you straight into a $100k/year job here unless you are extremely lucky AND count on working 60-70 hours a week on average. I studied electrical engineering and *could* probably land a $100k job, but I tried, quit and now appreciate flexible work hours and the no-stress environment of a government job within university-level teaching.
Education and healthcare is government funded, so medical treatment doesn't cost anything, neither do you need any additional insurance. Higher education is technically free, only cost is around $250/year, as there is no tuition, only an administrative fee. You still have to buy books for your studies, pay the rent for a place to live, buy food, other living costs etc., which usually causes around $12k/year in student debt to build up, which translates to around $60k in debt for a master's degree. Most students also work part-time to have more available income than the fixed student loan available.
Renting a one-bedroom apartment in Oslo will cost around $1500/month, more or less the same as I pay on my mortgage for the same size/standard apartment. There are no studies that will send you straight into a $100k/year job here unless you are extremely lucky AND count on working 60-70 hours a week on average. I studied electrical engineering and *could* probably land a $100k job, but I tried, quit and now appreciate flexible work hours and the no-stress environment of a government job within university-level teaching.
Hugh Mannity
Mediocre Member
you might be thinking apples to oranges comparison; I assume Norway has an excellent medical/benefits system into retirement. Canada's isnt' bad but it's probably nowhere near as good as yours. I figure I and my family will be more than fine into retirement with a $1Million ish pension translating to 60 to 70K$ annual salary. At 65 there is a government pension that kicks in as well that helps to "top up" the waning company pension that won't really keep up with inflation.
When I talk to my American colleagues they tend to not be so sure about finances into retirement; particularly medical concerns which can cost an insane amount of money if you are living in the states and don't have proper coverage. I don't fully understand the American system but I know they don't have universal health coverage by default like you and I do.
K-MTG
Sunshade Captain of TMC
I had a friend who went to Norway after high school to become a pilot in Norway. His first job after school was about $200k..probably higher now
Saimaannorppa
Member
Pilots and doctors are paid extremely well in Nordics.
To put our privileged bubble (50-60k$ "lower income") in context, median worldwide household annual income is likely less than 10k$, depending on sources.
To put our privileged bubble (50-60k$ "lower income") in context, median worldwide household annual income is likely less than 10k$, depending on sources.
No wonder there's so many Norwegians trying to immigrate to the US.
Sorry, somebody had to go there!
Esme Es Mejor
Member
I wonder why more single people don’t choose to live in a Model X. Even after adding $150-200/month for a nice gym to workout/shower/shave in, the savings in housing costs would be tremendous.
