Here’s someone online who wants to know whether it is possible at all for any soul to earn over 300k in one year easily. The following advice is found beneficial…
It depends a lot on where you live. A $300k+ salary in Los Angeles or New York is very different from a $300k+ salary in Arkansas. I live in Los Angeles, and make about $350k a year. I work an average of 4 days a week, about 45 hours +/-. I’m a single guy, I own a home in Redondo Beach, my car is payed off, and I would say that I live comfortably. Do I feel rich? No. Do I feel like I am struggling to get by? Also no. However, if I were to teleport my schedule and salary to that town in Arkansas, I would be, I believe as the kids say, “ballin’ outta control.” My house in Redondo that is worth around a million would sell for a fraction of that out there. Cost of living is drastically higher where I am. But, I stay because my family is here, my friends are here, and all of the networking I’ve done is here.
A big factor in how a salary “feels“ is in a person’s spending habits. I know people making $40 an hour or less who are ordering DoorDash every night, going out and partying or going to Vegas all the time, buying flashy cars/watches/etc, which is just wild to me. Even with my comfortable salary, I could never picture myself spending money like that. Sure, I buy nice things that I like, but I try and be pretty responsible with my finances overall.
A great book in dialing in your finances is “The White Coat Investor.” It is geared toward physicians and other medical professionals, but the information in it is highly relevant to anyone looking to increase their financial IQ. I highly recommend it. Whether you are a high earner or not, there’s a ton of useful information in it.
At the end of the day, it’s hard to provide a definitive answer to your question, other than you should definitely be able to survive anywhere in the US with a $300k+ salary, as long as your spending habits aren’t out of control.