2) The general wisdom if you want to get financially well-off is what you describe. Those who'd prefer to risk it all for a shot at being filthy rich do startups.
Everyone ELSE on this thread needs to learn how to manage their finances. $93k in Seattle is $65k after taxes, call it $50k after putting $15k a year into your retirement plan.
Remainder: $4100 a month post-tax
You can rent a small apartment within 30-60 minutes of downtown for $1500 a month, leaving $2600 for utilities, groceries, entertainment, etc. That's a good $50 a day left over for food and entertainment, easily.
I'd call that comfortable, personally. That said, I wouldn't take an offer in Seattle for less than $200k and I wouldn't take an offer in Silicon Valley for (SeattlePay+$12,000)/0.9 because of the higher rent and state income tax
Lastly, if you have a family of 4, there is a Federal Child Tax Credit of $2000 per child, your standard deduction goes up significantly if you're married and head of household and the lower tax brackets cover a larger portion of your income. So the overall tax burden is much, much less than a single guy making 100k a year.
I did a quick calculation and figured someone making 93k a year in Iowa would be taking home $1,332 a week with 4 allowances. That's 5300/mo - 1200 for insurance (Which seems nuts unless your employer doesn't have good plans), and $1000 for housing, and 1000 for food and 500 for transportation/misc bills, that leaves $1600 a month extra. I wouldn't say that's rich but it is comfortable and even enough to save a for retirement.
Insurance is provided. BTW, we also add on a bit more for a 401K, in addition to whatever you might choose to contribute.
I don't know what you'd want for a home, and I don't know your credit score, but throwing some numbers into a mortgage calculator for 30-year mortgages gives me: You could pay $1250/month on a home that is 7 minutes from work, on 1.16 acres, going for $275,000. If you don't mind an older house, one on 1.3 acres (like a football field) is 11 minutes away and is selling for $320,000. That looks like $1455/month, which is almost what you propose. This might be excessive for you though; a smaller piece of land can be had for half that price unless it has a new McMansion or a waterfront.
So I think it's more realistic that housing would consume 1/6 of your wages.
Note also the lack of a state income tax. Fuel is half the price you'd pay in California.
Ah, so she's providing service equivalent to $100k
Even the maximum possible out-of-pocket expense is well below $15K/year. Getting to that point would require major surgery.
> Almost every state has multiple Medicaid programs. But, as a good rule of thumb, if you make less than 100% to 200% of the federal poverty level (FPL) and are pregnant, elderly, disabled, a parent/caretaker or a child, there’s likely a program for you. And if you make less than 133% of the FPL, there’s possibly a program for you, depending on whether your state expanded under Obamacare.
https://www.policygenius.com/blog/a-state-by-state-guide-to-...
It’s always relative, and for those that go to target schools and have lucrative careers, and their network is full of others in a similar boat, then they will be competing with that level of income.