The $100K Question: What Will You Do for Money in 2024? (2024)

FAQs

Is 100K a year good in 2024? ›

At the other end of the scale, Honolulu, Hawaii follows Manhattan, New York on the list of cities where $100,000 is worth the least, at $39,148 of purchasing power. San Francisco, California is next at $40,997, followed by Brooklyn, New York at $43,376 and Los Angeles, California at $47,762.

If you're looking to invest $100,000, you have a lot of options at your disposal. You can invest in real estate, put the money into a diverse basket of stocks or opt for an alternative strategy that spreads the money across other assets.

“A salary range of $80,001 to $95,000 is more reasonable for living comfortably, this aligns more closely with the reality in high-cost living areas.”

If you keep saving, you can get there even faster. If you invest just $500 per month into the fund on top of the initial $100,000, you'll get there in less than 20 years on average. Adding $1,000 per month will get you to $1 million within 17 years.

“With a nest egg of $100,000, that would only cover two years of expenses without considering any additional income sources like Social Security,” Ross explained. “So, while it's not impossible, it would likely require a very frugal lifestyle and additional income streams to be comfortable.”

“By the time you hit 33 years old, you should have $100,000 saved somewhere,” he said, urging viewers that they can accomplish this goal. “Save 20 percent of your paycheck and let the market grow at 5% to 7% per year,” O'Leary said in the video.

Kuwaiti dinar (KWD) is considered the strongest currency in the world in 2024. KWD is freely convertible and has the highest monetary value.

Which mutual funds for 2024? ›

The median salary for Americans is around $70,000 a year, according to the most recent census data from 2021. A salary of $100,000 a year, with the assumption that you are an individual without dependents, would classify an individual as upper-class — but many of these people don't feel rich.

With $100,000 you should budget for a retirement income of around $5,000 to $8,000 on top of Social Security, depending on how you have invested your money. Much more than this will likely cause you to run out of money within 25 – 30 years, which is potentially within the lifespan of the average retiree.

For most individuals and small families, the answer to “Is $100,000 a good salary?” is a resounding “yes.” Cost of living and family size can affect how far $100,000 will go, but generally speaking, you can live comfortably on $100,000 a year.

Overall, the study found on average, a $100,000 salary is worth about $70,700 across the nation's biggest cities. It has the greatest purchasing power in cities throughout the South and into the Midwest. Alternatively, $100,000 had the lowest purchasing power in cities in the West and Northeast.

Key Findings. $100k goes furthest in El Paso, TX. With no state or local income taxes and a 12% discount on cost of living, a $100k income equates to $88,840 of purchasing power. Four other Texas cities made the top 10, including Corpus Christi, San Antonio, Lubbock and Houston.