Six Figures… Is It Actually Enough?💰

Six figures… is it enough? And when I say six figures, I mean $100 000, not $999 999 because let’s be real, that’s a completely different life 😭

The Government of Canada recently updated some of their classifications, and apparently $150,000 household income is now considered “middle class.” I know… excuse me??? 😅 That’s a number a lot of people would still be amazed by. But remember, that’s household income. So if there are two people working, that could be $75 000 each. And yes, I know not every household has two incomes, so that already changes things. But $75 000 per person feels way more realistic than trying to hit $150K alone.

My husband actually brought this topic up and told me I should write about it, and I was like… I don’t even know what my answer is 😂 Because honestly, the answer is: it depends.

The Frugal Lifestyle Perspective🤷‍♀️

There are people in the FIRE community making way less than $150K and still living happy, fulfilling lives. And let’s be honest, in this economy, not everyone even has access to high-paying jobs. Some people are dealing with layoffs, contract work, or side hustles just to get by.

But FIRE has proven something important. You don’t need a huge income to build a life with freedom. It comes down to how you spend.

If you’re extremely frugal, like saving every penny (literally my parents growing up 😅), then even $50K can go far. If your lifestyle is simple—eating basic meals, cooking at home, walking instead of driving, living in a small space, choosing free or low-cost hobbies, not chasing trendy or “boujee” things—then yes, $150K is MORE than enough.

Of course, life isn’t one-size-fits-all. Add kids, family responsibilities, or other obligations, and suddenly that same amount feels very different.

The “I Want Everything” Lifestyle ✨

Now let’s talk about the other extreme 👀

If your life includes getting your nails done regularly, driving a luxury car, joining expensive clubs, doing reformer Pilates every week, keeping up with every new trend, and booking trips to Japan because the yen is “a good deal right now” (we’ve all seen it on TikTok 😭)… then no, $150K is not going to feel like enough.

And here’s the dangerous part: as your income goes up, your lifestyle tends to go up too. So even if you start making more, it might STILL not feel like enough.

There are literal celebrities who have made millions and still ended up broke. Justin Bieber is one example, and yes, I am saying this as a fellow Belieber 😂 The issue isn’t just income—it’s management. If you can’t manage $10, you won’t magically manage millions.

The Reality Most People Live In ⚖️

Okay okay, those were two extremes. But honestly, a lot of people slowly drift into that second lifestyle without even realizing it. I’ve been there too 🙃 You start upgrading little things here and there, and suddenly your expenses are out of control.

So what about the average person? With inflation, crazy grocery prices, gas, rent… everything going up… is $150K enough?

Again, it depends. It’s not a clean yes or no. There’s so much flexibility in how you live. You can go from buying canned beans to dried beans and save a couple dollars. And that sounds small, but those small choices add up over time. Like really add up.

It also depends on your life. How many people are you supporting? Do you have kids? Where do you live—Toronto vs Barrie (hi, that’s me 👋)? Are you working from home cooking meals, or downtown grabbing lunch with coworkers every day? All of these things matter.

Food for Thought (Let’s Get Real and Practical) 🍽️

Okay, instead of trying to give you a perfect answer, here are some real questions to ask yourself:

• Are you actually tracking your spending, or are you just guessing and hoping for the best? 📊

• If you look at your bank statements right now, would you be surprised or slightly embarrassed? Be honest 😂

• What are you spending on that doesn’t actually make you happier? Subscriptions, random Amazon purchases, daily takeout?

• Can you cut even $5 to $10 a day from your spending? That’s potentially $150 to $300 a month 👀

• Are you investing at least 20% of your income, or does investing only happen “if there’s anything left”?

• Do you have an emergency fund, or would one unexpected expense completely stress you out?

• Are you investing consistently, or just thinking about it?

• Are you upgrading your lifestyle every time you make a little more money? Be honest 😅

• Do you actually enjoy the things you’re spending on, or are you just keeping up with what everyone else is doing?

• Can you afford your life… or are you financing it? Big difference.

• Are you able to enjoy small things like a coffee, a meal out, or a treat without guilt—or without going overboard? ☕

Sorry, I don’t have the perfect answer for this one. This is a great example of personal finance being personal! At the end of the day, six figures isn’t some magical number that automatically solves everything. It really comes down to your habits, your priorities, and how intentional you are with your money. 🌟

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