Have you ever thought, what can you afford with a $300k salary? Obviously, you have, otherwise why would you be reading this article. Aspirational living is something that can be said to be the driving factor of any consumer economy. Let’s find out all the wonderful things you can do and buy with that big, fat, salary.
What Can You Afford with a $300k Salary?
If you’re making $300,000 dollars a year, then you can afford almost anything you want to buy.
That’s even true if you live in a big city or on either coast.
Yes, the money will go further if you’re living in rural American, but regardless of where you are, you’ll be living large.
So, with that in mind, let’s look at some of the things you could afford to buy.
1. A Luxury Apartment
You can afford to live in a luxury apartment building with all of the amenities you could ever dream of.
Whether you rent or buy, you can afford the best.
So, if your eye is on the penthouse, go for it. You have certainly earned it.
2. A New Luxury Car
You should be able to afford a new luxury car every year or two if you like to drive new cars all the time.
This would ensure that you always maintain the image you want to portray, and not drive around in an old clunker car.
Forget keeping a car for four or five or six years. For you, new is the way to go.
3. Private Schooling for Your Children
Private schooling for your children, at a prestigious university of your choice, is at your fingertips.
Your children would be surrounded by the “best” possible people and have access to whatever activities they desire -including sports teams.
They will be able to network which increases their chances of obtaining a top job later in life.
The sky is truly the limit when it comes to private school tuition.
It’s no surprise that parents in this salary range often opt for this option instead of sending their kids to public school
4. A Vacation Home in a Tropical Location
Up north, you’ll be surrounded by snow, and you don’t want to sit in your penthouse apartment all winter long.
A Caribbean island or the Mediterranean coast are the perfect vacation destinations especially for families with children.
You can spend time in the warm sun during the winter months while everyone else is freezing.
Of course, if you like snow and the mountains, you can buy a vacation home in a snowy retreat.
5. A Yacht
Owning your own yacht comes with a lot of prestige, even if it’s just used for recreation.
This is an item that every person would love to purchase if they had the means.
I’ve certainly never owned one nor would I ever be able to afford one, but I did have the pleasure of sailing on one a few years ago.
It’s a wonderful way to spend a day – out on the open water with the sun shining down on you.
If you’ve got the right annual income, then having your own yacht is the way to go.
6. Perfect Interior for Your Home
Furnishings and household items of the highest quality money can buy are obtainable at your fingertips when you make as much money as $300,000 a year, so why not surround yourself with luxury?
You would even have the luxury of changing your decor every few years if you really wanted to.
Hopefully, your luxury home has plenty of rooms for you to decorate.
You would also have the option of hiring a decorator if your own skills aren’t up to par.
7. A Ferrari
You’re living on the cutting edge and are able to set yourself apart from the rest of the world because you can afford to spend $200,000 on a car.
It’s a status symbol that proves you’re successful with money.
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8. A Private Travel Club Membership
Here you’ll have access to luxurious lodging and the best travel destinations around the globe, as well as a number of other exclusive perks.
9. A Private Country Club Membership
You can afford to join a country club where you can entertain or relax with friends and family, have access to great golfing and dining options, all in a setting of luxury that you don’t want your less fortunate neighbors to see.
10. A Designer Wardrobe
You can buy a new designer wardrobe each year by top-name designers such as Armani, Versace, and Dolce & Gabbana or as the picture shows, Prada.
The idea of a wardrobe that costs more than most people make in a year is mind-boggling but it’s not out of reach for those making $300,000 large a year.
11. A Really Nice House
If you don’t spend all your money on the above luxuries, then you should be able to afford the monthly payments and property taxes that come with a really nice house.
If your debt and income ratio is good and you don’t have a lot of credit card debt or a student loan, you’ll be in good shape to buy your dream home.
You should even have enough of a downpayment that you won’t need to purchase private mortgage insurance. And you should be able to easily cover the closing costs on your new home.
Lenders will be happy to give you any loans you want and with a good credit score, you will be surprised just how much house you can buy.
Forget the 300k house. With your income, you can afford a million-dollar price tag.
Even if the cost of living goes up, you should be fine.
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To Sum it All Up:
A 300k salary will set you up to live very comfortably no matter where you’re living or how much housing costs might be. You can live a luxurious lifestyle and enjoy yourself without the stress of money worries, and maybe that’s the most valuable thing of all.