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srs how bad is making 50-60k per year with average costs of living
srs how bad is making 50-60k per year with average costs of living
View Poll Results: How bad is making 50-60k per year
Voters: 58.| poverty die old eating cat food | 15 | 25% | |
| poverty rope | 14 | 24% | |
| can live confortable with budgeting | 17 | 29% | |
| decent | 12 | 20% |
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12-24-2022, 12:26 PM
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#1
12-24-2022, 12:30 PM
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#2
12-24-2022, 12:31 PM
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#3
- Nonsense916
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- Nonsense916
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That’s what pan handlers make
Losers let it happen, winners make it happen.
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12-24-2022, 12:32 PM
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#4
- WoofieNugget
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Define average costs of living. You definitely won't be able to afford extras or savings, but you'll have a small place to live and be able to eat. Maybe a used car.
12-24-2022, 12:34 PM
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#5
- CityJaeger
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- CityJaeger
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Decent money in Europe. Poverty in America where the cost of living is outrageous.
I'm considering cancelling my west coast road trip of next year just because of the stupid rates in the USA.
I'm considering cancelling my west coast road trip of next year just because of the stupid rates in the USA.
12-24-2022, 12:47 PM
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#6
Pretty bad. Ohio is pretty low cost of living and I can't get a non **** hole house and I make $130k a year.
A non trash flipped 1950s ranch is at least $300k here for 1,400 - 1,600 sq ft.
You would be living in an apartment or an old home stuck in the 1970s with wood panel walls and wallpaper bathrooms that you have no $ to update.
Pretty much need dual income to live a decent life even in the low cost of living states.
A non trash flipped 1950s ranch is at least $300k here for 1,400 - 1,600 sq ft.
You would be living in an apartment or an old home stuck in the 1970s with wood panel walls and wallpaper bathrooms that you have no $ to update.
Pretty much need dual income to live a decent life even in the low cost of living states.
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12-24-2022, 12:50 PM
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#7
- Paul Kreul
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- Paul Kreul
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All comes down to location. The bigger the city, the more expensive it is going to be to live around, however job opportunities & growth also come with living in/around the big cities.
In CA, NY, MA, don’t think it’s doable.
I bought a house in CA when I was making 45k a year..but that was close to 20 yrs ago
In CA, NY, MA, don’t think it’s doable.
I bought a house in CA when I was making 45k a year..but that was close to 20 yrs ago
12-24-2022, 01:08 PM
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#8
12-24-2022, 01:13 PM
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#9
- Barteh
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- Barteh
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Originally Posted By QuickShotSteve⏩
Why would you buy a new phone every month lmao. Also LOL @ going in debt to buy a car. Now I understand why so many people live from paycheck to paycheck.This is suburb of tampa, Brandon Fl. Pre the 2020-2021 boom, you could get a nice starter home for $200-250K.
Now, this is smaller than most, and its $319khttps://www.zillow.com/homedetails/1...54146743_zpid/
$65K for down payment, lets just assume you have that saved up. So 254k mortgaged, with taxes, and insurance, and current 7% interest youre looking at $2200 per month.
$60K annual pay - 20% = $48K annually or $4k per month.
4k - $2200 = $1800
phone $120
internet $100
water : $50
groceries : 400
gym membership $50
= $720 lets call it 800 to keep clean.
Leaves you with $1000 per month
add a cheap car loan and insurance thats another $600 per month.
So $400 per month for saving or fun ~$4800 per year 'play' money.
Yea... I wouldn't want to live like that, but its not like you are living in a ****ing **** hole. Get a working wife, adds at a minimum $50K per year. Then youre living OK.
And as you both grow in career, your salary hopefully outpaces inflation, and if you invest at least half of your savings annually you guys will build a nice nest egg.
So yea, $60k is far from baller, but its livable.
Now, this is smaller than most, and its $319khttps://www.zillow.com/homedetails/1...54146743_zpid/
$65K for down payment, lets just assume you have that saved up. So 254k mortgaged, with taxes, and insurance, and current 7% interest youre looking at $2200 per month.
$60K annual pay - 20% = $48K annually or $4k per month.
4k - $2200 = $1800
phone $120
internet $100
water : $50
groceries : 400
gym membership $50
= $720 lets call it 800 to keep clean.
Leaves you with $1000 per month
add a cheap car loan and insurance thats another $600 per month.
So $400 per month for saving or fun ~$4800 per year 'play' money.
Yea... I wouldn't want to live like that, but its not like you are living in a ****ing **** hole. Get a working wife, adds at a minimum $50K per year. Then youre living OK.
And as you both grow in career, your salary hopefully outpaces inflation, and if you invest at least half of your savings annually you guys will build a nice nest egg.
So yea, $60k is far from baller, but its livable.
12-24-2022, 01:16 PM
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#10
- Goodguy03
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- Goodguy03
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considering everything is double price now, the new 50-60k would be 100-110k. so once you start making six figures you should be set OP.
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12-24-2022, 01:22 PM
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#11
- AccountingMajor
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If you own a house or pay zero rent, it's a lot.
If you rent, it doesn't cover basic rent and you need roommates. You need at least $100,000 to rent at most places in CA near jobs
In my area, the cheapest places are $2,500 and the most expensive are $3,800.
To afford the 2,500, you need to make at least $7,500 per month* or 90K for the bare bottom of the market. To afford the $3,800, you need to make at least 136,800.
*This is based on annual income divided by 12, not actually how much you make per month in cash.
If you rent, it doesn't cover basic rent and you need roommates. You need at least $100,000 to rent at most places in CA near jobs
In my area, the cheapest places are $2,500 and the most expensive are $3,800.
To afford the 2,500, you need to make at least $7,500 per month* or 90K for the bare bottom of the market. To afford the $3,800, you need to make at least 136,800.
*This is based on annual income divided by 12, not actually how much you make per month in cash.
12-24-2022, 01:57 PM
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#12
- Barteh
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- Barteh
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Originally Posted By QuickShotSteve⏩
Most people have a car, but I don't know a single person who went into debt for it. If you can't afford a new car then your first car will normally be a second hand car, which is a sensible decision.What phone can you buy for $120? Thats what normal services costs in the states per month. Unless you go with some poverty prepaid plan or some walmart offbrand service. Verizon, ATT, etc, around $100, aka $120 with taxes and fees
Yea, you graduate from school, live with parents for a year or two, save as much as possible for a house down payment and want to get out from a **** box car, you might finance your first new car.
I forgot you dutchies drive bicycles from the 1940s with gay baskets and think you're superior. Love it.
Yea, you graduate from school, live with parents for a year or two, save as much as possible for a house down payment and want to get out from a **** box car, you might finance your first new car.
I forgot you dutchies drive bicycles from the 1940s with gay baskets and think you're superior. Love it.
Also WTF @ cellphone services being so expensive. For 30 you could get an unlimited everything plan in the Netherlands so for 10-15 you could have a decent cheap plan. 10x as much in the states jesus christ.
12-24-2022, 02:00 PM
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#13
- StrictlyDirt
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- StrictlyDirt
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lol at 50/60
more like 40/50
unless you are high born youre just another rat in the race
more like 40/50
unless you are high born youre just another rat in the race
12-24-2022, 03:52 PM
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#14
- thesloshedman
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Poverty wages for my area in canuckistan.
On pace for 95k this year, wife is around 70k and we can afford a cheap home in a rural area, used cars, and some savings/a vacation.
Definetly wouldnt have fuk all making 50k on my own.
On pace for 95k this year, wife is around 70k and we can afford a cheap home in a rural area, used cars, and some savings/a vacation.
Definetly wouldnt have fuk all making 50k on my own.
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12-24-2022, 04:00 PM
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#15
- ProudKraut
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- ProudKraut
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It's great if you're a fukkn chump with no ambition.
That's entry level pay aka poverty. I would make double that just by doing the absolute minimum all the time and would still get at least +2% each year. I wanted to write "just by showing up", but technically don't even need to do that as it's all WFH.
Fukkn apply yourself, OP, this isnt reddit. We're all gonna make it.
STAY HARD.
That's entry level pay aka poverty. I would make double that just by doing the absolute minimum all the time and would still get at least +2% each year. I wanted to write "just by showing up", but technically don't even need to do that as it's all WFH.
Fukkn apply yourself, OP, this isnt reddit. We're all gonna make it.
STAY HARD.
12-24-2022, 04:03 PM
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#16
12-24-2022, 04:20 PM
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#17
- EDcellent
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- EDcellent
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60k a year would let you live comfortably in Wyoming outside of Jackson. Parts of CT would be doable too. Srs
My Enfield, CT expenses were
$790 rent (older meh apartment, but it was spacious and worked)
$25 phone plan, visible (Verizon service)
$50 internet
$300 food
$150 for gas (old pickup with a stroker engine lol)
$50 car insurance (a newer car would probably be more, but also more fuel efficient so a wash)
$125-250 for utilities depending on how cold winter gets.
Wyoming I pay more for rent, but heat is included and fuel is cheaper. I pay less than $1400 a month for all of the above out here.
My Enfield, CT expenses were
$790 rent (older meh apartment, but it was spacious and worked)
$25 phone plan, visible (Verizon service)
$50 internet
$300 food
$150 for gas (old pickup with a stroker engine lol)
$50 car insurance (a newer car would probably be more, but also more fuel efficient so a wash)
$125-250 for utilities depending on how cold winter gets.
Wyoming I pay more for rent, but heat is included and fuel is cheaper. I pay less than $1400 a month for all of the above out here.
12-24-2022, 04:35 PM
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#18
- johnnydeep1
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Originally Posted By Azrairc⏩
If possible, and if your parents allow it, I would move in with them with that salary (srs)poll incoming
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12-24-2022, 04:37 PM
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#19
- Godfrd824
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It's about average. If you're fine with being average...
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
12-24-2022, 04:41 PM
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#20
- ralphlaurenbrah
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- ralphlaurenbrah
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Straight up poverty if you’re trying to save for retirement. You literally can’t basically. You will have a **** tiny house and drive an old ass car and have to watch your spending like a hawk. No thanks.
12-24-2022, 04:44 PM
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#21
- AccountingMajor
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- AccountingMajor
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Originally Posted By ralphlaurenbrah⏩
On that salary, you won't have a house. In San Diego. 50K is about average. You will be homeless or renting with 3 other people. You will eventually be able to buy a used car, but no guarantees.Straight up poverty if you’re trying to save for retirement. You literally can’t basically. You will have a **** tiny house and drive an old ass car and have to watch your spending like a hawk. No thanks.
12-24-2022, 04:50 PM
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#22
12-24-2022, 04:58 PM
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#23
- guest89
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It really just depends on the cost of living for the location. There are places in the US where 50-60k per year will pay for a 4 bedroom house, stay at home wife that doesn't work, and 3-5 kids no problem.
There are also places in the US where 50-60K per year isn't even enough to afford your own apartment or a car.
There are also places in the US where 50-60K per year isn't even enough to afford your own apartment or a car.
12-24-2022, 05:20 PM
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#24
- AccountingMajor
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Originally Posted By guest89⏩
Those places where 50K can pay for a 4 bedroom house typically have no jobs or specialized jobs only a few people can do (excluding minimum wage jobs)It really just depends on the cost of living for the location. There are places in the US where 50-60k per year will pay for a 4 bedroom house, stay at home wife that doesn't work, and 3-5 kids no problem.
There are also places in the US where 50-60K per year isn't even enough to afford your own apartment or a car.
There are also places in the US where 50-60K per year isn't even enough to afford your own apartment or a car.
The places where $50K can't buy chit is where all the jobs are at.
12-24-2022, 05:33 PM
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#25
- AccountingMajor
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Originally Posted By Barteh⏩
5K in cash is about $84K (5,000 x 12 months / 71% (Taxes, etc))Somebody needs to explain the cost of living in whatever chithole you guys live because I'm not even sure how I would be able spend 5k a month.
If you make 84K in San Diego (which is rare since jobs that pay higher than 60K are rare and you will have thousands of people to compete with over them)
$84K / 12months / 3 (need to make at least 3x rent) = 2,333, so let's assume that's the highest you can in rent that's not in a dangerous area.
You are left with about 2,667 after taxes. Which i guess is enough? It would take 23 months to save enough for a down payment for a $300K house assuming you have $0 expenses other than rent.
12-24-2022, 05:46 PM
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#26
- guest89
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Originally Posted By AccountingMajor⏩
Yes but a lot of people are retarded choosing to live in a place where the cost of living is clearly out of their budget when their earning potential is only 50K. They'd be better off finding a job in a city of about 100K or so and living 20-30 minutes drive away in a smaller town and commuting in for work. If they actually want to build a family/life with a high quality of life.Those places where 50K can pay for a 4 bedroom house typically have no jobs or specialized jobs only a few people can do (excluding minimum wage jobs)
The places where $50K can't buy chit is where all the jobs are at.
The places where $50K can't buy chit is where all the jobs are at.
People with 0 real skills/worth and earning potential are trying to live in expensive cities and in coastal areas then complain about how hard life is... Its fine when you're young but if you aren't making a living wage by 26-28 its time to re-calibrate.
12-24-2022, 06:03 PM
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#27
- AccountingMajor
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Originally Posted By guest89⏩
Agree bro. Big companies that have no business in cities need to move to suburbs or rural areas. I would hop on board immediately if my job were up to it. But technically I don't have to wait since my job is WFH.Yes but a lot of people are retarded choosing to live in a place where the cost of living is clearly out of their budget when their earning potential is only 50K. They'd be better off finding a job in a city of about 100K or so and living 20-30 minutes drive away in a smaller town and commuting in for work. If they actually want to build a family/life with a high quality of life.
People with 0 real skills/worth and earning potential are trying to live in expensive cities and in coastal areas then complain about how hard life is... Its fine when you're young but if you aren't making a living wage by 26-28 its time to re-calibrate.
People with 0 real skills/worth and earning potential are trying to live in expensive cities and in coastal areas then complain about how hard life is... Its fine when you're young but if you aren't making a living wage by 26-28 its time to re-calibrate.
12-24-2022, 06:20 PM
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#28
- BeginnerGainz
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Definitely depends on where you live
Age: 30
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12-24-2022, 06:25 PM
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#29
- Barteh
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- Barteh
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Originally Posted By AccountingMajor⏩
2333 for rent seems extremely high and I'm not sure how you're gonna be spending more than 1000-1500 of that other 2667. Food + utilities and a lil bit of extra fun money and you're good.5K in cash is about $84K (5,000 x 12 months / 71% (Taxes, etc))
If you make 84K in San Diego (which is rare since jobs that pay higher than 60K are rare and you will have thousands of people to compete with over them)
$84K / 12months / 3 (need to make at least 3x rent) = 2,333, so let's assume that's the highest you can in rent that's not in a dangerous area.
You are left with about 2,667 after taxes. Which i guess is enough? It would take 23 months to save enough for a down payment for a $300K house assuming you have $0 expenses other than rent.
If you make 84K in San Diego (which is rare since jobs that pay higher than 60K are rare and you will have thousands of people to compete with over them)
$84K / 12months / 3 (need to make at least 3x rent) = 2,333, so let's assume that's the highest you can in rent that's not in a dangerous area.
You are left with about 2,667 after taxes. Which i guess is enough? It would take 23 months to save enough for a down payment for a $300K house assuming you have $0 expenses other than rent.
12-24-2022, 06:26 PM
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#30
- SouthDakotaBrah
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I'd want to make at least double that brah but it is certainly doable
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