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Forum » Call me delusional, but it seems like $40k is barely making it these days
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Thread: Call me delusional, but it seems like $40k is barely making it these days

post 1585409321 08-06-2019, 10:52 AM
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#31
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people are check to check in austin these days on 75k. If you are single 60k is probably livable. It was about 40k when I was in high school here.
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post 1585419071 08-06-2019, 01:33 PM
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You're doing it wrong OP.

Yes, it's not enough because you hate / don't care about what you do. Or you're not seeking other lucrative ways to make money that you actually care about. If you're working for someone else, nothing will be enough, because in the end time is the most valuable thing in the world.
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post 1585419251 08-06-2019, 01:36 PM
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On 40k a year you could pay my rent and then have no money for food, car, gas, insurance, internet, netflix, clothes, etc.
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post 1585419301 08-06-2019, 01:36 PM
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My brother makes $80 k in Texas , single and he lives fine. Buys whatever, whenever. When I finish school in dec I’ll be making $60k as a paramedic, not rich but I’ll be just fine in AZ
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post 1585419361 08-06-2019, 01:37 PM
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Originally Posted By paulinkansas⏩
There are plenty of low paying jobs here ($9-$12/hour), but the big paying jobs are at the refinery ($30+/hour). Most of the locals can't pass a drug screen to work in the refinery. I know this, my official job is a drug screen collector. Many of the people working short term jobs in the refinery come from south Texas and Louisiana. I rent out those $9500 3BR houses to them, furnished with bills paid for $600/week.

Crime is bad. Mostly drug addicts stealing anything that's not chained up or secure for feeding their habit.
Ain't nobody paying you $600/wk for a $10k house, especially when they are making $30/hr.
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post 1585419451 08-06-2019, 01:39 PM
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toronto master race checking in

$80k is considered borderline poverty here srs

in b4 "hehe $80k is 30k in USD"
post 1585419581 08-06-2019, 01:41 PM
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You mad i know a couple that makes 480k a year, that had to borrow 100k from their parents (for downpayment) to buy a mansion? Yeh you mad.

You mad they have a brand new 7 series in the garage and the husband works from home?

You mad they spend 12k on a 1 week vacation to mexico?

You mad they spent 70k on daycare last yr?

You mad they'll be homeless if one of thems unemployed for a month?


People are idiots. We cant all be ballers.
Plenty of nice places in chicago for that income. Cost of living is much lower than nyc or la, with all the benefits of a metropolis.
post 1585419611 08-06-2019, 01:41 PM
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If I made 30k in passive income a year I’d feel very wealthy srs
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post 1585419781 08-06-2019, 01:43 PM
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40k after tax no kids is pretty good in most cities in usa.
post 1585419961 08-06-2019, 01:45 PM
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Bout right

https://www.usinflationcalculator.com/

Since 2000 one dollar then is now worth a dollar 1.50 now so 40 k is about 60k now and with rent here for a meh 2 bedroom condo being 1400, internet, food, gas, utilities, car/health insurance, savings, phones, dental/glasses bills are easy pushing 2,500 for 2 people, none the less if there is kids, then if you want a vacation or new clothing
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post 1585420221 08-06-2019, 01:48 PM
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Originally Posted By MrAWatts⏩
On 40k a year you could pay my rent and then have no money for food, car, gas, insurance, internet, netflix, clothes, etc.
you’re rent is $3,300 k? Lmao where at a penthouse
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post 1585420841 08-06-2019, 01:56 PM
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Originally Posted By HMFIC_BROWSIN⏩
40k after tax no kids is pretty good in most cities in usa.
Thats about 60kish after taxes depending on where you are and how much you decide to pay. 40k a year is ok if you are single with no obligations and not much debt. If you are trying to raise a family off that much.. Good luck.

It sucks because a lot of the people making that little are trying to raise a family.
post 1585420981 08-06-2019, 01:57 PM
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Originally Posted By kingHanley⏩
you’re rent is $3,300 k? Lmao where at a penthouse
go to the west coast, a semi decent house here is 2,500 plus with no backyard 3 bed 1-2 bath, areas with good schools 3k and up
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post 1585421441 08-06-2019, 02:03 PM
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Originally Posted By kingHanley⏩
you’re rent is $3,300 k? Lmao where at a penthouse
$2500
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post 1585421491 08-06-2019, 02:03 PM
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I currently live on about $20k per year all in, so I could make that work. However, it wouldn't be fun.
post 1585421511 08-06-2019, 02:04 PM
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Originally Posted By WafflesBrah⏩
Depends on location. Peep location, if you're in NY that's enough for you to live in a rat infested apartment in the projects or with roommates that are broke like you.
This.

It's largely location-dependent (e.g. someone might be comfortable on 40K in the midwest yet struggle on 150K in SF) and therefore largely comes down to what you value and the kind of life you want to live. However human nature is to compare to others, therefore people will always be happier the farther up you go in RELATIVE income (vs your neighbours/peers). So a guy making 60K in a 30K neighborhood might feel great while a guy making 200K in a 300K hood (e.g. Atherton) will feel like a loser.
post 1585421671 08-06-2019, 02:06 PM
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Originally Posted By snailsrus⏩
Bout right

https://www.usinflationcalculator.com/

Since 2000 one dollar then is now worth a dollar 1.50 now so 40 k is about 60k now and with rent here for a meh 2 bedroom condo being 1400, internet, food, gas, utilities, car/health insurance, savings, phones, dental/glasses bills are easy pushing 2,500 for 2 people, none the less if there is kids, then if you want a vacation or new clothing
You could 100% EASILY live on 40k/year. It's called living within your means.

Rent a room instead of a 1 BR apartment
Buy and older used car that gets good gas mileage with cash.
Buy groceries and cook.
Don't party every night.

When I moved out when I was 20 in 2000 I was making $13/hour (27k/year pre-tax) and I was still able to save 50% of my income WITH a car payment of $300/month . Wouldn't you know, $27k in 2000 is exactly $40k today... and I live in an area that has a 67% higher cost of living than the US average.

Obviously if you are married and/or have kids, you're ****ed if your household income is only $40k/year. That's straight up poverty for a family, but single? More than enough (in most places in the US..IE not SF or NY)
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post 1585421721 08-06-2019, 02:07 PM
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Originally Posted By ashin1⏩
If I made 30k in passive income a year I’d feel very wealthy srs
I've seen a great definition of financial freedom: owning a portfolio of dividend growth stocks yielding twice your annual spending. A high bar for sure, but prudent and conservative.
post 1585421771 08-06-2019, 02:07 PM
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Originally Posted By OliverHeldens⏩
I currently live on about $20k per year all in, so I could make that work. However, it wouldn't be fun.
This is true^

Living on $25k/yr is easy, but it would absolutely suck cawk if you had no other choice.
post 1585421911 08-06-2019, 02:09 PM
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For a single person, you can definitely survive on that income. Just gotta cut out all the useless stuff and make smart financial decisions.
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post 1585421961 08-06-2019, 02:10 PM
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#51
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Originally Posted By pondus_levo⏩
You could 100% EASILY live on 40k/year. It's called living within your means.

Rent a room instead of a 1 BR apartment
Buy and older used car that gets good gas mileage with cash.
Buy groceries and cook.
Don't party every night.

When I moved out when I was 20 in 2000 I was making $13/hour (27k/year pre-tax) and I was still able to save 50% of my income. Wouldn't you know, $27k in 2000 is exactly $40k today... and I live in an area that has a 67% higher cost of living than the US average.

Obviously if you are married and/or have kids, you're ****ed if your household income is on $40k/year. That's straight up poverty for a family.
married and kids was more what I was meaning not when you first move out, I spent less than 15000 a year then again health insurance wasn’t 400 bucks a month with high deductibles and covered my glasses and dental and rent was 750 for a 2 bedroom apartment
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post 1585421991 08-06-2019, 02:10 PM
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Originally Posted By hiimnotcool⏩
But damn brahs. It's hard to resist when your income literally almost doubles in one day. Kinda went into fuk it mode and got everything I always wanted. Funny thing is that it, of course, didn't make me inherently happier or improve my life in any real or tangible way. Yeah, it's nice driving a brand new Dodge Challenger and not driving an 03 Mercury Grand Marquis around anymore, but in the end both got the job done.

More money more (self inflicted) problems nomsayin? Gotta find a balance.
This is the trap the vast majority fall into. Spending expands to consume income (and for many, available credit). A modicum of discipline shown in the early years of your career (e.g. continue living like a student or a bit above for the first few years) can go a very long way to establishing financial security down the road.
post 1585422011 08-06-2019, 02:10 PM
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Originally Posted By ashin1⏩
If I made 30k in passive income a year I’d feel very wealthy srs
I'd love that too, but wouldnt that require well over 100k invested into stocks? lol
post 1585422171 08-06-2019, 02:12 PM
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#54
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Last year I netted around 80K (after taxes) and around $20K in passive



I live on less then a $1000/month, drive a beat up pickup, and eat beans/rice for nearly every meal.



I own rental property and have a huge stock portfolio.



My cheapness has caused women to leave me and damaged relationships. I dunno if it's genetic but I am by far the cheapest person I've ever met.
post 1585422251 08-06-2019, 02:14 PM
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Originally Posted By Gronnie⏩
Ain't nobody paying you $600/wk for a $10k house, especially when they are making $30/hr.
Ever heard of per diem? Jobs like that typically pay $80-100/day for people travelling to work there, the guy you quoted said they were 3 bdrm houses so that's only $200/week when split 3 ways by guys that are getting $500+ tax free a week for living expenses on top of their nominal pay rate.
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post 1585422451 08-06-2019, 02:16 PM
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Originally Posted By Beararms⏩
I'd love that too, but wouldnt that require well over 100k invested into stocks? lol
"well over $100k in stocks" isn't chit.

4% withdrawal rule states you need to be able to survive off a 4% withdrawal of your total investments.

so in order to withdraw $40k/year, you need $1,000,000 invested.
post 1585422841 08-06-2019, 02:21 PM
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Originally Posted By drunkracoon252⏩
Last year I netted around 80K (after taxes) and around $20K in passive



I live on less then a $1000/month, drive a beat up pickup, and eat beans/rice for nearly every meal.



I own rental property and have a huge stock portfolio.



My cheapness has caused women to leave me and damaged relationships. I dunno if it's genetic but I am by far the cheapest person I've ever met.
Why do you need all that savings? What's the end goal since it doesn't seem to be settling down with a wife and kids?
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post 1585423041 08-06-2019, 02:24 PM
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Originally Posted By HMFIC_BROWSIN⏩
"well over $100k in stocks" isn't chit.

4% withdrawal rule states you need to be able to survive off a 4% withdrawal of your total investments.

so in order to withdraw $40k/year, you need $1,000,000 invested.
Holy hell I was way off lol. Looks like real estate it is until I have enough that I can maybe do that.
post 1585423131 08-06-2019, 02:25 PM
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Not sure what you expect when it's barely more than what most places consider minimum wage.

I get a laugh everytime I see these "good" jobs people talk about in ******** groups and the pay is $31K/yr. Average income is basically poverty now.
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post 1585423361 08-06-2019, 02:30 PM
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Originally Posted By pondus_levo⏩
You could 100% EASILY live on 40k/year. It's called living within your means.

Rent a room instead of a 1 BR apartment
Buy and older used car that gets good gas mileage with cash.
Buy groceries and cook.
Don't party every night.

When I moved out when I was 20 in 2000 I was making $13/hour (27k/year pre-tax) and I was still able to save 50% of my income WITH a car payment of $300/month . Wouldn't you know, $27k in 2000 is exactly $40k today... and I live in an area that has a 67% higher cost of living than the US average.

Obviously if you are married and/or have kids, you're ****ed if your household income is only $40k/year. That's straight up poverty for a family, but single? More than enough (in most places in the US..IE not SF or NY)
You said rent a room instead of an apartment? Um, we're adults here
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