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Can You Have a Family on 30k-50k After Tax/Year?
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11-16-2022, 06:41 PM
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#1
Can You Have a Family on 30k-50k After Tax/Year?
Some of us are poverty. Can you have a healthy family on a low salary? Obviously there are so many variables.
Btw I'm 26, obviously I'll be making a lot more into my mid thirties and forties, but I'm talking about rn
Btw I'm 26, obviously I'll be making a lot more into my mid thirties and forties, but I'm talking about rn
11-16-2022, 06:46 PM
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#2
11-16-2022, 06:48 PM
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#3
- Godfrd824
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My parent's household made about $40k in the early 2000s, and we never went hungry. With that said, if you can't hit at least $75k by 35, are you even trying?
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11-16-2022, 06:48 PM
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#4
- ChewYourFood
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You just have to be able to manage your expenses if you want a family. People manage to make it work at all income levels.
On the flip side. I know a lot of guys that make a chit ton of money that are too busy to even see their kids.
On the flip side. I know a lot of guys that make a chit ton of money that are too busy to even see their kids.
11-16-2022, 06:50 PM
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#5
- multiplemiggs
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Beans & rice
You could do it if you didn't have a huge rent or mortgage
You could do it if you didn't have a huge rent or mortgage
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11-16-2022, 06:52 PM
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#6
- Milo1974
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- Milo1974
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At the upper-end of that, 50k net take-home, for a spouse and 1 or maaaayyyybbeeeee 2 kids, as long as you are living relatively modestly. Healthy, but barely.
30k will get you a cheap spouse OR a child that will have a hard time thriving.
30k will get you a cheap spouse OR a child that will have a hard time thriving.
11-16-2022, 06:56 PM
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#7
- MyGhettoFantasy
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- MyGhettoFantasy
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Where are you raising said family? $50k is stretching it. You'll survive but not much else.
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11-16-2022, 06:57 PM
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#8
- notbadnotbrad
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You'll raise poverty kids who will have a poverty mindset who will have more poverty kids with more poverty mindsets and then this will just continue indefinitely and your poverty seed will have stolen money in the form of taxes and social welfare from hard-working non-poverty, people, for generations to come
Pathetic, selfish, and a detriment to society to have kids earning this much $$
Pathetic, selfish, and a detriment to society to have kids earning this much $$
11-16-2022, 06:59 PM
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#9
11-16-2022, 07:01 PM
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#10
- multiplemiggs
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Originally Posted By DieAlone⏩
Basedof course. people having familes living on welfare
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11-16-2022, 07:03 PM
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#11
- MattyMiscer
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- MattyMiscer
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Originally Posted By Plato234⏩
You can, but I mean obviously it helps if your wife is working and making that much money too.Some of us are poverty. Can you have a healthy family on a low salary? Obviously there are so many variables.
Btw I'm 26, obviously I'll be making a lot more into my mid thirties and forties, but I'm talking about rn
Btw I'm 26, obviously I'll be making a lot more into my mid thirties and forties, but I'm talking about rn
What kind of pre-tax income are you talking about? Because $50kaftertax in California, for example, would be a lot more in a state like Texas, Tennessee, or Florida.
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11-16-2022, 07:09 PM
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#12
11-16-2022, 07:10 PM
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#13
- FAPhaggot
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$30k is pushing the poverty line even as a single man, outside of the most LCOL areas.
For a dependent spouse and even one child, you are looking at food stamps and/or section 8 housing.
For a dependent spouse and even one child, you are looking at food stamps and/or section 8 housing.
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11-16-2022, 07:15 PM
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#14
- DeadlyStriker
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- DeadlyStriker
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Yes, depending where you are. I'll make about 60-63k before taxes and depending on OT and bonus, but even after getting raped via IL taxes it is definitely enough to provide for a family where I live IF I live frugally.
The problem is that inflation will continue and COL will go up more eating into your income.
So we have to make more. If you want to live comfortably and loosely financially without stressing, you should work your way, as a man, to make 6 figures. Just don't also increase your lifestyle to match that right away and you'll be 100% fine.
The problem is that inflation will continue and COL will go up more eating into your income.
So we have to make more. If you want to live comfortably and loosely financially without stressing, you should work your way, as a man, to make 6 figures. Just don't also increase your lifestyle to match that right away and you'll be 100% fine.
11-16-2022, 07:36 PM
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#15
- Cadet4life
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my parents did. i am an only child.
they never ate out, no extravagant vacations or any other big spending
they never ate out, no extravagant vacations or any other big spending
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11-16-2022, 07:39 PM
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#16
- FAPhaggot
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Originally Posted By Cadet4life⏩
Brah, you grew up how many USDs ago? $30k in the 1990s isn't $30k today.my parents did. i am an only child.
they never ate out, no extravagant vacations or any other big spending
they never ate out, no extravagant vacations or any other big spending
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11-17-2022, 03:22 PM
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#17
$50k after taxes in my area is like $60-62k pre-taxes, and I live in an area that is super low taxes and medium cost of living. That's what I used to make 5 years ago, and living with roommates while trying to be frugal simultaneously made it fairly easier to save money / pay off fairly hefty debts. I imagine without roommates, and just a house-wife + kids the ability to save extra would be challenging... back then... darn near impossible in 2022 after all the economic shifts and inflation. So I'd say, get the wife working if she isn't, or otherwise you and/or your wife NEED to be on a career track that would enable y'all to significantly increase that income, srs. At the end of the day, the goal is to make MORE than your CoL, so you save/invest/pay-off-debt.
A typical 2 bedroom apartment in my area is like $1800/mo. Add all the bills, fees, it's easily $2200. Add food for a family (hubby, wife, 1 kid) and it's like bringing it up to $2800. Increase it up to $3100 for extra kid expenses. IDK the car situation, but I recommend owning a beater or similar so that you have zero car payments - still need insurance though, and gas, unsure if the wife needs a car, probably not outlandish to say vehicles escalate the CoL from $3100 then to like $3500 minimum. We're already at $42k/yr (after taxes).
Based on the above, especially if higher CoL areas or with higher taxes areas, I'd say modern families need closer to $80k pre-tax to be able to get ahead, srs.
A typical 2 bedroom apartment in my area is like $1800/mo. Add all the bills, fees, it's easily $2200. Add food for a family (hubby, wife, 1 kid) and it's like bringing it up to $2800. Increase it up to $3100 for extra kid expenses. IDK the car situation, but I recommend owning a beater or similar so that you have zero car payments - still need insurance though, and gas, unsure if the wife needs a car, probably not outlandish to say vehicles escalate the CoL from $3100 then to like $3500 minimum. We're already at $42k/yr (after taxes).
Based on the above, especially if higher CoL areas or with higher taxes areas, I'd say modern families need closer to $80k pre-tax to be able to get ahead, srs.
11-17-2022, 03:42 PM
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#18
- goonsondeck
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- goonsondeck
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if house is paid off easy
11-17-2022, 03:43 PM
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#19
- Robmnrd
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- Robmnrd
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30k total household take-home is pretty fukking low for a 'family' (assuming minimum of three people - two adults and one child). I think your low end would be basically impossible to live a 'healthy' life on, OP.Especiallywith how fukking expensive everything is nowadays. The reason why is that 'healthy' also accounts for potential problems and unforeseen events. One moderate car accident is all it would take to literally leave this family homeless, impoverished, and basically ruined from that point on.
40k - probably doable even with 2022 prices, assuming a very strict budget and living in a low COL place.
50k+ - definitely doable. With a strict budget the parents could even be putting some money away for retirement at this point.
40k - probably doable even with 2022 prices, assuming a very strict budget and living in a low COL place.
50k+ - definitely doable. With a strict budget the parents could even be putting some money away for retirement at this point.
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11-17-2022, 03:46 PM
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#20
- JayDigital
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I imagine a family, say of four with parents and two kids, on $30k net would be quite a challenge. Could be done relatively comfortably on $50k net in a low cost of living area while living on a tight budget.
11-17-2022, 04:01 PM
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#21
11-17-2022, 04:03 PM
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#22
11-17-2022, 04:04 PM
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#23
11-17-2022, 04:06 PM
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#24
- AdamWW
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- AdamWW
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Depends on your debts and how much you have in the bank + investments.
With zero debt, a lot saved away, investments.... if you had no mortgage, etc...... in a low cost area... sure.
With zero debt, a lot saved away, investments.... if you had no mortgage, etc...... in a low cost area... sure.
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11-17-2022, 04:10 PM
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#25
- SamIAm1892
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Originally Posted By Jestbrah⏩
My exact thoughts.why are people saying "my parents did"
as if CoL is the same and inflation isnt a factor in 2020+
.......
as if CoL is the same and inflation isnt a factor in 2020+
.......
People don't realize we surpassed them in by miles with ridiculous inflation.
11-17-2022, 04:15 PM
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#26
- AgnarBagnar
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- AgnarBagnar
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The poverty line is like 12k for one person, 26k is the line for the combined income of 4 people.
Median per capita income is 35k, median household income is 60k.
People have survived on less but 50k to 60k per year total household income is pretty comfortable and that is the most common.
For reference, 30k per year is in the top 1% income of the world, in many countries people make like 300 USD a month to be a doctor.
That is a part of living in the first world, such as the USA, but there is still a large amount of poverty.
Median per capita income is 35k, median household income is 60k.
People have survived on less but 50k to 60k per year total household income is pretty comfortable and that is the most common.
For reference, 30k per year is in the top 1% income of the world, in many countries people make like 300 USD a month to be a doctor.
That is a part of living in the first world, such as the USA, but there is still a large amount of poverty.
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