[Danknee]

Agree or disagree based on your experience? $25,227 to cover necessities. Personally I feel like this number is pretty realistic for someone who is debt free. Article link, Vegas is number 22.

[Katie the heartbreaker]

It's heavily flawed. For example, it says Las Vegas residents make a median income $450 higher than what it takes to live live comfortably on. The flaw is they use a after tax income of $50,453. That equates to over $60,000 a year gross. It takes me $7,200 a year to cover necessities which is not even one-third of their figure. A single person could live quite well in Las Vegas on $50,000 a year, but a family of 6 could not. The article does not account for that either.

[NLVgal]

I was wondering about that as well. Is this article saying that the average person in Vegas makes 50k, or that is the median household income?

[Mia775]

Keyword: debt-free

Also people's definition of "comfortably" varies but my personal take is: you aren't spending more than 30% of your gross salary on housing, able to put away at least 15% in savings, have ample healthcare coverage, a paid off car, and debt-free.

Some people just can't live within their means and that's where the conversation needs to start. I can never understand people who complain that they can't afford to support their family of four on minimum wage. Can't afford kids? Don't have them (yet).

[SportyandMisty]

The question "how much income do I need to live comfortably" is a valid question. So are its corollaries:

How much money do I need to retire
How much income do I need to buy a house
How much income do I need to raise a family of 4
How much income do I need to buy a fancy car
How much money do I need to take a world cruise
How much income do I need to be "middle class"

etc

Inevitably, these discussions devolve into strong disagreements because the question is so ill specified. Sometimes it devolves into a shouting match over political positions.

In economics, there is a fundamental concept: there is no such thing as a need. In economics, it is about wants and desires in a world of scarce resources, efficient allocation of capital, and trade-offs.

I have never seen a discussion come up with any insights. One person's "I get by fine on $X" is pitted against someone else's "I spend $Y and I need more". One person's "You need an emergency fund of $X" is pitted against someone else's "That isn't enough. You need $Z".

[Cold Warrior]

Originally Posted by Katie the heartbreaker

It's heavily flawed. For example, it says Las Vegas residents make a median income $450 higher than what it takes to live live comfortably on. The flaw is they use a after tax income of $50,453. That equates to over $60,000 a year gross. It takes me $7,200 a year to cover necessities which is not even one-third of their figure. A single person could live quite well in Las Vegas on $50,000 a year, but a family of 6 could not. The article does not account for that either.

You have not considered the effects of deductions, exemptions, EIC, ...

[robojester]

We both live on WAY less than that

[Cold Warrior]

Originally Posted by robojester

We both live on WAY less than that

Well, wealthy people need a lot less income.

[Camaro5]

Looking at this from a retirement standpoint, which is obviously different, having enough money to not worry about paying the bills, have some fun, and travel a little would be my definition of comfort.

In that regard, $50K might get it done if there was no mortgage and no debt, but it depends on what kind of lifestyle you want.

[Mia775]

Originally Posted by SportyandMisty

In economics, there is a fundamental concept: there is no such thing as a need. In economics, it is about wants and desires in a world of scarce resources, efficient allocation of capital, and trade-offs.

If only economics were taught in school or something...