$50K/year for a single 28 year old male.... (payment, rent, taxes)
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As long as you're saving a good percentage of your income, live in a decent neighborhood and aren't suffering, that is enough. There was actually a post by someone who claimed to be doing all right on $10K in Las Vegas.
Works in higher education = free tuition for children later in life.
You may not be making much now, but if you can play the game right and have a plan, you will be fine. Below is an example of a couple that I knew who really knew how to play the game:
I went to a boarding school and the teachers that were couples couldn't have made over 80k a year yet they had a quality of life better than many people I know.
Their two kids both attended the school, then went onto ivy leagues which they had minimal expenses due to their parents low income. The parents lived at school in a nice house (seniority gets you nice things) and got their meals from the dinning hall. Yet they owned a small cabin on a lake in New Hampshire that they spent their summers. A cheap place due to the remote location, but they didn't have a primary residence to pay a mortgage on so it worked out.
Works in higher education = free tuition for children later in life.
You may not be making much now, but if you can play the game right and have a plan, you will be fine. Below is an example of a couple that I knew who really knew how to play the game:
I went to a boarding school and the teachers that were couples couldn't have made over 80k a year yet they had a quality of life better than many people I know.
Their two kids both attended the school, then went onto ivy leagues which they had minimal expenses due to their parents low income. The parents lived at school in a nice house (seniority gets you nice things) and got their meals from the dinning hall. Yet they owned a small cabin on a lake in New Hampshire that they spent their summers. A cheap place due to the remote location, but they didn't have a primary residence to pay a mortgage on so it worked out.
Higher education is not HS. It sounds like a public university in FL and your kids don't go free automatically.
I went to a boarding school and the teachers that were couples couldn't have made over 80k a year yet they had a quality of life better than many people I know.
Their two kids both attended the school, then went onto ivy leagues which they had minimal expenses due to their parents low income. The parents lived at school in a nice house (seniority gets you nice things) and got their meals from the dinning hall. Yet they owned a small cabin on a lake in New Hampshire that they spent their summers. A cheap place due to the remote location, but they didn't have a primary residence to pay a mortgage on so it worked out.
I also went to a boarding school... Tuition is approximately $90,000 a year per kid. The teachers who taught there sent their kids for free - and then subsequently shipped them off to top notch colleges (international applicant!) with honking scholarships to boot. Some couples lived in the boarding houses in small but well furnished private apartments and ate with students (free). They made not have made much, but they saved a bundle with these arrangements.
But man o man...$50K/year for a "single" male IS very good. With that money, "I" could afford:
- $25-$30K new car
- $200K - $300K new home or $1800/month for very nice apartment.
- 1 week in Hawaii resort 3 times a year
- Shop at mall for clothes, not Target or Walmart.
- Eat out 3-5 times per week
- Contribute $250 monthly to my 401K
...and still send my momma money. Key word is "SINGLE". No strings baby!!! Add any dependent to the mix and you can take 1/3 off the top and redo the math.
But man o man...$50K/year for a "single" male IS very good. With that money, "I" could afford:
- $25-$30K new car
- $200K - $300K new home or $1800/month for very nice apartment.
- 1 week in Hawaii resort 3 times a year
- Shop at mall for clothes, not Target or Walmart.
- Eat out 3-5 times per week
- Contribute $250 monthly to my 401K
...and still send my momma money. Key word is "SINGLE". No strings baby!!! Add any dependent to the mix and you can take 1/3 off the top and redo the math.
Not if you live in Chicago... lol. I make above that and am still barely scraping by.
But man o man...$50K/year for a "single" male IS very good. With that money, "I" could afford:
- $25-$30K new car
- $200K - $300K new home or $1800/month for very nice apartment.
- 1 week in Hawaii resort 3 times a year
- Shop at mall for clothes, not Target or Walmart.
- Eat out 3-5 times per week
- Contribute $250 monthly to my 401K
...and still send my momma money. Key word is "SINGLE". No strings baby!!! Add any dependent to the mix and you can take 1/3 off the top and redo the math.
Wow... now we see how people get into credit card debt up to their eyeballs....
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