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Old 08-14-2012, 03:46 PM
 
Location: Somewhere between Corpus and Austin, TX
136 posts, read 199,960 times
Reputation: 58

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Pretty straight forward question. I'm a single 28 y/o male, no tie-downs except a $300/mo car pmt and usual bills phone/insurance/cable etc. I am anticipating overall cost of living to be high (rent ~ $1k) and am just a little worried about making it with a salary under $50k/year while trying to do things like save for retirement, house, and life's speed bumps. Thanks!

Last edited by no cigar; 08-14-2012 at 04:55 PM..
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Old 08-14-2012, 06:24 PM
 
182 posts, read 312,623 times
Reputation: 106
I know people who live on that salary in DC with comparable rent. You'll be fine, just don't go making it rain every weekend, cook your own food, etc etc smart spending.
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Old 08-14-2012, 06:29 PM
 
Location: Florida -
5,008 posts, read 3,605,773 times
Reputation: 5777
It's not how much you make, but how much you choose to spend that will determine whether you can make it on $40-$50K or even $400-$500K .... just like everyone else!

The notion that one can spend whatever they want and have whatever they want, regardless of what they have ... is only a government-sponsored fairy tale.
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Old 08-14-2012, 07:33 PM
 
Location: The Triad (nc)
17,737 posts, read 24,057,602 times
Reputation: 14944
If you don't insist on ALSO having a Mercedes or a BIG home or playing 18 holes 2X a week or other such indulgences and of course you don't live in Manhattan or coastal California... $45-50,000 will be plenty.
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Old 08-14-2012, 07:39 PM
 
18,047 posts, read 5,897,234 times
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Quote:
Originally Posted by jghorton View Post
It's not how much you make, but how much you choose to spend that will determine whether you can make it on $40-$50K or even $400-$500K .... just like everyone else!

Let's say you make $12K, do you think you could make it on that income? How exactly would you "choose" to spend less than that?
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Old 08-14-2012, 07:54 PM
 
Location: Washington, DC area
579 posts, read 536,675 times
Reputation: 661
I think you'll be fine, OP. I made that much at my first job out of grad school. My rent and utilities were a little over $1000 a month and I paid about $400 a month towards student loans. I didn't have enough to save for a house but I was still able to contribute to my 401k, go out with friends, save towards an emergency fund and take a vacation that year.
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Old 08-14-2012, 07:55 PM
 
Location: The Triad (nc)
17,737 posts, read 24,057,602 times
Reputation: 14944
Quote:
Originally Posted by freemkt View Post
Let's say you make $12K, do you think you could make it on that income?
Those people who can't or won't earn more than $12,000 have other problems.

You should start another thread on how to get EIC and food stamps and S8 housing
and/or whichever of the twenty or so other benefits available to them to get by with.
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Old 08-14-2012, 08:05 PM
 
18,047 posts, read 5,897,234 times
Reputation: 3395
Quote:
Originally Posted by MrRational View Post
Those people who can't or won't earn more than $12,000 have other problems.

You should start another thread on how to get EIC and food stamps and S8 housing
and/or whichever of the twenty or so other benefits available to them to get by with.
I am unskilled with no marketable skills and cannot afford education or training.

Sadly, I lack the necessary expertise or experience to be qualified to start such a thread. I don't get EIC or food stamps or S8 housing. As a childless adult, I am unaware of any "other benefits" available to me.
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Old 08-14-2012, 08:14 PM
 
Location: Chicago
1,873 posts, read 2,869,703 times
Reputation: 803
its really not a straight forward question, if it was you could plug the #s into a calculator and see the #s yourself. I personally couldnt live on 45k a year as my obligations are higher. However when I was younger, I was making about that amount in a higher COL area and had a higher car payment. Its all about choices (wow that sounds cheesey) IE you either buy a nice bottle of scotch you can sip for the month, or drink as much old style that you can handle. With some budgeting you should do just fine
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Old 08-14-2012, 08:16 PM
 
Location: The Triad (nc)
17,737 posts, read 24,057,602 times
Reputation: 14944
Quote:
Originally Posted by freemkt View Post
I am unskilled with no marketable skills and cannot afford education or training.
I've seen you make this assertion this about 100 times now.
It is past being old.
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