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Old 10-15-2012, 11:10 AM
 
28,906 posts, read 42,441,834 times
Reputation: 45542

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It really depends on where you're living. In a major metro, that might get you a decent apartment. In a secondary or tertiary market, you could live well on that.
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Old 10-15-2012, 12:10 PM
 
Location: Scottsdale, AZ
4,486 posts, read 14,258,743 times
Reputation: 3890
I guess I'm in the minority here because I think it'd be quite difficult to live off $60K/ year even if you're single without dependents. I'm single, without dependents, and I don't think I could live a decent life from a $60K/ year salary. Break it down and you aren't left with much at the end of the month.

$60K/ year pre-tax = $44k/ appx after-tax
$44K/ 12 months = $3700/ month
_____________________________
$1200/ mortgage payment
$400/ student loans
$400/ car payment
$200/ cell phone/internet/television
$500/ food
$300/ fuel
$200/ house/health/car insurance
$300/ savings
$200/ miscellaneous expenses
$300/ HOA/utilities
____________________
$3700/ month gone.

Obviously adjust expenses accordingly but it's safe to say this could be the situation for many Americans. It's expensive to live nowadays even in areas that don't have high cost-of-living. Frankly if you live in San Fran or New York City, I don't think you could manage without a high six figure salary.
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Old 10-15-2012, 12:22 PM
 
Location: usa
854 posts, read 1,193,534 times
Reputation: 301
Quote:
Originally Posted by SpeedyAZ View Post
I guess I'm in the minority here because I think it'd be quite difficult to live off $60K/ year even if you're single without dependents. I'm single, without dependents, and I don't think I could live a decent life from a $60K/ year salary. Break it down and you aren't left with much at the end of the month.

$60K/ year pre-tax = $44k/ appx after-tax
$44K/ 12 months = $3700/ month
_____________________________
$1200/ mortgage payment
$400/ student loans
$400/ car payment
$200/ cell phone/internet/television
$500/ food
$300/ fuel
$200/ house/health/car insurance
$300/ savings
$200/ miscellaneous expenses
$300/ HOA/utilities
____________________
$3700/ month gone.

Obviously adjust expenses accordingly but it's safe to say this could be the situation for many Americans. It's expensive to live nowadays even in areas that don't have high cost-of-living. Frankly if you live in San Fran or New York City, I don't think you could manage without a high six figure salary.
500 is pricey for food! everything else seems reasonable, but I'd try to purchase a cheaper car
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Old 10-15-2012, 12:39 PM
 
Location: Scottsdale, AZ
4,486 posts, read 14,258,743 times
Reputation: 3890
Quote:
Originally Posted by futureATLien View Post
500 is pricey for food! everything else seems reasonable, but I'd try to purchase a cheaper car
Yes, obviously every person adjusts accordingly to their lifestyle but speaking in generalities, many Americans likely have a situation that fits those basic expenses. Some pay have a higher house payment, some may have a lower car payment, some may spend less on food, some may spend more on entertainment, etc. Once you think about it...if you spend $350/ month on groceries (which doesn't buy much anymore) and eat out 5 times during the month at a moderate restaurant spending $30 each time...that's $150 right there. I don't think $500 on food is too bad especially if you buy organic and none of that prepackaged junk.

I'm single and rarely cook so spending $1000/ month on restaurants isn't unheard of and many of those are mid-priced establishments.
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Old 10-15-2012, 12:43 PM
 
Location: Los Angeles, CA
9,783 posts, read 7,022,140 times
Reputation: 24156
60k with no other debts is much different than 60k with a 500 car payment, 300 student loan and a 300 credit card. So it really depends on your other expenses.
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Old 10-15-2012, 01:20 PM
 
Location: Dallas, TX
2,615 posts, read 4,176,481 times
Reputation: 3239
Quote:
Originally Posted by SpeedyAZ View Post
I guess I'm in the minority here because I think it'd be quite difficult to live off $60K/ year even if you're single without dependents. I'm single, without dependents, and I don't think I could live a decent life from a $60K/ year salary. Break it down and you aren't left with much at the end of the month.

$60K/ year pre-tax = $44k/ appx after-tax
$44K/ 12 months = $3700/ month
_____________________________
$1200/ mortgage payment
$400/ student loans
$400/ car payment
$200/ cell phone/internet/television
$500/ food
$300/ fuel
$200/ house/health/car insurance
$300/ savings
$200/ miscellaneous expenses
$300/ HOA/utilities
____________________
$3700/ month gone.

Obviously adjust expenses accordingly but it's safe to say this could be the situation for many Americans. It's expensive to live nowadays even in areas that don't have high cost-of-living. Frankly if you live in San Fran or New York City, I don't think you could manage without a high six figure salary.
That's some pricey money on food. While I agree it COMPLETELY depends on where you are as to whether $60k is a reasonable salary, those are some fairly high numbers. Plus, if you are living in a big, expensive city like NY or SF, do you really need a $400/month car payment and $300 in gas? No.

It definitely does depend on HOW and WHERE you want to live though. I made this amount when I first graduated (single and no kids at that point vs married now) and felt VERY comfortable: maxed 401k, maxed Roth IRA, had a nice apartment without a roommate, paid extra toward my student loans, went out with friends some, and still put a lot away for savings

Last edited by jamiecta; 10-15-2012 at 01:46 PM..
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Old 10-15-2012, 01:32 PM
 
917 posts, read 1,587,303 times
Reputation: 698
Quote:
Originally Posted by SpeedyAZ View Post
I guess I'm in the minority here because I think it'd be quite difficult to live off $60K/ year even if you're single without dependents. I'm single, without dependents, and I don't think I could live a decent life from a $60K/ year salary. Break it down and you aren't left with much at the end of the month.

$60K/ year pre-tax = $44k/ appx after-tax
$44K/ 12 months = $3700/ month
_____________________________
$1200/ mortgage payment
$400/ student loans
$400/ car payment
$200/ cell phone/internet/television
$500/ food
$300/ fuel
$200/ house/health/car insurance
$300/ savings
$200/ miscellaneous expenses
$300/ HOA/utilities
____________________
$3700/ month gone.

Obviously adjust expenses accordingly but it's safe to say this could be the situation for many Americans. It's expensive to live nowadays even in areas that don't have high cost-of-living. Frankly if you live in San Fran or New York City, I don't think you could manage without a high six figure salary.
The bolded is the problem. That's why I said it's easy to live on 60K if you have very little debt. Also, do you really need to spend that much on food for one person?

I live in NYC. You can survive on less than 6 figures if you live in the other boroughs outside of manhattan. For me personally, I could live well on 60K here as a single adult with no debt (not living in manhattan of course). When you have debt AND you live in a high COL area, it gets tricky.
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Old 10-15-2012, 01:37 PM
 
Location: Keosauqua, Iowa
8,091 posts, read 14,013,986 times
Reputation: 9343
I make half that, I'm not driving a Bentley but I'm comfortable.
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Old 10-15-2012, 01:45 PM
 
47,353 posts, read 67,289,689 times
Reputation: 10220
In my area, you could live well, if not anywhere you want to.
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Old 10-15-2012, 01:58 PM
 
Location: NY
8,762 posts, read 12,820,962 times
Reputation: 10782
I have never made much more than that in a given year, but I own a home outright, and the only debt I have is a car loan (which I only took because of a low financing offer that was too good to pass up).

So many factors play in, but in general, $60K should allow a decent standard of living, as long as debts have not gotten out of control.
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