Do u think $50k/year is enough to make it in San Diego? (fit in, hair salon)

[OptimusPrime69]

I'm a 27 y/o single male, do u think $50k a year is enough for me to support myself in san diego?

Mind u, I have a car note each month of $370 and some student loan payments, in addition to everything else I'll need like rent, utilities, food, gas, etc

U think I can make it on 50k?

[LadyKLO]

What are you student loans i.e. how much are you paying a month? what other debts do you have?

[OptimusPrime69]

no other debts really. student loans are about $127/month

[shmoov_groovzsd]

Optimus,

I have seen folks make at or below that amount on their own. The fact that you dont have a family or kids to support put you in a favorable position.
Its do able from what I have seen so long as your expectations are in line. (eg maybe not owning a 2012 BMW M3) lol

Your debt exposure is definitely in your favor.

IN the short term you will be fine. Keep a medium-long range financial goal in mind though while you are here like earning potential etc.

Good luck

[MovingAloha]

Originally Posted by OptimusPrime69

I'm a 27 y/o single male, do u think $50k a year is enough for me to support myself in san diego?

Mind u, I have a car note each month of $370 and some student loan payments, in addition to everything else I'll need like rent, utilities, food, gas, etc

U think I can make it on 50k?

I'm not sure of your timeline for trying to get to San Diego, but I strongly recommend you save, save, save! The $50K figure should be okay for you based on what you stated are your expenses. But as Shmoov stated you need to be quite frugal in your discretionary expenses. If your $50K is coming from new employment - Congrats on the new Job. If you are anticipating finding good employment at that salary, then it may be problematic for some time, so that savings plan will aide you well.
Good Luck!

[skeke]

I would think a single person could make it on $50,000. Supposedly it takes a minimum of $70,000 for a family of four to have the basic neccessities in San Diego.

[Clevelandgal]

I don't have the back up data-and truthfully the variables are HUGE, but someone told they calculated for themselves ( single person with minimal debt, and pretty simple lifestyle) needs to come in at about 28,000-30,000 if they want their own apartment. As you can see, someone coming here with the often stated example of $5,000-10,000 and no job, wont make it too long-esp since "start up costs" (deposits, auto registration and so on) add up. I don't fit in the demographic example, but if I had to I certainly could live on 50,000 or even 30,000 for that matter

[earlyretirement]

I've posted about this a few times but it just depends what type of quality of life you are used to. How much disposable income you spend, do you buy the latest gadgets, do you travel at all, bad habits (drugs, smoking, booze, etc).

The best way is to make a spreadsheet of all your actual expenses. It will be the only way to see if you can afford it. Personally I think you could afford it if you're single and don't have kids. That's the big difference with kids or supporting someone else.

Definitely count in your game plan, retirement savings.

Do yourself a favor and just be totally honest and objective with how you spend money. Take the time to make an Excel spreadsheet with your income and then these expenses and see what you have left over (keep in mind some of this stuff doesn't apply to you since you don't have kids. I copied and pasted from another thread where I posted on this:


-Mortgage or Rent
- Property taxes if you own
-Phone (Land line and Cell phone, blackberry, etc)
- Utilities (gas, water, electricity, cable, internet, etc)
- HOA fees
- Maintenance and repairs (if you own a property)
- Car payments
- Car insurance
- Auto Fuel each month
- Registration fees for your car each year
- Maintenance on your car
- Home/rental insurance for your property
- Life insurance
- Health insurance premiums
- School expenses for kids (tuition, stuff for school, ballet classes, etc)
- Babysitter expenses
- Clothes for kids and yourself
- Toys for kids
- Dry Cleaning
- Health club / gym
- Beauty (hair salon, nails, make up, etc)
- Extracurricular activities dues/fees
- Entertainment (movies, theatre, plays, Seaworld, Zoo, concerts, sporting events, etc --- TONS of stuff to do with kids here)
- Magazine/newspaper/Ipad subscriptions
- Dining out at restaurants (Especially if you're a young single guy and dating a lot of girls)
- Grocery budget
- Retirement savings contributions
- Kids college fund savings contributions (401K, Roth IRA, IRA, etc)
- Emergency savings fund
- Charity
- Travel / vacation expenses
- Federal/State/local income taxes
- Any revolving debt payments you might have (existing and possibly new credit card debt, student loans, furniture, etc)
- Bad habit type stuff (alcohol, smoking, drugs, etc --- this doesn't apply to me but it does for many people)

[OptimusPrime69]

well, I was hired by a university there just yesterday.


annnnd I wanna accept the offer, however I dont have much in the way of savings..... so im like "can i really do this?"

[earlyretirement]

Originally Posted by OptimusPrime69

well, I was hired by a university there just yesterday.


annnnd I wanna accept the offer, however I dont have much in the way of savings..... so im like "can i really do this?"

Definitely it can be done. The hardest battle for many people is finding a job here. If you already have a job offer you're way way ahead of the game vs. most others.

That's enough money to live here if you're not going crazy and don't have many bad habits and especially if you don't have kids yet.... Of course you will have to evaluate when you start to settle down and have kids if it's enough to survive. But you can cross that bridge when it comes.

If you don't have any savings, you're going to be behind the 8 ball from the start but that would apply to any new city you live in. Just don't underestimate the start up costs to move to a new city plus all the furniture/stuff you need to buy.

Congrats!