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Americans are going to have a rude awakening if they think $37,000 a year for a single man in his 20s with practically zero working experience is poor. That's enough to own a used car and maintain it, it's enough to comfortably live in a 1 bedroom apartment with full appliances (and central air in warm climates) in most metro areas and have enough left over to save. Don't blow your money on booze, designer clothes, Comcast cable and a pimpmobile.
Most Chinese university grads make $4000 a year and rent is at least $250 a month for sharing a 100 sq ft bedroom. Try to start a family with that kind of budget. Even a Chinese grad from the number one university in the country (Tsinghua, the equivalent of Harvard) will make something like $12,000 max as an entry-level worker. A 1000 sq ft condo in Shanghai costs $300,000; the Chinese don't even have 30 year mortgages and the standard down payment is 50%. All able-bodied Americans who earn above minimum wage are rich beyond imagination compared to a college-educated Chinese, yet most Americans who can barely add two fractions together and tell you what velocity over time is still feel entitled. Based on what?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by james011
Americans are going to have a rude awakening if they think $37,000 a year for a single man in his 20s with practically zero working experience is poor. That's enough to own a used car and maintain it, it's enough to comfortably live in a 1 bedroom apartment with full appliances (and central air in warm climates) in most metro areas and have enough left over to save. Don't blow your money on booze, designer clothes, Comcast cable and a pimpmobile.
This is not China.
Beater used car: $4,000 Payment $75, Insurance $125
I Bedroom Apartment: $1,000 if you can find one that cheap here
Income Tax, SocSec: $800 (Plus state in many areas)
A single person with no mortgage interest to deduct would have about a thousand left for everything else like utilities, food, clothes, gas, entertainment, insurance, medical plan contribution, repairs on the old car. Certainly possible, but really hard in the Seattle area or California.
I'd like to point out that, in places with good public transport (like Philly or NYC) people don't need a car, and parking is very difficult. People can make a lot of money and not keep a car, and maybe rent one for a weekend getaway if they so desire. I certainly knew people who made a LOT of money and didn't own a car in NYC- didn't need one.
All able-bodied Americans who earn above minimum wage are rich beyond imagination compared to a college-educated Chinese, yet most Americans who can barely add two fractions together and tell you what velocity over time is still feel entitled. Based on what?
Okay, but that kind of knowledge IS NOT REQUIRED for all professional fields.
Beater used car: $4,000 Payment $75, Insurance $125
I Bedroom Apartment: $1,000 if you can find one that cheap here
Income Tax, SocSec: $800 (Plus state in many areas)
A single person with no mortgage interest to deduct would have about a thousand left for everything else like utilities, food, clothes, gas, entertainment, insurance, medical plan contribution, repairs on the old car. Certainly possible, but really hard in the Seattle area or California.
Nowhere did I see "not enough money for food or shelter". Not even close to being poor.
All depends on the area, your debt level, hours worked, etc. I think it's a great starting salary. Just budget and live with it and you'll be fine for a while.
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