Is $50,000 a year for a single person decent (credit, employer, health insurance)

[andywire]

It's bizarre to see those who say it's nothing special, when the median income in this country is around 25K. If you can't do fine on 50K, it's your own fault. Too much debt, too much unnecessary spending, and too high of expectations regarding your own required standard of live. On top of that, investments are a great way to add an edge on your own personal income. A job is not the only way to earn income.

[313Weather]

Originally Posted by andywire

It's bizarre to see those who say it's nothing special, when the median income in this country is around 25K. If you can't do fine on 50K, it's your own fault. Too much debt, too much unnecessary spending, and too high of expectations regarding your own required standard of live. On top of that, investments are a great way to add an edge on your own personal income. A job is not the only way to earn income.

1. Majority of the country doesn't live in NYC or San Francisco.

2. Keep in mind that $25,000 is just the annual wage per individual. 42% of households consists of two income earners (thus the median household income is $50K),

3. It's very hard to invest money when earning only $25K per year, especially now given how unstable stocks and precious commodities are along with the record low interest rates. After paying your bills, you first need to save enough money that you can afford to lose ($10K is a fair minimum IMO). On $13/hr and with kids, it will take you several years to accumulate that type of money with an average interest rate of .10%.

4. Life is never as simple as "you shouldn't have taken on so much debt, spent so much money and had so many kids." In many cases, things happen beyond your control. That's not their fault.

[HomeIsWhere...]

Originally Posted by midtown mile girl

Where is this job? I'll take it!!!!

Hopefully there is a second position available as well...where do we send our resumes?

[move4ward]

Originally Posted by andywire

It's bizarre to see those who say it's nothing special, when the median income in this country is around 25K. If you can't do fine on 50K, it's your own fault. Too much debt, too much unnecessary spending, and too high of expectations regarding your own required standard of live. On top of that, investments are a great way to add an edge on your own personal income. A job is not the only way to earn income.

It will be hard to live on his own and invest, if he was making the median income. To max out his IRA, it would leave him with $20k/yr before taxes. When I was making $25k, I was limited to the 401k. I couldn't even add the $5k equivalent back then. If my car needed a new set of tires, skip breakfast and lunch for a 2 weeks to save up. If I was sick and had to spend $100 on medicine, it was added to the credit card. Eventually, the old beaters would cost so much to repair, it wasn't worth starving for. Time to starve more for another old beater. No retirement to speak off, struggling with bills, skipping meals, poor health. yeah life is a ball. At that rate, I would end up as one of those old men living off SS, Medicare, and other government handouts, with the constant threat of freezing in the winter with no money for the heating bill.

[fireandice1000]

Unless you live in a very expensive part of the country I'd imagine that $50K is damn good money. Most jobs around here maybe pay a third of what you're looking at, seriously. On $50K I could live like royalty!

[FLBorn1978]

Yes.

[summer22]

Originally Posted by jobaba

Yes, it's good. That much would be good for a single person ANYWHERE.

You could live off that easily AROUND NYC and SF.

I've lived in the surrounding areas of NYC and SF with that much and it's easy.

^^ agreed.

Keep your rent in the $500 to $1000 range and you will be fine. (You can find very good $500 apartments in smaller midwestern cities. In larger areas like Chicago/NYC, live on the outskirts and pay less than $1000.)

Even better, if your credit is good, buy a duplex so your renter can pay a part of your mortgage.

Drive a Camry or a sensible SUV.

Put something into savings.

Budget yourself for the year, first your required expenses, then your discretionary. I think you could probably afford one cross-country or international trip, and many regional weekend trips.

[statisticsnerd]

Where I live (Houston), $50,000 for a single person is excellent. You get a nice apartment or small house in a decent area and you have a good chunk left over each month to invest.

In NYC, you couldn't afford ANYTHING in Manhattan and in the other boroughs you would be slumming it.

[SpeedyAZ]

I guess I might be in the minority but $50K/ year would be difficult to live comfortably on any many major metro areas. With taxes taken out and broken down, a $50k salary would yield about $3200/ month more or less. Then start deducting-

Mortgage payment/Apartment Rent
Car payment?
School loans?
Health insurance
Car insurance
Homeowners insurance
HOA fees?
Electric
Cell phone
Cable/Satellite?
Internet
Food
Fuel
Incidentals
Credit Card bills?
Clothing?
Entertainment
Savings
Investments?
401k contributions?

I mean I hate to sound pessimistic, but it costs a LOT to live nowadays! 20 years ago, $50K/ year was a nice salary and you could live a solid, middle-class lifestyle on it. This day and age...I'm really not so certain. If you plan on living a middle-class lifestyle while saving and investments some income for retirement; I would say $50K would be a very difficult salary to accomplish this. And I'm talking this person being single. If you have a family to support, you better have a six figure salary if you plan on having a decent lifestyle. I know families that spend $20K/ year on private school education for their grade-school children! Can't do that on a $50K/ year salary.

[jasper12]

Reality. Anyone in Montana would take that salary in a heartbeat. Many with a Masters degree.