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Livable: $4,500 to $10,000
Juggling bills and calling debtors but this is usually easier to manage. I can do things like eat two square meals a day on income like this. Might not be healthy or perfect, but I can enjoy the small things in life.
I'd love to know what year and location you live in to think $4,500 to considered livable.
I'd love to know what year and location you live in to think $4,500 to considered livable.
Small town America in 1970?
Suburban areas in the US, 2010-2013. Last year I earned about $4.8K.
My expenses are food and debt payments. I don't have a car, I walked to work daily. I was lucky enough to have free housing as well.
By liveable, I literally mean liveable. No luxury, no vacations, no car, no new clothes, etc. Food was usually a few dollar menu items or discount dollar meal replacement bars. Took advantage of any free food events.
Also, square meals to me mean 1 drink and 1 edible. A cup of water and a loaf of leftover bread from the bakery is a square meal.
Suburban areas in the US, 2010-2013. Last year I earned about $4.8K.
My expenses are food and debt payments. I don't have a car, I walked to work daily. I was lucky enough to have free housing as well.
By liveable, I literally mean liveable. No luxury, no vacations, no car, no new clothes, etc. Food was usually a few dollar menu items or discount dollar meal replacement bars. Took advantage of any free food events.
Also, square meals to me mean 1 drink and 1 edible. A cup of water and a loaf of leftover bread from the bakery is a square meal.
Well I'm glad you were able to make it on so little money.
Still, it's 4 times below the poverty level overall for Americans.
Well I'm glad you were able to make it on so little money.
Still, it's 4 times below the poverty level overall for Americans.
I know. I was afraid I couldn't get on income-based repayment for my student loan because my income wasn't even on their charts. You learn so much about budgeting, planning and life in general though. Also got rid of any pickiness I had about food.
I used to hate pickles. Now I collect them whenever my pickle-hating friends get burgers. Food is food!
In Portland Oregon. (So please don't say, well this wouldn't work in NYC or Costa Mesa or Marin County)
This is after taxes (federal and state). I do it monthly, as a lot of workers don't get salaries and paychecks vary quite often.
Family of 3 (mother, father ,young child). (I go with 3 because I find that even though I added more children-- I have 3-- My monthly expenses didn't go up too much) In other words child 1 was the most expensive then after that each one was only 25% more expensive .
At least
$1200/month (min wage $9.09/ 40hrs) (**** poor, would have to be on assistance, still would hate life)
$2000/month ($12 hr/40hrs) (poor but liveable with assistance)
$3000/month ($18 hr/40hrs) (poor, not alot of discresionary income or savings, not able to own home)
$3500/month ($20 hr/50 hrs) (comfortable, not alot of discresionary income or savings but this is a wage/work schedule professional blue collared people have, can buy small older home)
$4500-5000/month ($25hr/50 hrs, some over time at time + 1/2) (comfortable, have savings, have discretionary funds, can buy decent home)
After that you're going to be salaried. and you should be doing fine here.
60K is $4500 a month after taxes.
75K is $5734 not fully 6K a month after taxes. In Oregon, I know this is 100% true. Kids make a big difference.
100K is $9000 a month after taxes. bad math here. I just was typing not really thinking. (as a matter of fact 9000 X 12 is 108k) In Oregon with 3 kids it would be more like $7400at 100k.
In Portland if you can't live on 60K after taxes, you need to see a financial adviser or have someone punch you.
I do see this all the time though where people say they are scraping by on 100k. I have a friend who claims he can't make it on he and his wife's 100k clear/year.
No one told him to buy a half million dollar house... they have one kid... 5 bedrooms...why?
No one told him to lease two BMW SUVs
No one told him to buy that boat he uses 10 times a year.
No one told him to buy him and his wife's 2 CVO Harleys that he uses 15 times a year.
No one told him it was required to have a yearly vacation in some exotic local, a condo share in Hawaii is idiotic.
No one told him he's required to have the best audio/TV installed in his home when he only has 2 parties a year.
No one told him to buy a quad and trailer he takes to the Dunes 3 times a year.
No one told him he has to have dinners at a fancy steak house and buy a bottle of wine every time.
60K is $4500 a month after taxes.
75K is $6000 a month after taxes. 100K is $9000 a month after taxes.
In Portland if you can't live on 60K after taxes, you need to see a financial adviser or have someone punch you.
Dude, what country do you live in? In the US 100k is closer to about $6000 a month after taxes, even if you are putting almost nothing in to your 401k. That is in a lower state tax. If you are in California, New York, Or Illinois it is even less.
As someone who did payroll for a number of years those numbers are more realistic. Yes, a few people in different fields earn more, but I think it's important that we have an idea of what the average American is earning when we are making political and policy decisions. Our economy is getting more and more top heavy with fewer people reaching these salaries that many seem to think are in their near future, some will get there, the vast majority won't.
I'm sorry, but $100k is not extremely wealthy, even in middle of no where. If that is a great salary in SoCal then how does anyone afford to buy those $600k+ houses that make up a such a large chunk of the market there. You're not buying that on $60k a year, even with the most lax lending standard.
I'm sorry, but $100k is not extremely wealthy, even in middle of no where. If that is a great salary in SoCal then how does anyone afford to buy those $600k+ houses that make up a such a large chunk of the market there. You're not buying that on $60k a year, even with the most lax lending standard.
Where did I say it was "extremely wealthy"? I only pointed out that 75% of people earn less than 50K, and at the jobs were I did payroll, which was a number of companies in different fields, only a few earned 100K or more, that's the reality. Most people don't buy 600K houses, most live in less expensive areas, it often means a long rush hour drive for many, and just about everyone I knew who owned a home had a spouse with a healthy income, many rent unless they were fortunate enough to have bought many years ago before real estate exploded.
Where did I say it was "extremely wealthy"? I only pointed out that 75% of people earn less than 50K, and at the jobs were I did payroll only a few earned that 100K or more.
Maybe it wasn't clear, but you were referencing as more accurate a previous post that had this listed:
Amazing HHI: 100k and higher (wealthy households)
It also depends on the were you worked. Service industry, retail, non-profits, and certain government jobs generally pay crap. If you are in banking, insurance, tech, the salaries are usually much better.
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