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i'm not saying it can't be done, just that the guy is ridiculous lol. he specified 1800 in rent
i think he was probably a bit on the extreme, but i could have pulled everything off he said. when i graduated college, my student loan payment was $500/month. I was saving 6% for my 401k, an additional 10% went to my money market, and i paid $1,000/month rent. I was tempted to go out and buy a $25,000 car, but I chose to pay extra on my student loans instead. all that while, i shopped at nice stores, but not extravegant. i went on a 8-10 day vacation every year. easily ate out 3+ times per week. went out in NYC almost every weekend. and made multiple trips each year to Atlantic City for a night of gambling.
Then...i wised up and started saving more.
actually..my now wife moved out to move in with me after year 1, and the going out in NYC decreased, as did the AC trips. Savings increased. Glad I did those things, because 4 years after she moved in with me, we bought a house and our student loans are mostly paid off.
it was also nice that i didn't need a car for the first 6 years of my career...so when my wife moved in with me, we only had 1 car.
But man o man...$50K/year for a "single" male IS very good. With that money, "I" could afford:
- $25-$30K new car
- $200K - $300K new home or $1800/month for very nice apartment.
- 1 week in Hawaii resort 3 times a year
- Shop at mall for clothes, not Target or Walmart.
- Eat out 3-5 times per week
- Contribute $250 monthly to my 401K
...and still send my momma money. Key word is "SINGLE". No strings baby!!! Add any dependent to the mix and you can take 1/3 off the top and redo the math.
$1800 a month rent on 50K per year, plus a 25K to 30K car? Eh, no way. With that kind of spending at that income, you'll end up in debt over your eyeballs.
Reminds me of a 1980s scene from "St. Elsewhere" where a young go-getter wanted to be worth a million dollars by the time he was 30. He was seriously ill in the hospital before 30, and wanted to know how much his body parts and fluids were worth, to see if he hit a million.
There's a 1955 science fiction story where the human body was valued at $1.98 in chemicals.
The next morning, when she picked up the wispy panties
from the floor where they had been tossed in flattering haste,
a scrap of paper dropped from the black nylon.
Wondering, Will picked it up. It was a newspaper clipping.
Someone had written in the margin in a tiny, flowing script:
"A gratuity from the grateful (up to $1.98) God Eep."
The clipping itself, a mere filler, read: "At present prices,
the value of the chemical compounds which make up the
human body is only $1.98."
But man o man...$50K/year for a "single" male IS very good. With that money, "I" could afford:
- $25-$30K new car
- $200K - $300K new home or $1800/month for very nice apartment.
- 1 week in Hawaii resort 3 times a year
- Shop at mall for clothes, not Target or Walmart.
- Eat out 3-5 times per week
- Contribute $250 monthly to my 401K
...and still send my momma money. Key word is "SINGLE". No strings baby!!! Add any dependent to the mix and you can take 1/3 off the top and redo the math.
You're so off. You can't afford a $300K home on a $50K salary, much less everything else on your list. That's just ridiculous.
I don't think my wife could afford that on her own and she makes $100K.
But man o man...$50K/year for a "single" male IS very good. With that money, "I" could afford:
- $25-$30K new car
- $200K - $300K new home or $1800/month for very nice apartment.
- 1 week in Hawaii resort 3 times a year
- Shop at mall for clothes, not Target or Walmart.
- Eat out 3-5 times per week
- Contribute $250 monthly to my 401K
...and still send my momma money. Key word is "SINGLE". No strings baby!!! Add any dependent to the mix and you can take 1/3 off the top and redo the math.
Location: NYC based - Used to Live in Philly - Transplant from Miami
2,307 posts, read 2,766,054 times
Reputation: 2610
Quote:
Originally Posted by bradykp
i think he was probably a bit on the extreme, but i could have pulled everything off he said. when i graduated college, my student loan payment was $500/month. I was saving 6% for my 401k, an additional 10% went to my money market, and i paid $1,000/month rent. I was tempted to go out and buy a $25,000 car, but I chose to pay extra on my student loans instead. all that while, i shopped at nice stores, but not extravegant. i went on a 8-10 day vacation every year. easily ate out 3+ times per week. went out in NYC almost every weekend. and made multiple trips each year to Atlantic City for a night of gambling.
Then...i wised up and started saving more.
actually..my now wife moved out to move in with me after year 1, and the going out in NYC decreased, as did the AC trips. Savings increased. Glad I did those things, because 4 years after she moved in with me, we bought a house and our student loans are mostly paid off.
it was also nice that i didn't need a car for the first 6 years of my career...so when my wife moved in with me, we only had 1 car.
Sounds like you have it all made out! That's way too perfect! Tell me that you don't live in utopia!
I am single 28 years old, making 70k / year. No student loan. My apt only costs $900 / month. Yet every month the money is gone somewhere....
Tell me what your secret oh, wise one!
Sounds like you have it all made out! That's way too perfect! Tell me that you don't live in utopia!
I am single 28 years old, making 70k / year. No student loan. My apt only costs $900 / month. Yet every month the money is gone somewhere....
Tell me what your secret oh, wise one!
draw up a budget. then, track your spending to the budget.
$70k/yr figure you net about $50,000.
$10,800 is rent
that leaves you with 3266/month for everything else.
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