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Old 10-03-2014, 01:00 PM
 
2 posts, read 11,311 times
Reputation: 13

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Hi,

I'll be moving to san jose sometime next year. The company I'm working for is offering a base salary of $70,000

What would $70,000 look like after taxes?

How much do you think I will be able to save after car + living?
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Old 10-03-2014, 01:06 PM
 
366 posts, read 452,309 times
Reputation: 131
Quote:
Originally Posted by ezjackster View Post
Hi,

I'll be moving to san jose sometime next year. The company I'm working for is offering a base salary of $70,000

What would $70,000 look like after taxes?

How much do you think I will be able to save after car + living?
You live a blessed life and so even if it seems like you won't be afford it in SJ the stars will align and money will happen to fall into your hands. Whether it be the lottery or a bag falling from the sky.
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Old 10-03-2014, 02:02 PM
 
Location: Raleigh, NC
6,824 posts, read 9,058,076 times
Reputation: 5193
Quote:
Originally Posted by MrBR View Post
You live a blessed life and so even if it seems like you won't be afford it in SJ the stars will align and money will happen to fall into your hands. Whether it be the lottery or a bag falling from the sky.
Not sure what that is supposed to mean?

OP, I think $70,000 is a great salary for a new grad. It's possible to live in the Bay Area but it will be expensive.
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Old 10-03-2014, 02:29 PM
 
310 posts, read 686,976 times
Reputation: 304
$70K is a good starting salary but you've got the wrong goal. Your goal should be to increase your salary (either by significant merit increases or by changing jobs over the next 1-3 years), not try to "frugal" your way into saving money from your current salary.
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Old 10-03-2014, 02:41 PM
 
30,897 posts, read 36,954,250 times
Reputation: 34526
Quote:
Originally Posted by nagleepark View Post
$70K is a good starting salary but you've got the wrong goal. Your goal should be to increase your salary (either by significant merit increases or by changing jobs over the next 1-3 years), not try to "frugal" your way into saving money from your current salary.
I understand the sentiment, but it doesn't have to be an either/or. A lot of people are great at bringing in money but really bad at saving. Others are great at saving but really bad at expanding their incomes. Most people are strong in one but weak in the other. Ideally, you'd be really strong at both, but most of us aren't; although it's certainly possible to improve in the area where you're weak.

Mr. Money Mustache and his wife earned good engineering salaries and retired at 30...so constant constant salary growth isn't an absolute if you start out at a decent level and save more than 50% of your after tax income. Of course, he did it in Colorado, where the COL is more reasonable.

http://www.mrmoneymustache.com/2013/...one-blog-post/

Jacob at Early Retirement Extreme did do it in the Bay Area, but had to live in a trailer to do it.

www.earlyretirementextreme.com
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Old 10-03-2014, 03:15 PM
 
310 posts, read 686,976 times
Reputation: 304
Quote:
Originally Posted by mysticaltyger View Post
... blah, blah, blah, Early Retirement Extreme, blah, blah, blah ...
OK, that's one point of view.

But, on rereading the OP's question, how about this:

Monthly Gross Income $5,833.33
Taxable Income $4,987.50
Federal Tax $901.56
Social Security $446.25
State Tax $261.83
Rent $1000 (rent a room, utilities included)
Ramen $100
Dating $0 (she pays)
Gas $200
iPhone 6 Plus + unlimited data + tethering $150
Savings $2,773.69
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Old 10-03-2014, 03:22 PM
 
Location: Coastal Georgia
50,371 posts, read 63,964,084 times
Reputation: 93344
Oh, spare me.
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Old 10-03-2014, 04:01 PM
 
366 posts, read 452,309 times
Reputation: 131
Quote:
Originally Posted by zitsky View Post
Not sure what that is supposed to mean?

OP, I think $70,000 is a great salary for a new grad. It's possible to live in the Bay Area but it will be expensive.
The fact you got a 70,000 dollar a year job right out of college. Means you're one of the "blessed ones" who generally get treated well in life.
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Old 10-03-2014, 04:34 PM
 
1,696 posts, read 2,860,660 times
Reputation: 1110
Quote:
Originally Posted by MrBR View Post
The fact you got a 70,000 dollar a year job right out of college. Means you're one of the "blessed ones" who generally get treated well in life.
Or he's really good at what the company would like to him to do, and totally deserving of the salary?

OP, you can live here in the Bay Area with that kind of money, it's not a problem. Take both mysticaltiger's advice AND nagleepark's advice. They're both good way of looking at money, and it's always good to blend both if you can find the way.
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Old 10-03-2014, 04:38 PM
 
Location: sumter
12,970 posts, read 9,654,415 times
Reputation: 10432
Quote:
Originally Posted by ezjackster View Post
Hi,

I'll be moving to san jose sometime next year. The company I'm working for is offering a base salary of $70,000

What would $70,000 look like after taxes?

How much do you think I will be able to save after car + living?
Yes, that's a very good starting salary for a recent college grad. Especially with so many college grads who cant find work or starting salary much lower than that. Best of luck.
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