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Old 10-12-2012, 11:52 PM
 
Location: Philadelphia, Pennsylvania
5,281 posts, read 6,585,656 times
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Are we talking 40k gross or net? There is a world of difference in that.
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Old 10-13-2012, 12:01 AM
 
Location: Arvada, CO
13,827 posts, read 29,923,286 times
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Quote:
Originally Posted by branh0913 View Post
Are we talking 40k gross or net? There is a world of difference in that.
People usually talk in gross terms.
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Moderator for Los Angeles, The Inland Empire, and the Washington state forums.
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Old 10-14-2012, 11:23 PM
 
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Thats fine! I'm married with two kids right out of college and thats what I make with a student loan. We survive just fine.
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Old 10-15-2012, 10:07 PM
 
346 posts, read 967,738 times
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I have an excel calculator. I could do $30K easy.
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Old 10-16-2012, 03:15 PM
 
Location: Downtown Seattle
299 posts, read 666,545 times
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$40thou might be enough for just getting by, but a person needs to consider savings and having enough for retirement. Let's say on that salary you can only afford to put 5% of your earnings in a 401K and invest in good securities or mutuals- if you're lucky you might have $100 grand by the time you really need it or by the time you retire, which ever comes 1st. Considering inflation, medical expenses, insurance, emergencies that come up, et al, that would just barely be enough to live on by the time retirement rolls around. Think long and hard about this. It's all right to live cheap but having a decent-sized nest egg to fall back on is important.
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Old 10-16-2012, 04:17 PM
 
561 posts, read 1,179,841 times
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Quote:
Originally Posted by seattlecoming View Post
$40thou might be enough for just getting by, but a person needs to consider savings and having enough for retirement. Let's say on that salary you can only afford to put 5% of your earnings in a 401K and invest in good securities or mutuals- if you're lucky you might have $100 grand by the time you really need it or by the time you retire, which ever comes 1st. Considering inflation, medical expenses, insurance, emergencies that come up, et al, that would just barely be enough to live on by the time retirement rolls around. Think long and hard about this. It's all right to live cheap but having a decent-sized nest egg to fall back on is important.
This assumes a lifestyle that some of us don't want. Without a car, children, or house $40K/year still leaves plenty of to invest for retirement. Also, since I'm work in the public sector when I retire I'll get a monthly pension for the rest of my life
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