Is $50,000 a year for a single person decent (alternatives, payments, paycheck)

[txaquarius]

Why would you even be asking? Do you not know how much things cost? How much do you make now? How are things w/that income? Are you considering not taking the job? If you can't get by on that money plus all the other benefits, you need help.

[DrEarth]

Who asks these stupid questions? Pointless.

That salary is terrible. You should jump off a bridge.

[Trackwatch]

Originally Posted by claud605

In NC, yes. In the midwest smaller towns, yes. In crappy little cities anywhere in the south, yes.

Anywhere that is good, no.

WHAT? Pretty much everywhere except NYC, some east coast cities, and California, $50,000 for one person is pretty good.

[BraveNative]

Where do I send my resume? Ha!

[Photogwest]

Yeah I think the OP was messing around...or they've spent their entire life with riches and don't know any better

[jodipper]

Originally Posted by 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.

You have food, clothing and fuel listed and also credit cards? What would the credit card bill be for? He has no students loans and employer provided benefits. In most of the country a single person with no debt could live like a king on that amount.

[B.B.C.420]

As a person in debt and as a realistic person...that's still not enough. I don't care if you live in Smalltown, SC or Manhattan.

[313Weather]

Originally Posted by 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.

I only highlighted the bills that are necessary.

The rest you shouldn't need if you live within your means.

As far as school loans, the OP said they don't have any debt.

As far as a car payment, you CAN purchase a used car.

I'm not sure where the OP lives, so fuel may or may not be necessary.

As far as entertainment, again, not necessary for everyone. Some people are perfectly content entertaining themselves with television, movies on the internet, playing games on pogo, etc.

In Detroit (suburbs to avoid city income tax), this is how my income/expenses would break down...

$50,000 = $961.54 per week = $751.74 per week after Federal and State income taxes
$751.74 per week = $3006.96 per month

*Apartment = $1,000/month (assuming the apartment includes heat/water, and I have a cat for an additional $50 per month)
*Food = $400/month (Aldi or extreme couponing)
*Car Insurance = $100-$200/month for no-fault
*Cable & Internet = $100/month
*Cell Phone = $50-$100/month
*Gas = $100/month
*Toiletries & Health/Beauty = $50/month
*Electric = $50-$100/month
*Health Insurance = $200-$300/month

Of course, the above is assuming no debt/kids and only 1 adult.

I would still be able to save at minimum $150 per week, which will add up to $7,800 plus interest by the end of the year.

[ajsnsc]

In most areas that is good to self sustain your living.

[SpeedyAZ]

Originally Posted by 313Weather

I only highlighted the bills that are necessary.

The rest you shouldn't need if you live within your means.

As far as school loans, the OP said they don't have any debt.

As far as a car payment, you CAN purchase a used car.

I'm not sure where the OP lives, so fuel may or may not be necessary.

As far as entertainment, again, not necessary for everyone. Some people are perfectly content entertaining themselves with television, movies on the internet, playing games on pogo, etc.

In Detroit (suburbs to avoid city income tax), this is how my income/expenses would break down...

$50,000 = $961.54 per week = $751.74 per week after Federal and State income taxes
$751.74 per week = $3006.96 per month

*Apartment = $1,000/month (assuming the apartment includes heat/water, and I have a cat for an additional $50 per month)
*Food = $400/month (Aldi or extreme couponing)
*Car Insurance = $100-$200/month for no-fault
*Cable & Internet = $100/month
*Cell Phone = $50-$100/month
*Gas = $100/month
*Toiletries & Health/Beauty = $50/month
*Electric = $50-$100/month
*Health Insurance = $200-$300/month

Of course, the above is assuming no debt/kids and only 1 adult.

I would still be able to save at minimum $150 per week, which will add up to $7,800 plus interest by the end of the year.

Everyone's situation is different; I spend 4X more than what you spend on fuel while you spend more on health insurance than I do. It's all relative to priorities and lifestyle.

I'm a realist and I just think it'd be difficult to live on $50K/ year. I enjoy boating and my boat expenses would eat up 1/4 of my salary if I made $50K/ year without taxes. Some probably have a car payment that is more than their apartment rent.

And notice I said a comfortable lifestyle. Comfort has a different meaning to every person, it's simply not enough to "live"...who wants to be barely scraping by and not have any enjoyment out of life?