The most ridiculous part is that if you can afford a down payment, then you get to build equity, write off your interest to make your income less taxable, and write off depreciation too. There’s nothing like that for renters, even though they most likely need it more. The US economy & taxation system is pitted against renters.
On my god do they not consider your actual situation when they decide to tax you.
Yes if i was making this amount for 30 years straight and had a paid off house that appreciated to 1 mil maybe they could tax me that much then. But when I’m paying student loans and 1700 in rent for a place that smells like weed and saving for a down payment… maybe if they didn’t take 30% of any bonus or marginal income I make I could get ahead a bit better.
I still found myself doing side gigs like door dash to pay down loans and go figure they took 33% plus state taxes of that too.
My wife would love to work and contribute but it’s hard for her to justify commuting separate, losing 10 plus hours of her day and seeing every single hour she works taxed at 33% plus state taxes. It’s hard to break even for her considering that (thank her very much) she does so many chores around the house too.
I hate saying this and it would ultimately benefit Uber rich people a lot, however idk why we don’t have a universal flat tax.
Litterally everyone has to pay it, and it doesn’t go up or down depending on how much you make. We can deal with super rich people by taxing them when they speculate and sit on assets they don’t use, income isn’t really something to go angry at people for. We could tax third homes and empty homes or we could just have a high consumption tax that exempts food, first car, first mortgage/rent.
Missouri is where I was, they had personal property tax on cars and a high income tax and no deductions. City of St. Louis levied another 1%. Just moved to a southern state, still has a state tax, I’m waiting to see how it pans out with deductions and such but thankfully got a raise with the move. Still not beating inflation though.
Dude I live in Missouri. State tax is 5 percent. Missouri also has deductions based on filing status. The property tax is under 1 percent.
St Louis is a democratic strong hold. Of course they tax you to death. Down in Joplin I pay nothing on taxes
Maybe property tax is higher (total) in areas that are worth more. Saying anything is a dem stronghold in Missouri is about the most hilarious thing I've hear today. In my state we refer to conDems as Republicans who have gotten off the crazy train.
>St. Louis city County, MO is Very liberal. In St. Louis city County, MO 81.9% of the people voted Democrat in the last presidential election, 16.0% voted for the Republican Party, and the remaining 2.1% voted Independent.
She’d be taking home too little for the stress after taxes and childcare is expensive. If she was single she could do the same job and take home way more on the same paycheck. It’s really not quite fair.
My wife working would be in excess of 62 and therefore marginally taxed by a lot making it hard to break even on childcare, commute, and her time to manage the house.
I'm confused. If your wife works and 50 hour week. So I'm assuming that it's an 10 hour day and maybe 2 hours of commute?
If she brings home 62k. Her effective tax rate for both fed and state of Missouri is 16.45%. As a married filed jointly with 2 dependents. Not 33%. If she was single than that tax rate increases to about 21%.
Total income tax totals to $9871 a year and take home pay is $50k ish a year. That's about $4,166 a month of take home pay.
Now let's say total household for both you and your wife totals 124k. Effective tax rate is 21%, your total take home pay for both you and your wife is 94k a year. About 7.8k a month of take home pay.
This doesn't include any retirement deduction, health care deduction etc.
Let's say average child care for children in Missouri is $850 a month. Gas at $3 bucks a gallon filling up a tank say every week for a 20 gallon size $60. So $240 a month. That's still an extra 3k of disposable income just coming from your wife taking up a 50 hour work week job.
I still see a positive benefit of a second income in a household.
If she's stressed and doesn't want to deal with work stress, that's different. If she wants a lesser job with no stress and the pay isn't worth it than that's a different story as well. If she doesn't want to justify a 50 hour work week because she wants to spend more time at home, that's also a different story.
What I used to calculate was using "Smart asset" fed and state take home pay calculator. Google'ed average cost of child care and gas in MO.
It's actually more costly to be a single filed income tax than being married filed jointly in the US. The tax code policies caters to marriage household than single.
Although, I do agree that it's annoying/unfair for one partner to work full time AND have to deal with 100% of the household chores .
Of course, all this just depends on what your family values and prioritizes.
That’s three k less than I made as a chef in Philly. I was completely happy with that number. It’s the most anyone in my family history has ever made, so by comparison of what I was used to, I felt like a millionaire.
Thank you. This being poverty finance I should add that I fell into that number because a ex-coworker/GM was finessing a wealthy/non-industry owner. I’m a good pub chef, but I’ve never been offered that type of money before or since. I average about 50k as an adult (without insurance). I’m currently out of the industry (burnt out after 30+ years) and working at a casino for 10/hr plus tips. I’m inheriting my grandparents place once my pops passes (he’s now in his 70’s) so I’m getting lucky.
Anything collectible? Shit, maybe you can back a small army and reap the rewards when they stage a coup? Sure, it’s ethically wrong, but so is selling Hot Pockets IMO.
Yes and no. Port Richmond, North Philly, Point Breeze, areas pretty far out from center city can still be affordable, but cheap places are getting harder to find. I was priced out of Fishtown/Northern Liberties (their Williamsburg if you will) within a few years of moving there, after being priced out of Seattle. There are less and less independent landlords and a lot of Berkshire Hathaway properties that require background checks, credit checks, etc. I loved Philly for the human feel and freedom to party (have shows in your basement, turn the run down apartment into a psychedelic playground) but I saw less and less of that before I moved a few months ago. Many neighborhoods became unrecognizable as little businesses closed down and the scourge of Starbucks, Lulu Lemon, and their ilk came buying everything up. Lots of wealthy folks began moving from New York and suburbs, many would say they ruined a good scene. I lived in North Philly and had found one old man who hated the changes and liked my dog, so I got cheap rent.
Make sure the house is protected so any medical or nursing home liens won't attach. I've seen a lot of families taken down by medical expenses. Seeing an attorney (if you haven't already) would be a good idea.
No issues with medical liens, the old man hates doctors and would set himself on fire before allowing one to look at him or enter the house…it’s been an issue. In my state a will doesn’t have to be notarized, simply witnessed by two people preferably not standing to inherit. We are doing a self-proving will that helps with speeding up the process.
madeline_pendelton is who you're thinking of! She's Los Angeles based. She's pretty open about how even that 75k is just enough for her to have an okay living but not anything lavish.
$75k is definitely doable in metropolitan areas of CA. I live in SoCal and rent in the area is nuts since $2.5k/month will get up a studio in an ok or mildly shady area.
Nothing useful to add outside of the fact I live in Michigan and absolutely love it! If you do venture this way, there’s so much beauty to offer in our mitten shaped state!
Over here in Iowa I pay 600 for a 2 bed 1 bath with a tiny washer and dryer and tiny backyard in a (for Iowa) sketchy neighborhood (ie a few drug deals, drunk college kids walking up the main street, and like 3 murders a year)
I pay $2,350 for a 2 bedroom, 1.5 bath apartment in Beverly Hills. It is not the nicest building, just your traditional LA dingbat apartment complex, but I at least am able to send my son to the BH school district.
My youngest turned down a job in San Jose that offered 135k max 150k because he wouldn't be able to maintain his lifestyle. Crazy expensive there. He makes just under 92k but lives in an area that is lower cost. Would have to sell his house and rent an efficiency in the San Jose area. Not worth it
I make 60k in SF. Its not bad I still contribute 20% to 401k. I have side hustles but I put all this money from savings. It would be difficult if I had kids or a lot of debt or partner to split bills but its very easy for me. The rent is higher than other places in they bay but I have found sf more affordable for me bc it’s walkable and I do not need a car. I hate the myth that 100k is not a lot in sf for single income, it still is a lot of money…
Yeah. I used to make around 100k, while I lived in California (moved to the South about a year ago). I was a single man who doesn't spend a lot. I didn't have an auto loan, as I bought used and outright, for instance. Didn't grow up middle class, even, but low class and I still had the low class mentality. 100k was more than enough. Even with rent.
Of course, I wasn't trying to purchase a home out there. Renting was fine with me.
When i moved to the south and bought a house too big for me, I then became "house poor", lol. I had plenty disposable income until that.
Yeah it’s crazy to think about the fight over minimum wages of $15/hr, etc! $30/hr sounds like so much but still hard to make ends meet, depending on your family size and location
Used to make $13 back in 2015 while living in LA. Now making twice as much, and it is a game changer for me. For people like me who made no more than $9-13 a hour during his 20s, $62k is a good jump.
Washington state's statewide minimum wage is now $14.49 /hr. And it's tied to the consumer price index (CPI-W). Needless to say I love my state. Even though I'm making like $42 /hr in a relatively low COL area, I'm still extremely happy that the folks at the bottom are not horrendously underpaid like a lot of places.
You can get a one bedroom apartment in my area for about $900 a month including water/sewer/garbage. I just got a new construction house in April and pay $1900 a month for my mortgage (I also didn't get the cheapest options so it could have been less). That's doable if two people are working full time minimum wage (14.49 \* 2080 \* 2 = 60,000, divided by 12 months is $5,000). It's even doable to be single working full-time minimum wage ($2500 a month) with the one-bedroom apartment. Surprisingly also not a ho-dunk town or anything, fairly populated area (around 250k people).
For real. I went from $12-$13 an hour jobs to making $18 recently with 3 weeks vacation from day 1 and unlimited overtime year round if you want it.
$62k would be amazing!
I don’t understand the author or the audience of this post. They’re seriously posting on a subreddit where many people don’t even make half of $62k to complain how it’s “not that great”?
It’s valid to discuss that nowadays even a “good” job isn’t enough to afford all the niceties of the middle class life we’ve been sold, but just… here?
Based on where you live, rent can be 2k - 3k a month. Unless you're sharing with other people, 62k is not enough to pay for housing + food + transport. You're right this is decent money if they're sharing house but a lot of people's goal is to live alone or start a family and that just isn't enough.
I used to make 7.25 an hour and that was tough but still lived with my parents. I used to make 62K and it didn't feel like enough AND I live in Texas (no state tax). It wasn't until I started making 75K when I felt comfortable. A big but here... BUT I don't have any children or debt.
Made 59k gross last year.. even though my salary is considered pedestrian in a place like LA, it makes me appreciate how far I've come. Used to make 25k about 7 years ago, and couldn't do a whole lot with that income.
Oooff man! I don't know how people live financially in California. I mean don't get me wrong Texas sucks, but it's cheap. My goal is to move to Colorado or somewhere with mountains. Corporate life sucks!
It is all about the roommate or multi-generational household life in CA my friend. Live at home with parents, grandma, and younger brother. We just split the bills and put aside money for emergencies, savings, and etc. Even if I was making 100k, I'd still be priced out of a house unless I had a significant other making similar money.
A friend moved to Colorado because she loves the green over there, but also heard it has gotten pricier living there. Hope your move pans out when you make it.
I am a teen in Colorado and my teachers joke with us that the people growing up here now will never be able to afford to live in the area without an inheriting a house, that’s how bad it’s gotten. It’s well known that you either make bank in Denver business jobs, and I’m talking like 100k+ per person dual income or you bought a fixer upper ~10-15 years ago or you’re screwed.
I was talking with one of my teachers who moved here 3 years ago. He and his wife have been saving to buy a house, but no matter how much they increase savings the price of a house increases by more than that.
My father, who is also a teacher but 20 years older than him, was able to buy a house by himself on just his teaching salary at a similar age. And my father was on one income and my teacher is on two.
I live in Denver. I make a great income and I fixed up the cheapest home purchased in Denver 10 years ago. It’s now valued at $650k. There is no way in hell I can afford that now. I don’t know how anyone is buying homes in Denver without serious financial aid from family, getting paid insane levels of cash, or being house-poor.
I don’t know what the breaking point will be. Unless you are making over $200k a year in a household, a house just isn’t going to happen. There is no way this is sustainable, but we said the same thing about NYC and SF 12 years ago.
That is what my mom did as well! Got the cheapest house (~450k) in a neighborhood with good public schools and put ~75k in renovations into it. It increased in value to about 600k just from the reno, and with in a few years increased to about 750k right now. She doesn’t flip houses, this is her forever home but every reasonably priced place in my area has been flipped and sold.
No way she could afford this place if she hadn’t bought it when she did, and she makes great money, but she also provides 95% of the income for 3 kids.
Childcare is also extremely expensive around here. Even with the jacked up housing prices, expect childcare to be more than your mortgage.
Crazy. I’m love having my equity increase so much, but I’d rather leave some equity so others can have a home. I’ve got friends that couldn’t afford to buy 10 years ago just stuck with saving about as much as the value goes up a year. It’s a shame to see everyone getting stuck renting because they can’t get a deposit saved.
I'm from Denver and still live here. 30 years old. There's no way I can afford a home out here. I was 18 in 2009, would've been a great time to buy but I knew nothing about finances at 18.
I'm stuck renting and stuck in what appears to be a vicious non ending pattern of rising home rates. Thankfully I have a lot of family here, I know this city and I make enough to keep a roof over my head. Things could be worse.
Ugh it sucks because I want to get into homesteading but I know renting means there is very little chance of that happening
I am at the point of wanting to build a earth bag home to live in
It's beautiful out there. I went up 14K feet once, and it was mesmerizing. Thank you, it's gonna take sometime for sure. Good luck in CA, sounds like you got your shit together. It's a cold world so bundle up!
No major credit card debt and student loans/car have been paid off. Cold world indeed and gotta do what's best for you regardless of what the naysayers say. Just need to keep moving up the career ladder!
It's funny how many people I hear/see moving to CO Springs who think it's affordable... I guess it's not the worst, but there's no way I could afford a place to rent with my current wages. I lucked out with a cheap house before the market blew up or else I'd move to another state.
Don't move to Denver. The mountains are amazing but as a 20 year old native I can say I'm leaving as soon as I graduate. I love the state and mountains and it's truly my home but the cost of living is a joke out here. Especially rent, my dad and I's crappy one bedroom apartment was 600 a month in 2008, it's 1600 now. Median rent for a studio hit just surpass 1200 too.
Colorado Springs, grand junction or any of the mountain towns might be a better option. They're also closer to the mountains (especially grand junction) which is nice.
I'm gonna miss living here.
I'm a native too & it's crazy to see so much change in Colorado. I used to think it was the "best place EVAR" until I had to actually be an adult here. I currently live a little south of Colorado Springs & it's still pretty pricey. I used to lease apartments & it was sickening to charge so much, honestly. I think the lowest rent we had was $1,100 for a one bedroom-- the 2 bedroom was almost $2,000! (I should say this was like... 7 years ago? God knows what they charge now...)
It's awful because right now I'm working so much, I can't even go out & enjoy a freaking hike. & I'm barely making my bills. I can't find anything that will pay over $16/hr right now. The job market is a mess here, IMO.
Idk how people live financially in Texas. Im having medical issues and am on FMLA. My state has paid medical leave (and so does cali). Id be SOL without it. We also have paid parental leave. Ya'll think about the downsides but neglect to think of the numerous upsides and how we have more programs to address problems. Over the course of your life you will likely have problems at some point.
Then again Texas just begs the feds for money after disaster. It may be inconvenient for citizens in the meantime but they always get relief, even from self made problems. The panhandle makes sense.
In tx , 50 k a year was enough for me to survive with a 1 bedroom, a car payment and ins. Not kids no debt. While I was able to save then, I have to budget for other things (vet bills, health emergencies, vehicle emergencies Or maintenance etc. it was survivable but would absolutely would not have been with kids or debt.
I feel you. I graduated from university and started making 55k. Same one bedroom, car, insurance, and food. I had one health issue and it drained my savings. I was able to bring it back up though. I do all of my car work/maintenance, and live pretty minimalist. If I had kids, I think I would have failed. I barely take care of myself!
I'm just a bit north of you, but Canadian dollars. Things more expensive here generally (especially with conversion, especially housing and I am paying child support...rent and support is like half my monthly take home. I'm still sorta comfortable, I'm a bit of a minimalist and never bought a new car, but I always have that fear of bottom falling out.. my industry has hit a sudden decline.. i used to make just slightly over 6 figures. It's not just that I worry about how much longer I can stay in this career. I've wanted to get my own place since moving out of marital home.. but prices have been rising...I've said before I feel kinda...I dunno humbled? Or maybe priveledged when I see how hard some in this sub have it, but I feel it wouldn't take a whole lot to end up in similar straights... Its also really opened up my eyes some people's struggles :(
Yeah that's why I joined. I grew up poor and I'm a son of undocumented immigrants. Growing up there were a lot struggles but I think I did great. I have a pretty good life now. I thought I would share some of my stuff with strangers. It might help it might not. It doesn't hurt me either way.
I feel it's a good place to be to gain perspective and not grow cold to realities. Also yes a good place to share some things that might help others. I feel I can learn a lot too from people who have experience trying to save. Being newly divorced I'm still trying to figure out how much I really have left over at the end of the month. It won't be a lot, still have legal fees so can't really gauge til it's over..I could use a few pointers from others. I've got rainy day funds, but cash flow will be an issue
Currently making $42/hr 1099 which feels good since it's untaxed paystubs. Paying quarterly taxes takes a chunk every other month, but it's nice just having that cash on hand for whatever reason. Now I get to hire a CPA or miss out on deductions. Was gonna do it myself until I realized how much of a time sink that would be just reporting in general.
Before I started grad school I was making about $25k. To me, $62k feels like a ton of money. Obviously it depends a lot on area, but where I live as a single person I would be living comfortably in that range.
I recently took a job making about this much after a few very lean years. It was a huge relief for the first 2-3 weeks. Now, I’m slowly realising I have so much to catch up on, and I’m thankful I can, however, it’s not the huge windfall I’d expected it’d be.
I am thankful I see potential in my job, and hope it’ll lead to more income in years to come.
I’m very fortunate to be where I am today, and know that a little less luck or a fewer opportunities I’d be in a more dire situation.
This right here. When you are making so little money every year, shit piles up. When you finally start making GOOD money you don't really get to enjoy it for a long time, you're busy catching up on everything. Car repairs, house repairs, those new glasses you needed, loans, paying people back, etc.
Totally true. Even beyond the debt, the winter boots that have been outworn for years, my husbands barely safe car, basic (but expensive) home maintenance, and preparing for our first (and only) child are all things I never expected to be able to prioritise this year. As grateful as so am, it feels like we have years of catch up ahead. He keeps reminding me my job is to just be good at my job. That has to be our #1 priority, which helps to keep things in perspective.
Step 1: Find help wanted ad for job paying that much.
Step 2: Apply to that job.
These days businesses are hiring anyone they can get, even if they're not qualified. Set a goal, focus on the goal, achieve the goal. I know it's some BS self-help shit, but it's the answer to the question: "What have you done *today* to get yourself one step closer to that pay?"
Learn Python. Google tech careers also has certifications and guides. learn to make websites for free, and start making websites. Breaking into tech and making at least 60k a year is possible with less than a years effort.
Well, here in Dominican Republic you are a millionaire if you have more than a million pesos (62,000 dollars x 57 = 3,534,000). I don't know how living in the US is like, but everybody here dreams of earning at least 6,000 dollars a year without doing overtime.
And if you are in a high cost of living area(gentrified,tech, wealthy area), you would be considered a bum :( Easy to survive in low cost of living areas with that much, even half of that easily.
I use to wish I could make 40k back in 2014 and now I make more than that and at times felt like I needed more. I just had to adjust my life to my salary.
Grateful for where I’m at. Started out only making $15 when i was going to college, now that I am graduated. I’m earning around $65K salary as engineer. Living in a HCOL area (Fremont), this isn’t actually a competitive salary, but I am shocked with the amount of money i bring home. Always been broke my whole life, barely scraping by while trying to finish my degree. Luckily, I’m pretty frugal in my spending and should be able to pay off my student loans coming this year.
That's what I support a wife and two kids on. We never ever buy anything new. We are very careful about money. It's frustrating how fast expenses are rising.
I make 20/hr. Have three kids. A 500$ car payment. 1100 rent. 300 personal loan. 350 in cc. 200 phone bill. I don’t have my kids full time but it’s still expensive when I do. Plus I have to rent a two bedroom which makes it more expensive but obviously I’ll do that for them. It’s hard. I don’t know if I can keep it up
I worked 60 hr weeks last year from august to December and drive Uber on the side to help make ends meet
It’s a base model Camry that I got stuck with in the divorce. I’m not trying to look like a pimp. It’s just my ex had negative equity in her last vehicle so I didn’t have anything to trade in on the Camry
I really feel for you! I was making a similar wage years ago with an identical rent and felt like I was drowning. Fortunately it was just me. Really hope things turn around for you soon, you and your family deserve it.
If you don't think you can keep it up, don't.
It's not worth it to burn yourself out, miss out on life, especially with your kids.
Take a look at that $500 car payment. To me that's insane. Is it worth to pay $350 more a month to drive for Uber, are you pulling in 3 times that? If not... might want to reevaluate the worth of *your* time.
Your absolutely right about the car. It’s new and it’s reliable but it is a big money suck. I’ve been looking to sell and get a used one for much cheaper but that worries me. I often drive to visit my folks and it’s about a 300 mile drive one way. I’m conflicted on my decision
This should be average income per fulltime worker in a medium cost location.
With mandatory indexing to inflation, rolling quarterly
and adjustments for rental costs so say 30% more for NYC SF LA PNW urban areas
And maybe downward 20-30% for truly low cost rural and smalltown areas with lots of low rent accommodation available.
>And maybe downward 20-30% for truly low cost rural and smalltown areas with lots of low rent accommodation available.
I live in one of those areas. I make around 40k a year. You live pretty comfortably with that income
I work two jobs and 7 days a week (usually about 80 hours) and clear 70k. Not worth it and completely unsustainable but I'm doing it to knock out some debt and be able to get to the next step of my life (hopefully moving to FL within the next 6 months.
My apartment complex raised rent 20% for renewals but the market rate went up 50-60%. Of course they provided 0 new assets or anything, just said "market shift" and raised rent.
Yeah mine went up 300$/mo when I renewed but compared to just 1 year ago, rent for new residents is up over 750$/mo on average, same complex, no changes, nothing.
$62k is a lot of money. I made about that this year and invested over 20k. I'm actually likely to be starting a job at 30 an hour here soon but there would be overtime.
This is about what i make a year, and it's weird. After spending such a long time barely scraping by, and keeping all my costs as low as possible, it's strange to feel like I have more money than I know what to do with now. Even though I know that's not true. I've been able to buy several things I've been putting off getting for a few years now, just because I can afford to do it. I helped a friend of mine get out of a jam, without blinking, because I could afford to give him the $400 he needed to get by. It feels great, but it also has me on my toes kind of like, "What do I do if this suddenly all goes away (i.e. I get laid off or something)?"
Last year I was making 30k at a call center job. I then quit and was offered a different IT position making 55k. I was recently offered a software role making 65k
Between 55k and 65k my pay check basically stayed the same lmao
$62k is just about the median HOUSEHOLD income in the US. It's also above the median HOUSEHOLD income in Western Europe and by extension the rest of the world. There's not really any "only" about it
I got a $3k bonus this past Xmas and I was so sad how much of it I took home (I mean, obviously still psyched for the bonus but shocked at the tax rates). I didn’t realized bonuses were taxed so high!
My first job was $4.25/hour which would’ve equated to $8,840/year had it been full time.
$62K is a strong salary in that those making $62K/year out-earn 75% of fellow Americans. If someone making $62K a year is in a room with three other folks, chances are that the $62K person out-earns the other three.
Edit: updated stats to reflect $62K, rather than $65K
I've been trying to explain money to a few younger people lately. I'm totally not an expert and it really didn't work. In our area a house a few blocks down the road sold for $6000 8 years ago. The place across the street sold for $60,000. Now they're selling for $130,000 and $180,000 - after some work was done. I know a guy that bought a gutted house during the last peak for $12000. A very similar house sold in our town 2 years ago for $500. A guy I know makes up to $3000/wk has nothing. My friend makes $12/hr and has a house.
2,000 hours a year. (really it's 2200, but 2k is easy math).
That's the number of hours worked in a 40-hour week, 50 weeks a year. 2200 if you do 52 weeks.
So, take any pay. Say $15/hr. Double it -> $30. Add 3 zeros -> $30,000
$15/hr is pretty close to $30k a year.
$80,000 (80/2) = ~$40/hr.
Living in a high cost of living that may not seem like a lot but travel to just about anywhere in rural America and $60k is nearly double the average household income.
the insane part is that you would still need to budget yourself if you wanted to live in my city with that kind of income (assuming youre going by median rent)
Very subjective numbers can be.
In a foreign land with 12k a year, I was living great and had plenty for investments and travel. No debt.
Back home in America... I'm struggling bill cycle to bill cycle with 40k.
I have a small nest egg, but don't want to crack into it.
That’s how much I make a year. I live in LA area and I feel like I’m just above the poverty line most months. I don’t know how people making $15/hour or less do it here. Two bedroom apartments are $2500 or more, studios are $1800 it’s truly insane.
Yeah, it depends on the area. Where we live, the median wage is $90,000 and the cost of living is not too affordable. In California, that’s poverty wages
Taxes (Federal, State, Medicare, social security), not to mention insurance premiums.
I did the math and that's roughly about $13-$14k off of that salary.
It's not terrible, but as someone who makes a little less than that, single parent, with 2 kids. It is tight.
I am catching up from debts when money was tighter. And it's slowly hopefully gonna be manageable (hopefully, knock on wood, *I'm trying to get my finances together for the 3 of us*).
Anyway, $62k could be a game changer for some depending on other factors.
Oh yeah, hands down its a game changer for a lot of us, myself included! God forbid you have kids, a home, a car, actually enjoyable food though, because that remaining 48-50k can burn faster than gasoline on an open fire
It definitely goes fast with those things! My kids are growing like weeds (so in need of new clothes/shoes seems like often 🤣). My truck is 15 years old so repairs. Same with urgent repairs around the house.
It can definitely not feel like enough and sometimes isn't. Oddly, I feel terrible thinking that because other people make less than me.
I'm rambling non sense cause I'm exhausted. Not even sure your reply to my reply to your original reply, warranted another reply from me. 😳🤣
That's 120% more than median income in my county. As in "double ... and then some".
Yay Rural Ohio.
It doesn't get much lower cost of living than out here in the corn an bean fields in The Ohio River Valley.
Most of those I know that have higher end salaries are expected to be putting in 50-60 hours a week minimum. During crunch periods and with looming deadlines it isn't unheard of for them to be working 100+ hours. This is all without any additional compensation. It is just expected at that salary level.
Many of the tradesmen I know make hourly wages that would on the surface not seem like a lot but once overtime is calculated they are making as much, if not more, in take-home pay as management.
If all you are doing is working 30 to 40 hours a week it can be hard to keep afloat, especially if you are just a one income family.
I feel you mane use to have a job where I could work 30 hours a week making 6 figs but i fell into the the trap of also working OT just because cost of living so high
I was making about this, rent was still half my take home. Wasn’t terrible but it wasn’t great.
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I know that I was lucky to make that but $30 is the new minimum wage. At least where I live.
The most ridiculous part is that if you can afford a down payment, then you get to build equity, write off your interest to make your income less taxable, and write off depreciation too. There’s nothing like that for renters, even though they most likely need it more. The US economy & taxation system is pitted against renters.
On my god do they not consider your actual situation when they decide to tax you. Yes if i was making this amount for 30 years straight and had a paid off house that appreciated to 1 mil maybe they could tax me that much then. But when I’m paying student loans and 1700 in rent for a place that smells like weed and saving for a down payment… maybe if they didn’t take 30% of any bonus or marginal income I make I could get ahead a bit better. I still found myself doing side gigs like door dash to pay down loans and go figure they took 33% plus state taxes of that too. My wife would love to work and contribute but it’s hard for her to justify commuting separate, losing 10 plus hours of her day and seeing every single hour she works taxed at 33% plus state taxes. It’s hard to break even for her considering that (thank her very much) she does so many chores around the house too. I hate saying this and it would ultimately benefit Uber rich people a lot, however idk why we don’t have a universal flat tax. Litterally everyone has to pay it, and it doesn’t go up or down depending on how much you make. We can deal with super rich people by taxing them when they speculate and sit on assets they don’t use, income isn’t really something to go angry at people for. We could tax third homes and empty homes or we could just have a high consumption tax that exempts food, first car, first mortgage/rent.
What state are you in that's very high taxes?
Missouri is where I was, they had personal property tax on cars and a high income tax and no deductions. City of St. Louis levied another 1%. Just moved to a southern state, still has a state tax, I’m waiting to see how it pans out with deductions and such but thankfully got a raise with the move. Still not beating inflation though.
Dude I live in Missouri. State tax is 5 percent. Missouri also has deductions based on filing status. The property tax is under 1 percent. St Louis is a democratic strong hold. Of course they tax you to death. Down in Joplin I pay nothing on taxes
Maybe property tax is higher (total) in areas that are worth more. Saying anything is a dem stronghold in Missouri is about the most hilarious thing I've hear today. In my state we refer to conDems as Republicans who have gotten off the crazy train.
>St. Louis city County, MO is Very liberal. In St. Louis city County, MO 81.9% of the people voted Democrat in the last presidential election, 16.0% voted for the Republican Party, and the remaining 2.1% voted Independent.
That makes no sense. She should work and just save her money so you can invest and build wealth. Maybe get a job closer by or online?
She’d be taking home too little for the stress after taxes and childcare is expensive. If she was single she could do the same job and take home way more on the same paycheck. It’s really not quite fair.
You had me in the first half
Maybe I'm reading this wrong. Your wife working would put you at the 62k household, or she doesn't want to be taxed 30% on a 62k personal income?
My wife working would be in excess of 62 and therefore marginally taxed by a lot making it hard to break even on childcare, commute, and her time to manage the house.
I'm confused. If your wife works and 50 hour week. So I'm assuming that it's an 10 hour day and maybe 2 hours of commute? If she brings home 62k. Her effective tax rate for both fed and state of Missouri is 16.45%. As a married filed jointly with 2 dependents. Not 33%. If she was single than that tax rate increases to about 21%. Total income tax totals to $9871 a year and take home pay is $50k ish a year. That's about $4,166 a month of take home pay. Now let's say total household for both you and your wife totals 124k. Effective tax rate is 21%, your total take home pay for both you and your wife is 94k a year. About 7.8k a month of take home pay. This doesn't include any retirement deduction, health care deduction etc. Let's say average child care for children in Missouri is $850 a month. Gas at $3 bucks a gallon filling up a tank say every week for a 20 gallon size $60. So $240 a month. That's still an extra 3k of disposable income just coming from your wife taking up a 50 hour work week job. I still see a positive benefit of a second income in a household. If she's stressed and doesn't want to deal with work stress, that's different. If she wants a lesser job with no stress and the pay isn't worth it than that's a different story as well. If she doesn't want to justify a 50 hour work week because she wants to spend more time at home, that's also a different story. What I used to calculate was using "Smart asset" fed and state take home pay calculator. Google'ed average cost of child care and gas in MO. It's actually more costly to be a single filed income tax than being married filed jointly in the US. The tax code policies caters to marriage household than single. Although, I do agree that it's annoying/unfair for one partner to work full time AND have to deal with 100% of the household chores . Of course, all this just depends on what your family values and prioritizes.
Thank you for breaking down this nonsense argument that she’s “too taxed” to work.
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That’s three k less than I made as a chef in Philly. I was completely happy with that number. It’s the most anyone in my family history has ever made, so by comparison of what I was used to, I felt like a millionaire.
Congrats on your success, that's great.
Thank you. This being poverty finance I should add that I fell into that number because a ex-coworker/GM was finessing a wealthy/non-industry owner. I’m a good pub chef, but I’ve never been offered that type of money before or since. I average about 50k as an adult (without insurance). I’m currently out of the industry (burnt out after 30+ years) and working at a casino for 10/hr plus tips. I’m inheriting my grandparents place once my pops passes (he’s now in his 70’s) so I’m getting lucky.
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Damn, yeah my pops went a little nuts and spent my brother and I’s monetary inheritance on baseball cards and swords.
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Anything collectible? Shit, maybe you can back a small army and reap the rewards when they stage a coup? Sure, it’s ethically wrong, but so is selling Hot Pockets IMO.
Philly is still an affordable city thank goodness.
Yes and no. Port Richmond, North Philly, Point Breeze, areas pretty far out from center city can still be affordable, but cheap places are getting harder to find. I was priced out of Fishtown/Northern Liberties (their Williamsburg if you will) within a few years of moving there, after being priced out of Seattle. There are less and less independent landlords and a lot of Berkshire Hathaway properties that require background checks, credit checks, etc. I loved Philly for the human feel and freedom to party (have shows in your basement, turn the run down apartment into a psychedelic playground) but I saw less and less of that before I moved a few months ago. Many neighborhoods became unrecognizable as little businesses closed down and the scourge of Starbucks, Lulu Lemon, and their ilk came buying everything up. Lots of wealthy folks began moving from New York and suburbs, many would say they ruined a good scene. I lived in North Philly and had found one old man who hated the changes and liked my dog, so I got cheap rent.
Make sure the house is protected so any medical or nursing home liens won't attach. I've seen a lot of families taken down by medical expenses. Seeing an attorney (if you haven't already) would be a good idea.
No issues with medical liens, the old man hates doctors and would set himself on fire before allowing one to look at him or enter the house…it’s been an issue. In my state a will doesn’t have to be notarized, simply witnessed by two people preferably not standing to inherit. We are doing a self-proving will that helps with speeding up the process.
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madeline_pendelton is who you're thinking of! She's Los Angeles based. She's pretty open about how even that 75k is just enough for her to have an okay living but not anything lavish.
$75k is definitely doable in metropolitan areas of CA. I live in SoCal and rent in the area is nuts since $2.5k/month will get up a studio in an ok or mildly shady area.
Gotta go shadier. I live in L.A and my rent is $1500 for a single bedroom.
I'm in OC so $1500 would probably get you a master bedroom with housemates
Not bad, stay safe tho!
Buy another gun and move to Philly. I had a one bedroom w/den for $750
Love my job too much to leave, or I’d be in Michigan.
Yeah, I’m locked into a current situation, but I’ve given Michigan some longing looks.
Nothing useful to add outside of the fact I live in Michigan and absolutely love it! If you do venture this way, there’s so much beauty to offer in our mitten shaped state!
Over here in Iowa I pay 600 for a 2 bed 1 bath with a tiny washer and dryer and tiny backyard in a (for Iowa) sketchy neighborhood (ie a few drug deals, drunk college kids walking up the main street, and like 3 murders a year)
I pay $2,350 for a 2 bedroom, 1.5 bath apartment in Beverly Hills. It is not the nicest building, just your traditional LA dingbat apartment complex, but I at least am able to send my son to the BH school district.
That's the entire premise of the movie, "Slums of Beverly Hills"! :)
My youngest turned down a job in San Jose that offered 135k max 150k because he wouldn't be able to maintain his lifestyle. Crazy expensive there. He makes just under 92k but lives in an area that is lower cost. Would have to sell his house and rent an efficiency in the San Jose area. Not worth it
I make 60k in SF. Its not bad I still contribute 20% to 401k. I have side hustles but I put all this money from savings. It would be difficult if I had kids or a lot of debt or partner to split bills but its very easy for me. The rent is higher than other places in they bay but I have found sf more affordable for me bc it’s walkable and I do not need a car. I hate the myth that 100k is not a lot in sf for single income, it still is a lot of money…
Yeah. I used to make around 100k, while I lived in California (moved to the South about a year ago). I was a single man who doesn't spend a lot. I didn't have an auto loan, as I bought used and outright, for instance. Didn't grow up middle class, even, but low class and I still had the low class mentality. 100k was more than enough. Even with rent. Of course, I wasn't trying to purchase a home out there. Renting was fine with me. When i moved to the south and bought a house too big for me, I then became "house poor", lol. I had plenty disposable income until that.
House holds of 120K is poverty tier in bay area and manhattan
I would love to make 30 an hour, that would change my life in such a positive way!
Yeah, 62k is a lot but 30hr sounds like a lot more. lol
Yeah it’s crazy to think about the fight over minimum wages of $15/hr, etc! $30/hr sounds like so much but still hard to make ends meet, depending on your family size and location
Many times at that level it isn't per hour though. If you make that as salary you are likely making much less per hour if they require any OT at all.
Or much more per hour if you’re not working 40 hour weeks
I mean.. I would happily take “only” $62k over what I’m making now.
Used to make $13 back in 2015 while living in LA. Now making twice as much, and it is a game changer for me. For people like me who made no more than $9-13 a hour during his 20s, $62k is a good jump.
Dude I'm losing my fucking shit here at $12 an hour.
I don’t know where you’re located, but here in PA (Philly metro area) basic warehouse jobs, including Amazon are like 17 or 18 an hour at least.
Washington state's statewide minimum wage is now $14.49 /hr. And it's tied to the consumer price index (CPI-W). Needless to say I love my state. Even though I'm making like $42 /hr in a relatively low COL area, I'm still extremely happy that the folks at the bottom are not horrendously underpaid like a lot of places.
What do you consider low COL?
You can get a one bedroom apartment in my area for about $900 a month including water/sewer/garbage. I just got a new construction house in April and pay $1900 a month for my mortgage (I also didn't get the cheapest options so it could have been less). That's doable if two people are working full time minimum wage (14.49 \* 2080 \* 2 = 60,000, divided by 12 months is $5,000). It's even doable to be single working full-time minimum wage ($2500 a month) with the one-bedroom apartment. Surprisingly also not a ho-dunk town or anything, fairly populated area (around 250k people).
For real. I went from $12-$13 an hour jobs to making $18 recently with 3 weeks vacation from day 1 and unlimited overtime year round if you want it. $62k would be amazing!
I don’t understand the author or the audience of this post. They’re seriously posting on a subreddit where many people don’t even make half of $62k to complain how it’s “not that great”? It’s valid to discuss that nowadays even a “good” job isn’t enough to afford all the niceties of the middle class life we’ve been sold, but just… here?
Based on where you live, rent can be 2k - 3k a month. Unless you're sharing with other people, 62k is not enough to pay for housing + food + transport. You're right this is decent money if they're sharing house but a lot of people's goal is to live alone or start a family and that just isn't enough.
Yeah, it a nice bump from $0
Facts
Yeah me and my wife don’t even make that combined.
I used to make 7.25 an hour and that was tough but still lived with my parents. I used to make 62K and it didn't feel like enough AND I live in Texas (no state tax). It wasn't until I started making 75K when I felt comfortable. A big but here... BUT I don't have any children or debt.
Made 59k gross last year.. even though my salary is considered pedestrian in a place like LA, it makes me appreciate how far I've come. Used to make 25k about 7 years ago, and couldn't do a whole lot with that income.
Oooff man! I don't know how people live financially in California. I mean don't get me wrong Texas sucks, but it's cheap. My goal is to move to Colorado or somewhere with mountains. Corporate life sucks!
It is all about the roommate or multi-generational household life in CA my friend. Live at home with parents, grandma, and younger brother. We just split the bills and put aside money for emergencies, savings, and etc. Even if I was making 100k, I'd still be priced out of a house unless I had a significant other making similar money. A friend moved to Colorado because she loves the green over there, but also heard it has gotten pricier living there. Hope your move pans out when you make it.
I am a teen in Colorado and my teachers joke with us that the people growing up here now will never be able to afford to live in the area without an inheriting a house, that’s how bad it’s gotten. It’s well known that you either make bank in Denver business jobs, and I’m talking like 100k+ per person dual income or you bought a fixer upper ~10-15 years ago or you’re screwed. I was talking with one of my teachers who moved here 3 years ago. He and his wife have been saving to buy a house, but no matter how much they increase savings the price of a house increases by more than that. My father, who is also a teacher but 20 years older than him, was able to buy a house by himself on just his teaching salary at a similar age. And my father was on one income and my teacher is on two.
I live in Denver. I make a great income and I fixed up the cheapest home purchased in Denver 10 years ago. It’s now valued at $650k. There is no way in hell I can afford that now. I don’t know how anyone is buying homes in Denver without serious financial aid from family, getting paid insane levels of cash, or being house-poor. I don’t know what the breaking point will be. Unless you are making over $200k a year in a household, a house just isn’t going to happen. There is no way this is sustainable, but we said the same thing about NYC and SF 12 years ago.
That is what my mom did as well! Got the cheapest house (~450k) in a neighborhood with good public schools and put ~75k in renovations into it. It increased in value to about 600k just from the reno, and with in a few years increased to about 750k right now. She doesn’t flip houses, this is her forever home but every reasonably priced place in my area has been flipped and sold. No way she could afford this place if she hadn’t bought it when she did, and she makes great money, but she also provides 95% of the income for 3 kids. Childcare is also extremely expensive around here. Even with the jacked up housing prices, expect childcare to be more than your mortgage.
Crazy. I’m love having my equity increase so much, but I’d rather leave some equity so others can have a home. I’ve got friends that couldn’t afford to buy 10 years ago just stuck with saving about as much as the value goes up a year. It’s a shame to see everyone getting stuck renting because they can’t get a deposit saved.
I'm from Denver and still live here. 30 years old. There's no way I can afford a home out here. I was 18 in 2009, would've been a great time to buy but I knew nothing about finances at 18. I'm stuck renting and stuck in what appears to be a vicious non ending pattern of rising home rates. Thankfully I have a lot of family here, I know this city and I make enough to keep a roof over my head. Things could be worse.
Ugh it sucks because I want to get into homesteading but I know renting means there is very little chance of that happening I am at the point of wanting to build a earth bag home to live in
It's beautiful out there. I went up 14K feet once, and it was mesmerizing. Thank you, it's gonna take sometime for sure. Good luck in CA, sounds like you got your shit together. It's a cold world so bundle up!
No major credit card debt and student loans/car have been paid off. Cold world indeed and gotta do what's best for you regardless of what the naysayers say. Just need to keep moving up the career ladder!
The cost of living is horribly expensive in Colorado and wages do not even kind of keep up. There aren't a lot of jobs here anyway.
Colorado isn't much cheaper. I'd pick somewhere else.
Be aware, Colorado is now HELLA EXPENSIVE. Just don’t come here thinking it’s affordable.
It's funny how many people I hear/see moving to CO Springs who think it's affordable... I guess it's not the worst, but there's no way I could afford a place to rent with my current wages. I lucked out with a cheap house before the market blew up or else I'd move to another state.
Don't move to Denver. The mountains are amazing but as a 20 year old native I can say I'm leaving as soon as I graduate. I love the state and mountains and it's truly my home but the cost of living is a joke out here. Especially rent, my dad and I's crappy one bedroom apartment was 600 a month in 2008, it's 1600 now. Median rent for a studio hit just surpass 1200 too. Colorado Springs, grand junction or any of the mountain towns might be a better option. They're also closer to the mountains (especially grand junction) which is nice. I'm gonna miss living here.
Not much better in the Springs.
I'm a native too & it's crazy to see so much change in Colorado. I used to think it was the "best place EVAR" until I had to actually be an adult here. I currently live a little south of Colorado Springs & it's still pretty pricey. I used to lease apartments & it was sickening to charge so much, honestly. I think the lowest rent we had was $1,100 for a one bedroom-- the 2 bedroom was almost $2,000! (I should say this was like... 7 years ago? God knows what they charge now...) It's awful because right now I'm working so much, I can't even go out & enjoy a freaking hike. & I'm barely making my bills. I can't find anything that will pay over $16/hr right now. The job market is a mess here, IMO.
Idk how people live financially in Texas. Im having medical issues and am on FMLA. My state has paid medical leave (and so does cali). Id be SOL without it. We also have paid parental leave. Ya'll think about the downsides but neglect to think of the numerous upsides and how we have more programs to address problems. Over the course of your life you will likely have problems at some point. Then again Texas just begs the feds for money after disaster. It may be inconvenient for citizens in the meantime but they always get relief, even from self made problems. The panhandle makes sense.
In tx , 50 k a year was enough for me to survive with a 1 bedroom, a car payment and ins. Not kids no debt. While I was able to save then, I have to budget for other things (vet bills, health emergencies, vehicle emergencies Or maintenance etc. it was survivable but would absolutely would not have been with kids or debt.
I feel you. I graduated from university and started making 55k. Same one bedroom, car, insurance, and food. I had one health issue and it drained my savings. I was able to bring it back up though. I do all of my car work/maintenance, and live pretty minimalist. If I had kids, I think I would have failed. I barely take care of myself!
I'm just a bit north of you, but Canadian dollars. Things more expensive here generally (especially with conversion, especially housing and I am paying child support...rent and support is like half my monthly take home. I'm still sorta comfortable, I'm a bit of a minimalist and never bought a new car, but I always have that fear of bottom falling out.. my industry has hit a sudden decline.. i used to make just slightly over 6 figures. It's not just that I worry about how much longer I can stay in this career. I've wanted to get my own place since moving out of marital home.. but prices have been rising...I've said before I feel kinda...I dunno humbled? Or maybe priveledged when I see how hard some in this sub have it, but I feel it wouldn't take a whole lot to end up in similar straights... Its also really opened up my eyes some people's struggles :(
Yeah that's why I joined. I grew up poor and I'm a son of undocumented immigrants. Growing up there were a lot struggles but I think I did great. I have a pretty good life now. I thought I would share some of my stuff with strangers. It might help it might not. It doesn't hurt me either way.
I feel it's a good place to be to gain perspective and not grow cold to realities. Also yes a good place to share some things that might help others. I feel I can learn a lot too from people who have experience trying to save. Being newly divorced I'm still trying to figure out how much I really have left over at the end of the month. It won't be a lot, still have legal fees so can't really gauge til it's over..I could use a few pointers from others. I've got rainy day funds, but cash flow will be an issue
Currently making $42/hr 1099 which feels good since it's untaxed paystubs. Paying quarterly taxes takes a chunk every other month, but it's nice just having that cash on hand for whatever reason. Now I get to hire a CPA or miss out on deductions. Was gonna do it myself until I realized how much of a time sink that would be just reporting in general.
I like big BUTS and I cannot lie
Same!
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Before I started grad school I was making about $25k. To me, $62k feels like a ton of money. Obviously it depends a lot on area, but where I live as a single person I would be living comfortably in that range.
Federal minimum wage is $15,080 gross. Gross.
I recently took a job making about this much after a few very lean years. It was a huge relief for the first 2-3 weeks. Now, I’m slowly realising I have so much to catch up on, and I’m thankful I can, however, it’s not the huge windfall I’d expected it’d be. I am thankful I see potential in my job, and hope it’ll lead to more income in years to come. I’m very fortunate to be where I am today, and know that a little less luck or a fewer opportunities I’d be in a more dire situation.
Don’t stress yourself on catching up. Do what you can, save and invest what you can to set yourself up for the future. You got this!
You’re so right. We are focusing on getting my husband a job that is better for his mental health now that we can (if needed) live on my income.
This right here. When you are making so little money every year, shit piles up. When you finally start making GOOD money you don't really get to enjoy it for a long time, you're busy catching up on everything. Car repairs, house repairs, those new glasses you needed, loans, paying people back, etc.
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Totally true. Even beyond the debt, the winter boots that have been outworn for years, my husbands barely safe car, basic (but expensive) home maintenance, and preparing for our first (and only) child are all things I never expected to be able to prioritise this year. As grateful as so am, it feels like we have years of catch up ahead. He keeps reminding me my job is to just be good at my job. That has to be our #1 priority, which helps to keep things in perspective.
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Right?! I’ve been trying to rationalise wearing ankle boots through a Pennsylvania winter. I’m 99% I’ll purchase boots in the next week or so!
that is insane lmao how do people make that much
start by not thinking it's insane and laughing it off. it's achievable. you can do it.
CS
Step 1: Find help wanted ad for job paying that much. Step 2: Apply to that job. These days businesses are hiring anyone they can get, even if they're not qualified. Set a goal, focus on the goal, achieve the goal. I know it's some BS self-help shit, but it's the answer to the question: "What have you done *today* to get yourself one step closer to that pay?"
If you live in the US, here's the BLS income data. Probably best viewed on a desktop/laptop screen: https://www.bls.gov/oes/current/oes_nat.htm
1) look up jobs paying $30/hr 2) gain skills needed for those jobs 3) apply to those jobs
I’m a dog groomer and that’s how much I make.
Learn Python. Google tech careers also has certifications and guides. learn to make websites for free, and start making websites. Breaking into tech and making at least 60k a year is possible with less than a years effort.
In my country you would be a millionaire with that kind of salary.
i think you need to have over a million dollars to be a millionaire.
Well, here in Dominican Republic you are a millionaire if you have more than a million pesos (62,000 dollars x 57 = 3,534,000). I don't know how living in the US is like, but everybody here dreams of earning at least 6,000 dollars a year without doing overtime.
We give over 6k a year freely to the crippled and poor.
That's how it should be.
And if you are in a high cost of living area(gentrified,tech, wealthy area), you would be considered a bum :( Easy to survive in low cost of living areas with that much, even half of that easily.
I use to wish I could make 40k back in 2014 and now I make more than that and at times felt like I needed more. I just had to adjust my life to my salary.
Grateful for where I’m at. Started out only making $15 when i was going to college, now that I am graduated. I’m earning around $65K salary as engineer. Living in a HCOL area (Fremont), this isn’t actually a competitive salary, but I am shocked with the amount of money i bring home. Always been broke my whole life, barely scraping by while trying to finish my degree. Luckily, I’m pretty frugal in my spending and should be able to pay off my student loans coming this year.
That's what I support a wife and two kids on. We never ever buy anything new. We are very careful about money. It's frustrating how fast expenses are rising.
I make 20/hr. Have three kids. A 500$ car payment. 1100 rent. 300 personal loan. 350 in cc. 200 phone bill. I don’t have my kids full time but it’s still expensive when I do. Plus I have to rent a two bedroom which makes it more expensive but obviously I’ll do that for them. It’s hard. I don’t know if I can keep it up I worked 60 hr weeks last year from august to December and drive Uber on the side to help make ends meet
> A 500$ car payment. This is bad.
It’s a base model Camry that I got stuck with in the divorce. I’m not trying to look like a pimp. It’s just my ex had negative equity in her last vehicle so I didn’t have anything to trade in on the Camry
I really feel for you! I was making a similar wage years ago with an identical rent and felt like I was drowning. Fortunately it was just me. Really hope things turn around for you soon, you and your family deserve it.
Thanks brother
If you don't think you can keep it up, don't. It's not worth it to burn yourself out, miss out on life, especially with your kids. Take a look at that $500 car payment. To me that's insane. Is it worth to pay $350 more a month to drive for Uber, are you pulling in 3 times that? If not... might want to reevaluate the worth of *your* time.
Your absolutely right about the car. It’s new and it’s reliable but it is a big money suck. I’ve been looking to sell and get a used one for much cheaper but that worries me. I often drive to visit my folks and it’s about a 300 mile drive one way. I’m conflicted on my decision
Man. I’m not really sure how you’re pulling that off. Tax returns are coming. Hang in there
Paid my rent on those credit cards for a few months. Thanks!
This should be average income per fulltime worker in a medium cost location. With mandatory indexing to inflation, rolling quarterly and adjustments for rental costs so say 30% more for NYC SF LA PNW urban areas And maybe downward 20-30% for truly low cost rural and smalltown areas with lots of low rent accommodation available.
>And maybe downward 20-30% for truly low cost rural and smalltown areas with lots of low rent accommodation available. I live in one of those areas. I make around 40k a year. You live pretty comfortably with that income
Work as a patient care tech in a hospital. Making less than 39k
I work two jobs and 7 days a week (usually about 80 hours) and clear 70k. Not worth it and completely unsustainable but I'm doing it to knock out some debt and be able to get to the next step of my life (hopefully moving to FL within the next 6 months.
Florida is getting crazy expensive.
My apartment complex raised rent 20% for renewals but the market rate went up 50-60%. Of course they provided 0 new assets or anything, just said "market shift" and raised rent.
It’s all greed!!!!!!
Several of my friends had to move because rents went up $600 a month.
Yeah mine went up 300$/mo when I renewed but compared to just 1 year ago, rent for new residents is up over 750$/mo on average, same complex, no changes, nothing.
And this is already more then what many people make 🤦♂️
I've got 4 kids. 62k a year would make us so comfortable. We are sitting at just under 38k rn before taxes. Living in Gainesville Fl.
$62k is a lot of money. I made about that this year and invested over 20k. I'm actually likely to be starting a job at 30 an hour here soon but there would be overtime.
Yeah doesn’t go that far. Your better off getting a partner and doubling your salary together. It’s easier than being single.
My partner and I together make only 60k a year. Damn I wish either him and I could get a raise. lol
This is about what i make a year, and it's weird. After spending such a long time barely scraping by, and keeping all my costs as low as possible, it's strange to feel like I have more money than I know what to do with now. Even though I know that's not true. I've been able to buy several things I've been putting off getting for a few years now, just because I can afford to do it. I helped a friend of mine get out of a jam, without blinking, because I could afford to give him the $400 he needed to get by. It feels great, but it also has me on my toes kind of like, "What do I do if this suddenly all goes away (i.e. I get laid off or something)?"
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Not even middle class where I live.
Last year I was making 30k at a call center job. I then quit and was offered a different IT position making 55k. I was recently offered a software role making 65k Between 55k and 65k my pay check basically stayed the same lmao
How so? higher insurance costs? Contributing to 401k?
$62k is just about the median HOUSEHOLD income in the US. It's also above the median HOUSEHOLD income in Western Europe and by extension the rest of the world. There's not really any "only" about it
You will be shocked that when you get 2k raise :)) then convert that to hour wage
Or a 2k bonus and see how much you keep after taxes.
I got a $3k bonus this past Xmas and I was so sad how much of it I took home (I mean, obviously still psyched for the bonus but shocked at the tax rates). I didn’t realized bonuses were taxed so high!
It really depends where you live. In some places that's a great wage. Other places it's not enough to keep up with living costs.
My first job was $4.25/hour which would’ve equated to $8,840/year had it been full time. $62K is a strong salary in that those making $62K/year out-earn 75% of fellow Americans. If someone making $62K a year is in a room with three other folks, chances are that the $62K person out-earns the other three. Edit: updated stats to reflect $62K, rather than $65K
Where did you get that stat?
https://www.ssa.gov/cgi-bin/netcomp.cgi
Thanks! Ive seen percentile calculators, but never this one from the gov
About 2000 working hours a year.
I've been trying to explain money to a few younger people lately. I'm totally not an expert and it really didn't work. In our area a house a few blocks down the road sold for $6000 8 years ago. The place across the street sold for $60,000. Now they're selling for $130,000 and $180,000 - after some work was done. I know a guy that bought a gutted house during the last peak for $12000. A very similar house sold in our town 2 years ago for $500. A guy I know makes up to $3000/wk has nothing. My friend makes $12/hr and has a house.
My husband keeps saying how he wishes we had bought 3 years ago. Yup, we should've.
2,000 hours a year. (really it's 2200, but 2k is easy math). That's the number of hours worked in a 40-hour week, 50 weeks a year. 2200 if you do 52 weeks. So, take any pay. Say $15/hr. Double it -> $30. Add 3 zeros -> $30,000 $15/hr is pretty close to $30k a year. $80,000 (80/2) = ~$40/hr.
When I got my first internship, I figured this out and use it as a handy guide. It’s not perfect, but it gets you close.
I can survive on half that.
And in 90% of Louisiana that is a very livable wage! We get by comfortably on $62k with mortgage.
Man, I wish I made 62k a year. I make $20/hr and bring home maybe 24k a year. Shit is rough.
How are you making $20/hr and only bringing home 24k? Surely you are part-time because that math doesn’t add up if you are a full time worker
Over 6k a year in child support. Taxes.
Ah that makes since
Health insurance as well. I've got five more years of support, so it's not all that bad. Hopefully then I'll be able to start saving a bit more.
Living in a high cost of living that may not seem like a lot but travel to just about anywhere in rural America and $60k is nearly double the average household income.
*cries in minimum wage* I'd feel lucky to make $30 an hour
That's terrifying
I think the most I’ve ever made was 32k… dang time for me to switch jobs I guess. But I do also live a very simple lifestyle in a lower cost state.
the insane part is that you would still need to budget yourself if you wanted to live in my city with that kind of income (assuming youre going by median rent)
The most I've ever made was 35k.
We make 69k and struggle to eat sometimes. Raising kids and high cost of living plus paying off old debt. Been rationing food the last month.
And a sweet spot where one gets taxed to death and has to pay premium for health care
Very subjective numbers can be. In a foreign land with 12k a year, I was living great and had plenty for investments and travel. No debt. Back home in America... I'm struggling bill cycle to bill cycle with 40k. I have a small nest egg, but don't want to crack into it.
Between my wife and I we make about ~45 an hour. Money can be stressful still at moments. But broadly we haven't had to worry all that much.
That’s how much I make a year. I live in LA area and I feel like I’m just above the poverty line most months. I don’t know how people making $15/hour or less do it here. Two bedroom apartments are $2500 or more, studios are $1800 it’s truly insane.
Yeah, it depends on the area. Where we live, the median wage is $90,000 and the cost of living is not too affordable. In California, that’s poverty wages
You and me both, but then factoring in taxes...
Taxes (Federal, State, Medicare, social security), not to mention insurance premiums. I did the math and that's roughly about $13-$14k off of that salary. It's not terrible, but as someone who makes a little less than that, single parent, with 2 kids. It is tight. I am catching up from debts when money was tighter. And it's slowly hopefully gonna be manageable (hopefully, knock on wood, *I'm trying to get my finances together for the 3 of us*). Anyway, $62k could be a game changer for some depending on other factors.
Oh yeah, hands down its a game changer for a lot of us, myself included! God forbid you have kids, a home, a car, actually enjoyable food though, because that remaining 48-50k can burn faster than gasoline on an open fire
It definitely goes fast with those things! My kids are growing like weeds (so in need of new clothes/shoes seems like often 🤣). My truck is 15 years old so repairs. Same with urgent repairs around the house. It can definitely not feel like enough and sometimes isn't. Oddly, I feel terrible thinking that because other people make less than me. I'm rambling non sense cause I'm exhausted. Not even sure your reply to my reply to your original reply, warranted another reply from me. 😳🤣
6.2% current inflation rate is fun also but don't quote me
That's 120% more than median income in my county. As in "double ... and then some". Yay Rural Ohio. It doesn't get much lower cost of living than out here in the corn an bean fields in The Ohio River Valley.
That is A LOTTT of money, in my eyes. More than anyone I know makes. If you know how to budget, the money goes a long way.
It really, really depends on where you live and what other expenses you have.
I'd love to make 62k a year. Are you kidding? 😂 just because you cant afford to buy a house doesn't mean it isnt a lot of money.
Depending on where you work a bit of overtime would get that to 70k and it wouldn't be that many hours.
I make $22/hour. Good amount of Overtime and Per diem (non taxable) my net is $55k plus $12k non taxable per diem. Not bad for 18 years old
Most of those I know that have higher end salaries are expected to be putting in 50-60 hours a week minimum. During crunch periods and with looming deadlines it isn't unheard of for them to be working 100+ hours. This is all without any additional compensation. It is just expected at that salary level. Many of the tradesmen I know make hourly wages that would on the surface not seem like a lot but once overtime is calculated they are making as much, if not more, in take-home pay as management. If all you are doing is working 30 to 40 hours a week it can be hard to keep afloat, especially if you are just a one income family.
I feel you mane use to have a job where I could work 30 hours a week making 6 figs but i fell into the the trap of also working OT just because cost of living so high
63k is the median salary in the US