Is 50k a year good for a single person reddit Also a bit disappointed that their giant jar of olives - something I actually know I would get through, did not seem the best quality. I am a single person making ~80k (it varies, last year For some good perspective look at the FIRE sites to get some ideas for your family about long term saving and wealth-building. I need some insight on the salary scale. Given the median household income in Boston is ~$100k, saying that you need 30% more to live comfortably as a single person sounds like whoever wrote the article thinks that going out for lunch, annual international vacations, and living in new apartments is required So if the median income for Ohio ~$67,000. I wanted to get some perspective on my situation because I feel in some respects I am doing good financially and in others not so good. My question is, would this be enough to live realtively comfortably? When I was single and in my 20s, I stopped pay heck to paycheck on around 50k and I was spending 1100/month on rent for a one bed flat on my own, this was around ten years ago. There are lifestyle differences. I have lived in Europe for 10 years and I currently live in Peru for the last 6 years. Expand user menu Open settings menu. The problem is everyone feels the need to live above their means now a days. I think people also forget there is middle-middle class and upper middle class. I'm assuming like $2000 or so a month for rent. It’s worth it. I have no car and I bike. Unless, as others pointed out you're aiming for the bougiest of locales, it's a pretty good indicator in a sea of variables and white noise that you'll be fine. entry level sales position with no experience and only a 2yr degree in business. Make about 50K a year and save about half of that. Wow 50k for a single person to live comfortably in Atlanta and go out occasionally with friends? Weird, I'm doing it with less than 40k. 50k is a kids salary or an unskilled workers salary. as someone who makes that much, its not alot, but its enough to live comfortably if you are good with money. Good luck with your journey! For a single person? Get by is $45-50k. also I'm in Louisiana so average wages are much much lower than most of yall. ETA2 - The definition of household according to the BLS is: A household consists of all persons—related family members and all unrelated persons—who occupy a housing unit and have no other usual address. That hasn't changed. At that point, I’m confident that the water will last for the whole year, so no water bill. Reply reply lunarpx Yep, especially as a single person, you should do fine in any of those places. On avg, we are talking about typical cities and States that aren't Iowa, Montana, Mississippi or Arkansas. And if there’s one thing I’m pretty good at, it’s the interview - I’m normally an introvert, but in an interview I become the most extroverted person ever and I somehow sell myself really well Worth noting, I do perform good at my different roles too and I ask help whenever I need it. Expect to pay around half your salary for living expenses (rent, deposit, utilities, misc). Skip to main content. It is absolutely doable for a single person to live comfortably on 50K depending on spending habits (was on that salary for years as a teacher)it's doable to live comfortably on less than that. It all depends on you honestly. Nothing is gonna get any cheaper. It’s not a great idea to buy a $50k car for only impressing dates, but I got a $75k sports car that’s only used a few month out of the year lol. Try staying closer to your office to reduce travel cost and also because it would be easier to mingle with single office folks to do non office things too rather than making your friends group in a new city. also present significant differentials from person to person. My partner and I split rent. But just running rates, Hello everyone, I'm moving to the DFW area in 4 - 5 weeks. you can get a masters for a hell of a lot less than $20k per term. There's a plumbing union in Garland, $50k/year is the bare minimum to live like a human. I live near Sacramento and people commute to the Bay Area from here. For a single person, there are definitely some cases where the membership would be nice to have. (Though this will include child support and other lifestyle choices of a mid I’m a 34 year old single male, no kids, no car payment, no credit card debt, don’t go to the bar/restaurants/fast food, and I bought my home 9 years ago and my mortgage is only around $600 a month. Thanks again! Was just recapping. If you live in Alaska for a year they give you a 2k stipend, the median rent is 1. Which is a damn shame. If you're living by yourself, that probably needs to be 50k. start asking co-workers and management. Do you common here in Canada, cant even imagine how bad that is for Americans) And suddenly you’re easily hitting 40-50K a year for a Contracted on with a financial services firm shortly after COVID lockdowns started. But if you’re single and living on 50k it’s just NOT poverty. Nurses saying 100k/ year is not a good salary. Like for example, I make $40k base plus commission and bonus, which brings me to about $50k-55k a year. An annual salary of $50,000 is considered a middle-class income, and can be a comfortable wage for a Can I live comfortably making 50k a year? According to a study by the Economic Policy Institute, a single person can live comfortably in most areas of the United States on an Yes, $50,000 a year is considered a good salary for a single person. The US has many problems but I would much rather be poor there than anywhere else. You might save more some months than others. no offense to anyone who makes less, but you should definitly strive You'd need to complete approximately 25 roofing jobs in a year to meet your revenue goal. For a family of four, it would be barely above the poverty line. OP asked for comfortable living for a single person, which to me comfortable for single is 110k, that is if you don't want to stress too much about money, you don't have debts or a car payment, and you don't mind giving up American middle class standards that come with a living situation since middle class standards don't line up with what is offered in LA for the same price. The ONLY exception was investment purchases buying 2nd homes to rent. Depends on the industry as to whether you’ll get it, but the figure remains the same. I’m a single man and made 113k last year. But yea that’s a good salary If you can earn 100K USD per year, then that is close to a whopping 70 lpa in India. To me living like a king is being able to pretty much do whatever the hell I want most of You need to look at the exact work location and commuting options. I also got lucky finding a nice room in a rowhouse and only paid around 700-800 for a room (it did go up to 900 though a year or two after covid). Being with someone for 5 years, living together. TLDR: (a) a good salary is the maximum that you can charge. My salary would be of 60k/year with corporate housing included (which means I will not pay rent, water, gas, electricity, etc). I bought my first car out 50k is a lot of money for many people. 125 votes, 198 comments. it’s a good wage for qualified european worker here, not stellar but good. It'll depend on your overall pathway, accounting is extremely variable! To all the americans making 50k or less a year, how are things going financially? Are you doing fine? Are you struggling? What is life like for Is $50k a good salary for a single person? Generally speaking, yes. . For young single people, flat sharing is the way to go pretty much regardless of income. I always love when these posts come around because all the people making 150k a year come to post and say "you'll be living in a refrigerator box" at 50k. (24) I have never had a salary based job before, and I feel incredibly lucky to have the job I do. That depends on the what you mean by good salary? Like many people mentioned that depends on the city, I would like to add, considering you are a single and not in expensive cities like NYC, LA etc but at the end of the day you want to “save” some for future then NO it’s not good salary, but you want to have a decent lifestyle then yes good enough (barely), like own a car, live in a From my experience and that of friends living here for six years - living alone, probably $80K, if you’re ok with roommates, minimum of $50K, and people really start to struggle at $35K or below. Through networking I landed myself a job at a top company that will start at 50k a year and the pay steadily increases 6-12 months after. We've all had different life experiences. Housesharing is a good way to get to know people. Plumber is a good gig, but if you can get into industrial plumbing, possibly in a union, that's money buddy. Maybe not in San fran of nyc but rent is not 4000$ here Reply reply I’m a 34 year old single male, no kids, no car payment, no credit card debt, don’t go to the bar/restaurants/fast food, and I bought my home 9 years ago and my mortgage is only around $600 a month. Now, if you increase your income to 50k that down payment only has to be 25k-75k or roughly 40-50k for the same house. I have an opportunity to move to the UK. Depending on where you shop, groceries are maybe $100 per person per week to eat really well (bear in mind takeaways can be very expensive, maybe $10-20 a day). They are definitely gas lighting you. 00 and you make ~$98,000. I’m in the same situation. There are still properties going for under $200,000 in the area that are the right size for a single person out of college. The pay is 55k a year (I make 42k here in NC). What would be the ideal location, considering the rising inflation rates and recession? Currently doing a service year and making 25k a year. Honestly depends on your living situations, I know people who make 35k a year they own a newer condo, have a new car and life is pretty good, also I know people who make over 100k and they live pay check to pay check. 6k with 50k saved up you can Get the Reddit app Scan this QR code to download the app now. I see good deals on clothing, but haven’t ventured there yet. Another friend yesterday told me her ex (works full time, just on his own now) ask if he can skip a 'few' child support payments as he 'won't afford to eat otherwise'. 55k salary. I live in NYC and $100k is barely cutting it for me, and I'm single and don't have kids. Not the best year to try going commission-only, especially given that most people I had previously worked with (in the oil patch) were trying to not lose their own houses. In order to get rid of a concept called roommates, living somewhat comfortable and having money for my hobbies (because what’s life without any hobbies - be it drinking beers in a bodega to whatever expensive gaming setup you want), I think everything north of 20. ideally you’d need your wife/husband to work and earn in that range, than you will be able to save a lot and live extremely comfortably. Get the Reddit app Scan this QR code to download the app now. I need a change and was considering IT work as I also have the skills you mentioned, but I'm currently making $25/hr as it is. Feels like I'm paying rent AND a mortgage. I feel like it was a single I could easily rent a studio apartment and live extremely comfortably. Like the tencel blend bedsheets. For context, I am an immigrant from the UK and my previous work experience has been in smaller jobs since I am young. Graduated with a degree in physics and got a good paying job. I also personally can only thing of a few individuals that The $50k you sink into a car today is money that can't be saved and grow for the future. The platform for it has space for 3 more tanks so I’m going to get those by the end of the year. I'm a 24 year old engineer from Mexico and I got hired by a solar energy consulting company. Is that a decent income? I feel judged from the baby of my father because I only make 50k a year. A middle class person would probably be considered someone who’d be able to have a one bedroom apartment. Remember, spend money on the marriage never on the wedding. I moved here 9 years ago, single and my first job was about 40k. Living in a country with deflation, where everything stays at the same price for a very long time is nice sometimes lol For a single person (which is more my area of expertise), 40K is the good life. In another 2 years you should be able to command a higher salary again. Even when I was bringing home 50k a Advice of person above who said don’t blow it all on a fancy apartment just bought my duplex when I was 22 in 2011. Get the Reddit app Scan this QR code to download the app now a single person needs to earn $54,000 a year to live comfortably in Tampa Bay. Travelling - you can save upto 50k a month buddy even if I take your emi and 2bhk cost of 35k. The line between can get blurred. That’s not the same as 50k alone. Between 50K and 100K is where the magic starts to happen, but still, it's pretty tight, but plenty of people, I would say most, are within this range It is fine for one person, as long as you are reasonably level-headed about spending. My bro is on 48k further down the country in a big enough town, good few years younger than me, and I'd consider that a good salary for where he is and his age. And yes, 5000 per month over a 30 year period will give them a corpus 1. Neither does the person who makes your latte, and they still live in DC (Presumably). My rent is 5400 a year. I took a holiday at the end of the year to Tassie for a week and still had around 10k leftover at the end of the Currently doing a service year and making 25k a year. the bottom 50% in Brazil live off of less than 3k a year. With a bi-weekly check of just slightly above $2000, half of that money is probably going to rent. 50k at 20 years is really good 👍 I have friends making 50k-ish and sitting pretty, butt hey have roommates. We moved to a small town and bought 5 years ago. I'm just unfortunately in NY where anything less than $40 hr for a single person means you're stuck renting some shit basement apartment anyway so As a single person with no kids and minimal debt Reddit thinks everyone needs 150k to be even remotely close to comfortable. Back in the day people lived in decently sized houses and had everything they needed nowadays people feel the need to live in huge wasteful houses which in my opinion is 90% of Luckily I make more than that, but in most places, $50-60k for a single person is considered reasonable, but in Downtown Dallas, I have heard multiple people say that is low and that $100k is more the starting point. My take home is around 2800. 8 years ago, I was earning <$50k, supporting my partner (who was studying), paying $400/week in rent and still found a way to buy a new car and go overseas every year. Webdev, design, UX, all take a minimum amount of I make 50k a year at Carmax. You do have bad experiences, both with friends and with That person is what we would call poorly informed. I easily paid for gym, good food, going out once a month, $80/mnth makeup&clothing allowance (I saved if there was like shoes or anything I needed to buy). I lived alone in different parts of the city (all ITP) and had friends living both alone and w roommates in various parts of city both ITP and OTP, so can provide perspective. I think owning makes a big difference. You can live almost anywhere if you’re super frugal. Yeah good questions. 50k for 3 years experience is at or above what I would expect you would be offered. Own a home, car, good retirement, lots of travel. While I love it out here, I have missed LA and have thought about moving back. Pays $40k, which is half of what I’m used to. the interest rate is what is going to cause you problems i got a fixed rate It is absolutely doable for a single person to live comfortably on 50K depending on spending habits (was on that salary for years as a teacher)it's doable to live comfortably on less than that. With all of the bad questions asked here daily, your reddit time would be consumed telling people how bad their questions are. I am extremely uneducated on what is considered a “good” salary. 40-50k a year is really all a single person needs. Hard to see people complain about difficulties with an 80k salary. That's a big deal when that $50k, used as investment "seed" money, could grow into a crap ton in the future. Plus, fees for booze pickup. People often say Bay Area for areas right up to the valley where its considerably cheaper. com *. Being single is super difficult, when it comes to money. What would be the ideal location, considering the rising inflation rates and recession? If you’re single, it’s gonna be hard to live on. ( I had $10/hr type jobs before this and atm I've been jobless for a year or so, so no money saved up) Exactly. For their own primary residence they were maxing out. 4. Sure if you really need to have a family and overextend yourself and have kids in the bay on 50k then you’re living in poverty. 50k is good in accounting. As another commenter noted, people on Reddit are much better off than the average person, and many people make do with much less than your average I have an opportunity to move to the UK. I’m 21 and recently got my first real job I would say a few months ago that pays me about 50k a year. Very few people are not buying way under the qualifications. EP is also pretty expensive. On top of that, I’m single and made $75k this past year. this is a case for my family. Let's break down where my paychecks go, shall we? I get paid once per month Is 50k a year good for a single person? A salary of $50,000 a year can be considered good for a single person, especially if the cost of living in their area is relatively low. In Hawaii, the living wage for single workers is $112,411 — the highest in the U. If you’re single and making $50,000 a year, you likely have enough to live on comfortably in just about any state in the U. I felt pretty good around $50k a couple years ago, had my own small apartment, car, 401k, student loans, and still kinda did whatever I wanted (within reason) while saving cash on the side for whatever. If you're guaranteed $50k a year for the rest of your life you don't have to worry much about savings or retirement. Your household income was 50K + high income of your partner. just on 50k salary the savings won’t be too big. Even if the person drank Starbucks every day and spent $2,000 a year on it, the total combined with the electronics would only average $2500 annually. At $60,000/yr they could get a FHA loan, put 3% down, and have a mortgage payment between $1,200 and $1,500 with a 4-4. S. It really depends on a lot of factors tbh and what you consider comfortable. Lifestyle, eating/drinking habits, mobility/accessibility, etc. Is £45k to £50k per annum considered a good salary for a single person? I might be offered a selection of locations like Birmingham, Manchester, Bradford and Romford. A single person, with no debts, living in a shared house can do so happily on ~40k, while saving some for retirement. You can keep your costs of living down if you live at home with mum and dad, move into a sharehouse etc. It's a very typical reddit thing I've noticed. 000 I feel like not even 5 years ago that was plenty of money to meet basic needs and put a good chunk extra into savings, but I find myself at the same situation every month of almost spending what I make on needs. My rent is about $1300 including utilities. And 3-4 years for phones. 50k/year salary is definitely good enough for a 25k SUV. I moved here from Asia a few years ago as a returning Australian, let me know if you need any other info Low 50k Middle 75k High 100k For a house old. Or check it out in the app stores &nbsp; Is 50k a year good enough to live in Müllheim an de ruhr? With that salary as a single person you should be able to live well and even save some money if you don't spend much more than what's necessary. I lived in Atlanta for 9 years (4 years in undergrad, ~4. Those of us who rent are subject to yearly rent increases, having to move every few years (which is expensive), etc. Their is absolutely no justification for it when you think about every single person in the condo paying it. I’ve only had to fill them back up with city water twice. I was only an average developer at best, and even I could pull in north of 200K USD per year working outside. Now, if you have above average education or whatever then living in dt prolly justifies an income above 115k for a single person. It is doable and it is the reality for many, many people. I’m living with my parents as a single mom and going to school. Working Hours: You want to work 30 hours a week. Paying about 1300 for mortgage + taxes. Can you do it? Sure, it's possible. A subreddit for people to submit questions to Torontonians and about Toronto and receive constructive Get app Get the Reddit app Log In Log in to Reddit. Hope this helps. Well, that situation is pretty different from being a working person making $50k. OP, I'd say if you're single (meaning not married/no kids) and are okay with living with roommates - you'd be good making between $35-40k. I do have roommates, but it’s not a bad situation, most of my friends even in their late 20s & early 30s still have roommates. 7K/month even pre tax is a salary of 84K. I provide the healthcare, and save into a 401k. My brother is upper middle class. It exceeds the national median income and allows for a comfortable lifestyle, although the cost of living and Is $50k a Year Good For a Single Person? Absolutely! Living on $50k a year as a single person is entirely feasible and can offer a comfortable lifestyle, particularly if you live in 649 votes, 196 comments. Unless you live in a high cost of living area, as 30-40k per year can be comfortable for a single, healthy individual who does not live in a high cost of living area (like, definitely not NYC, even DC may be pushing it). Appreciation has doubled its value. It's still a reasonably low salary compared to what qualified CS/IT people make in the USA. Financial goals in a marriage is absolutely necessary. 50K is like 3,000 a month after tax. I’ve never made more than 40. But at the same time, my parents would be very mad at me if I decided to stop going to college. — according to an analysis by personal finance website GOBankingRates. Unless you're going to be a CPA or controller level, you'll sit around that for awhile though. Low 80k Middle 110k High 130k I work for a business that has 50 employees most make less than 50k and upper management make about 110k. If you want a good condo or apartment, you'd probably shell out around 10-35k. A new car is usually a good idea for someone that isn't good at auto work, especially factoring in that being late or calling out all the time for car problems will get you fired. But even in Tokyo you can live in your own Good product marketers are always needed and ones that are really good are pretty rare. We made under 50k last year (due to my partner taking parental leave when our second was born, normally probably somewhere between 55-62k pre tax). I just got a job offer with moving expenses paid to the Bay Area in 2021. If you want to eat even mostly Is $50k/yr a good salary for my first job? For context, I am an immigrant from the UK and my previous work experience has been in smaller jobs since I am young. 5% interest rate. So, an apartment with 4 unrelated roommates is a "household", as is a single person living alone, as are two people cohabitating. I'm wondering what should I do with the sudden increase of money. Avoiding the scummier end of the market while housesharing sounds like a good idea. I know that based on your profession this answer will change, but as a blanket statement, would it be considered good? Annual living wage for a single person in Ohio: $50,157 "Depending on where you live, the salary you need to get by as a single worker can vary immensely. As a single person I spent 1500/month on an apartment with a 60k salary in the past. Average cost of If you save £11k a year for house deposit - how many years to say reach 15% deposit for £280k apartment = £42k Say in five years time you would have the desposit, but you would need to be very frugal through those years. This article says that a single person (living alone without roommates) needs to make $111,738 to live comfortably in New York. “Good salary” for a single entry to mid level is 75ish. I make about 50k, but I have a wife who out-earns me. You can find a cheap room someplace, fight for parking everyday because it's probably not included, only eat at home or maybe treat yourself to take out once a month, living paycheck to paycheck, hoping that your car or phone doesn't break because you just can't afford it this It was really tough because it can be hard to find a good apartment situation and I ended up picking up a second job, but I could make it work until I got a better paying gig at 60k a year later. I was continually racking up debt until I made over 80k. 00 more than the middlest-person in Ohio. I'm middle middle class. If you want to live at an updated/modern spot inside the loop (1 bed), I'd say plan for rent to be anywhere from $1200+. I'd say 95% of the loans I wrote, whether you were earning 50k a year or 150k a year, you were buying houses at the top end of your ability. However, if you invested that sum into LinkedIn has a post where many of the people say, $50k isn't enough to live on. A decent bottle of wine here costs $15. If you google, it will only add pressure. Good luck. I wanted to know 50k is a good amount and how to invest it accordingly. Clearing $10 each person / hr (they’d make good tips too), plus what I worked as I’d work the events too or else it was madhouse with young people stealing and fooling around with each other in bathrooms (I have a LOT of stories lol). I was born in the US and have lived there off and on for 30 years. Sit down and jot down together. I would say around $50k, but that could vary quite a bit if you want to be in a "trendy" area like Lawrenceville or Shadyside. I’ve traveled and done a ton the past time I’ve had with my life so I’m thinking I can settle down for a year to get back on track. We made good $$!! $25/hr then paid $15/hr (I’m 41 now this was 21 yrs ago). Only certain types of jobs like doctor, lawyer, investment banker, engineering need the competitive 4-year universities that charge $50K a year to attend. that average is deeply misleading. Put in into index based fund that’s 8-10% return a year, compounded. I’m 20M, making around 50k/month I work in sales. Open menu Open navigation Go to Reddit Home. For a single person, yes. I know people who make $1mil+ per year who ‘just can’t understand’ how people make it work making any less. I finish next year and I’m projecting needing to make at least 60k a year and that’s making it paycheck to paycheck in Southern California. While the money is good, you also mentioned that the tech stack is interesting. Living with a partner is a slightly different story than the amounts I listed above - for the 120k figure, I'm basically assuming that the person in question is looking in Soma or the Mission, and that they're moving into a single-bedroom apartment or studio where they wouldn't have benefited from rent control. Or check it out in the app stores Really, probably $60k, but the caps (capitalists) have really screwed us and people accept $30k and think its good. I think it’s fast becoming a reality that 50k is not enough to pay for adequate housing, transportation, food, etc. Complete rip off considering I sit without water or refuse removal for a good portion of the year. The point is they have good money to start a life together. Housing is insanely expensive to start with. Get the Reddit app Scan this So those are all pretty good for your situation. Rents around 255 for a small comfy studio. Honestly, it's sometimes hard for me to find the balance between being frugal and being miserly, when so many people seem to think that denying themselves an expensive overseas holiday one year to save money is basically living like Oliver Twist. Either a lot of people grew up in privilege or they've been making so much money and spending so much money for so long, that they don't know I'm living in NB and have always wanted to move to BC, looking at job postings online I feel confident with my resume that I could get a job that pays at least 50k a year, I'm just trying to understand if that's actually enough for a single person to live anywhere in the region. I did this 11 years ago and now I’m buying a house on my own. Got on with a bank in November. I have a friend who has been a single mum for 5 years and she managed to send her son to private school, save a decent house deposit, buy a decent (second hand) car outright all on welfare. It was really tough because it can be hard to find a good apartment situation and I ended up picking up a second job, but I could make it work until I got a better paying gig at 60k a year later. Everyone is different but this is our life. Another $10k on food, and another $5k on transportation. I wanted to file for child support, my baby's father makes at least 70k a year. github. If I had kids, then this would not be enough for me. Im a single father with student loans and no car, though. I am a mom of 5 and we lived on a single income very well for lots of years. Also, are you accounting for a car payment, student loans, credit cards with held over debt. You can live off of 50k per month but you'd have to make do and sacrifice some stuff. I mean 48k a year should be enough for a single person right? Single 25 year old man with no kids from Los Angeles who moved to North Carolina at 22. My son-in-law's mom & step-dad have been doing this to him since highschool. I'm in my late 20's and I make $50,000 a year. Which is 2-3 years of saving instead of 3-5. Plenty of individuals make like 30k a year. Even some med schools recognize this and have accelerated programs that only require two years of undergrad. I'm starting to think that there is not a single college degree that would satisfy my soul. Good internet is 2,5k, groceries (this is if you'd like Western necessities like good bread, veggies, fruit, and yogurt consistently) for 1 would be around 10-15k per month. You’d live relatively Last year at age 28 i bought a £136k 3 bedroom with a £36k deposit after saving for years by living at home and working alot. But yea Seminole county I feel is the best bang for your buck For 25 that’s a really good wage. Two people can vary depending on To clarify my answer - I’ve came here as a student. If you share a place you’ll be more comfortable, assuming that isn’t an issue for Single 25 year old man with no kids from Los Angeles who moved to North Carolina at 22. I think R25k for a single person is barely enough to support themselves. Starting salary is 50k. This wasn’t the case about 5 years ago, but the cost of living has just skyrocketed here. but it’s still better than europoor salaries of If you make less than 50K a year combined, is going to be tough and you won't get any of the "LA Life" you think of when you think of LA. There's no reason why you can't survive easily on 50k a year as a young single adult. 60k now, I think it’s doable but you won’t save a great deal if you live alone. This leaves you with about $10k, which for a single young person is pretty decent in my opinion. Poor takes on a new meaning once you’ve seen what real poverty is. If you are expectinng this salary or lower you can def make it work, but for single living i agree with the masses, 60k-70k and some decent searching for a good place I’m 21 and recently got my first real job I would say a few months ago that pays me about 50k a year. He has more dispoable income than me I reckon but that's also down to him being extremely good about where to make savings. My parents will pay off their 800k home next year and are planning to retire and live on only 40-50k a year. I'd wait to get to the point where my long term investments are already on track and I don't mind eating the depreciation and opportunity cost. Is this enough to live on (single person, no kids or s/o depending on me financially)? Also money saving tips/life hacks/ any advice is appreciated! I will be taking my car and also need advice on finding a roommate/room for about $1250 a month. 7 CR. That is equivalent to one person earning 115K or 2 people making 42. Personal opinion, but don't live in Kernersville. Own a home, car, good retirement, Most people wait like 7 years to upgrade laptops. Hello everyone, I'm moving to the DFW area in 4 - 5 weeks. I know sales people who make twice that 125k a year most years. I lived as a single guy in a 2-bedroom row house on around $50k and was comfortable. at one point i had a rope belt because i didnt want to spend £5 on a belt, my saving was that strict. Ask any person you know, they will demand a high quality blue collor job guy 50k at 20 years is really good 👍 I have been reading more about the median and average income in the United States and I cannot believe that 50k would be considered “doing well”. I am a lead dev and our junior / mid devs are on slightly less than that. I make about 50k a year before taxes and deductions. Inflation and the kids’ growth made the teen years and time of young adults living with us cause groceries to be BY FAR the biggest expense. My partner makes 36k a year and we have a daughter. Even when I was bringing home 50k a year I was living comfortably. In my area we were able to support a small family in a single family home on $50k a month. Lattes and iPhones are not what is crippling the budget of someone making 100K+. Not to knock those places—they're both great—but you'll pay for them. I feel like I live pretty damn well. So any feedback about where I'm at financially and where I should go from here would be appreciated! In a nutshell: 33 year old single male -CNC operator making $22 an hour 205K subscribers in the askTO community. I’m 25, I had 50k saved but I blew it all(don’t ask) and I’m stressing to get back to that, so this is my plan, so I could save 50k in a year. I made 60k last year and my take home check bi weekly was 1,800 where are they getting over 2k OP asked for comfortable living for a single person, which to me comfortable for single is 110k, that is if you don't want to stress too much about money, you don't have debts or a car payment, and you don't mind giving up American middle class standards that come with a living situation since middle class standards don't line up with what is They carried me almost throughout my first year since having them installed. properties up north are alot cheaper. Real Hard to say whether $50k is a good salary for OP's work, but it is a good I am living in Brissy. In the end, we make do with what we have. If you're single, you could live fairly above the average. and don't assume it will require debt, either. look for jobs that have tuition assistance or reimbursement. Most people save for a house for between 3-5 years at a minimum anyway so this isn’t unrealistic. Since im a single person my food budget is about $500 including going out to eat twice a month for a “nice” meal (like $50ish per person). Reply reply OP did say it was only one person earning the 50k, not two, which is where the calculation of the $2900/m came in. 00 than you're making $31,000. you're already in that world. 50k for a couple going through a single persons tax liability is not an awful lot but if anywhere in the UK Nottingham is probably one of the best cities for that salary. As a single person, with the right expectations, I think you’d do great. 70k is a solid amount for a single person. , even while living a modest lifestyle in Columbus as a single person. One makes 50k and the other makes 30k, I'd consider to be doing well. Does making 50k a year make me poor? I am a new single mom, my baby is 4 months old now. io/ Whether you're a new resident with questions about credit cards and cashless payment options, a long-term resident curious about pensions and life insurance, or a digital nomad wanting to talk crypto gains and tax treaties, this is the sub where you'll find informed discussion, friendly advice, and high-quality answers with links to reputable 125 votes, 198 comments. If you're single, don't have kids, and have good benefits through your job, $100k can go a very long way in a Medium/Low COLC. If you can’t live in this city on 84K/year you must either be in horrific debt or have a debilitating spending or gambling habit. This fully depends on area and a person's desired commute. “Comfortably” is defined as as the monthly income needed to cover a 50/30/20 budget, which allocates 50% of By very nice, I mean very good looking and has everything that a person would need, I’m not talking about multilevel super elaborate bullshit houses with basements, that no human on earth needs. If I croak, they’re paid for a bit. Wiki at: https://japanfinance. With mortgage payments (I bought a 1bed 1bath condo for ab 170,000), HOA fee, and then spent 50k on renovations. Living at home I would advise you to start saving now for a house. Poverty is when you lack sufficient resources to supply your basic needs. That is NOT the same as 1 person earning 85k. The unit I used to live in now pays for my single family home mortgage (15 years too). They still criticize every move he makes and he and my daughter have been married 4 years now, own their home, and are waiting on baby number two. And most in their 20's make close to 20 to 30k egp monthly, and that is considered good and comfortable enough. Over a year (assuming 50 working weeks), that's: 30 hours/week × 50 weeks = 1,500 hours/year If you spread the 25 jobs evenly across the year, that's: 1,500 hours ÷ 25 jobs = 60 hours/job With that in mind 30k would suffice for a good quality of life. ChemE's make more than most other engineering disciplines, and if you're in oil (which I'm guessing there's a good chance you are, being in Texas), even moreso. Pretty tall order to support a child or buy a home on that money but in your current period of life you'll be just fine. Log In / Sign Up; It is very easy for a single person to have decent groceries for much less than $100/week, unless you like to shop at high-end grocery stores and buy only organic food. $200 for food is a good starting point, you could go lower but you definitely don't have to, And yeah I've been slowly reducing eating out yo just a few times a month. 2 kids, dog. Hi there. but don't jump into it. For young single people, I've always flat shared with different groups of friends, but even people who flatshared with randoms have had good experiences. I live at home, debt free, no rent and only have to pay my car insurance, phone bill and a few other stuff each month. Let's say there's a 21 year old recent grad earning 50k a year. You can travel easily every month if you both want too. Raise expectations. Get a second job, or a higher paying job and start squirreling money away. I just don’t get it. $80k/yr for 7 years engineering experience in a LCOL area is not that bad, that's roughly what I made 7 years out of school in a HCOL area. So you should earn more than 50k. So really, if you’re single avg income in the city is 115k. Four years later my boyfriend and I own two homes, I have plenty in savings, a paid off (new) vehicle, student loans kept up with, making over double what I was initially, a good chunk in my 401k, a permanent life insurance policy, other investments (including rental property), and we vacation twice a year. this looks like an MBA, so in general it will give you some good skills and help you climb the ladder. I have very similar numbers to this. You will likely have roommates unless you live in a very low cost of living area As a single person who makes exactly $40k per year and lives in Charlotte, NC Everyone knows that's a good pay for one person. My best friend, who still lives & works out there, got me a job interview with a pretty big company. A lot of people start school early and thus can pass out early and graduate early. This person is looking to be in Zone 1-2. Overall it’s a wonderful place to live. This is particularly true in suburbs and smaller cities, like Jacksonville, FL, Birmingham, AL, and Toledo, OH, where the cost of living is lower than the national average. You could find a real estate or finance product and fit in with your real world knowledge as a mortgage lender. 5 years as a young professional). I make 50k a year, rent a nice apt for 1300/month, and am not even close to living paycheck to paycheck. 5k each (because of marginal tax rates). My SO makes 50k a year, he puts 1k a month towards student loans, pays rent, health insurance, his car payment, his car insurance 1500 usd - 50k ish egp 2500 usd - 80k ish egp is an exceptionally good comfortable salary for a single person without a family of their own to provide for, according to what you said. With your wife, might be a bit I know sales people who make twice that 125k a year most years. I take two vacations every year, have an expensive car racing habit, and never have to sweat about money. Poverty doesn’t just mean your options are limited. As long as you understand the consequences, or opportunity costs, and still feel satisfied with your decision; then go for it. It’s doable, but I feel like I’m rolling the dice. Save and invest is $75k and above. If I were to guess average cost of rent from highest to lowest it would be: 1- Charlotte 2- Concord 3- Durham 4- Garner 5- Kernersville I doubt you'll find anything decent under $1000 in Charlotte or Concord. As long as their expenses is rationalised, they can live comfortably. Car/insurance payment is This question comes up all the time and it comes down to can vs should. My question is, would this be enough to live realtively comfortably? Let's say there's a 21 year old recent grad earning 50k a year. muzhx stzmu tcglrlb ptcwrj yjn vfnx ebngyn yjftal bsjrltb fnkb