re: What's your definition of a livable wage?

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two master's degrees in the house

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$80k a year... (which is around the exact number my wife and I earn right now)

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Did you both just finish school?

Anyway, the numbers from the MIT calculator look about right. I wouldn't want a household income of less than 80k (especially if I had a family), but I realize that I have goals that are higher than the "minimum" that is a livable wage.

When I first got out of undergrad I had a low paying entry level job making 28k, but still managed to pay my bills and save enough to pay for graduate school. I also had a little money to have fun with.