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Started By
Message
Live comfortably on $55,000 per year?
Posted on 4/16/14 at 9:37 pm
Posted on 4/16/14 at 9:37 pm
Graduating next month, and will be making around 55,000 starting right out of school. Anybody been in this situation and would care to share how they did coming out of school?
89
Posted on 4/16/14 at 9:37 pm to LSUTiger23
Define comfortable?
Posted on 4/16/14 at 9:38 pm to LSUTiger23
What city? That's not much after taxes:
Posted on 4/16/14 at 9:38 pm to LSUTiger23
not married and no kids?
yes you should be very comfortable
yes you should be very comfortable
Posted on 4/16/14 at 9:38 pm to LSUTiger23
You'll be fine, if no kids
Posted on 4/16/14 at 9:39 pm to Jones
quote:
not married and no kids? yes you should be very comfortable
Alone in a cardboard box? No thank you.
Posted on 4/16/14 at 9:39 pm to arseinclarse
After taxes, about 2500/month.
Posted on 4/16/14 at 9:40 pm to LSUTiger23
Can't answer without:
city
martial status
number of children
city
martial status
number of children
This post was edited on 4/16/14 at 9:40 pm
Posted on 4/16/14 at 9:40 pm to LSUTiger23
Most people aren't living comfortably. Whether it's 50k, 100k, or 200k...most will just spend more and live a more extravagant lifestyle.
Posted on 4/16/14 at 9:40 pm to LSUTiger23
You loser
Posted on 4/16/14 at 9:40 pm to Real Pirate
quote:
Alone in a cardboard box? No thank you.
a 22-23 year old with no kids or wife making 55k a year is the equivalent of living in a box?
Posted on 4/16/14 at 9:40 pm to LSUTiger23
Of course.
Posted on 4/16/14 at 9:41 pm to GreatLakesTiger24
Need more info!
Posted on 4/16/14 at 9:41 pm to Skin
Pretty good. Better than I did.
Posted on 4/16/14 at 9:43 pm to LSUTiger23
It is really up to you and how you spend vs save, and budget.
Posted on 4/16/14 at 9:43 pm to LSUTiger23
That's about what I make in Houston and I've been working since January. Bought a truck and can still do what I want
Posted on 4/16/14 at 9:43 pm to BRgetthenet
quote:
After taxes, about 2500/month.
That's not accurate. I currently make less than what the OP will be making and I take home more than that, even after 401k, insurance, HSA contributions and taxes.
Not married, no kids, standard deduction.
To the OP, comfortably is a subjective term. Small car note, rent, normal bills, you should be able to have a solid social life and save money at the same time.
Assuming no massive debt, do yourself a favor and contribute as much as your company will match to your 401k, it's free money. If you're young, healthy, and rarely ever go to the doctor, get on an HSA medical plan if your employer offers one. Essentially a tax free savings account for future medical expenses. After that, if you want to save more, open a Roth IRA as well.
Starting on all of this while you're young gets you a massive leg up on retirement and healthcare savings.
This post was edited on 4/16/14 at 9:51 pm
Posted on 4/16/14 at 9:44 pm to LSUTiger23
Assuming no debt or family, that's about $3,000 per month take home. Assuming you rent for $750 that leaves $2,250 for food, gas, car insurance, entertainment, etc. if you can't live well on that you're doing it wrong.
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