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Started By
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re: Live comfortably on $55,000 per year?
Posted on 4/17/14 at 9:42 am to LSUTiger23
Posted on 4/17/14 at 9:42 am to LSUTiger23
Nice starting salary 
1
Posted on 4/17/14 at 9:47 am to dewster
I make roughly $45k/year and live comfortably on that up here and I'm able to save money while being able to maintain my hobbies
Posted on 4/17/14 at 9:50 am to Scruffy
quote:
New med residents get paid about that and they have loans to pay
They're probably deferring that shite.
Posted on 4/17/14 at 10:00 am to iluvredboxx
I graduated in 2007 and started at $36k as a Management Trainee. 3 years later I was making more than twice that at the same company, and got some great work experience.
Used that experience to move into a more lucrative industry and now I'm making multiples more than when I started my career 6 years ago.
But when I first got out of college, I had a car note, credit card debt and poor spending habits. That first company only paid once per month, so I learned how to budget and become more money savvy with quickness.
Even at $36k/yr, I never really had a problem paying bills and having a little extra money to play with. I paid off over $15k in debt over the next 2 years even at that income. But be careful, its amazing to me how your consumption will increase with your income, no matter how much you budget and watch every dollar.
Be warned though, throw it all out the window and be prepared to start over once a wedding and wife come around.
Used that experience to move into a more lucrative industry and now I'm making multiples more than when I started my career 6 years ago.
But when I first got out of college, I had a car note, credit card debt and poor spending habits. That first company only paid once per month, so I learned how to budget and become more money savvy with quickness.
Even at $36k/yr, I never really had a problem paying bills and having a little extra money to play with. I paid off over $15k in debt over the next 2 years even at that income. But be careful, its amazing to me how your consumption will increase with your income, no matter how much you budget and watch every dollar.
Be warned though, throw it all out the window and be prepared to start over once a wedding and wife come around.
Posted on 4/17/14 at 10:02 am to TideCPA
when i graduated undergrad, I lived comfortable on about $15k a year. But coming out of grad school, I made $65k or so and I lived like a king. I lived the largest then, especially since I had zero debt and lived in a cheap city (rent was $700/month).
Posted on 4/17/14 at 10:07 am to TheWiz
quote:
quote:
New med residents get paid about that and they have loans to pay
They're probably deferring that shite.
They are. I've talked to many and they are just letting that interest pile up at $15-25/day until they finish residency. I can understand why they do it though. After 4 years of medical school, any money flowing in instead of out seems like manna from heaven.
My wife is a MS3, and we have a plan to have her loans paid off before she finishes her residency.
Posted on 4/17/14 at 10:08 am to lsufan251875
quote:
Government jobs pay terribly
You must work in the wrong department of the government
Posted on 4/17/14 at 10:14 am to Real Pirate
quote:
For those of you in BR, Shreveport, and NOLA, what's an average Apt. cost monthly?
In New Orleans, if you want a nice 1 br in a good part of the city you're looking at around $1200. You can find cheaper, but you'll be in an area that is not as desirable or isn't as nice.
Posted on 4/17/14 at 10:20 am to lilsnappa
quote:
But be careful, its amazing to me how your consumption will increase with your income, no matter how much you budget and watch every dollar.
This. I'm not going to throw out numbers, but I'm a corporate attorney at a pretty big firm in NYC, so my salary is nice. However, in many ways, I feel like I was happier and lived better when I was fresh out of college making only a fraction of what I make now. When I kids are grown, I feel like I'd like to move to a cabin in Alaska and dump all of this excess bullshite baggage.
Posted on 4/17/14 at 10:28 am to LSUTiger23
55K is nice money right out of school. When i got out of school many years ago, my starting salary with a GOOD company was 16,500 a year... times have changed but so has inflation.
Back in the 70's if you were pulling 40K a year you were a mid level executive on the rise.
Back in the 70's if you were pulling 40K a year you were a mid level executive on the rise.
Posted on 4/17/14 at 10:51 am to lilsnappa
quote:
My wife is a MS3, and we have a plan to have her loans paid off before she finishes her residency.
You have the means to pay off +/- $200k by the time you are 29'ish? Hats off to you.
Posted on 4/17/14 at 10:53 am to LSUTiger23
You should not only be perfectly fine, but you can make some stupid financial mistakes and still be better off than about 80% of the people graduating with you.
Also, a few of the responses in this thread make me sad. It kind of worries me that one particular person was even allowed to have his chains removed and able to venture out of his basement.
Also, a few of the responses in this thread make me sad. It kind of worries me that one particular person was even allowed to have his chains removed and able to venture out of his basement.
Posted on 4/17/14 at 11:01 am to Epic Cajun
quote:
You must work in the wrong department of the government
The one where I can't define my own salary.
Posted on 4/17/14 at 11:06 am to lilsnappa
quote:
Be warned though, throw it all out the window and be prepared to start over once a wedding and wife come around.
yep...I'm making wayyyy more now than i did when i wasn't married but i'm poorer now with a wife and baby on the way.
Posted on 4/17/14 at 11:06 am to TheWiz
quote:
quote:
My wife is a MS3, and we have a plan to have her loans paid off before she finishes her residency.
You have the means to pay off +/- $200k
I've been cash flowing her school costs for a year now and she attends one of the most affordable Med schools in the country (LSU-Shreveport) so I'm hoping that its under $100 when she graduates. Its still a big hurdle, but if we can dump her entire salary from her residency into debt we should knock it pretty quickly.
quote:
by the time you are 29'ish
Hopefully by the time she is, I'm already past that..
This post was edited on 4/17/14 at 11:11 am
Posted on 4/17/14 at 11:09 am to LSUTiger23
Well I'm early 30s, 4 kids, stay at home wife, at least until end of summer and make just around 55-60 grand between fire dept and windshields. We all good
Posted on 4/17/14 at 11:17 am to lilsnappa
Jealous. I was only making $40k when she entered Med School, so I definitely didn't get to help her out. We have a privat loan now. Interest only the first five years, and then a balloon payment for the next five. We'll be done with them at 37. Should save around $165k in interest.
Posted on 4/17/14 at 11:20 am to TheWiz
quote:
$165k in interest.
Exactly why we are knocking them out asap. We could max out her loans and live like OT ballers for the next few years, but I know once we start having kids she won't want to work full time and I want that debt gone so she doesn't have to work if she doesn't want to.
Posted on 4/17/14 at 11:29 am to LSUTiger23
Didn't read the thread, but if you're caught up in material things, you won't live comfortable on any amount of money.
Posted on 4/17/14 at 11:34 am to lilsnappa
What's she going into?
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