Poll of the Day > $60,000 a year is $5,000 a month

(+) Yeah! (+)

what do people do with all this money
---

Pay the government.

health insurance, car payment/insurance, mortgages, credit card debt, student loans, property tax
---

Taxes, rent/mortgage, insurance, utilities, CC bills, car payments, student loans, food, gas, and of course candy.
---

Who could forget candy. You can easily spend a couple thousand on candy. It's delicious...
---

in my experience, it seems the more money a person makes the more expensive lifestyles they live. wish I made that kind of money, only thing i'd spend more money on is buying more video games, rest would go into savings. well i'd also probably start paying someone to mow the lawn for me.
---

mooreandrew58 posted...

in my experience, it seems the more money a person makes the more expensive lifestyles they live.

Holy fuckin shit. No way!
---

Cacciato posted...

mooreandrew58 posted...

in my experience, it seems the more money a person makes the more expensive lifestyles they live.

Holy fuckin shit. No way!

well he asked what people did with all that money. its also why I roll my eyes when people talk about "think of all the money you could save if you quit smoking" yeah i'll have more money and i'll find something equally useless to blow it on.
---

Kids are expensive.
---

mooreandrew58 posted...

Cacciato posted...

mooreandrew58 posted...

in my experience, it seems the more money a person makes the more expensive lifestyles they live.

Holy fuckin shit. No way!

well he asked what people did with all that money. its also why I roll my eyes when people talk about "think of all the money you could save if you quit smoking" yeah i'll have more money and i'll find something equally useless to blow it on.

I agree with mooreandrew58. Usually, when I see people who make more money, they are usually living a more expensive lifestyle. If they have "extra money", most people will use it. It doesn't mean they don't pay off debts or save any, though...
---

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.
---

I make a whopping $30K annually and still manage to save up enough to purchase a used car in cash evey few years. It's all about lifestyle choices.

dedbus posted...

Pay the government.

Pretty much </topic> at that point.
---

Cry until they hit that magic 75k mark and they can finally breathe.
---

Judgmenl posted...

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

xjayguyx posted...

Judgmenl posted...

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

All depends on where you live. $80K is very very comfortable living in the midwest. Trying to live off of that in D.C? Good luck lol

xjayguyx posted...

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

I happen to live on the East Coast US where we also have million dollar crack shacks owned by Chinese corporations.

This world does not expect you to buy a house on a single income.
---

dedbus posted...

Pay the government.

This for sure.

if you stop working, the government pays you.
---

I net $4000 per month. I only spend like $2500 of it. It's only useful right now because I'm saving up for a down payment on a house.

After I get a house, I'll still be making much more than I need. I'll start saving it, I guess?
---

60k lol

GanglyKhan posted...

xjayguyx posted...

Judgmenl posted...

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

All depends on where you live. $80K is very very comfortable living in the midwest. Trying to live off of that in D.C? Good luck lol

Pretty sure judgmenl lives in CA. Not sure what part, but yeah, it can obviously be pretty expensive over there

xjayguyx posted...

Judgmenl posted...

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

This. If you can't find a 30-year mortgage for $1500-2000, you're either looking for too big a house, or live in San Francisco. Possibly both.

Cacciato posted...

mooreandrew58 posted...

in my experience, it seems the more money a person makes the more expensive lifestyles they live.

Holy fuckin shit. No way!

It's a valid observation. If people lived conservatively their money could go a LOT farther.
---

GanglyKhan posted...

xjayguyx posted...

Judgmenl posted...

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

All depends on where you live. $80K is very very comfortable living in the midwest. Trying to live off of that in D.C? Good luck lol

You could live off of that there. Well, use to be able to, at least. It might have changed a little since last time. But certain areas there, you can live off of that...
---

60k after tax?
---

Philoktetes posted...

what do people do with all this money

disposable income means do whatever they want with it. help sick people, invest it, who knows. :P
---

Mortgage
---

LinkPizza posted...

GanglyKhan posted...

xjayguyx posted...

Judgmenl posted...

There are these things called taxes.

I get paid $80k/yr now and my take home is around $1100/wk. That's really not a lot of money. I can't for example afford a house with that kind of money.

Also people have seen the environment I live in lol.

Why can't you get a house with $4.4k a month? I take home $3.6k ish a month and have a mortgage.. also I live in West coast Canada where a crack shack can be worth a million.

All depends on where you live. $80K is very very comfortable living in the midwest. Trying to live off of that in D.C? Good luck lol

You could live off of that there. Well, use to be able to, at least. It might have changed a little since last time. But certain areas there, you can live off of that...

I suppose $60k would have been a more realistic number for what I was shooting for. That's enough to own a house in Kansas.

Save or invest what they can afford if they're frugal.

I don't make that much but have been careful with investing and pull in enough money from that to live comfortably

Questionmarktarius posted...

This. If you can't find a 30-year mortgage for $1500-2000, you're either looking for too big a house, or live in San Francisco. Possibly both.

$2000 a month is roughly a $300000 property. That maybe gets you a one bedroom condo here, but that doesn't factor in the $300 in hoa fees for the condo.
---

Are you guys really doing this thread again?

I'd think that the adults on the board get sick of explaining how the world works to the college students and kids here.
---

that would be dope i could afford to live in my own parents house if they died

MacrossSpecial posted...

Are you guys really doing this thread again?

I'd think that the adults on the board get sick of explaining how the world works to the college students and kids here.

I'd rather impart knowledge and have to see this thread once a month vs threads complaining about bankruptcy and loans that they can't pay off because they never learned anything about finances.

Get a full tank of gas once a month.
https://www.gasbuddy.com/GasPrices/British%20Columbia/Vancouver
For the Americans here....
That's $5.735 a gallon
---

GanglyKhan posted...

MacrossSpecial posted...

Are you guys really doing this thread again?

I'd think that the adults on the board get sick of explaining how the world works to the college students and kids here.

I'd rather impart knowledge and have to see this thread once a month vs threads complaining about bankruptcy and loans that they can't pay off because they never learned anything about finances.

Have you even been on this board a month?
---

Buy things

Cacciato posted...

GanglyKhan posted...

MacrossSpecial posted...

Are you guys really doing this thread again?

I'd think that the adults on the board get sick of explaining how the world works to the college students and kids here.

I'd rather impart knowledge and have to see this thread once a month vs threads complaining about bankruptcy and loans that they can't pay off because they never learned anything about finances.

Have you even been on this board a month?

There is the possibility he was a lurker...
---

Yeah, 60k won't go far, especially if you have student loans as well.

Both taxes and student loans come out of your gross pay. It's especially harsh for teachers since 60k takes quite awhile to reach (usually don't get an increase in income for the first 5 years).

For 2018 60k would fall into the 22% tax bracket, but you still have state as well and other minor crap. Over all it's about 1/3 of what you make.

That drops your 60k to 40k.

IF you have student loans though, the min you can pay is 10% of your gross, which drops it another 6k.

So now you are taking home 34k a year from your 60k job. That is a bit under $3000 a month.

Most places renting even a 1 bedroom now i up to $1000 (crazy), then you have health insurance, car insurance, transportation costs, utilities etc. That is probably another $500.

That leaves your $1500 a month after basic expenses but not including food.

While you can certainly spend less, it's easy to blow 20$ a day on food (especially while working), which drops you down to $900 a month left over.

Say $100 a month for entertainment/fun etc, and you might be able to save $500 a month after all that. That is saying your not leasing a car or have car payments etc of course.
---

wolfy42 posted...

Yeah, 60k won't go far, especially if you have student loans as well.

Both taxes and student loans come out of your gross pay. It's especially harsh for teachers since 60k takes quite awhile to reach (usually don't get an increase in income for the first 5 years).

For 2018 60k would fall into the 22% tax bracket, but you still have state as well and other minor crap. Over all it's about 1/3 of what you make.

That drops your 60k to 40k.

IF you have student loans though, the min you can pay is 10% of your gross, which drops it another 6k.

So now you are taking home 34k a year from your 60k job. That is a bit under $3000 a month.

Most places renting even a 1 bedroom now i up to $1000 (crazy), then you have health insurance, car insurance, transportation costs, utilities etc. That is probably another $500.

That leaves your $1500 a month after basic expenses but not including food.

While you can certainly spend less, it's easy to blow 20$ a day on food (especially while working), which drops you down to $900 a month left over.

Say $100 a month for entertainment/fun etc, and you might be able to save $500 a month after all that. That is saying your not leasing a car or have car payments etc of course.

Yeah cost of living compared to wages now is fucking insane

wolfy42 posted...

Yeah, 60k won't go far, especially if you have student loans as well.

Both taxes and student loans come out of your gross pay. It's especially harsh for teachers since 60k takes quite awhile to reach (usually don't get an increase in income for the first 5 years).

For 2018 60k would fall into the 22% tax bracket, but you still have state as well and other minor crap. Over all it's about 1/3 of what you make.

That drops your 60k to 40k.

IF you have student loans though, the min you can pay is 10% of your gross, which drops it another 6k.

So now you are taking home 34k a year from your 60k job. That is a bit under $3000 a month.

Most places renting even a 1 bedroom now i up to $1000 (crazy), then you have health insurance, car insurance, transportation costs, utilities etc. That is probably another $500.

That leaves your $1500 a month after basic expenses but not including food.

While you can certainly spend less, it's easy to blow 20$ a day on food (especially while working), which drops you down to $900 a month left over.

Say $100 a month for entertainment/fun etc, and you might be able to save $500 a month after all that. That is saying your not leasing a car or have car payments etc of course.

Although, I will said that a lot of this will depend on where you live...
---

LinkPizza posted...

wolfy42 posted...

Yeah, 60k won't go far, especially if you have student loans as well.

Both taxes and student loans come out of your gross pay. It's especially harsh for teachers since 60k takes quite awhile to reach (usually don't get an increase in income for the first 5 years).

For 2018 60k would fall into the 22% tax bracket, but you still have state as well and other minor crap. Over all it's about 1/3 of what you make.

That drops your 60k to 40k.

IF you have student loans though, the min you can pay is 10% of your gross, which drops it another 6k.

So now you are taking home 34k a year from your 60k job. That is a bit under $3000 a month.

Most places renting even a 1 bedroom now i up to $1000 (crazy), then you have health insurance, car insurance, transportation costs, utilities etc. That is probably another $500.

That leaves your $1500 a month after basic expenses but not including food.

While you can certainly spend less, it's easy to blow 20$ a day on food (especially while working), which drops you down to $900 a month left over.

Say $100 a month for entertainment/fun etc, and you might be able to save $500 a month after all that. That is saying your not leasing a car or have car payments etc of course.

Although, I will said that a lot of this will depend on where you live...

Yeah my brother gets 29k a year. He doesn't live in luxury but he's not struggling. All the bills get paid his daughter is taken care of. His gf has a part time job but she says only thing she pays for is her car bill cell phone and I know she sometimes buys groceries. But my brother also buys enough unneeded things he could buy the groceries all the time too and still be fine
---

I hear Mississippi's pretty cheap, if y'all wanna move there.
---

capitalism will destroy us with inflation and taxation
eventually everything will be subsidized by the government

we got a min wage increase and the median home price jumped up 20k
20k increase on a 1.5k increase in min wage

RoboXgp89 posted...

capitalism will destroy us with inflation and taxation
eventually everything will be subsidized by the government

we got a min wage increase and the median home price jumped up 20k
20k increase on a 1.5k increase in min wage

People who make minimum wage don't buy houses.
---

Revelation34 posted...

RoboXgp89 posted...

capitalism will destroy us with inflation and taxation
eventually everything will be subsidized by the government

we got a min wage increase and the median home price jumped up 20k
20k increase on a 1.5k increase in min wage

People who make minimum wage don't buy houses.

yeah they freaking do, they may be faking it but a lot of people don't make much more then min wage until years and years of experiance or 50 hour work weeks

paying 2200 a month torwards a mortgage versus 1400 on an apartment for a landlords bank account

Cacciato posted...

mooreandrew58 posted...

in my experience, it seems the more money a person makes the more expensive lifestyles they live.

Holy fuckin shit. No way!

mind = blown
---

GanglyKhan posted...

I make a whopping $30K annually and still manage to save up enough to purchase a used car in cash evey few years. It's all about lifestyle choices.

Where do you live?

RoboXgp89 posted...

yeah they freaking do, they may be faking it but a lot of people don't make much more then min wage until years and years of experiance or 50 hour work weeks

Lots of fast food employees own houses after all.
---

RoboXgp89 posted...

Revelation34 posted...

RoboXgp89 posted...

capitalism will destroy us with inflation and taxation
eventually everything will be subsidized by the government

we got a min wage increase and the median home price jumped up 20k
20k increase on a 1.5k increase in min wage

People who make minimum wage don't buy houses.

yeah they freaking do, they may be faking it but a lot of people don't make much more then min wage until years and years of experiance or 50 hour work weeks

paying 2200 a month torwards a mortgage versus 1400 on an apartment for a landlords bank account

I'd like to note that in the UK, $2200 is more than a 40 hour work week on minimum wage, so idk why you think these people can pay a mortgage and feed themselves and travel to work.
---