What does 60k a year salary feel like? (Mid 20s, Single males)

Depends on where you live... I live in So Cal, and live pretty frugally. I don't even consider this a solidly comfortable wage. It's fine, but I'd need at least 10 to 15k more per year to feel like I have nothing to worry about.

Now, if I lived in my hometown (in the South) with the same wage, I'd be rolling in it. I make more than both of my parents combined, and they have much more disposable income than I do.

Not sure where your parents live but my household income is $140K. We live in South Louisiana (Oilfield area). With three kids, a mortgage, private schooling, etc. we are considered middle class.

My wife and I made $90k last year (I made 70, she made 20 bc only part time). We do quite a bit of tax strategy, so we ended up only paying an 8% effective tax rate last year. Take home was $83k on the dot. I'm 25, she's 24.

We live in a town where a $1200 mortgage gets you a 2,000 square foot, 3 bed, 2.5 bath completely updated mid century modern in a nice neighborhood. We drive two nice cars (she drives a 2013 Honda CR-V that's almost paid off, I lease a 2015 Mercedes C-Class for business purposes), contribute a lot to our retirement accounts, eat out once a week but cook mostly at home, go on a big trip every year that we pay for with credit card rewards earned by churning and do general upper middle class stuff- we run, mountain bike, belong to a country club through her parents, hang out with other yuppies, etc. Minus the CR-V, it's probably the same lifestyle I would be living if I was single and made that much.

We have contributed about $35k in the last two years to our retirement accounts, and are in the process of buying an investment property. We're attempting to be financially independent by 45. Invest now so you can enjoy your mid 40's!

We made 90k wrote:

We live in a town where a $1200 mortgage gets you a 2,000 square foot, 3 bed, 2.5 bath completely updated mid century modern in a nice neighborhood.

Where you live definitely affects how far the money goes. We have a similar house (4 bed, 2 bath though) for ~$600/month.

Spending it whilst we can....cars, booze, hiring Dwarfs etc etc. Gotta enjoy it now.

All depends. For me, that's enough for living and pay bills , but I have nothing left for savings.

Its is 2018 right now. I live in Chicago, Married , 1 baby girl (1 year old), I have a house (cost $200K - monthly mortgage is $1,800). My wife works and make the same (60 k) , she has two kids (11 and 16 yrs old), and a new mini van ($589 monthly).

We split all the bills, including mortgage and car loan. After paying all the bills, Mortgage, car loan, electricity, health insurance, cell phones, water, cable tv, internet, a credit card that will be paid off in 8 months ( $200 monthly, no interest though) , car insurance, grocery, gas, etc,,,, we have a couple of hundreds left , just to go out for dinner at least once every weekend and to pay anything that comes up ( house repairs, car repairs, kids stuff, etc)

After all that, We have nothing left to save for our future. SO right now we are living check to check.

WeedandSwag wrote:

Do you just have so much disposable income that you are constantly buying random stuff? It's gotta be amazing.

I pay $50k/yr in mortgage and $25k/yr in property tax so it would feel pretty terrible to only make $60k pre-tax.

But ironically, if I was in my 20s making 60k, I'd probably feel much wealthier than I do now even though I make way more b/c of the lifestyle costs. So, enjoy being young and having disposable income sonny boy! B/c once you have a family, house, tuition, 401k, etc etc etc you will have no disposable income.

Geez...I make a little over 32k a year at 30 years old and I live plenty comfortably in a gorgeous state. I don't spend needlessly and I make sure to put something into savings every month and I don't get to have everything I want, but people saying 60k a year is nothing is just crazy to me. I guess to each his own though, I just don't want or need all that much to be content. Maybe I'm just still really naive.

It's worth noting I haven't taken a vacation since graduation.

60K in coastal liberal cities means you have to have roommates. The correct amount should be 200K for the demographic you listed.

Lavayen wrote:

kruger wrote:

That's what I currently make and it feels like an absurdly large amount of money. At the rate I'm saving I'll retire by 45 (currently 24).

Wait until your life gets taken over by parasitic leeches who suck up all your money, also known as a wife and kids.

Also remember all those nice things that your parents did for you when you were a kid? Well that wasn't done for free because they'll expect you to repay them by paying for their retirement care homes. Not only that but your leeching wife will expect you to pay for her parents' care too, even though they hate you and the feeling is mutual.

Lmao

27, make 360k per year, self employed. Mostly be necessity. I live in a big city with my wife and kids and I was not able to save anything due to wife and kids as an employee making 100k/year. If I was living on 60k per year alone I would probably feel like a king. However, I have an extra 10k/month for investing and fun now which is pretty good.

So true, lol. $60000 is great when you’re single, but peanuts when you’re married with kids. My advice (if you plan to marry one day):

1.. Save every penny now while you can...have fun too but be cheap. Instead of going to a bar, eat Ramen (eg Chicken) at home. Invest all of it minus a small amount of cash savings.

2. Marry into money and more importantly a family with good genetics, health habits etc. Ask potential boyfriend/girlfriend about parents net worth, health etc before it gets serious

3. Get into a field/job so that you’re making at least $100000 when you’re married with kids. You don’t want your kids to be the ones that don’t wear Nike, don’t go to Disney, eat Kroger brand graham crackers, etc

Your life sounds nice, I’m envious. Wife and I are physicians so didn’t start making real money until early 30s, by that point already had 2 kids and still working 60-70 hrs a week and little time for leisure. Have $500000 in total assets now at age 36 living thriftily but plan to keep working until 70. I’m fully aware that I made these choices but still your life sounds nice.

Do the owners of this site pull zombie threads just to get more traffic?

RE: What does 60k a year salary feel like?

1976

Saigyo wrote:

fall--start working

spring--I have 20k in my checking account and I hate my job. Going to the mountains for 6 months, peace

I kinda want to do the same thing. Been working at my job for over 2.5 years. Have like 60k saved up. I hate it with a passion because it's some obscure back office banking IT job. It's so boring. And I'm turning 26 this year and feel like life is passing me by. Do live in NYC which is nice, but that's only a distraction from the reality.

Dude how do you do all of that? And how is your tax rate that low?

My family of 5 spends almost that much on just food per year.

I make 80k (just got raise to 88k) in NYC area, turning 26. Tax seems to take out a solid chunk, like 30%+. Rent + utils is like 1200 all in. I do just the match for 401k, which is like 4% of my salary. I usually project to save about 2k liquid a month. So save about 24k+ a year liquid, plus the 401k savings which might be like 6k.

Go to a fancy gym (90 bucks), eat lunch at work caf (10), usually eat out every night on the way back from gym (10). Go out to concerts and events often (50 a pop), take salsa lessons (65/m), drink a few beers a week (8 bucks a beer... bs). Take one big trip a year (2k+) and a few smaller weekend ones. I buy anything I *actually* need whenever I need it. I generally don't spend on random stuff, although I've started doing it more to fill the void in my life.

Overall though I don't buy too much, just trying to save up so I can quit my job and figure out what to do with my life.

Consumerism is for the birds. Most stuff is boring and shallow anyway.