Can I live on my own making only $32,500 a year?

[YoungAmerican]

Originally Posted by Dakota rube

I am constantly amazed at the number of posters here who are completely and utterly removed from the reality facing most people in the US.

Of course you can live on $32.5K a year.

Yeah, jeez. That's plenty of money. I lived perfectly well on $18K a year for several years, in San Francisco, one of the most expensive cities in the country.

 

[Piobaire]

Originally Posted by Dakota rube

I am constantly amazed at the number of posters here who are completely and utterly removed from the reality facing most people in the US.

Of course you can live on $32.5K a year.

I'm doubly perplexed. Don't see how a young single guy can't make on this and don't see how people think 250k is mega wealthy. But we have both positions commonly stated here. /shrug

 

[oroy38]

$250k is pretty damn wealthy if you ask me. Considering that the median salary in the US is about $55k a year, that's almost 5x as much. And if you're single? That's A LOT of money, especially if you don't have a huge ass expensive house. $250k is something that's attainable for people going into college right now, and that's on the higher end of the spectrum. Going to Med School can get you there. Depending on your specialization, you can easily make more than that (Anesthesiology averages $300,000 and Retinal Surgeons make between $500,000-$600,000). The truth is, anything above the $100,000 mark as a salary, and if you're single, you're living pretty darn comfortably and you're able to afford a lot of luxuries. In reality, to the average American, $250k a year IS defined as being fairly wealthy, especially if that's your paycheck alone, and not per capita.

One thing he forgot to throw into his $32.5k/yr budget is paying off student loans. that could put a serious damper on the $800 spending money he has.

 

[adversity04]

^ 55k is almost 5x as much
He said he doesn't have loans

 

[Piobaire]

Originally Posted by oroy38

$250k is pretty damn wealthy if you ask me. Considering that the median salary in the US is about $55k a year, that's almost 3x as much. And if you're single? That's A LOT of money, especially if you don't have a huge ass expensive house. $250k is something that's attainable for people going into college right now, and that's on the higher end of the spectrum. Going to Med School can get you there. Depending on your specialization, you can easily make more than that (Anesthesiology averages $300,000 and Retinal Surgeons make between $500,000-$600,000). The truth is, anything above the $100,000 mark as a salary, and if you're single, you're living pretty darn comfortably and you're able to afford a lot of luxuries. In reality, to the average American,$250k a year IS defined as being fairly wealthy, especially if that's your paycheck alone, and not per capita.

One thing he forgot to throw into his $32.5k/yr budget is paying off student loans. that could put a serious damper on the $800 spending money he has.

I approve of your whole post, but approve of the bolded part the most. Your future is bright.

 

[oroy38]

Haha, thanks Piobaire. I guess it helps when you paid attention in AP Macro-Econ during your senior year of HS. School does that I guess. And of all things I used to be a Piano Performance Major, and now i'm on the Pre-Med track due to a hand injury that stopped any chances of a professional career as a pianist. Imagine that

 

[progressive rake]

$100 on toiletries? Per month? What for, if you only spend 120 on partying?

 

[Piobaire]

...

 

[Master-Classter]

Out of all this... I think the short answer is yes it can be done. Personally I will echo a few previous posts.
1. Make sure to always save something, not from what's left over, but off the TOP (wealthy barber)
2. I think you underbudgeted for food... in my experience it's more like $100/week between groceries, the occasional eating out lunch or dinner.

anyway, best of luck

 

[Pennglock]

It's called cooking your own food, buying the cheap beer, driving a beater, and renting for <$800 per month. Not rocket science.

If you live outside a major metro area, I don't see why you couldn't live and save a decent amount of money on $32k.

Your taxes should be minimal.

 

[sho'nuff]

of course you can live on only that. but you'll have to make some serious concessions.

 

[intent]

Originally Posted by progressive rake

$100 on toiletries? Per month? What for, if you only spend 120 on partying?
Condoms, from all the partying.

 

[Warren G.]

Oh yeh.

 

[rjakapeanut]

Originally Posted by oneeightyseven

hoooooollyyyyy shiiiittttttt.
my household consists of myself, my sister, my mother and my disabled aunt. my mom made 43k last year and took care of all of us, even helped out my uncle and his wife and son who live down the road. we live in a 4 bedroom house with a pool and the cost of living here in NOLA is pretty ******* steep these days. the numbers don't even make sense. it just takes the right kind of person. my mom is a warrior and a true american hero. if you can say the same you'll have absolutely no problem.

 

[Meis]

Originally Posted by Master-Classter

Out of all this... I think the short answer is yes it can be done. 2. I think you underbudgeted for food... in my experience it's more like $100/week between groceries, the occasional eating out lunch or dinner.

anyway, best of luck

I feel the exact opposite. What would you be buying/where (or how often) would you be going out to eat that you spend $100 a week?
I think that no matter what you can easily keep it to half that, especially if you're trying to cut down on expenses.