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The median income in the city that I live in is roughly $31,000. So, $69,000 where I live is a lot of money. Hell, I was raised in a bi-level three bathroom, (2 showers) 4 bedrooms (all upstairs) a downstairs that we used as a few more bedrooms that could easily be 3 more bedrooms (with plenty of room in each bedroom) a yard that is an acre big, with an underground swimming pool, all for $100,000. In the area you're living in, this house would probably easily go for $500,000. So, in my eyes, $65,000 is a lot of money. I wouldn't worry too much about the median salary, but worry about the cost of living. There are some areas with a low cost of living but a high median income and some places with a high cost of living and a relatively low median income. So, find an area with a low cost of living and is relatively close to where you live.
Or you could do what my dad did. Drive two hours to work so that we could live in a place where the cost of living is extremely low but yet his income was $95,000 because he was working in a city that has a high cost of living and median family income of around $70,000
Do you want to sacrifice time it takes to get to where you work so you can live more comfortably, or would you rather sacrifice the extra bit of cash just so you don't have a long way to commute to work.
So, depending on where you live, $65,000 might be an average salary, or it could be an amazing salary.
2 people can live off that fairly comfortably, provided they don't often spend a lot on things (Huge 75 inch flat screen TV's, all the latest tech, hundreds of video games; new sports cars, go on 3 expensive vacations every single year... etc). It's where you should be able to afford to go to the doctor's if you need to. You could do classes, have some fun and not have to be too worried.
If you earn 65,000 a year and have to work 80 hours a week, every week, hate your job, and there's little to no room for improvement, then I'd say it's not enough income. But for a typical 9-5 job, living as one person... it's really good.
Annually minimum wage is a little over $15,000.
According to the US census the official poverty threshold for a family of four is $23,050 a year - meaning if you made equal to or less than that you would qualify for welfare. So to some, $69,000 a year sound like a lot - if you're single, debt free and living within your means.
You have to determine where you want to live - for example if you want to live the same lifestyle on $65,000 in Houston in Manhattan, you would have to make over $150,000 in NY. It's all relative to the area. Even in the same city - you could live in parts of Dallas comfortably making $65K but couldn't afford the neighborhood down the street.
My family sacrifice extraneous material things for security and good schools. My husband makes over $80K but because we decided to keep me home with the kids, live in a nicer neighborhood with excellent public schools we still have to have a strict budget because I want the peace of mind knowing my family is safe and my kids are getting a decent education.
The way to do it is to try and stay debt free as much as possible. Avoid student loans, credit cards and pay as much of your debt off as soon as possible then you can pretty much be very comfortable with a $65K salary. Most people still live from paycheck to paycheck thanks to high interest rate credit card, car payments, and mortgages.
Best of luck.
That is a lot, yeah. I don't expect to make that much until I'm a veteran in my field. I'm expecting to make like 36k when I get out of college which will be enough to comfortably live (I won't be able to party a lot or buy extravagant things) and also make payment on my student loans.
For your first full time job, it's very good. Even for your second job, it's good. What job and industry is it in, if you don't mind me asking? Salary really depends on skill level, years of experience, etc. Sounds like your first full time job though.
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Immaterial of anything else, it depends on
1. The city you are in
2. Costs in that city
3. Your expense cycle and lifestyle (that matters the most cause even if you do earn a hell lot more than that but your lifestyle exceeds the income then any amount will seem low)
4. So high or low is something you decide as long as you are earning and $ 65k is more than a decent sum.
You still have time to reach where your parents are in the income group but sure by the time you get there you'll be doing a lot more :)
Where you live can make $5 spend like $50
link
Also - consider parents might be in demand as per experience. education & field more than your situation, so also look at top salaries
Then look at retirement + medical benefits
your safety net if you never escape a job
Finally find out how 30 years have grown salaries in such fields as
College administrators/professors
baseball stars (e.g. Mickey Mantle vs. latest HR hitters)
to forecast potential regrets if your career is not on one of these lucky elevators
That's 65. Sixty-five thousand dollars per year. With that salary on the expenses of a single person, that's good. If you don't buy material things frequently and live within your means, you can easily live quite comfortably.
Your parents make double from working continuously in their field or having enough experience to justify that amount. So don't worry too much about comparisons.
If you spend 3/4's of your income on expenses and save just 1/4th, that's $16,250/year in savings and investments.
This is without calculating net income so maybe you're making about $40,000/year, I don't know how much your government steals.
Some facts as seen from Europe:
A young doctor or young lawyer in Europe would earn about that after taxes.
A young teacher in Europe will maybe earn $23,000/yr after taxes
A teacher in Europe will maybe earn $ 30,000/yr after taxes when he's nearing 60.
Rents in Europe will not be much higher than Houston: +/- $2,000 for a 3 bedroom, 2 bathroom apt outside the center, less in the suburbs. Cars and gas are more expensive in Europe, taxes are higher , food and clothing cost +/-the same. Medical and tuition costs a are really MUCH lower in Europe.
I'd consider $65k in Houston decent but not sky high. This might help you: link
Anywhere in Texas, that's very good money. It wouldn't be nearly as good in, say, San Francisco or NYC, where the cost of living, and especially housing, is so much higher.
The average salary of a full-time employee in the US is about $42,000 if I remember correctly.
In the end, Money is not the solution to happiness, contentment is and being content is an independent factor its all in your mind set, be content with what you have rather than what you want and you'll be a much happier person.
Money will just make you want more and what you have will never be enough because of that, money makes you dependent and insecure and that's not a valuable factor. So be happy with what you have.
considering that the average salary is something like low $30s or high $20s... $65k is a great starting salaray.
your parents have been working for years I imagine but ask them what they made when they started.
$65k is a great salary for an 18-24 year-old ... I have some friends who are college grads and been out of school for 6-7 years and aren't making that much
yes, it's very good. $65k is probably the higher end of middle class. most Americans make less than $50k, so you might not think $65k as much if you've only been exposed to people who make that amount or more, but there's lots of people in this country who can barely pay their rent.
It's definitely good. In Dallas that may be average, where in Pittsburgh that might be considered upper middle class. Price of living plays into alot. I know my same job title makes nearly double in New york and Las Vegas, but there price of living is a lot higher. So it may basically even out.
That's almost $20,000 more than the average yearly American income ($47,700) so yes, it is a good salary.
People keep saying living up north is expensive but it's not. I relocated to Georgia, taking a 10k pay cut now making 80k and it's like living paycheck to paycheck.
Utilities are much higher, food is way higher, commuting cost is through the roof, clothing and entertainment is way more expensive plus the general consumption tax her (taxes on food, clothing etc) is higher.
I move her with one debt my student loan of 420 per month I only added a mortgage, but I wonder how people manage when they have car payment, daycare, credit cards payments etc.
I am lost.
It's above average, but very, very middle class. You grew up closer to rich and need to marry well or pursue one of about 4 careers or you're going to face a lifestyle downshift unless they keep supporting you.
Yes, that's a very good salary, especially considering how many people live on $20,000 a year, fairly comfortably.
Depends on you. A "good" salary is different for each person really but generally anything above average is considered a good salary but that doesn't necessarily mean you will be happy with it.
Sure. You can live in a nice neighborhood and a nice home (not a big one or in Manhattan, but satisfying), and have enough money for furniture, appliances, food, etc.
I would be happy with that yearly tbh. I don't need much to be happy if I'm with a loving family.
QA, I know you're smarter than this...
are you just trolling? =D
If this is before tax, it's certainly not a high salary, but still okay. If after tax, a nice solid salary. A lot of people make less than that.
Depends on where you live and your lifestyle. But if you are good at managing your money, it's a very good salary.
It depends if your are single, married, married with kids ...
Also depends on what kind of lifestyle you have/want to have.
But it is not a bad pay at year age.
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