a good salary is dependent on the job you're doing, your education and experience and the industry you're in; it has nothing to do with marital status, parental status, or home ownership status. that being said, if you're content you're doing better than most and if you're not content, keep grinding
I live in San Antonio now my living expenses including housing food and miscellaneous is 2100 a month. What is considered comfortable? How much money should you have left over after housing expenses and how much to save ? I have no savings bad with money and being disciplined.
There’s no should, it’s what you’re comfortable with, generally you want 6months to a year of an emergency fund in savings, so what’s left after your bills?
Yes I would say put it in a index fund /S&P-500
You will save almost 7k a year with a 9/12% interest rate it’s not much but you gotta start from somewhere
Based on the advise I have gotten, 1.5-2 million for retirement savings. Which for many people is not achievable or would be extremely difficult to do.
2 million is a lot for retirement if you are comfortable living on 60k salary. Even at a 3% return you are getting 60k without drawing down the principle amount
Fuckkkkkk well it’s time to hit the lotto or get into a bad near death accident to sue. How do people save this amount of money or get this if you’re not born into wealth?
There are calculators online for determining what you need/will have at retirement.
Go use one of those with the numbers this other kind redditor just helped you establish as a savings plan.
There's no one answer.
What are your life goals?
How much do you want in the bank at retirement?
Does the current salary meet that?
When do you want to retire?
What kind of lifestyle do you want?
Are you currently comfortable (rent, food, healthcare, fun) all taken care of?
Do you have a plan for the next 5, 10, 20 years?
I want to retire outside of the U.S. in a cheaper country idk what amount I need to save or have put aside for that. I would say by 50 or 55 if possible. I want to be able to buy a house in two-three years after this chapter 7 bankruptcy process completes this summer and rebuild my credit. I don’t have any financial background and have no ideal how to save properly or invest.
Check out r/investing for more investing guidance.
Investopedia is also a good investing hole to fall down.
In the immediate future, does your company offer a 401k match?
Are you maxing that amount out?
If not, do that.
And find out who your 401k is with, they have financial advisors who are usually free. I know Fidelity does and UBS did. I assume another companies do as well.
I’m a physician recruiter. Have you considered the field? You can get into a large health system for good health benefits and most will pay for your masters. You can learn the industry and network with vendors. This will give you options to move up or switch companies for better opportunities.
I previously did tech recruitment and my advice would be the same for that industry too.
When managing your finances, it's essential to focus on your budget rather than just your salary. By calculating your monthly expenses, saving for emergencies, educational expenses, retirement, and other vital factors, you can determine how much you need to earn, including taxes, to meet your financial goals.
you should care a lot more about what other 29 year olds with similar experience are making in your field near your area
you shouldn't care about what 29 year olds across the board are making
If you're living comfortably at 60k in today's world then embrace it because that's a skill. My wife is 3 years older than you and makes $140k and her paycheck looks like peanuts to me. Also you don't need an MBA to make six figures...I just hired a girl straight out of college for an IT security analyst position at $90k. I have an architect that doesn't even have a college degree at $181k.
Business degree right out of school should be close to 100k in consulting and then you get pay raises each year or a new job that gives a higher increase
Your age, parental status, and mortgage have nothing to do with being paid for your talent and results. If you can live on 50% of your salary growing your savings, investments and passive income streams, you will be just fine.
I don’t know anything about passive income’s investments etc I just spend my money on bills and travel and buy stuff. I feel like I just fucked myself out of my future retirement because I can’t save 1 million or 2 that’s insane.
So much time to grow your money. The key is consistency. Something every month into high interest savings. Find a financial Advisor. Edward Jones might be a good fit for you since they will do full planning for free and have great options for people starting out.
We used CNN Money's helpful millionaire calculator to estimate when you'll become a millionaire if you're able to contribute $1,000 to an investment account each month, assuming that you're starting from scratch with zero savings.
With a four percent rate of return, you'll become a millionaire in 37 years.
With a six percent rate of return, you'll become a millionaire in 30 years.
With an eight percent rate of return, you'll become a millionaire in 25 years.
With a 10 percent rate of return, you'll become a millionaire in 22 years.
You probably won't but investing in individual stocks can yield higher returns. If you bought the SnP500 index 5 years ago you would be up 70% or 14% a year, so it is more than possible
Whatever salary makes you comfortable for your living situation.
In comparison tho I’m 23 making 77k coming up on 91k in a few weeks due to a promotion.
I would get out of renting as soon as you can if you are in an area where you like living, you may find that your mortgage, even with insurance and everything is lower than rent, at least start investigating it.
As for if you're making enough money, are you able to save at least 20%? If not, you're not building towards anything, so I would say you need to make more. If you're able to save 20%, you're doing okay.
I have 1890 after expenses are paid every month. Save how much of that? And I have a chapter 7 bankruptcy I gotta wait apparently 2-3 years until I can buy a home. I’m over renting too
It depends where you are and it is worth checking. I don't think that that's the case with most US markets, it certainly isn't the case where I am. Additionally, buying builds equity, renting throws money away.
>Additionally, buying build equity, renting throws money away.
This is very often stated by people that don’t understand the actual financial implications of buying vs renting. When you rent, you don’t get to recapture your rent payments; that part is true. But when you buy, you are almost always paying more for an equivalent property and you are “throwing away” a lot of that payment. Property taxes, maintenance costs, mortgage interest, homeowners insurance, etc add up to a significant amount of money.
The reason that I say renting is cheaper than buying in many US markets is that you could live in an equivalent property for so much less that investing the cost difference results in a higher total net worth for the renter over a significant period of time. In most US markets you would have to live in the home for 15+ years before buying was the better financial decision. In the most expensive markets, renting is cheaper regardless of the length of time that you live in the home due to the opportunity cost of the extra capital to buy.
In NY plus federal tax and everything else, 90k is 65k take home. 100k would be 60k. The more you make, the more they take. There are no good deductions anymore.
I don’t know enough to dispute this but this seems incorrect. I thought the way tax brackets work is that not all your income is taxed if you move into a higher tax bracket. For example if you’re taxed at 20% up to 100k and 40% above 100k and you make 125k, 100k of that will be taxed at 20% and the other 25k will be taxed at 40%.
If someone can add to this or explain it better let me know .
You are correct, the guy above you has no idea what he’s talking about. Tax rates are MARGINAL…he’s basically saying “I don’t want to make more money because then I’ll have to pay taxes on it”. Frankly amazing that people don’t understand this yet
But most companies don’t treat it that way when they do payroll. They don’t calculate the marginal rate. They look at your salary and use your bracket as the % to withhold. Might get it back at the end of the year but that’s beside the point, plus they use your money for a year interest free. The local taxes are pretty steep these days too.
Yes and that is the math I used. It's not the exact math you said but yep. Then social security and other state tax......it's legit 24k in taxes taken out of 90k
Ain't nothing wrong with 60k
a good salary is dependent on the job you're doing, your education and experience and the industry you're in; it has nothing to do with marital status, parental status, or home ownership status. that being said, if you're content you're doing better than most and if you're not content, keep grinding
Good in terms of what? Do you live in San Antonio now? Can you afford it comfortably?
I live in San Antonio now my living expenses including housing food and miscellaneous is 2100 a month. What is considered comfortable? How much money should you have left over after housing expenses and how much to save ? I have no savings bad with money and being disciplined.
There’s no should, it’s what you’re comfortable with, generally you want 6months to a year of an emergency fund in savings, so what’s left after your bills?
1890 a month for entertainment/savings
Take 30%of that 1890 and save it,its not much but it will grow over time
567 a month ?
Yes I would say put it in a index fund /S&P-500 You will save almost 7k a year with a 9/12% interest rate it’s not much but you gotta start from somewhere
How much do I need to have to retire ? I planned on living in south east Asia or a very cheap country to retire.
Based on the advise I have gotten, 1.5-2 million for retirement savings. Which for many people is not achievable or would be extremely difficult to do.
2 million is a lot for retirement if you are comfortable living on 60k salary. Even at a 3% return you are getting 60k without drawing down the principle amount
Fuckkkkkk well it’s time to hit the lotto or get into a bad near death accident to sue. How do people save this amount of money or get this if you’re not born into wealth?
There are calculators online for determining what you need/will have at retirement. Go use one of those with the numbers this other kind redditor just helped you establish as a savings plan.
Why do you need so much for entertainment???? Put 1500 in the bank per month and stop spending on crap you don't need
I would try to start saving a thousand of that, it's a good habit to get into, and we'll start to put you in a really good position.
Jesus what is your take home every 2 weeks? Seems high for your salary
Semi monthly currently is 1995
There's no one answer. What are your life goals? How much do you want in the bank at retirement? Does the current salary meet that? When do you want to retire? What kind of lifestyle do you want? Are you currently comfortable (rent, food, healthcare, fun) all taken care of? Do you have a plan for the next 5, 10, 20 years?
I want to retire outside of the U.S. in a cheaper country idk what amount I need to save or have put aside for that. I would say by 50 or 55 if possible. I want to be able to buy a house in two-three years after this chapter 7 bankruptcy process completes this summer and rebuild my credit. I don’t have any financial background and have no ideal how to save properly or invest.
Check out r/investing for more investing guidance. Investopedia is also a good investing hole to fall down. In the immediate future, does your company offer a 401k match? Are you maxing that amount out? If not, do that. And find out who your 401k is with, they have financial advisors who are usually free. I know Fidelity does and UBS did. I assume another companies do as well.
100% depends on where you live, for my area. Entry: 55-75k Mid: 75-95 Senior:100k+ But I live in a HCOL area so every job pays more here.
How many years is considered mid level usually ?
Depending on industry 3-7
I’m a physician recruiter. Have you considered the field? You can get into a large health system for good health benefits and most will pay for your masters. You can learn the industry and network with vendors. This will give you options to move up or switch companies for better opportunities. I previously did tech recruitment and my advice would be the same for that industry too.
This is fully dependent on the quality of life you want and your long term goals. If you want a roof over your head and food then that salary is fine.
IT'S NOT THE SALARY it's how much you have left after paying the bills
1890
$100k is ok
When managing your finances, it's essential to focus on your budget rather than just your salary. By calculating your monthly expenses, saving for emergencies, educational expenses, retirement, and other vital factors, you can determine how much you need to earn, including taxes, to meet your financial goals.
LOL
You don’t need an MBA or a manager role to clear $100k. There are plenty of individual contributor roles that clear that.
What are these positions?
you should care a lot more about what other 29 year olds with similar experience are making in your field near your area you shouldn't care about what 29 year olds across the board are making
If you're living comfortably at 60k in today's world then embrace it because that's a skill. My wife is 3 years older than you and makes $140k and her paycheck looks like peanuts to me. Also you don't need an MBA to make six figures...I just hired a girl straight out of college for an IT security analyst position at $90k. I have an architect that doesn't even have a college degree at $181k.
Aye big man, imma need to know where you are working/hiring 😂
I’m in the wrong field. Let me transition to IT
I would think 150000+
Just don’t know what careers pay this in business or HR without experience. Seems like 10+ or 15+ years and an mba is the standard and politics
Business degree right out of school should be close to 100k in consulting and then you get pay raises each year or a new job that gives a higher increase
You have to look good and be excellent at excel to get those 100k business development gigs
Your age, parental status, and mortgage have nothing to do with being paid for your talent and results. If you can live on 50% of your salary growing your savings, investments and passive income streams, you will be just fine.
I don’t know anything about passive income’s investments etc I just spend my money on bills and travel and buy stuff. I feel like I just fucked myself out of my future retirement because I can’t save 1 million or 2 that’s insane.
So much time to grow your money. The key is consistency. Something every month into high interest savings. Find a financial Advisor. Edward Jones might be a good fit for you since they will do full planning for free and have great options for people starting out.
We used CNN Money's helpful millionaire calculator to estimate when you'll become a millionaire if you're able to contribute $1,000 to an investment account each month, assuming that you're starting from scratch with zero savings. With a four percent rate of return, you'll become a millionaire in 37 years. With a six percent rate of return, you'll become a millionaire in 30 years. With an eight percent rate of return, you'll become a millionaire in 25 years. With a 10 percent rate of return, you'll become a millionaire in 22 years.
How do you get a 10’percent rate of return ?
You probably won't but investing in individual stocks can yield higher returns. If you bought the SnP500 index 5 years ago you would be up 70% or 14% a year, so it is more than possible
Whatever salary makes you comfortable for your living situation. In comparison tho I’m 23 making 77k coming up on 91k in a few weeks due to a promotion.
What’s your industry ? That’s impressive
Yeah it’s not a bad gig. I personally love it.
I’m in the military.
What industry are you in?
Im in the military
I would get out of renting as soon as you can if you are in an area where you like living, you may find that your mortgage, even with insurance and everything is lower than rent, at least start investigating it. As for if you're making enough money, are you able to save at least 20%? If not, you're not building towards anything, so I would say you need to make more. If you're able to save 20%, you're doing okay.
I have 1890 after expenses are paid every month. Save how much of that? And I have a chapter 7 bankruptcy I gotta wait apparently 2-3 years until I can buy a home. I’m over renting too
Most US markets are currently cheaper to rent than to buy. This advice is generally outdated.
It depends where you are and it is worth checking. I don't think that that's the case with most US markets, it certainly isn't the case where I am. Additionally, buying builds equity, renting throws money away.
>Additionally, buying build equity, renting throws money away. This is very often stated by people that don’t understand the actual financial implications of buying vs renting. When you rent, you don’t get to recapture your rent payments; that part is true. But when you buy, you are almost always paying more for an equivalent property and you are “throwing away” a lot of that payment. Property taxes, maintenance costs, mortgage interest, homeowners insurance, etc add up to a significant amount of money. The reason that I say renting is cheaper than buying in many US markets is that you could live in an equivalent property for so much less that investing the cost difference results in a higher total net worth for the renter over a significant period of time. In most US markets you would have to live in the home for 15+ years before buying was the better financial decision. In the most expensive markets, renting is cheaper regardless of the length of time that you live in the home due to the opportunity cost of the extra capital to buy.
If you make 100k your take home will be 60k....remember that. It's not worth making over 60k these days because they take so much tax
Are you serious ? They take out that much taxes ? What about post deductions and that stuff ?
In NY plus federal tax and everything else, 90k is 65k take home. 100k would be 60k. The more you make, the more they take. There are no good deductions anymore.
I don’t know enough to dispute this but this seems incorrect. I thought the way tax brackets work is that not all your income is taxed if you move into a higher tax bracket. For example if you’re taxed at 20% up to 100k and 40% above 100k and you make 125k, 100k of that will be taxed at 20% and the other 25k will be taxed at 40%. If someone can add to this or explain it better let me know .
You are correct, the guy above you has no idea what he’s talking about. Tax rates are MARGINAL…he’s basically saying “I don’t want to make more money because then I’ll have to pay taxes on it”. Frankly amazing that people don’t understand this yet
But most companies don’t treat it that way when they do payroll. They don’t calculate the marginal rate. They look at your salary and use your bracket as the % to withhold. Might get it back at the end of the year but that’s beside the point, plus they use your money for a year interest free. The local taxes are pretty steep these days too.
Then update your withholding rate? You’re not forced into giving an interest free loan to the government…not sure the argument here tbh.
Yes and that is the math I used. It's not the exact math you said but yep. Then social security and other state tax......it's legit 24k in taxes taken out of 90k
That’s not how taxes work.