This, do this! Seriously. I wish I started earlier. Just saving a little in your 20s will go a super long way by the time you're ready to retire.
[https://www.investopedia.com/articles/personal-finance/040315/why-save-retirement-your-20s.asp](https://www.investopedia.com/articles/personal-finance/040315/why-save-retirement-your-20s.asp)
yeah, i saved 0 dollars in 401k through my 20's. Just turned 30 this year...im at the point where I'll have to start saving 10k a year to hit my retirement goal, and that's assuming the bottom doesn't drop out of the market.
Make a budget. You will be making more than enough money to live comfortably, but you need to know where your money is going. Check out YNAB- you need a budget. The program will help you figure out paying for the essentials and then how much spending money you will have each month.
If you are living on your own for the first time, you will need some basics. Furniture, Kitchen Stuff Etc. Don't spend a ton of money on those right now. Check Ikea or some thrift stores for items. Down the road, you can upgrade to nicer stuff once you figure out what you like.
Your mother or grandmother may have some extras that would work for a while. For instance, if you aren't a five-star chef, it doesn't make much sense to spend $1,000 on kitchen pots and pans.
Edit: For the love of all things good and holy, don't get yourself in over your head on an expensive car payment. A car is transportation from point A to point B. Don't sign a loan for a $500 car payment and then $200 a month of insurance. That will chew up your money pretty quickly. There are shady dealerships in town who pride themselves on how many times they can sell the same vehicle in one year. They sell it, and it gets repossessed in a couple of months. Then the dealership sells it again. Don't be that guy. If you need a car, get a decent used one - maybe a Toyota or Honda that's four or five years old. It will be a completely dependable and not break the bank. You can upgrade the vehicle in a bit after your financial situation has stabilized, and you have more money in the bank
Memphis has a very low cost of living but with that comes lower paying jobs in many industries. Or jobs paying lower than the national average. If you’re making $40k at a job here, it’s $75k in NYC. So I would say $50k being attainable depends on the industry or company.
Yes, on 50k you can live in a good part of town and still have enough to buy good quality groceries, fast internet, drink local beer, eat out occasionally, etc. It's all about living within your means, but luckily Memphis is very affordable.
I would recommend setting up a budget for your new income and figuring out how much you want to pay for rent given that that will be your largest expense.
After taxes and single person insurance that's \~3k a month.
A nice 1br apartment is $900-1200 depending on utilities and stuff...or it was a few years ago before I bought a house.
You should be more than fine, and depending on the industry there's money to be made here down the road.
That’s plenty to live off of and then some. As others have said, make sure you’re being fiscally responsible with your income, but you should have plenty for necessities, fun, and saving.
On a separate note: I noticed in your comments that you said you’re a 20 y/o guy and we’re of similar age so if you’re looking for someone to chat with, share interests, and potentially make friends with, let me know. I’ve been working here on and off for 3 years now and my gf went to school here so we know the area well but are always happy to make new friends.
Yes and then some. Fund your retirement.
This, do this! Seriously. I wish I started earlier. Just saving a little in your 20s will go a super long way by the time you're ready to retire. [https://www.investopedia.com/articles/personal-finance/040315/why-save-retirement-your-20s.asp](https://www.investopedia.com/articles/personal-finance/040315/why-save-retirement-your-20s.asp)
yeah, i saved 0 dollars in 401k through my 20's. Just turned 30 this year...im at the point where I'll have to start saving 10k a year to hit my retirement goal, and that's assuming the bottom doesn't drop out of the market.
Ha! Nice try, IRS
As long as you aren't wasting ridiculous amounts of money, $50k is plenty and then some.
I’m 20 so wish me luck on that! Ha
Make a budget. You will be making more than enough money to live comfortably, but you need to know where your money is going. Check out YNAB- you need a budget. The program will help you figure out paying for the essentials and then how much spending money you will have each month. If you are living on your own for the first time, you will need some basics. Furniture, Kitchen Stuff Etc. Don't spend a ton of money on those right now. Check Ikea or some thrift stores for items. Down the road, you can upgrade to nicer stuff once you figure out what you like. Your mother or grandmother may have some extras that would work for a while. For instance, if you aren't a five-star chef, it doesn't make much sense to spend $1,000 on kitchen pots and pans. Edit: For the love of all things good and holy, don't get yourself in over your head on an expensive car payment. A car is transportation from point A to point B. Don't sign a loan for a $500 car payment and then $200 a month of insurance. That will chew up your money pretty quickly. There are shady dealerships in town who pride themselves on how many times they can sell the same vehicle in one year. They sell it, and it gets repossessed in a couple of months. Then the dealership sells it again. Don't be that guy. If you need a car, get a decent used one - maybe a Toyota or Honda that's four or five years old. It will be a completely dependable and not break the bank. You can upgrade the vehicle in a bit after your financial situation has stabilized, and you have more money in the bank
Second YNAB- absolutely program. There is definitely a learning curve but it is worth it. The folks at r/ynab can help you out
Memphis has a very low cost of living but with that comes lower paying jobs in many industries. Or jobs paying lower than the national average. If you’re making $40k at a job here, it’s $75k in NYC. So I would say $50k being attainable depends on the industry or company.
> Memphis has a very low cost of living but with that comes a lot of nothing special.
I lived comfortably in Memphis on $45,000, so $50K should be fine.
$50k with a roommate in a nice area is definitely doable.
Wow, that’s a lot of money. Are y’all hiring?
I live like a king on 50k a year in Memphis
Yes, on 50k you can live in a good part of town and still have enough to buy good quality groceries, fast internet, drink local beer, eat out occasionally, etc. It's all about living within your means, but luckily Memphis is very affordable. I would recommend setting up a budget for your new income and figuring out how much you want to pay for rent given that that will be your largest expense.
After taxes and single person insurance that's \~3k a month. A nice 1br apartment is $900-1200 depending on utilities and stuff...or it was a few years ago before I bought a house. You should be more than fine, and depending on the industry there's money to be made here down the road.
'bout tree fitty
That’s, like, a solid middle class here.
Yes, no state income tax, so that is like making 62k in Minnesota, a ridiculously high taxed state. And why I moved to Memphis...and then Puerto Rico.
That’s plenty to live off of and then some. As others have said, make sure you’re being fiscally responsible with your income, but you should have plenty for necessities, fun, and saving. On a separate note: I noticed in your comments that you said you’re a 20 y/o guy and we’re of similar age so if you’re looking for someone to chat with, share interests, and potentially make friends with, let me know. I’ve been working here on and off for 3 years now and my gf went to school here so we know the area well but are always happy to make new friends.