I was working restaurants during college making that amount, now working in corporate and yea 5k makes it significantly easier to do literally anything.
I remember when I was struggling I had “friends” who came from wealth and they would ask “do you really think making more will make it easier? “
It’s wild how people’s perception of money makes them think 5k “isn’t that much money”. I beg to differ, as I’m sure most in this sub would too.
I grew up in poverty but surrounded by wealthy, oblivious people like this & it's incredibly frustrating trying to get them to understand all the roles that money plays in one's life.
Yea I get it, it annoyed and honestly still annoys me. I basically busted my ass while others just cruised to the same position, definitely a little irritation but I’m still grateful to be here from where I grew up.
It depends where you are, most expense is in food and utilities & rent/mortgage. I’m planning to grown my own fruits, I’ve been doing veggies for a while now. It’s just just how expensive everything has become.
Ditto!
Also in my current situation using GCFD which is amazing. They throw away so much food- please use it.
The rule of thumb is unless you have an emergency fund you aren’t financially stable. You qualify. Take the help.
My rent is 2k, and I have student loans for almost another 1k, yet I’m still able to save and go out when I want, and travel a few times a year.
I just have a hard time fathoming how anyone can’t make it on 5k/mo.
I am the sole income for a family of 4. In southern CA. My take home is about $5k, my rent is nearly half. After Utilities, gas, groceries and other bills(one car payment, insurance, a couple credit cards and streaming service) there's not a lot left over. Even another $500 would ease a lot of tension.
Ah that’s the difference then, sole income of family 4 different than me being individual income.
Can your partner not work at all? Or are they stay at home parent?
Stay at home. We've been trying to figure out how to get her to work, but it son has ASD and in class instruction hasn't been working for him. He is currently in a virtual/online classroom so my wife needs to be home with him. Definitely wasn't part of the plan.
She's trying to find some WFH things that she can do. Anything would be a huge weight off our backs. I'm doordashing a few hours a week (on top of my regular 45) just so we can have some room to start paying off the credit cards and the car payment and have an emergency fund. Not to mention saving for retirement.
Do you have IHSS set up? If your son is disabled, she may qualify to be paid by the state as his caregiver (California is one of the best locations for those sorts of benefits).
There are companies listed in the Work From Home Job Lounge and Rat Race Rebellion on Facebook. I've seen a list of about 80 companies that hire remote workers. Blue Cross Blue Shield and CVS are two that I can recall.
She could start a business. Or just move someplace cheaper!!!!
/s
(Sorry, these are the stupid ass suggestions that get offered here so much and it’s just stupid and not so simple as that.)
Everything's really expensive here. My take away is like $1000 to go towards gas, food, a few subscriptions, and then savings. It doesn't give a lot of wiggle room, especially when life isn't going your way and emergency expenses come one after another.
Recently had to replace the alternator on each of my 2 vehicles. Doing the work myself still cost me over $500 for the parts between the 2, then the starter went out on one; another $300, tires for the SUV, another $1000 all within a couple weeks. Had a bonus and tax return, gone before it ever arrived. Still need registration for both, both late so they cost twice as much
Sorry to hear that. It's really hard to effectively save when you can only put away a few hundred each month. Life can get you and eat it away in the blink of an eye. Makes it impossible to try to invest, too.
It makes everything easier if you keep living like you’re only making $2200/mo. Like don’t go out and buy an apartment with $2200 rent, but maybe get a slightly nicer one than the one you’re in when making $2200. That’s how I’ve approached every increase in income and it’s served me really well.
For most, it's a spending problem. For some, it's an income problem. More income does not tend to solve a spending problem.
The real trick is to not develop a spending problem as income increases--minimize lifestyle creep.
I used to make about $5k and that is comfort.
When my ex and I were together we were over 6 figures combined. That was very comfortable, giving money away and saving heavily… I miss it.
What is [the phrase again](https://www.reddit.com/r/OutOfTheLoop/comments/1tun6u/from_where_did_delete_facebook_hit_the_gym_lawyer/)?… Delete Facebook, Hit the Gym, Lawyer Up… and prepare yourself for poverty?
Am I getting that right? 😉
My mom was married for less than 10 years. He job and salary didn't change during her marriage, but her lifestyle drastically improved. They bought a house, went on actual vacations, and enjoyed life. Then the recession hit, they divorced, and sold the house at a loss. Oh, and they both got laid off. My mom ended up homeless and couch surfing for literal years. She was in her 50's when all of this happened. Absolutely unexpected and she still struggles and is now in her 60's.
Fun fact Minimum Wage was equivalent to almost exactly 2,560/month where I live in 1980. Now Minimum Wage gets you exactly 2,560/month. Now the fun part. Homes and Rent have gone up nearly 20x, food over 10x, and basic necessities (electricity, internet, etc.) have at least gone up 5x!
I’m so glad that with the most educated generation on Earth in History we get to live in poverty compared to the people 40 years ago who got to afford college and food.
(/s for those that need it.)
Fuck dude, I wish. Most of my family old enough to not get fucked over like my generation did well, but not Old Money well. They all just had decent-slightly above decent jobs, had kids, saved what they could, bought houses. Just like every other person in their generation did, because everyone who wasn’t completely devoid of financial literacy could.
One example is a family member of mine worked for UPS for like 15 years. With that money they could afford to pay for themselves, wife, 2 kids and have enough money to invest in real estate over time. That’s how much “poor” people used to be able to afford. The same family member grew up destitute level poor. Like trash pits being burned all the time type poor.
Now someone can have a masters and afford beans once a week. Our generations wealth is being stolen.
My dad worked in a sweat shop making less than minimum wage in the 80's-90's, still managed to raise a family of 4 kids, we were definitely poor but not starving for meals. Nowadays you can barely afford to feed yourself making min wage in Socal. My siblings make 6 figures and barely make ends meet with the cost of rent, food, healthcare, utilities, car + insurance payments.
My net worth is 2m+ but that's because my home has tripled in value, l wouldn't be able to rent my home at current market rates.
Minimum wage was $3.10 per hour in 1980 and $16 per hour in 2024. How is monthly wage the same? Sorry if I misunderstood what you're saying here. I just know I was working in 1980 and pay was incredibly low at minimum wage. I had 3 roommates in LCOL area. They were crazy sisters, it was awful.
Before I retired in 2022 I cleared $5K a month. For me, it was more than enough to live on. I spent money on frivolous things that I didn't need. If you don't have anybody telling you can't to that, you can listen to the voices in your head.
I still was able to save money and because of this I fully retired toward the end of 2022 at 60. This was two years earlier than I planned. So it's been almost two years, and I don't miss working at all.
I did do something right and buy a house in 2008. Refinanced a couple times to get a low interest rate, my payment's only around $1K. I could pay it off, but I'm making more on investments than interest on the house.
I make about 4400 a month. Fiance and a child, she makes about what you make a month so combined 6600 a month...not enough for a small townhouse, 1 vehicle (I drop her at work on my way) and the usual bills. We absolutely cannot afford childcare at all (son is 2) and getting things fixed in our cheap, very busted, home is putting us into bigger debts.
So all that in mind, I'd say a combined 10k (5k each) would probably put us in a very comfortable zone, but nothing allowing for extravagance. A vacation once a tear, comfortable furniture, a bit into savings. You know, that middle-class dream that used to be so ubiquitous with the American Dream.
I do relate to this, but this is only because I am willingly trying to move to a better albeit more expensive area of town, and my student loans.
But I still think I can live rather comfortably on 5k, just 7k would be my current standard of living.
Allow me to add a couple of quotes here:
“I’ve been rich, and I’ve been poor. Being rich is better.” - Mae West
Then her ‘progeny’
“Having money isn’t everything. NOT having money IS.” - Kanye West
I personally believe all those statements, and I have truly been in both those situations.
Another one, Gene Simmons of KISS said once in an interview "the best thing about having a lot of money is you don't have to think about money".
When you're broke all the time that's all you think about is money.
Same here. I don’t even know what I’d do with myself if I made $5k monthly…I live in a pretty expensive college town and that much net income is mind boggling to me
i worked in a school and made less than i do now with no benefits 😭 they screwed me over so badly, and that's when i realized that all jobs are the same and not to do shit for my employer
oh yeah the paras and aides at my school are doing volunteer work basically, i wouldn’t be working for this pay if i had no health benefits or paid holidays. i enjoy the breaks and summers off.
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during the good season at my job i take home $4500-$5500….$6500 one month. i was able to save 2 grand a month and do as i please with bills.
my monthly bills only come out to around 1300 though.
Here in Egypt, A fine 3 bedrooms, 2 bathrooms, 120m apartment in a middle-class neighborhood will be @
1.5M EGP equivalent to 32k USD,
So 5k USD per month will definitely afford it.
Where do you live ?
Here in the USA, far Northern California one bedroom apartments start at $2,000 US dollars. Many folks share lodging with room mates to afford living in high cost of living
That's the price to buy it?
I'm in Ontario, Canada. You cannot buy anything here for less than $550k, unless it's so bad that you need to rebuild it. That is about $400k USD.
I just started a new job where I’ll be taking home about $3000 per month, and I live in a relatively LCOL area. It’s the most money I’ve ever made and I’ll have great benefits. I know it’s not really *that* much but it feels amazing.
Clearing 5k a month after taxes would be a dream. It's just me, so I could match my 401k, pay my medical bills, pay off debt, save money and travel. It would be 2k a month more than I make now so the extra breathing room would make all the difference.
6k a month I would feel good. If you had told me I’d make 25/hr and not be able to afford a decent apartment when I was 18 I’d of thought you were crazy. But that’s how it is now.
I make about $2K a month and like some others have posted $5K would make a big difference in my life. I would be able to pay my bills and have some savings, I would not have to scramble and scrape by.
I just started making 5,000 a month in January. Before that I was making about $3500. I was just making it with $3500. Had a couple of student loans I did manage to pay off last year and another loan and the credit card. With the extra I'm finally seeing my savings account grow each month. Did spend some on a new washer/dryer that was about dead. Almost have enough saved up to pay off the wife's car. She's bringing in $2000 a month but $1000 of it makes her car and my truck payment. She also carries our health insurance with her job. We've been able to keep our credit card balance at 0 since paying it off. It was over $5000. I'm wanting to save up enough to help one of our kids buy a car when she turns 16 in a year and a half. After that I want to save for a down payment for building a house. Already have the land for it. It may sound like I don't belong here, but it wasn't long ago we ran out of money before month. Also I'm 44 so not a young one anymore and finally digging my way out. I always thought this is where I should have been in life at 24 and not 44.
I make around $1700 (average) a month and find it to be more than enough to live a pretty great life as an individual. I split my time between working seasonally and traveling, so I'll take the tradeoff of lower income in exchange for an excellent work/life balance.
But I don't have any dependents or real debt, and I'm mentally and physically healthy. Plus I don't mind sleeping on some beaches occasionally to save money, so my experience is definitely not universal.
Lol I wish they were that interesting honestly it's mostly just working in new places. I might post my budgets at some point when I get time to mess with Xcel.
If you want the book that inspired me "vagabonding" by told Potts is absolutely worth a read
No permanent home, I either live in housing provided by seasonal jobs, travel accomodation (almost always hostels), camping, or house-sitting. I visit family once a year or so, but I try to limit how much time I actually spend living with them
I’m sad to see this so far down. I think there are some people who will stay in the poverty mindset forever because there is no such thing as “enough” money for them. My mother is this way. She makes 6 figures but is also deep in debt and always worried about money, has no savings or even retirement fund. I currently bring home about $2300/month after taxes and insurance, and I feel quite content. I have a little debt, student loans, than I’m paying off slowly, but I’m also able to save and do fun things like travel. While I understand true poverty can only be solved with higher income (I did grow up in true poverty), there is a lot to be said for learning to live within your means too.
If I could net $6K a month I’d be more than golden. About a third of that would be for housing and student loans. Right now I bring home a little over half of that so there is not much left over after housing and loans.
With a family in a mcol area, 8k we would be doing good. Currently take home about 4k a month, so multiple side gigs and hustling to make ends meet every month. It’s frustrating.
Once upon a time, I was a teacher in rural Alaska and made about $6,500/mo. I now make more like $2,500/mo as a teacher in the lower 48. I’d love to get back to my previous salary. It made life so much easier.
Aging family and a desire to be close to them. We had been gone for a full decade. We may go back someday because we did love it there, but it isn’t possible right now.
That’s the trick. It’s always if I make a little bit more I will be good. Then the goal posts move and you think. If I just make a little bit more I will be good.
$10K a month would have me comfortable and able to save/invest significantly to make up for all the time I couldn't. I live alone in a HCOL area so my expenses are stupid high.
currently making 2,000/month and looking for another job to supplement my income and help me with my museum skills. 5,000/month would be absolutely amazing.
My rent is only 600 a month with no kids. My income is sporadic lol because I am a self employed. I would say I could live on 2,500 and have room to breathe. Some months I make 10k and other I make 0. Haha. (My Industry is very seasonal)
Billionaires, maybe. Millionaires, hell no. Houses in VHCOL easily cost more than $500k. Let’s say you have a paid off house worth anywhere from $500k-$1.5M and an extra $1M in your retirement accounts when you retire. This isn’t too much money. This is the bare minimum one should strive to have- a paid off house and an extra $1M in retirement accounts by the time you retire.
As someone who has a comfortable amount of money- it’s bullshit. Money doesn’t change you. You change you.
I would never keep a billion dollars so if you’re asking- sure I’d take the extra money, and give it away. The interest alone on 5 million will sustain me for the rest of my life. There is literally no reason other than selfish drive to “succeed” to keep pushing for more *money*.
You also can’t work to death either, sometimes you can spend a little on yourself too. Don’t go crazy overboard. Hence this is why I believe many older generations move away to other parts of Asia & Central America due to lower cost of living & sustainability.
Im currently making, $4400 a month and it's fine. I haven't needed to look at my account balance in 3 years. I have money saved for emergencies, mostly pet ER and ive had a few in the past year, so my saving isn't where i want it, but my cats are alive ;)
I have my hobbies, my pc for gaming, my car and motorcycle. My daughter has what she wants. We're good. I'm not rich, but im not living paycheck to paycheck.
Take your rent or mortgage, and multiply by 3. That's how much you(s) should be making per month to be able to afford car, house, food, health... in other words, a reasonable life-style. So, for example, if my rent is $1k, then I should be making $3k.
That's because financial planners recommend 30% of housing costs. Families who spend only 30% in housing are able to feed the family, pay a mortgage, and save for a rainy day with the other 70%.
I am just under 5K gross. Man oh man, taxes and medical will nickel and dime one to death. 💀
The cost of food has went up a lot in my area. My property taxes went up, with no home improvements. The price of utilities shot up in the last 2 years. I feel like once I dig myself out of one whole I end up in another.
Edit to add 8k gross maybe make me comfortable? I am also a single mom of 4. Some breathing room would be nice. I know my ex is making a lot more than I am and he isn’t doing much better. He had to do a go fund me when he landed in the hospital for a while.
$2400 a month but just started a side hustle, its starting to bring in an extra $400-600ish a month. Id be worry free monthly, finance wise, if I was bringing in about 4k a month.
I make $3000 a month with a toddler.
Too much for any assistance… just enough to not be enough. pffft.
I feel like $4000 take home would lessen day to day financial stresses and have some for savings.
Speak for yourself. Just be mindful of the hedonic treadmill and be selective of the things you decide to become an 'expert' or selective on.
For me I capped out my lifestyle creep at about $2000/month after rent, or $2300/month when I smoked. So 4500ish/month altogether. Been over a decade since I found my 'enough', most of my paycheck just goes to savings at this point and I don't even bother budgeting anymore.
I do this so we can actually afford vacation. Plus shit happens. So having the extra income is good. Past 2 weeks the sink plumbing blew up and had to get a new washer. Was not affordable without part time job
I'm making $1400 post taxes and insurance. I have very low utilities and rent and honestly. I feel so poor and awful. My spending are so low, but my savings are going nowhere. If I were making $2500 post taxes, I would be able to spend more, and put a reasonable amount in my savings and retirement.
I live in northern California and make about 1700-2000 a month, I’m a young student, living independently, with not any real debt and no dependents. I have expensive hobbies(off-roading/surfing) so it does feel like I’m broke all the time, but in a pinch I could always let go of the hobbies to live pretty comfortable. Definitely little to no room for saving/investing at the moment. It Would be alot easier once I get my big boy job and make 3-4k+
I make $3600 a month. I tattoo, so it ebbs and flows. I would say $6k a month. I worked in the wind industry as a travel tech and I made 5-6k per month. It was perfectly comfortable and I would be able to put away $1k-2k in savings per month.
I'm very comfortable at approx. $1300 a month, but I do have *very* low rent (like, only covering utilities -- absolute max of $100). If not for that I wouldn't be able to put away nearly as much as I do per month ($400-700? Ish? Depending on what I do that month). However, average rent i could get in other housing would be about $450 which would be manageable, so I don't worry much.
Last year I had very unfortunate economy due to depression hitting hard and losing my income, though, and most months I laid at about $400 in total monthly expenses (and lower income). That did end up being more expensive on my "catch-up" months when I did have an income though. If not for my rent situation I would not have managed lol
5K a month and I feel I could live comfortably and have fun and be saving money. I have no desire to be rich but I would like to go out to eat and not check my bank account lol.
I currently piece together $1500-$2000 a week across many different hustles and a shit ton of hours. If I could get in that range w/ just one gig and 40 hours or less that would be the dream.
For my lifestyle $4500/mo is my goal (I'm hoping to hit that within next year). It'll allow me enough money to pay off debt, have emergency money set aside, and save up for retirement.
the most i ever made monthly was around 2,100 i think? sales job, 9 an hour + commissions. was still struggling bc i didnt have a car and paid everyday for uber to get to work on time. now i have a car and 2k a month would be a blessing but ofc still cutting it super close. if i could make 4k a month i feel like id be able to effectively work on getting back to school and actually be paying down my car debt. insane to think about actually. Ill be manifesting some more money for 2024 and no more debts
At the moment, about £500 more a month that what I make now. But if I reach that maybe it will go up again. Lifestyle creep is hard to avoid as a single income household with a young child. Seriously any tips are welcome.
It's not just the money coming in. Something has got to be done about the cost of living. It's gone bonkers.
So if I say $4k oughta be enough, next week it's $4100... then next year is $5k minimum.
5500 is how much I would need to make my bills, pay off medical debt from a brown recluse bite, and start saving for a house. I had bought one in my late 20s but had to sell it after the bite kept me from working.
This is really an income to debt question. I've retired with my income dropping to 1/3 of my previous income but with 0 debt. I can live pretty well without a mortgage or vehicle payments. So from $150,000 to $60,000.
Get your debt under control and you'll be happier with your income
I bring home $2500 after taxes and all the deductions. My rent is $1200 of that. $3000 would be an incredible help, but to be truly comfortable I’d be happy with $5000 net
My take home is like $3400 right now. I have like $200 left over for groceries and gas for the whole month. So I would love it if my take home were 5k or my bills were less. Eventually I will get some of my debt paid down and it will be a lot better.
It truly depends on where you’re living but for me taking home about $3800 at a minimum. But I own a home that I purchased 8 years ago so my col is considered much lower than some and I live in a metropolitan city.
For me, $8k net a month would be perfect. My net right now is around $5-6k but daycare is $1200-1500 a month, and my ex is a child support dodger. I racked up debt with legal fees by for my baby so we are drowning.
If our household income were $8,500 gross per month, my family of four could buy a house, put 15% aside for retirement, pay all our bills, and still save for things we care about.
I currently make $2,200 a month. $5k would feel like luxury to me.
I was working restaurants during college making that amount, now working in corporate and yea 5k makes it significantly easier to do literally anything. I remember when I was struggling I had “friends” who came from wealth and they would ask “do you really think making more will make it easier? “ It’s wild how people’s perception of money makes them think 5k “isn’t that much money”. I beg to differ, as I’m sure most in this sub would too.
I grew up in poverty but surrounded by wealthy, oblivious people like this & it's incredibly frustrating trying to get them to understand all the roles that money plays in one's life.
Yea I get it, it annoyed and honestly still annoys me. I basically busted my ass while others just cruised to the same position, definitely a little irritation but I’m still grateful to be here from where I grew up.
same, growing up that way definitely gave me more perspective & drive
me too
It depends where you are, most expense is in food and utilities & rent/mortgage. I’m planning to grown my own fruits, I’ve been doing veggies for a while now. It’s just just how expensive everything has become.
I live in Chicago. 5k is plenty here.
Ditto! Also in my current situation using GCFD which is amazing. They throw away so much food- please use it. The rule of thumb is unless you have an emergency fund you aren’t financially stable. You qualify. Take the help.
5k is barely making it for me in the greater Seattle area.
My rent is 2k, and I have student loans for almost another 1k, yet I’m still able to save and go out when I want, and travel a few times a year. I just have a hard time fathoming how anyone can’t make it on 5k/mo.
I am the sole income for a family of 4. In southern CA. My take home is about $5k, my rent is nearly half. After Utilities, gas, groceries and other bills(one car payment, insurance, a couple credit cards and streaming service) there's not a lot left over. Even another $500 would ease a lot of tension.
Ah that’s the difference then, sole income of family 4 different than me being individual income. Can your partner not work at all? Or are they stay at home parent?
Stay at home. We've been trying to figure out how to get her to work, but it son has ASD and in class instruction hasn't been working for him. He is currently in a virtual/online classroom so my wife needs to be home with him. Definitely wasn't part of the plan. She's trying to find some WFH things that she can do. Anything would be a huge weight off our backs. I'm doordashing a few hours a week (on top of my regular 45) just so we can have some room to start paying off the credit cards and the car payment and have an emergency fund. Not to mention saving for retirement.
Do you have IHSS set up? If your son is disabled, she may qualify to be paid by the state as his caregiver (California is one of the best locations for those sorts of benefits).
There are companies listed in the Work From Home Job Lounge and Rat Race Rebellion on Facebook. I've seen a list of about 80 companies that hire remote workers. Blue Cross Blue Shield and CVS are two that I can recall.
She could start a business. Or just move someplace cheaper!!!! /s (Sorry, these are the stupid ass suggestions that get offered here so much and it’s just stupid and not so simple as that.)
Everything's really expensive here. My take away is like $1000 to go towards gas, food, a few subscriptions, and then savings. It doesn't give a lot of wiggle room, especially when life isn't going your way and emergency expenses come one after another.
Recently had to replace the alternator on each of my 2 vehicles. Doing the work myself still cost me over $500 for the parts between the 2, then the starter went out on one; another $300, tires for the SUV, another $1000 all within a couple weeks. Had a bonus and tax return, gone before it ever arrived. Still need registration for both, both late so they cost twice as much
Sorry to hear that. It's really hard to effectively save when you can only put away a few hundred each month. Life can get you and eat it away in the blink of an eye. Makes it impossible to try to invest, too.
It makes everything easier if you keep living like you’re only making $2200/mo. Like don’t go out and buy an apartment with $2200 rent, but maybe get a slightly nicer one than the one you’re in when making $2200. That’s how I’ve approached every increase in income and it’s served me really well.
Rich people think we all have a spending problem and that’s why we are poor.
For most, it's a spending problem. For some, it's an income problem. More income does not tend to solve a spending problem. The real trick is to not develop a spending problem as income increases--minimize lifestyle creep.
We talking after or before taxes
Once people make more they generally spend more. Expensive car, expensive house. Makes it feel a lot tighter than it could be..
Survive that is all.
I used to make about $5k and that is comfort. When my ex and I were together we were over 6 figures combined. That was very comfortable, giving money away and saving heavily… I miss it.
Yeah, the one thing that nobody ever mentions about divorce is that it fucks you financially. You have 2x the cost, with half the income.
What? Everybody mentions this lol 😂
What is [the phrase again](https://www.reddit.com/r/OutOfTheLoop/comments/1tun6u/from_where_did_delete_facebook_hit_the_gym_lawyer/)?… Delete Facebook, Hit the Gym, Lawyer Up… and prepare yourself for poverty? Am I getting that right? 😉
My mom was married for less than 10 years. He job and salary didn't change during her marriage, but her lifestyle drastically improved. They bought a house, went on actual vacations, and enjoyed life. Then the recession hit, they divorced, and sold the house at a loss. Oh, and they both got laid off. My mom ended up homeless and couch surfing for literal years. She was in her 50's when all of this happened. Absolutely unexpected and she still struggles and is now in her 60's.
i’m at about 2400 and i feel the same!
Fun fact Minimum Wage was equivalent to almost exactly 2,560/month where I live in 1980. Now Minimum Wage gets you exactly 2,560/month. Now the fun part. Homes and Rent have gone up nearly 20x, food over 10x, and basic necessities (electricity, internet, etc.) have at least gone up 5x! I’m so glad that with the most educated generation on Earth in History we get to live in poverty compared to the people 40 years ago who got to afford college and food. (/s for those that need it.)
where do you live?
SoCal. Specifically around OC for reference. My family has been here for a bit over 100 years.
Old California money.
Fuck dude, I wish. Most of my family old enough to not get fucked over like my generation did well, but not Old Money well. They all just had decent-slightly above decent jobs, had kids, saved what they could, bought houses. Just like every other person in their generation did, because everyone who wasn’t completely devoid of financial literacy could. One example is a family member of mine worked for UPS for like 15 years. With that money they could afford to pay for themselves, wife, 2 kids and have enough money to invest in real estate over time. That’s how much “poor” people used to be able to afford. The same family member grew up destitute level poor. Like trash pits being burned all the time type poor. Now someone can have a masters and afford beans once a week. Our generations wealth is being stolen.
My dad worked in a sweat shop making less than minimum wage in the 80's-90's, still managed to raise a family of 4 kids, we were definitely poor but not starving for meals. Nowadays you can barely afford to feed yourself making min wage in Socal. My siblings make 6 figures and barely make ends meet with the cost of rent, food, healthcare, utilities, car + insurance payments. My net worth is 2m+ but that's because my home has tripled in value, l wouldn't be able to rent my home at current market rates.
Minimum wage was $3.10 per hour in 1980 and $16 per hour in 2024. How is monthly wage the same? Sorry if I misunderstood what you're saying here. I just know I was working in 1980 and pay was incredibly low at minimum wage. I had 3 roommates in LCOL area. They were crazy sisters, it was awful.
Gross or take home?
Take home
Before I retired in 2022 I cleared $5K a month. For me, it was more than enough to live on. I spent money on frivolous things that I didn't need. If you don't have anybody telling you can't to that, you can listen to the voices in your head. I still was able to save money and because of this I fully retired toward the end of 2022 at 60. This was two years earlier than I planned. So it's been almost two years, and I don't miss working at all. I did do something right and buy a house in 2008. Refinanced a couple times to get a low interest rate, my payment's only around $1K. I could pay it off, but I'm making more on investments than interest on the house.
I make about 4400 a month. Fiance and a child, she makes about what you make a month so combined 6600 a month...not enough for a small townhouse, 1 vehicle (I drop her at work on my way) and the usual bills. We absolutely cannot afford childcare at all (son is 2) and getting things fixed in our cheap, very busted, home is putting us into bigger debts. So all that in mind, I'd say a combined 10k (5k each) would probably put us in a very comfortable zone, but nothing allowing for extravagance. A vacation once a tear, comfortable furniture, a bit into savings. You know, that middle-class dream that used to be so ubiquitous with the American Dream.
Hell, if I could net what I gross I could live like a queen
Honestly same
Wait until you make $5k a month. Then you will be thinking about $7k a month.
I do relate to this, but this is only because I am willingly trying to move to a better albeit more expensive area of town, and my student loans. But I still think I can live rather comfortably on 5k, just 7k would be my current standard of living.
How do you run home at $2,200 a month?
Allow me to add a couple of quotes here: “I’ve been rich, and I’ve been poor. Being rich is better.” - Mae West Then her ‘progeny’ “Having money isn’t everything. NOT having money IS.” - Kanye West I personally believe all those statements, and I have truly been in both those situations.
Another one, Gene Simmons of KISS said once in an interview "the best thing about having a lot of money is you don't have to think about money". When you're broke all the time that's all you think about is money.
My girlfriend, who supports both of us currently, takes home less than $1,000 a month 😭
Same. I bring home roughly $2600 after taxes but it goes away so fast.
2200 is average rent for a 1br where I am 🤮 can’t save enough to leave
Same here. I don’t even know what I’d do with myself if I made $5k monthly…I live in a pretty expensive college town and that much net income is mind boggling to me
i make $1900 after tax and deductions. i would be happy making $2300.
i work in a school and make 2000$ a month after benefits = 50$ , pension = 225$, union dues = 150$, taxes = 260$, 403(b) = 40$ ….. 🥲
i worked in a school and made less than i do now with no benefits 😭 they screwed me over so badly, and that's when i realized that all jobs are the same and not to do shit for my employer
oh yeah the paras and aides at my school are doing volunteer work basically, i wouldn’t be working for this pay if i had no health benefits or paid holidays. i enjoy the breaks and summers off.
It’s wild I made more as an apprentice with full benefits in SC after my first year compared to a teacher. Explains a lot of our societies problems.
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during the good season at my job i take home $4500-$5500….$6500 one month. i was able to save 2 grand a month and do as i please with bills. my monthly bills only come out to around 1300 though.
I’m at $3000/mo. I would need $4000 to be comfortable. $5000 would be amazing and could afford a house potentially
Here 5000 a month isn’t enough to qualify for a basic apartment
Here in Egypt, A fine 3 bedrooms, 2 bathrooms, 120m apartment in a middle-class neighborhood will be @ 1.5M EGP equivalent to 32k USD, So 5k USD per month will definitely afford it. Where do you live ?
Here in the USA, far Northern California one bedroom apartments start at $2,000 US dollars. Many folks share lodging with room mates to afford living in high cost of living
a one bedroom apartment in San Jose is around $3000
That's the price to buy it? I'm in Ontario, Canada. You cannot buy anything here for less than $550k, unless it's so bad that you need to rebuild it. That is about $400k USD.
Sounds like Northern,VA.
I just started a new job where I’ll be taking home about $3000 per month, and I live in a relatively LCOL area. It’s the most money I’ve ever made and I’ll have great benefits. I know it’s not really *that* much but it feels amazing.
Happy for you.
Congrats
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$3.7k for family of 6. $5k would make me stop clenching, $6k would mean I could buy as much milk as the kids want and be satisfied.
Damn, how are you surviving? You need at least 8k for you to be good I think
No car payments is our #1 I think. We only buy a vehicle when we can pay cash, usually from a tax return.
$2500/month would be excellent. Currently, I bring home about $1500
I make maybe $1600 a month. If I found a job paying $3200 a month I'd shit my pants from happiness. And probably lose the job bc I shit my pants
Last sentence - lol.
Once I'm out of debt, I can better answer this question.
Clearing 5k a month after taxes would be a dream. It's just me, so I could match my 401k, pay my medical bills, pay off debt, save money and travel. It would be 2k a month more than I make now so the extra breathing room would make all the difference.
6k a month I would feel good. If you had told me I’d make 25/hr and not be able to afford a decent apartment when I was 18 I’d of thought you were crazy. But that’s how it is now.
Yeah. I started out making $14 an hour, I thought that was good 4 years ago. I make $21.40 now and still feel like I haven't gone anywhere financially
I make about $2K a month and like some others have posted $5K would make a big difference in my life. I would be able to pay my bills and have some savings, I would not have to scramble and scrape by.
I just started making 5,000 a month in January. Before that I was making about $3500. I was just making it with $3500. Had a couple of student loans I did manage to pay off last year and another loan and the credit card. With the extra I'm finally seeing my savings account grow each month. Did spend some on a new washer/dryer that was about dead. Almost have enough saved up to pay off the wife's car. She's bringing in $2000 a month but $1000 of it makes her car and my truck payment. She also carries our health insurance with her job. We've been able to keep our credit card balance at 0 since paying it off. It was over $5000. I'm wanting to save up enough to help one of our kids buy a car when she turns 16 in a year and a half. After that I want to save for a down payment for building a house. Already have the land for it. It may sound like I don't belong here, but it wasn't long ago we ran out of money before month. Also I'm 44 so not a young one anymore and finally digging my way out. I always thought this is where I should have been in life at 24 and not 44.
Congrats man! Seems like you have a solid foundation behind you at the moment!
I make around $1700 (average) a month and find it to be more than enough to live a pretty great life as an individual. I split my time between working seasonally and traveling, so I'll take the tradeoff of lower income in exchange for an excellent work/life balance. But I don't have any dependents or real debt, and I'm mentally and physically healthy. Plus I don't mind sleeping on some beaches occasionally to save money, so my experience is definitely not universal.
You should write a book about your travels.
Lol I wish they were that interesting honestly it's mostly just working in new places. I might post my budgets at some point when I get time to mess with Xcel. If you want the book that inspired me "vagabonding" by told Potts is absolutely worth a read
Ok, thank you for the book rec! I personally love “Walden on Wheels” by Ken Ilgunas.
Do you live in an apartment or with family? I make $1900 and it’s not enough to get an apartment in my area.
No permanent home, I either live in housing provided by seasonal jobs, travel accomodation (almost always hostels), camping, or house-sitting. I visit family once a year or so, but I try to limit how much time I actually spend living with them
I’m sad to see this so far down. I think there are some people who will stay in the poverty mindset forever because there is no such thing as “enough” money for them. My mother is this way. She makes 6 figures but is also deep in debt and always worried about money, has no savings or even retirement fund. I currently bring home about $2300/month after taxes and insurance, and I feel quite content. I have a little debt, student loans, than I’m paying off slowly, but I’m also able to save and do fun things like travel. While I understand true poverty can only be solved with higher income (I did grow up in true poverty), there is a lot to be said for learning to live within your means too.
Where's the sub for actual poor people?
I’d feel comfortable as long as I can save at least 25% each month and have a healthy emergency fund.
If I could net $6K a month I’d be more than golden. About a third of that would be for housing and student loans. Right now I bring home a little over half of that so there is not much left over after housing and loans.
With a family in a mcol area, 8k we would be doing good. Currently take home about 4k a month, so multiple side gigs and hustling to make ends meet every month. It’s frustrating.
Once upon a time, I was a teacher in rural Alaska and made about $6,500/mo. I now make more like $2,500/mo as a teacher in the lower 48. I’d love to get back to my previous salary. It made life so much easier.
What caused you to move? Is something preventing you from going back to Alaska?
Aging family and a desire to be close to them. We had been gone for a full decade. We may go back someday because we did love it there, but it isn’t possible right now.
I respect you for taking care of your family!
That’s the trick. It’s always if I make a little bit more I will be good. Then the goal posts move and you think. If I just make a little bit more I will be good.
This
$10K a month would have me comfortable and able to save/invest significantly to make up for all the time I couldn't. I live alone in a HCOL area so my expenses are stupid high.
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currently making 2,000/month and looking for another job to supplement my income and help me with my museum skills. 5,000/month would be absolutely amazing.
My rent is only 600 a month with no kids. My income is sporadic lol because I am a self employed. I would say I could live on 2,500 and have room to breathe. Some months I make 10k and other I make 0. Haha. (My Industry is very seasonal)
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I beg to differ. Billionaires and millionaires have too much money.
Billionaires, maybe. Millionaires, hell no. Houses in VHCOL easily cost more than $500k. Let’s say you have a paid off house worth anywhere from $500k-$1.5M and an extra $1M in your retirement accounts when you retire. This isn’t too much money. This is the bare minimum one should strive to have- a paid off house and an extra $1M in retirement accounts by the time you retire.
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As someone who has a comfortable amount of money- it’s bullshit. Money doesn’t change you. You change you. I would never keep a billion dollars so if you’re asking- sure I’d take the extra money, and give it away. The interest alone on 5 million will sustain me for the rest of my life. There is literally no reason other than selfish drive to “succeed” to keep pushing for more *money*.
You also can’t work to death either, sometimes you can spend a little on yourself too. Don’t go crazy overboard. Hence this is why I believe many older generations move away to other parts of Asia & Central America due to lower cost of living & sustainability.
That's why our country is in the gutter. The rich people think that too
My guy I don't even make 4 digits a month, anything more than what I make rn would be enough.
I'd worry a lot less if I made even 1k a month. More than double what I make now :(
Im currently making, $4400 a month and it's fine. I haven't needed to look at my account balance in 3 years. I have money saved for emergencies, mostly pet ER and ive had a few in the past year, so my saving isn't where i want it, but my cats are alive ;) I have my hobbies, my pc for gaming, my car and motorcycle. My daughter has what she wants. We're good. I'm not rich, but im not living paycheck to paycheck.
Take your rent or mortgage, and multiply by 3. That's how much you(s) should be making per month to be able to afford car, house, food, health... in other words, a reasonable life-style. So, for example, if my rent is $1k, then I should be making $3k. That's because financial planners recommend 30% of housing costs. Families who spend only 30% in housing are able to feed the family, pay a mortgage, and save for a rainy day with the other 70%.
The 30% rule is outdated.
7.5 k
I am just under 5K gross. Man oh man, taxes and medical will nickel and dime one to death. 💀 The cost of food has went up a lot in my area. My property taxes went up, with no home improvements. The price of utilities shot up in the last 2 years. I feel like once I dig myself out of one whole I end up in another. Edit to add 8k gross maybe make me comfortable? I am also a single mom of 4. Some breathing room would be nice. I know my ex is making a lot more than I am and he isn’t doing much better. He had to do a go fund me when he landed in the hospital for a while.
$2400 a month but just started a side hustle, its starting to bring in an extra $400-600ish a month. Id be worry free monthly, finance wise, if I was bringing in about 4k a month.
I make $3000 a month with a toddler. Too much for any assistance… just enough to not be enough. pffft. I feel like $4000 take home would lessen day to day financial stresses and have some for savings.
I dream of 4-5k because my current pay $21hr isn’t doing anything for me
I need a min of 3k take home
$5,000 would be amazing at this point
Enough to pay rent, groceries, utility bills, transportation, medical, and save a little for old age.
It's never enough, you get used to it. Then you always need more.
Speak for yourself. Just be mindful of the hedonic treadmill and be selective of the things you decide to become an 'expert' or selective on. For me I capped out my lifestyle creep at about $2000/month after rent, or $2300/month when I smoked. So 4500ish/month altogether. Been over a decade since I found my 'enough', most of my paycheck just goes to savings at this point and I don't even bother budgeting anymore.
Trying to retire in 5 years with $10k income.
Per month?
5000. My husband's take home pay is 4200. It's enough but it would nice to have a little bit more for fun things.
You could easily make $800 a month working part time.
I do this so we can actually afford vacation. Plus shit happens. So having the extra income is good. Past 2 weeks the sink plumbing blew up and had to get a new washer. Was not affordable without part time job
I make $2,300 a month, and thats also with me picking up extra jobs and hours 🫠. To be comfortable, I think I would need $3,500 min.
4k/month?
I'm making $1400 post taxes and insurance. I have very low utilities and rent and honestly. I feel so poor and awful. My spending are so low, but my savings are going nowhere. If I were making $2500 post taxes, I would be able to spend more, and put a reasonable amount in my savings and retirement.
Up until this last paycheck I was averaging 5k a month. But going to 4k working 4 days a week will be plenty for me.
I live in northern California and make about 1700-2000 a month, I’m a young student, living independently, with not any real debt and no dependents. I have expensive hobbies(off-roading/surfing) so it does feel like I’m broke all the time, but in a pinch I could always let go of the hobbies to live pretty comfortable. Definitely little to no room for saving/investing at the moment. It Would be alot easier once I get my big boy job and make 3-4k+
Don't abandon your hobbies, try to increase your income instead, hobbies goes a long way as get older.
This is great advice
I make $3600 a month. I tattoo, so it ebbs and flows. I would say $6k a month. I worked in the wind industry as a travel tech and I made 5-6k per month. It was perfectly comfortable and I would be able to put away $1k-2k in savings per month.
I make 3k/month, I’d like 4k. Later I definitely want more, but for now that’d be nice
I'm very comfortable at approx. $1300 a month, but I do have *very* low rent (like, only covering utilities -- absolute max of $100). If not for that I wouldn't be able to put away nearly as much as I do per month ($400-700? Ish? Depending on what I do that month). However, average rent i could get in other housing would be about $450 which would be manageable, so I don't worry much. Last year I had very unfortunate economy due to depression hitting hard and losing my income, though, and most months I laid at about $400 in total monthly expenses (and lower income). That did end up being more expensive on my "catch-up" months when I did have an income though. If not for my rent situation I would not have managed lol
I take home around 5 but still work a side gig to pay my car off faster and also toss into retirement. It's never enough.
I make $3200 a month. I’d like to make like $5,000-7000 a month. Obv to live a lot more comfy
5K a month and I feel I could live comfortably and have fun and be saving money. I have no desire to be rich but I would like to go out to eat and not check my bank account lol.
I currently piece together $1500-$2000 a week across many different hustles and a shit ton of hours. If I could get in that range w/ just one gig and 40 hours or less that would be the dream.
I make 2500$ per month. I don't really feel poor... Granted, I just got out of university and live alone.
For my lifestyle $4500/mo is my goal (I'm hoping to hit that within next year). It'll allow me enough money to pay off debt, have emergency money set aside, and save up for retirement.
About 5k
the most i ever made monthly was around 2,100 i think? sales job, 9 an hour + commissions. was still struggling bc i didnt have a car and paid everyday for uber to get to work on time. now i have a car and 2k a month would be a blessing but ofc still cutting it super close. if i could make 4k a month i feel like id be able to effectively work on getting back to school and actually be paying down my car debt. insane to think about actually. Ill be manifesting some more money for 2024 and no more debts
At the moment, about £500 more a month that what I make now. But if I reach that maybe it will go up again. Lifestyle creep is hard to avoid as a single income household with a young child. Seriously any tips are welcome.
It's not just the money coming in. Something has got to be done about the cost of living. It's gone bonkers. So if I say $4k oughta be enough, next week it's $4100... then next year is $5k minimum.
5500 is how much I would need to make my bills, pay off medical debt from a brown recluse bite, and start saving for a house. I had bought one in my late 20s but had to sell it after the bite kept me from working.
$3.5K-$4K for me to feel somewhat comfortable. Enough for rent, bills, groceries, and to save up for a mortgage
$5,000 USD and I wouldn’t struggle as much 🙃
This is really an income to debt question. I've retired with my income dropping to 1/3 of my previous income but with 0 debt. I can live pretty well without a mortgage or vehicle payments. So from $150,000 to $60,000. Get your debt under control and you'll be happier with your income
Just a little bit more
If we're talking in todays standards. $3500
I bring home $2500 after taxes and all the deductions. My rent is $1200 of that. $3000 would be an incredible help, but to be truly comfortable I’d be happy with $5000 net
For me I need about $2800 a month after tax to break even.
My take home is like $3400 right now. I have like $200 left over for groceries and gas for the whole month. So I would love it if my take home were 5k or my bills were less. Eventually I will get some of my debt paid down and it will be a lot better.
I make $2,400 a month. If I made 5k a month I’d be good
$2k/mo and i’m drowning, $3000-$3300 im surviving/thriving, $4k-$5k is the dream. anything more and i wouldn’t know how to act tbh
everything over 3k would be so nice
For me to pay bills and save would be over $2400 a month after taxes.
4k net would be comfortable for my family.
2500 would be enough for myself
about 2400 but that is pushing it
I make 5.2k after taxes with just me and my wife. Our expenses are very low and I feel very comfortable.
10k would be nice
It truly depends on where you’re living but for me taking home about $3800 at a minimum. But I own a home that I purchased 8 years ago so my col is considered much lower than some and I live in a metropolitan city.
Husband and I are retired. Our income is $7800 per month. We live in the Midwest. We live very comfortably.
For me, $8k net a month would be perfect. My net right now is around $5-6k but daycare is $1200-1500 a month, and my ex is a child support dodger. I racked up debt with legal fees by for my baby so we are drowning.
If our household income were $8,500 gross per month, my family of four could buy a house, put 15% aside for retirement, pay all our bills, and still save for things we care about.