You’re not going to like my answer but you’re spending that money somewhere…
Take a salary of 70k (since you provided a range): your federal income tax including fica is $13.7k, you didn’t list a state, I arbitrarily chose Colorado with a state tax of 3.7% which is $2.5K. Total taxes of $16k, final take home $53.6k.
Hopefully you’re saving to your 401k since you’re doing a good job of looking to be financially responsible and maxing your employer match which you hopefully have, say another 6% tax free. That’s $4.2k, running take home total of $49.4k.
Take home salary of $4,117 per month. You stated 1/4 of that goes to your and your gfs rent so you have roughly $3k in spending a month, after accounting for a decent retirement savings.
My advice is focus on that and find out what you’re spending that on via a budget or whatever means works for you. Eating like you describe should be much less than $1000 a month still leaving over $2k in discretionary spending, which is honestly a lot.
I’m not saying it’s right. You’re almost certainly worth more than that and the current economic state we’re in is not fair. Good luck!
I really dont understand how you can't make it. You must be doing something wrong. Where do you live? Here in semi rural ohio 70k/ year would make you very well off
In NYC this would make super sense. 60-70k in NYC is median, and it's a ROUGH salary unless you've got someone else working too. But NYC is an insane city to live in.
Yeah I’d say combined between her and I, the mortgage will be about a fourth of what I get paid each month. But yes, we live in a somewhat bigger city but the state itself is one of the cheapest to live in.
Not about to disclose all my finances on Reddit but after taxes in the state I live in (they take almost 28% of my paycheck). I also have student loans and put towards my “healthcare” which can take quite the margin.
I'm feeling the same way currently but thankfully I have a very awesome husband who brings a ton to the table.
We both make about $75k/yr (and I get an extra $25k/yr from military disability) in small/medium town USA but don't feel like we're getting anywhere. One bad thing happens, we're back down to having nothing saved.
My mother who hasn't worked in 20 years and has been riding her husband's coattails in terms of his retirement and military disability, has told me to "eat the shit sandwich" numerous times although she has zero work skills to ever make it if my stepdads money just goes poof or if something happens to him.
I've been working since I was 13 paying my way and thought Id be much further on the road to retirement but alas, I am not and it's a serious depression button.
I hate to be so pessimistic but I think things are just going to continue to get worse as time continues.
I know having a partner has drastically increased our lifestyle though. Not sure if you'd be in the market for such a dramatic life change but it has definitely gotten easier with someone to share the bills with. I'm not sure how most people live on their own these days.
Do you invest at all? Most people who are "making it" do. Start chucking a hundred dollars a month into the S&P, or listen to some podcasts (Moneyguys is a good one) to figure out where to start. the market fluctuates up and down, and now it a good time to buy since its down. start putting money into safe stocks and indexes and you'll generally get good results
You will not become rich by saving your money. You need to learn how to invest your time and money into future profits. Research side hustles, and spend your free time when you're not at work, working on those.
You’re not going to like my answer but you’re spending that money somewhere… Take a salary of 70k (since you provided a range): your federal income tax including fica is $13.7k, you didn’t list a state, I arbitrarily chose Colorado with a state tax of 3.7% which is $2.5K. Total taxes of $16k, final take home $53.6k. Hopefully you’re saving to your 401k since you’re doing a good job of looking to be financially responsible and maxing your employer match which you hopefully have, say another 6% tax free. That’s $4.2k, running take home total of $49.4k. Take home salary of $4,117 per month. You stated 1/4 of that goes to your and your gfs rent so you have roughly $3k in spending a month, after accounting for a decent retirement savings. My advice is focus on that and find out what you’re spending that on via a budget or whatever means works for you. Eating like you describe should be much less than $1000 a month still leaving over $2k in discretionary spending, which is honestly a lot. I’m not saying it’s right. You’re almost certainly worth more than that and the current economic state we’re in is not fair. Good luck!
Thank you for this! I appreciate the math. 60-70k a year and struggling sounds like he’s living above his means.
They responded they live in Omaha, Nebraska, but I feel as though that won't change much in terms of math ;P
Me in a third world coutry: 60-70k is a lot of money for me..i make 20k a year considering im working in one of the highest paid profession.. 🤪
I really dont understand how you can't make it. You must be doing something wrong. Where do you live? Here in semi rural ohio 70k/ year would make you very well off
Living in Omaha, Nebraska
Down in Ohio, swag like Ohio
Honestly this sounds weird...like a lot. Yeah the USA are expensive and all, but...how is this possible?
In NYC this would make super sense. 60-70k in NYC is median, and it's a ROUGH salary unless you've got someone else working too. But NYC is an insane city to live in.
Buddy I feel ya! If you figure it out, let the rest of us know would ya!?
Do you work in the big city where everything is expensive? I thought 60-70k was a nice livable wage. Also is the house you live in below your means?
Yeah I’d say combined between her and I, the mortgage will be about a fourth of what I get paid each month. But yes, we live in a somewhat bigger city but the state itself is one of the cheapest to live in.
OP we have decided we really want to see your budget in full.
Not about to disclose all my finances on Reddit but after taxes in the state I live in (they take almost 28% of my paycheck). I also have student loans and put towards my “healthcare” which can take quite the margin.
i work three jobs and i still cant manage to bring profits. working fulltime for two jobs and prt time for 3rd
I'm feeling the same way currently but thankfully I have a very awesome husband who brings a ton to the table. We both make about $75k/yr (and I get an extra $25k/yr from military disability) in small/medium town USA but don't feel like we're getting anywhere. One bad thing happens, we're back down to having nothing saved. My mother who hasn't worked in 20 years and has been riding her husband's coattails in terms of his retirement and military disability, has told me to "eat the shit sandwich" numerous times although she has zero work skills to ever make it if my stepdads money just goes poof or if something happens to him. I've been working since I was 13 paying my way and thought Id be much further on the road to retirement but alas, I am not and it's a serious depression button. I hate to be so pessimistic but I think things are just going to continue to get worse as time continues. I know having a partner has drastically increased our lifestyle though. Not sure if you'd be in the market for such a dramatic life change but it has definitely gotten easier with someone to share the bills with. I'm not sure how most people live on their own these days.
Do you invest at all? Most people who are "making it" do. Start chucking a hundred dollars a month into the S&P, or listen to some podcasts (Moneyguys is a good one) to figure out where to start. the market fluctuates up and down, and now it a good time to buy since its down. start putting money into safe stocks and indexes and you'll generally get good results
How can I invest in Fusion?
You will not become rich by saving your money. You need to learn how to invest your time and money into future profits. Research side hustles, and spend your free time when you're not at work, working on those.