Can you live comfortably on 60k a year?

Per capita income here is around $19,000/yr. So at $60k, you'd be a quite comfortable in the Upper Middle Class.

Remember that the $60,000 is an average salary.
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It's well above average in the United States. In fact it's a good chunk higher than the median household income.
 
Bob W said:
Per capita income here is around $19,000/yr. So at $60k, you'd be a quite comfortable in the Upper Middle Class.



It's well above average in the United States. In fact it's a good chunk higher than the median household income.
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Average salary for physical therapists.
 
Up here in Massachusetts, a Physical Therapist can do quite well. 60 grand a year is about middle class give or take 10 grand. But to take it a step further, try New Hampshire, just over the border 60 grand will do a lot better. Better state, a free state, no B.S. state. No Knife laws. Thats right they canned all the knife laws on the books. Anything goes. (as long as you don't commit any crimes) It is also a pro gun state. The state motto is right on the state license plate; "Live Free or Die" . They also have some of the best mountain hiking trails, camping areas, recreational lakes etc. if you like the outdoors, you would love it there. My goal is to move up there at some point or just buy a gettaway place. Worth a look! (as long as you can handle the snow,.... aaawww you'd get used to it.) Great winter sports, snowmobiling, skiing/snowboarding etc.)
Good Luck.
 
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I'd love to make that much. Right now in my life despite my education in teaching and looking for a better job that fits my skill set, I have to survive on about $8500 a year. Difficult to get hired with my disability unfortunately, at least, for a job for which I am qualified. So, sort of pocket change to anyone used to 60k.

I live in Iowa which is one of the cheapest states in which to live, but $8500 makes everywhere pretty expensive no matter what. Life is a bit tough at the moment I must say.
 
Where you live is a factor, but how you live is just as important. I don't care if you live in Podunk Iowa, but if you want to live the life of the rich and famous,
$60K isn't going to cut it. I never made over $65K a year in my life. When I retired I was making $900 a week. I had a wife and 2 kids. We paid our bills and
lived fairly well.

There are a lot of people who couldn't live on $250K a year.
 
What YOU consider adequtely comfortable can change a lot between your 1st, 5th, 10th etc years out of school, and also where you want to live, so don't restrict your options prematurely.

Do you have to declare a major as a freshman???? If not then don't, take different types of classes until you see a pattern about what you like and don't, and especially to see how much impact the particular instructor has on whether you enjoy the subject, because they won't be coming with you when you graduate.
 
Take your undergraduate Biology degree to medical school, sacrifice 15-20 years of long, tired hours, work another twenty supervising other doctors in your small medical group..., and retire a multi-millionaire. HEY...., NOBODY SAID IT WAS GOING TO BE EASY. AND, FRANKLY, IT'S NOT. But, if you're talented (blessed) enough to excel in math and/or science, YOU CAN DO IT. The time will pass anyway......, fast.
 
As most have said, I believe 60k is much more than most people earn. But always keep in mind that plenty of millionaires go bankrupt. My point is that it's usually much, much more about how you manage your money than how much you earn. A few years ago, my closest friends and family received Dave Ramsey's Total Money Makeover CD set from my wife and I. Whatever you decide to do, I highly recommend buying that book/CD set. Good luck.
 
Just to throw my $0.02 in as a recent college grad, it's definitely easy to live comfortably on that amount.

I'm in that neighborhood, salary wise (a bit higher), and live in a nice area of Kansas City. In addition, I have a VERY sizable chunk of student loans (i.e. - 4.5 years worth, minimal scholarships). Even with those handicaps (high rent and high loan payments), I am able to do the things I enjoy, such as buying knives (duh) and ammunition to go shooting every weekend (.45acp gets expensive).

Now, can I afford to go buy a brand new car right now? No. But the car I do have is paid off, runs well, and is fun to drive.
Can I afford to eat out every night of the week? No. But I can afford to cook myself nice dinners, such as steak and all types of seafood filled dishes.

As others have said, location is important. But more important than location is budgeting. Figure out where your money needs to go first (rent/mortgage, food, utilities), then budget where the remainder will go (guns, knives, eating out, cars, etc). Always make sure to pay yourself first. You'll thank yourself later in life.

Edit: Just as an FYI, I am an Electrical Engineer, graduated May of '13.
 
Location is everything when asking such a broad/vague question. Common sense would indicate the answer can be found generically by figuring out what your cost of living would be.
Rent/mortgage costs
Food costs
Transportation costs
Insurance costs
Student loan/tuition costs
Tuition costs
Utility costs
Etc.
Much of the United States earns on average less than $40K a year. Now, as far as a specific figure of $60K/year, how do you know that is exactly how much you would be making? I hope you are not basing that off a specific degree alone.
 
Even in Chicago 60K is pretty reasonable (especially if you don't have a family to support yet).
 
SBaker34 said:
Can you live comfortably on 60k a year?
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Many of our Soldiers, Sailors, Airmen, and Marines do precisely that.

Heck, about 2 billion of the planet' 7 billion inhabitants live on $2 a day. We're filthy rich by the world's standards, but many of us can't seem to grasp that. Worrying about making it on $60K/year is just another symptom of that.
 
$60K will support you and a car in Chicago. If you want children and your own home, you will need another pay check.

Excuse me, are you studying for a degree in biology? If you want a decent life, you need to do things that are not fun. Once you do them, your life gets a lot easier.

Most careers in medicine and health are potentially good careers, if they have a high entrance barrier. RN is a good career that gets better with an MSN. LPN is not a good career. Being a physical therapist with a board-certified specialty is a good career. Being a joint-certified massage therapist like Anthony Blundetto is not.

[video=youtube;FreqvkpLkZc]http://www.youtube.com/watch?v=FreqvkpLkZc[/video]
 
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UffDa said:
Where you live is a factor, but how you live is just as important.
There are a lot of people who couldn't live on $250K a year.
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This is very true. I personally can occasionally afford one or two decent middle of the road knives and a few budget blades here and there, but other than that, I don't have expensive hobbies (can't really, on less than 10k a year).

I read a lot of books, use my Internet as my TV service, write in my spare time, and basically do a lot of very low-cost things. Spending big isn't really an option unless I can save up for something slowly over time.

If I go out with friends where we might have to spend extra money we all try to defray individual cost as much as possible.

I use an electric scooter to get around town, and although that is certainly cheaper, I also need to drive (at 26, I haven't yet, thanks again to my disability and necessary but ill-timed and ultimately ineffective leg surgeries, ach. :/)

I don't mind living inexpensively as I'm not an expensive person, but I wouldn't mind feeling a bit safer financially either, it can get scary sometimes.
 
Well let's digress...if not bio, what do you want /like to do?

I was a bio major in undergrad, completed premed as well. Decided I didn't want to become a doctor and finished with a lit degree. During the tech boom I picked up an MS in MIS found out I made much more than starting salary of a systems analyst and couldn't go back bc of my lifestyle, I traveled the world, bought motorcycles and cars and fancy watches. My interest and views have changed since those days but i've stayed on as a capital markets consultant in NYC for the past 15 years. It pays the bills.

If I had to go back in time I would have told myself to go through med school because I enjoyed it. At the time I switched as a big FU to my father and because I wanted to get out in the world. I dont regret it. I have a decent life. But I should have followed through with something that I enjoyed.
 
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