What level of take home pay does one need to meet basic needs? to live comfortably? to not have to worry about having enough money?
I don't know, like somewhere in the hundred thousands?
I don't get this, please help!!!!!
That entirely depends upon the perceived needs of the family, the size of the family, the number of wage earners, and the section of the country in which one lives.
Teachers don't come close to making $100,000 a year.
Check this sites for some estimates of middle-class incomes.
http://www.ehow.com/about_5212740_average-middle-class-salary-range_.html
Okay, so I think around 30,000. Because a lot of people I know earn $27,000, and they are fine with that amount. But to to live comfortably and to have enough money --that would be like I think $45,000. What do you think Ms. Sue?
Everyone defines comfortably differently. Do you need a small one bedroom apartment -- or larger living quarters?
Do you need the newest electronic gadgets?
Do you need to eat in restaurants often?
Do you need an expensive new car -- or do you even need a car?
Are you supporting yourself -- or a family?
In general living in a rural area or a small town in the South is a lot cheaper than living in a major city or other place with high rents and house prices.
Would like larger living quarters.
Need new electronic gadgets.
I don't need to eat out. Im fine with homemade food.
Yeah, I need an expensive car.
Would love to support my family, donate to charities, and help the poor with some of the money I earn.
So what level of pay do you think I would need to meet these needs?
Im guessing like 60,000. But I don't know.
You need to make out a tentative budget. Include:
Housing costs (rent or mortgage payments)
Utility costs (electric, gas, water, sewer)
Car payments
Insurance payments
Discretionary spending -- for gadgets, clothing, etc.
Food costs
Savings and retirement plans
$60,000 will probably be sufficient -- depending upon the size of your family, your location, and your other expenses.
Determining the specific level of take-home pay needed to meet basic needs, live comfortably, or be free from financial worries can vary greatly depending on factors such as location, lifestyle choices, and personal preferences. However, I can provide you with a general process to help you estimate these levels.
1. Calculate basic needs: Start by identifying your essential expenses, such as housing, utilities, food, transportation, health care, insurance, and any debt payments. Calculate the total cost of these necessities on a monthly basis.
2. Determine living comfortably: Think about your desired standard of living and consider additional expenses beyond basic needs, such as dining out, entertainment, travel, hobbies, and savings. Add these costs to your basic needs expenses.
3. Assess financial security: To estimate the level of take-home pay needed to feel financially secure, consider factors like saving for emergencies, retirement, education, and any other future goals you may have.
4. Research regional cost of living: Research the cost of living in your specific location, as this can significantly impact the amount of take-home pay required. Some cities or regions may have higher costs for housing, taxes, or general expenses.
5. Utilize online tools: Various online calculators and budgeting tools are available to help you estimate your specific financial needs based on your inputs.
It's important to note that personal circumstances can greatly influence these calculations. Moreover, consider that financial well-being often comes from a combination of income, budgeting, and financial planning, rather than just the level of take-home pay alone.