Hello! Seeing as how you are just starting out, this is probably a really good time to think about more than just "wage". Think of other ways to generate income, meaning, small businesses, rental property, investments in 401ks, etc. etc. etc. I don't want a wage, I want to be independently wealthy, and work when I feel like it, for people or groups I deem worthy of the time and energy I invest.
Well... the first thing you need to do is figure out what you want and how much things cost. And let me tell you, a "typical" middle-class lifestyle is waaaaaay more expensive than you might think. Shockingly.
For instance, you can easily spend 5,000 - 7,000 a year on groceries for a family of four! That's a lot, isn't it?
Housing, you figure should cost about 25% of your income -- for a $50,000 a year income, that would be 12,500 a year, which is a $1041 monthly mortgage payment or rent. Depending on the area, you can get a modest home or nicer, 2 bedroom apartment for that amount. (It varies widely). But there you have for housing and food, $18,500 a year, straight off the bat -- not cheap, right?
Depending on transportation options available, you may need a car or a bike, or to pay for parking or subway or bus fees. A decent used car can cost you $10,000, which, if you can't pay cash (and you should!) winds up being about 2,500 a year for 4 years, plus you've got to pay insurance and gas.... so yeah. It adds up fast! So it is worth it to really consider what your actual needs and priorities are.
Utilities, oh... electricity, gas, phone, gosh.. it varies, but that's another several thousand a year, if you like things like hot showers. So, what are we up to? Ballpark, $30,000 a year, and that's before taxes and without a lot of "Extras"
You need to
Plan and A
Budget. (Capital lettters and bold are intentional)
To answer your main question, I think if it was just me, I could live quite comfortably on about $50 k a year, in a 1 or 2 bedroom townhouse or condo, with a dependable used car for transportation, cooking most meals myself, not doing a whole lot of entertainment, and taking modest vacations maybe once a year. Clothes would be from thrift stores, groceries, tightly planned and budgeted, home, nice & clean but not very large. You could probably save about 15% of your pre-tax wage that way. You will not be living in an apartment overlooking Central Park, having interior decorators and personal trainers, and going to concerts every weekend on that income, nor will you have the newest and nicest of everything, nor will you be partying all over the place. But you can live in a reasonably safe and aesthitically pleasing suburban or urban area on that in most parts of the US on $50,000 a year. (not southern califonia or New York.) It will be decidedly un-flashy, but comfortable.
To really live
very comfortably, and to support two children, and have newer and nicer things, I think $100 k a year is a reasonable figure.
Hope this helps!
