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You wake up tomorrow and your salary is now $50,000 USD (or converted to your currency) annually. How is your life affected?
- Thread starter Deleted member 56266
- Start date
$50k before tax? because it would be the same
$50k *after* tax would make a huge difference in actually being able to hold on to savings for more than a few months
$50k *after* tax would make a huge difference in actually being able to hold on to savings for more than a few months
It's basically nothing in the tech industry for any medium to large sized company. Experienced engineers can end up in the mid six figures ($400-600k) if they become a Principal Engineer. Most of that's going to be in stock but still it's good pay.
You mind me asking where in Central Europe an income of 50k makes you upper middle class?! You should probably want to be staying there
Czech Republic. If you live in Prague, you would want to earn a bit more, especially if you have kids, but anywhere outside of it, you're off to an extremely comfortable life. In my case, since I'm still years away from starting a family, 50k would currently put me in a very safe position financially.
Good to know ;) I guess there is still a considerable drop in costs of life between western and Eastern Europe. Here in Berlin 50k is pretty precarious. I mean no shame in that but still. pre tax that is of course. But to have 50k after tax you'll need to earn something like 90k. And Berlin is not the most expensive place to be in Germany. Munich, Hamburg, Frankfurt should all be even worse.
I was doing head math without looking up a tax table. Forgot to account for progressive taxing. Still, that makes a paycheck of about $1,460 if I'm getting paid every other week (26 checks a year). That's an entire paycheck gone for rent every month. Necessities (commuting, food, other utility bills) probably puts a serious dent in the remainder.
This would be horrible to my quality of life. I'd probably have to downsize my house and get rid of my gardener, landscaper, and house cleaner.
I'm the sole earner with a wife and 2 kids, so I'd be fucked if I didn't have some savings. Which aren't actually savings but rather leftover money from selling our house which we'll need for a downpayment on our next house.
no pool, it's a money pit that I would never use. I HATE doing yard work, and having some dude come by 3 times a month to keep my garden in top shape is totally worth it.
It's a function of where exactly in the US you live. There are plenty of places in the US where you can live very comfortably on a 50k salary. In other places, you might as well be below the poverty line. For instance, the median household income in the county I live in is ~110k.
I live in Canada that isn't Vancouver or Toronto so $50k USD equivalent is actually really good, it's just that my salary is higher than that.
Some context: https://en.wikipedia.org/wiki/Household_income_in_the_United_States. Varies substantially by area but around 60k is median household income in the United States.
I earn a significant amount more than that currently, but it wouldn't make much difference to my day to day existence as I live well within my current means (somewhat because I'm not sure it will last!) Would take far longer to pay off my mortgage and radically alter my long term finances, but I'd be more than okay.
It would be worse than actually being fired, since cashing out my accrued vacation time right now would net me more than a year of the new salary up front. I'd be better off quitting my job today and starting to look for a new one than having my salary converted to that overnight.
It'd be about a 25% pay raise, and it'd be nice because I could finally start paying off my accrued debt and put money away into savings. I wouldn't change my living situation or day to day spending, all of it would mostly go debt payments and savings.
