|If monthly income is USD 10,000 in the US|
What standard of living can you have
Say one is in bigger cities such as LA, Orlando ...
If he makes USD 10,000 working, will he get good life style? You know with house, car, good food, entertainment ...
Or should I put it this way, is USD10,000/month consider a lot of money for people staying in the big cities?
Yes, it is considered alot of money in any city. But, depending on what big city you live in will make a difference in how well you live. In New York City, that kind of income will get you only a modest house or apartment in the city. In Cleveland (almost big city), that income would get you a very nice sized house or a top notch apartment in a good neighborhood.
In Panama City, Florida you could live like I always wanted to, LOL
Instead of living in a big city, you'd be much better off living in the suburbs of a big city and just commuting to work in the city. With that kind of money you can live VERY nicely almost anywhere in the US, except maybe New York.
You could live like a king almost anywhere in North Dakota. In Central Illinois (Peoria, Springfield, etc.), $120,000 per year is about three times the average income. There are probably only a few select cities where that kind of money would not get you a very, very nice standard of living.
Thanks for insights, I am not from the US so I am trying to figure out the value of USD in US itself. :)
So I can conclude that if a people is US making $10,000 per month, that would means he is very rich?
Anyone can give me an idea of what people are making in a variety of common jobs? say, as a
2. factory workers
And if someone makes $2,000/month, is that good income? Or he can hardly survive?
>>>And if someone makes $2,000/month, is that good income? Or he can hardly survive?
Just get by, depending on where you are of course.
Remember, if you are coming from any other western country you are used to universal health care. In the US you will have to pay for health insurance and all other health costs out of pocket. Can be a big problem if you have any health issues.
San Franciso is also very expensive, almost as bad as NYC.
1. waiter: $2.15 - $5/hr plus tips
2. factory workers: depends on skill level and union. Unskilled with no union $8-$10/hr. Skilled or unioned is anywhere from $10 - $35+ an hour
3. engineers: depends on experience and location in the US. I'd say that fresh out of college, someone on average would get $30K - $50K a year.
as a webdesigner I make $10,300 a year. Of course I'm also on the lowest part of the scale and live out in the middle of no where.
I wouldnt' say someone making $120,000/year is very rich.... very rich means you do not have to work, your income comes from a trust fund or possibly interest from your millions in the bank...
Here in the San Francisco Bay area, a family of four needs at least $77,000 just to survive (per a recent report), so $120,000 here would make for a comfortable living wherein you could travel and eat well.... but by no means would you be rich.
Chris Rock once said that if Bill Gates woke up with Oprah Winfreys money one day he would freak out about how poor he was.... now THAT is rich.....
Thanks for all the views, I start to get the idea.
Usually as a waiter, shop workers, factory workers that are on hourly rate. How many hours do they work in a day normally? And how many days a week do they work normally?
Need those to calculate average monthly income.
Usually 40 hours a week. Anything else is overtime paid at 1 and half times hourly rate.
It's not just a matter of comparing pay, you need to consider the cost of living too. If you just look at rates of pay, you would probably be pretty disappointed.
When I came over to the USA from the UK, I thought pay scales were fairly low. But the cost of living is equally lower.
I can get 200 cigarettes for around the equivalent of 20GBP (even with the recent $7 a carton tax-hike here in Ohio), gasoline, even at today's prices is still less than half of what it would be in Europe.
Cars, household appliances, electrical/electronic goods are all cheaper than in Europe.
And with the health care issue - it's only free at the point of use in the UK (and presumably in other countries with a national health service). You pay for it through your wages whether you use it or not. At least in the USA you have the choice - you can take out insurance, or pay for healthcare as you need it.
I find that property prices are about the same, but you get a lot more land included with a house of comparable value than you do in the UK.
|And with the health care issue - it's only free at the point of use in the UK (and presumably in other countries with a national health service). You pay for it through your wages whether you use it or not. At least in the USA you have the choice - you can take out insurance, or pay for healthcare as you need it. |
That's a big thing. I have the freedom to have insurance of my choice, or no insurance at all (which is the logical choice for a person of my age and health). At the moment, I'm part of a very effective "medical needs sharing ministry" as an alternative to insurance, which besides being extremely low cost, also works very well.
There are websites to help you compare cost of living in various parts of the country. For instance, if I made $40,000 in Central Illinois, which is on the lower end of "well off" around here, I would need to make $60-70,000 per year to have the same standard of living in most populated areas in the Rocky Mountains.
Where were you thinking of coming? It's a big country, with a very wide spectrum of income levels and standards of living.
I think it all depends on where you live and if you have to go find a real job. I live in Arizona and I was able to buy a 2000 square foot house. I work at home and always will. When I retire, I will probably move to springfield or rockford, IL and I will have the means to by a 7000-8000 square foot dream home.
Everything is based on supply and demand.
In Arizona right now, there is a greater demand for homes than supply. In Springfield, there is a greater supply of homes.
My dream home that will cost 500k in IL would be 1.5-2.0 million in Arizona.
pay off your mortgage first. Then $10K per month is a tidy sum no matter where you live.
Some people are doing it... ;)
>My dream home that will cost 500k in IL would be 1.5-2.0 million in Arizona.
That same house in So Cal, from LA to San Diego, would be even more.
Someone making $85,000 in Phoenix, Arizona would have to make at least $120,000 in San Diego to have the same standard of living.
|Someone making $85,000 in Phoenix, Arizona would have to make at least $120,000 in San Diego to have the same standard of living. |
... and even much more in NYC, were the average price for just a studio is $429,000, and a one-bedroom is $687,000. Want something a little more roomy and luxurious... plan to spend around $3.1 - $3.8 Million.
|pay off your mortgage first. Then $10K per month is a tidy sum no matter where you live. |
Good advice. My wife and I paid off our mortgage, which means I can afford to work for peanuts for an NGO, and still have a pretty decent lifestyle.
Though I have to admit, unless I start making real money again, I'm going to have to push my "Freedom 40" plan back to "Freedom 45," or maybe even (*gasp*) have to keep working until I'm 50.
Once you pay off your car, mortgage and stay out of credit card balance debt, you can live well on most anything, depending on what you want as far as travelling and posessions of course. But not owing money is a huge stress reliever in todays world. I've struggled, done well and struggled again and done well again so I know the difference first hand.