high/middle class salary?

Question

About how much would I have to make per year if I would like to own a BMW someday, live in at least a 2 story house, and be able to afford all the clothes i want w/out worrying about whether or not its on sale? I realize money isnt everything & im only 16, but I would like to live luxuriously and i have big dreams...thanks in advance

Is 63,900 a year enough to live expensively? i read on salary.com that thats the median amount that a magazine editor makes & thats my dream career

Answer 1

$60 Grand is not going to cut it. I assume to want to live near a city (I won't say in, because the cost of living in most major U.S. cities is astronomical), unless you decide to move to a place where the standard of living (taxes, gas, rent, utilities, etc...) is less. The South , especially places like Atlanta, Nashville, and Charlotte, is growing very fast and has a lot of affoadable housing, and a decent standard of living.
Since you said magazine editor, I'm guessing you want the lifestyle of Jennifer Garner in "13 going on 30." Of course, she was a high ranking editor, and probably earned +$90 G a year. But the glamorous images of life in places like LA, Chicago, NY, Miami, and San Francisco is EXPENSIVE. Manhattan is notorious for it's high rents and cramped apartments. The MEDIAN home price in Los Angeles is $550,000! (And that's a small house). Journalism is a competitive and low-paying career in the beginning, but if your dedicated enough and willing to put in the grunt work, you can achieve the lifestyle you want, maybe after a few years.
We all can't live like the people on "the OC" or those materialistic shows on MTV (Laguna Beach, the Hills, 8th & Ocean, etc...) You need to research to see what it takes to become a magazine editor, what the work is like, how competitive it is to get jobs for the big time mags, and where is the best place to live to become a journalist. Even for college, you need to look at Columbia, UC Berkeley, USC, or Northwestern's Medill School of Journalism. Getting into that industry is tough, but those are the best journalism schools in the nation, and they will give you the skills and connections you need to succeed in that business.
If you want the MTV lifestyle in a place like LA or NY, then your going to have to make at least $200 G to easily afford the things you listed.

Answer 2

It depends on where you live. $60,000 won't get you far in California but if you live in a place where homes are reasonably priced, like Texas or the Midwest, then you can live well with that.

One thing you will find out later is that it's not just how much you make, but how you invest that money that makes a difference. If you take some of the money you make and invest it in stocks or real estate, over time you will accumulate a lot of wealth.

Answer 3

Multiply your income by utilizing 3.5 - and that is what try to be able to pay back on a 25 12 months mortgage. so that you will be able to borry 336K - with a 10% deposit of 33K the homestead you'd be able to purchase is round 360K. you're fortunate to discover someplace interior 40K of the city - yet you'd be searching on the most inexpensive homestead contained in the suburb at present on the marketplace. There aren't any suburbs the position there are distinct (better than 4-5 on the marketplace) homes in this budget interior 40km of the city. transferring 60K available will be a much better choise yet nonetheless you're searching on the bottom 40% of the homes in that section. be conscious you'll in all probability want stamp duty if you're no longer a citizen that's yet another 10K and private loan coverage is needed in case you do not have a 20% deposity - that's yet another 4-5K. so that you're going to need a minimum of 48K in reductions to purchase the homestead.

Answer 4

the base thing for your dreams to be come true is your hard and accurate labour. i think you may get a luck as a singer or celebrity star or politician.


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