How much is $50,000?

Question

In today's economy, how good a life can a person lead on a $50,000/year salary? Can they afford a good home (that could hold maybe a family of 10 comfortably), a luxury car, a couple exotic vacations/year, etc.?

Answer 1

thats better than average if your starting out as 50,000 a yr. it also depends where you live texas is know to be the cheapest state not that its poor quality or anything. but there you can probably can easily get approved for a new house, deceit nice car, no mercedes unless you want all your money to go to the car. family of ten is not gonna be comfortable at all very tight.

Answer 2

i think $50,000 would be good for a family of 4-6 maybe but with 10 poeple, it is gonna be hard to have that kind of lifestyle. Unless you save up, i doubt your salary will be enough for a luxury car, exotic vacation, and other expenses. If I were you and wanted to live like that, I would definitely shoot higher than $50,000.

Answer 3

I guess it would depend on how much money you invest in the house, car, etcetera, and how well you manage your finances. If you save and don't spend like you're a millionaire, it might be possible to do all of these, but I highly doubt the 50,000 alone will cover it. You would probably want to invest in some stocks or something to make more of your 50,000. :)

Answer 4

hell no
who are you kidding??
My mom makes 70 thousand a year, and we live in a apartment.
With 50 thousand, you cant get very far. However, if you join your money with people living with you, like say your girlfriend, it will add up quickly to like 100 thousand, which can get you all those things. But with 50 grand a year you can get all those things, but on loans, morgatages, etc. that will take up to decades to pay off, especially ur house. Just rent. Its easier and smarter financially
Dont forget to invest as well!

Answer 5

no