I've been wondering how much money I need to make to live comfortably. Any help?

Question

I'm going to be a firefighter/Paramedic just like my parents. I got about 2 years left till I start my training and I'm currently a volunteer.
In Portsmouth, Virginia, they start at 50k a year and Virginia Beach starts at 56k a year, for FF/EMT-Ps.
Looking at the cost of living in Virginia and North-east North Carolina, Is 50-56k enough money to live well. I'm not asking for much, I just want a decent size house in a good neighborhood and a nice car like a Mustang.

I also plan on doing ER technician part-time, and that will put my total pay at 75k a year.

Is 50-56k a year enough?

Ok. What I mean by decent house is like a one story ranch style home. I'm not a hige spender, I just want to know if 50k is enough in today's America to get by. What I mean by getting by is not having to worry alot about money problems, able to buy food, take care of family, have insurance on house, car, and health. and also to have some money to do some of the things you want to do.

Answer 1

$50,000 is more than enough for a single person to live comfortably on, especially in that part of the country. You can easily qualify for a mortgage around $125,000 on that income, and your payments on that mortgage would be around $750--very good range for your income, assuming you don't have a ton of other debt.

Of course, $50,000 might not be enough to have the life you want if you're trying to support a wife and family on top of yourself, especially if your wife didn't work. It can be done, especially if you don't saddle yourself with a lot of debt, but it'll be tight.

I live in Dallas and make about $50,000. I own a $160000 condo right Uptown, I save 12% of my gross income, and I go out several times a week (i.e. I spend a good amount on food and wine). I'm by no means rolling in cash, but I am definitly comfortable.

That said, $60,000 is a LOT more than $50,000. It can make a huge difference in your savings or disposible income. But rest assured. You're headed into a great career with growth potential where there'll be a ton of demand in the next few decades. Plus you can always do other things on the side to boost your income, or parlay your experience into some other branch of the medical field if you don't end up loving it.

Answer 2

$50-56K is a modest income. However, there isn't a quick and easy answer to your question. You'll first have to consider if you'll be renting or buying a home. Then, I would research the average cost of homes of the areas that you're interested. If you're buying a home, you have to factor how much of a down payment you're going to make and what the interest rate on the loan will be depending on the market and your credit score. That would be my starting point to figure out what would make you comfortable.

I find www.cnnmoney.com very helpful. Click on the Personal Finance tab. There are cost of living tools, how much house you can afford calculator and a mortgage payment estimator.

Good Luck!

Answer 3

Yes I think you could get by living good with 50 to 56k because thats about 4 grands a month if your house payment is 1,500 thousand and all the bills are $500 You have 2 grands to spare 400$ for your Mustang payment. ow You Have $1600 left over to do what you want. You can survive.

Answer 4

You should check the area for the cost of the type of home you are looking for in the area you are looking for to get an idea of the cost, don't forget to include taxes and mortgage insurance in the cost. Break this down to a monthly amount. Then list all of your current monthly bills (if this doesn't currently include bills you will have as a homeowner, such as water/sewer/association fees etc) research them and average a monthly cost in your list. Then list your annual expenses (clothing, auto insur, medical etc) and break that out monthly. (don't forget to include food and things, the morgtage company won't care if you don't but you will)
Add these amounts together and add 13%, (for savings and things you left off the list) times this amount by 12 and you have an approximate amount needed yearly to live in that area.
You should check out:
http://www.moving.com/Find_a_Place/Cityprofile/

Answer 5

My wife and I working together have never in our lives made over 45K a year. We are most comfortable when we watch a sunrise on the beach, and that costs very little. My advice is not to choose your life's work by how much money you start out making. You will live more comfortably by choosing a profession that you will love working at every day for the rest of your life.

Answer 6

I assume you are in your early 20s. You probably have a life expectancy of another 65 years with up to 20 of those years in retirement. You will want to "live comfortably" for ALL of those years, while working and in retirement.

I don't know anyone who can see 65 years into the future, but you should consider that you may need to save 10 - 20% of your after-tax income for your retirement years.

Answer 7

Only YOU can decide what 'comfortable living' entails. For me, a Mustang is a frivolity. For you, it seems to be part of 'living comfortably'. For me, a 'decent sized house' is 3200 square feet. What is it for you ? To put this into a nutshell, YOU need to determine which items (and their commensurate costs) qualify to make you live comfortably. Then determine on your own if the offered wage is sufficient to cover the costs of same.

Hint: Both my kids could NOT live without their Blackberry's. As for me, I would not even know how to use one.)

Answer 8

at least 5K would be good. If anything is left, then you can use the rest while your return or for something else. it's better to have a loot than a few amount.

Answer 9

That's more than enough money if you don't ever plan on getting married or having children.

Answer 10

"Living comfortably" is pretty ambiguous- it's a state of mind. Those salaries sound good though to get to where you want to be, though.