Is a $40,000 /year salary a comfortable salary?

Question

To support one person living in a nice apartment, and cover the cost of food, rent, insurance, medical bills, clothing, etc? Plus "extra" for pets/christmas shopping?

If living in the midwest (MI, KY, IL, IN, OH... etc)

Answer 1

As long as you're happy, the number doesn't matter. Money can't buy happiness.

I spent 15 years working on getting a higher number, until I realized I was extremely depressed and had no time do the things that Iliked. I now make much less than your number, which I find to be comfortable, and I'm much happier.

Answer 2

That depends ENTIRELY on what you do, what you want, how you live, and where you want to be next!

$43,000 is about the "average" salary of all Americans, but that number doesn't give you any real information because it includes everyone.

Most single people without massive debts could probably live "comfortably" on about $24,000/year if they worked at it. If you did that, earned $40K a year, and invested the other $16,000 in a Growth Stock Mutual fund averaging a 12% annual return, you would be a millionaire in 16-17 years, and assuming you are in your 20s or early 30s, worth $20M by the time you retire.

Here is a tool to research what people who do what you do where you are typically earn:

Answer 3

It completely depends on your definition of "nice apartment", as well as all your other life choices. If you eat out, wear expensive clothes, or have expensive "extras" then it is not enough. A $40,00 salary is also less after taxes too. Let's say it's $30,000 after tax (more or less, whatever). That's $2,500 per month, and, after rent of say, $1000, and any car payments, insurance, student loans, (mine total around $1000 per month, so we'll use that for this example), then that's $500 per month left (that's $125 left per week). That's where your clothes, food, and savings come from. If you want any "extra" for Christmas, then you have to save it out of that too.
In short, it's not a lot, but it's managable (barely) - if you have a budget and stick with it.

Answer 4

It depends entirely on how much the 'nice'
apartment costs and how careful you are about the extras. But it certainly can be a comfortable amount if you pay attention to how you spend your money, even enough for some extras.

Answer 5

Plenty for a single person. The median HOUSEHOLD income in the US is less than $50,000. That is for a median household size of somewhere between 2 and 3 people.

Answer 6

It is a nice salary, specially if you live in a small town. I have been living with half of it.

As far as you don't spend it leasing cars or clothes, or shoes or dining out you can live very well with it.

Answer 7

Horse Jumper.That would depend where you live.
Apartments here in Los Angeles County are +800.It can be
done.You must be careful though.That is what I make.In
those states you mentioned ,Yes I think so.

Answer 8

Thats about what the average single person makes these days, you could definitely live off it, if its only you

Answer 9

for kentucky it is a good salary
for michigan it is a good salary
if you're in illinois anywhere near chicago it is ok but the cost of living there is substantially higher

Answer 10

It should be. There are, of course variables, such as where you live and the cost of living there.