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You have probably heard over and over again that is 70k a good salary for a single person . But do you really know if it is? That was the question I had too so I decided to dig into this topic further.
Yes, 70k is a good salary for a single person.
In the United States, the median household income is about $52,000 per year. In other words, half of all U.S. households make more than $52,000 and half make less. This measure of household income is not useful when considering your own personal finances. If you are unmarried or living alone and have no dependents, then your income needs will be much lower than if you were married with three children and a mortgage payment to make every month.
Another way to look at your situation is by comparing it to what other people earn in similar jobs. The average salary for accountants in New York City is $84k; for software engineers in San Francisco it’s $114k; and for lawyers in Los Angeles it’s over $160k (according to Glassdoor). These numbers give us some context for how much money people who do similar work make compared to yours—and if they’re significantly higher than yours then yes: 70k may not be enough for you!
If there isn’t enough information about what other people who do your job get paid then there are other ways to figure out whether or not 70k is enough money
Is 70k a good salary for a single person
Introduction
A $70,000 salary is good in a lot of places, but there are ways you can make even more money.
More than a lot of people.
If you live in the United States, the median salary for an individual is around $34,000. In other words, half of all Americans make less than $34K and half make more than that amount. It’s also important to note that this figure includes workers at all levels of experience and education, from high-school dropouts to PhDs.
So yes: 70K per year is more money than most single people make—and it’s especially impressive if you have just a high school diploma or associate’s degree under your belt. However, it doesn’t compare nearly as favorably when put into international context: The average yearly salary in India is 6700 rupees (about $110), while a skilled worker in China earns 8753 yuan ($1336).
Yes, it’s good for a single person.
So, is 70k a good salary for a single person?
Let’s take a look at the numbers.
To figure this out, you need to know how much money you are spending on housing, food, entertainment and savings. The amount of money that goes into all these areas will help us determine how much of your income can be saved up each month.
If we assume that for housing, food and entertainment (including alcohol), it would cost about $1,000 per month (which is average for those categories), then that leaves us with $5k left over each month ($7k-($1000+$1000+$1000)). Now we can use this figure along with our previous assumption about how much money goes into retirement savings each year ($3200) to calculate the amount of money in savings after five years: $21k*. This leaves us with an annual income from working plus investments totaling $71k—which sounds pretty good!
It’s definitely not an extravagant sum, even if you live in a big city.
- It’s definitely not an extravagant sum, even if you live in a big city.
- It’s a good salary, but it’s not a lot of money.
- It’s not a great salary, but it’s not terrible either.
- If you’re single, this is a decent salary and can give you some breathing room. But if you have dependents or are planning on retiring early and living comfortably (or just want to save more), then 70k might be too little for your needs.
You can afford to eat out regularly, though you might have to cut back on travel and expensive hobbies.
You can afford to eat out regularly, though you might have to cut back on travel and expensive hobbies.
- Rent/mortgage: $700–$1,000 per month
- Utilities: $100–150 per month (electricity, water, internet)
For certain lifestyles, yes. If you want to buy a house in a pricier market, you will probably want to build up your savings before you do that.
If you want to be able to buy a house, it’s good to budget for 70k. In some areas of the country, it’s possible that you could purchase a home with that amount; however, in most major metropolitan areas (and especially in expensive ones), this salary won’t be enough. If you’re willing to live somewhere less crowded and less expensive than New York or San Francisco, then yes—you can certainly find affordable homes on even $70k salaries if you have fairly modest living needs.
It’s also possible that your salary may not cover your rent or mortgage payments at all times. If this is the case and there aren’t any other options available like roommates or family members who would help offset any unexpected increases in cost of living expenses then it might be time for an honest conversation about finances with those around you before things get more stressful than they already are!
Your career trajectory is likely more important than how much money you make right now.
Your career trajectory is likely more important than how much money you make right now. This is especially true if you’re just starting out, but there’s also a good chance that this will hold true for your entire career.
In other words, if you work hard and move up in your company or industry, it’s possible to earn significantly more than your current salary over the course of several years—and even decades. In fact, a recent study found that 52% of people who received incremental raises over 30 years ended up earning more than their initial annual salary by retirement age!
So how can you build a great career trajectory? Start by asking yourself two questions: 1) What do I want my life/work balance to look like? And 2) How can I achieve it? Then take action toward those goals while working hard at whatever job opportunity comes next–even if it doesn’t pay as well as the last one!
It’s a pretty solid salary for someone starting their career
If you’re a single person, 70,000 dollars a year is a pretty solid salary. You can afford to live by yourself. You can afford to live in a big city like San Francisco or New York without having roommates or living with family members. And if you have the money on hand and make good financial decisions, then it’s possible for you to buy your own house in some parts of the country, not just major metropolitan areas.
It’s also possible (if not probable) that some people will travel more than others based on their personality and lifestyle choices. However, if this job offer were made by someone who didn’t use any of their income toward traveling or other expenses outside of housing costs and basic bills like food and transportation then they would still have enough left over from those responsibilities paid on time every month such that they could save up five percent per month for retirement savings (which comes out to about $500 per month).
