How much do you have to make to in order to have a "basic" living? Secondary question if you don't mind sharing: Where do you live? Bonus question: How much do you feel like you have to make in order to have a "comfortable" living and wouldn't have to worry about personal finances?
Average Household Income in California is $55K and $68K
here in Los Angeles. As I do the math, it strikes me that that is probably just enough to cover basics* in LA ($1500-2000 per month easily
just for rent, food is expensive, taxes are high and you pretty much have to have a car).
I recognize I can easily look up average cost of living and average income for pretty much anywhere in the world, but what I want to know is subjectively, at what level do you feel you would have the basics covered? I am a single person living in Los Angeles, no kids, and I think about $55K*
I know the answer to the bonus question will vary even more greatly (hence the quotation marks in the question) and any details you are willing to share would be appreciated! Just me: ideally, I would like to go to grad school, eventually own a house and have kids. Assuming I stagger these three big expenses somehow, I feel like doubling the $55K and making $110K a year would be enough so that one could cover basics as well as save toward these goals and have somewhat of a cushion. At $150K a year in Los Angeles, I would feel comfortable tackling two of these goals at once. If I added my significant other's income, we could probably handle all three at once (we're just talking money here, not sleep or sanity).
Not asking anyone to divulge salary / expense info, just want your opinion. If all you want to answer is $55K / Los Angeles / $110K, that would go a long way toward satisfying my curiosity. I am especially curious to see what the European mefites say -- this is a great point of debate between myself and my SO. Thanks!
*Assuming 30% tax, that's about $42K after tax. And assuming monthly rent $1500 + food/groceries $500 + utilities $200 + car/misc/other $500 = $2700 / mo x 12 = $42K / yr. Angelenos, please forgive my very rough estimate.