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Decent? $100k.
Good? $175k.
Great? $250k.
Excellent? $400k+
Around $75,000 for a single person. Enough to cover rent or a mortgage, healthcare, food, savings, and still have a little breathing room. For a family, that number can go up $120,000+, depending on location, family size, etc. America is not perfect, but there’s still space here to reinvent and chase the beloved "American Dream."
I live in Wisconsin. Milwaukee and Madison are the states largest cities. I grew up in Milwaukee and relocated to NE Wisconsin roughly 10 years ago. I am near Green Bay and the fox valley for point of reference.
1. The average rent for a 1bdrm is $1200, and you must show proof of earnings x3 the monthly rent.
2. The average home costs 250k - 300k
3. A gallon of milk costs $4. A gallon of OJ at my local KT is $8!
4. A gallon of gas is $3
Were not even getting into the expenses for rising Healthcare costs, and utilities,
I am an experienced professional. I have over a decade of experience in payroll and tax laws. I also have an adult child in the workforce now. So I am speaking to you from personal experience and knowledge. My child who has entry level experience got her 1st job in customer and food service making $15 an hr. Right around the time of Covid. She exited there, and got an opportunity in a printing dept at a local company. Starting in the $20s.
The minimum wage maybe 7.25 an hour. But thats not realistic. Corporations have been paying above minimum wage for what feels like forever, because they're aware the minimum wage hasn't kept up with the COL. I personally have not made minimum wage since the 1990s. And id like someone to show me 1 person making 7.25 an hour thats not either disabled or a FT student.
That being said in my own personal experience as a job seeker in this atrocious market. I am not easily offended. But I am definitely insulted when corporations want someone with my deacdes of relevant experience for entry level pay, or the rate of pay i was making over a decade ago in Milwaukee. And its even more insulting knowing, if I was a man? I bet it would be a whole different discussion.
So i disagree. 50k a year in Green Bay or the fox valley, for me? Is just not going to cut it. And if youre trying to convince anyone otherwise? You're part of the problem. Do your market research.
These corporations greed is making them loose a whole class of multi generational workers to social media, by launching their own business. Or like me I could advance and become a Mgr at KT, where the average salary pays 60 to 70k. If I wanted to? I don't. But I'm sure it requires alot less skill and responsibilities. And prob less stress.
Nowadays it has to be minimum six figures
I’ve thought about this a lot. “Decent” really depends on where you live and your expenses. For me, it means being able to pay rent, cover bills, save a little, and still enjoy life now and then (like a vacation once a year and a date night 2x a month.. is that so much to ask?). We're at 140k combined incomes right now with a mortgage, 2 kids, and it doesn't quite feel like it's cutting it. Crazy to think how much more my parents could afford with a single income 40 years ago...
A1 - I hear what you’re saying - how much more do you think would help?
I would say in most parts of the US anyone making more than 75K should be in the "decent" range. Of course, it depends on how you live. I knew some elderly relatives who had lived through the Depression and WW2, and I'm thankful that I picked up some of their habits. But a lot of people today think you have to just spend and borrow and impress the neighbors. If you want to live like that, no amount of money will save you from anxiety and financial problems.
I agree
I mean that really depends on the cost of living where you live because where I live 75k would be considered a decent salary but if you lived in New York that would not be considered decent haha. It would be nice to be making over six figues but hey.