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 Replies: 58 / Views: 5,042 |
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Pillar of the Community
United States
1450 Posts |
You also need to remember that although you may "make $60,000/year" you ain't gonna "SEE $60,000/yr". Once the parasites get their pound of flesh and you pay the cost of survival,that $80,000(plus interest of course)starts to look more li8ke a large obstacle. I have no debt and make about $60,000/yr and there is still not a lot left at the end of the month,and I am pretty frugal. Don't get me wrong,I live fine but my point is,money made is not spendable money.What is left after everyone else gets their cut is spendable money.
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Pillar of the Community
United States
1903 Posts |
$60000
-$18000 ( 25% taxes )
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$42000
-$7500 (rent for a year)
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$34500
-$5000 (food for a year)
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$29500
-$10000 ( various insurances, and costs of living)
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$19500
-$4000 ( the costs of annual transportation)
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$15500
That is what you are left with assuming you don't have a state income tax ( on average state income tax is 1/3 of your federal tax or in tnis case, another $6000 deduction) $1291 a month to pay for anything else I didn't list there ( which I didn't cover medical insurance)...and my list is very basic and doesn't even account for retirement savings. Trust me $60,000 won't get you far
Edited by unholyroller
09/27/2012 10:52 am
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Pillar of the Community
United States
1450 Posts |
Good basic list Roller. I remember when I was in my 20's thinking "Man,if I could make $30,000 a year I would be living SO high!". Even discounting inflation,I was so wrong. Add kids,to your list and there is nothing left!
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Bedrock of the Community
13014 Posts |
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because if I make $60,000+ my first year out, $80,000 debt shouldn't be too looming, Theres no assurance youll get anywhere close to that out of college. College grads are the highest unemployed in the country. Youll also be able to put about a 3rd of that towards the debt max. With interest your looking at 5 years to pay it off paying 20k towards it a year which really wont be as easy as you think |
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Pillar of the Community
United States
561 Posts |
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That is what you are left with assuming you don't have a state income tax ( on average state income tax is 1/3 of your federal tax or in tnis case, another $6000 deduction) And depending where you live don't forget local taxes. In Ohio for example I was paying 1% to the city I was working in and 1.25% to the city I was living in. That is another 2.25% to support government excess. Graduating with $80,000 in debt unless you plan on living at home or well below your means you will have a very tough time getting out from under that debt in this country. I am speaking from my personal experience and I hope that you find it as easy as you believe. |
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Pillar of the Community
United States
2335 Posts |
Making $60,000 starting salary would depend on your major. Here's a link to an article that states the average starting salary in 2011 for college graduates is around $40k. That jumps to $60k if you are in engineering or computer sciences. Here's the link: http://money.cnn.com/2012/01/12/pf/...es/index.htm |
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Pillar of the Community
United States
4008 Posts |
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College is right for many, but society pushes too many that shouldn't be there into the fray and they pay dearly for it long term. I could not agree more with this. We need greater selectivity in who goes to college and who does not. We also need to work on the social stigma of not going to college. The ultimate goal of education should be a successful life for those who are educated. If a person can be successful, that is the measuring stick by which they should be measured and not whether or not they went to college or have a bunch of letters after their name. I have met very well educated people whom I thought were idiots and others who were well educated via alternative routes, such as reading. My father-in-law, for example, was a cabinet maker and only ever finished high school. He read all the time, though, and really knew a lot from that. When he put on a suit, he looked just like any other well-to-do professional out there. Quote:
After a statement like that Ed_B, I fear you may never be able to do any wrong in my eyes. Whoa, Allranger! Thanks for that but it is some HEAVY duty responsibility. I better watch my step VERY carefully, so as to not disappoint!  |
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Valued Member
United States
456 Posts |
I'm going to argue the other side of this for a minute. While I respect what others here are saying, I wholeheartedly disagree with the notion that he couldn't pay off his $80,000 debt in 5 years given a proposed salary of $60,000 per year and still live comfortably. Granted, I don't know what field he will be pursuing, and whether he will find a job at 60K, but if he does, he can and should be just fine. For the past 7 years through undergraduate and graduate school my wife and I have lived quite comfortably on less than (and in some of those years MUCH less than) $30,000 per year. If you have a plan, and you stick to it and live within your means, you can make your dollar stretch farther than you think. I feel my education was worth every penny, and I am so thankful that I stuck with it rather than finding a job right after undergrad. Quote:
Afterall if everyone has a college degree it becomes meaningless. I hope you don't really feel this way! Graduating from college shows you have chosen something you (hopefully) love to study, and that you are capable of using this skill in the workforce. Your education isn't cheapened based on how many others graduate along side you. Now, having said that, I agree that college isn't for everyone. If your heart isn't in it, stay away, save your money, and make the most of your situation. Rupre, I wish you the best of luck. A quality education in a field that you love won't come cheap. I hope you make the most of your situation and make that student loan debt worth it. I certainly know I did. |
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Valued Member
Canada
220 Posts |
This thread has gotten seriously off topic... Back to the subject of silver. I think that most of my fellow gold/silver bugs will relate to what I have experienced over the last 20 years. Buy bullion as and when you have spare cash, stack it slowly and steadily, don't panic about the spikes, and average your bullion costs over the total period that you have been accumulating to get a true picture of what it has cost you. The longer you accumulate, the better your averaged cost per ounce will be. I buy a little less when it's on the rise, a little more when it's dipping, but I'm always buying! Over 75% of my bullion was bought in the years when silver was below $15/oz and gold was below $700/oz, so I've had a smile on my face for quite some time! Oh yes, I haven't bought any gold since it cleared $1000/oz, just haven't been able to bring myself to do it, it's been silver all the way since...
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Bedrock of the Community
13014 Posts |
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I hope you don't really feel this way! Graduating from college shows you have chosen something you (hopefully) love to study, and that you are capable of using this skill in the workforce. Your education isn't cheapened based on how many others graduate along side you. I actually do mean it. 60 years ago you had a leg up with a high school degree. Then every one graduated from high school and you had to go to college to get a leg up. Now so many people go to college its what a high school degree used to be and you have to get a masters or phd to separate yourself and even thats starting to get over crowded. Im not against college but the amount of majors being offered makes a lot of degrees worth not much more than the paper theyre printed on. Theres so many degrees that you really wont be able to do much with that it waters down a college degree as a whole. When everyone has something it just becomes the norm and is no longer something that separates you from other people but rather its just something thats expected of you. In the end having everyone goes to college just forces you to get extra degrees and drives up student debt across the board. |
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Valued Member
United States
456 Posts |
Sorry, I don't want to get too off topic, but I'll just argue this: High school graduation rates were higher in 1950 than college graduation rates are today. So if it was a leg up graduating high school then, graduating college should certainly be considered a leg up now. I'll agree that the baseline is shifting, but I guess we will have to agree to disagree about the extent. It was a fun discussion, and I am always happy to read the opinions and experiences of others. Now back to the OP's topic:
I'm investing in silver steadily. I recently started investing/collecting, and I plan to buy and hold for a long period of time. I'm still educating myself about the history, trends, etc. What I didn't expect when I started was finding about manipulation, large volatility relative to other metals,etc.
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Bedrock of the Community
13014 Posts |
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but I'll just argue this: High school graduation rates were higher in 1950 than college graduation rates are today. Ill just add as a last thought that high school graduation rates spiked in the late 40s early 50s. As a result people born in the 40-60s had a significant increase in the percent that graduated from college from previous generations. Generally when you go to college you expect a white collar high paying job, theres only so many of those to go around. Not everyone can be a boss all at one time so either you have people under-employed struggling with student debt or a high unemployment rate in that demographic as we see now because they think the jobs available arent good enough But to get back to the Ops question I'm currently on a stacking hold. I'm not convinced the spike wont correct itself at some point. I still buy silver coins but only ones I want for collections and not for a pure investment standpoint. Production of silver outpaced demand last year and is projected to this year as well. I could buy a 20ish price line with new industrial demand but 35 seems high to me |
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Pillar of the Community
United States
4008 Posts |
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I still buy silver coins but only ones I want for collections and not for a pure investment standpoint. Investment? Huh. Gold and silver are MONEY, not investments. Our choice is whether we hold REAL money or fiat money. Most of us here prefer REAL money, which is gold and silver. I agree with the folks who buy PMs steadily over time. That works well when accumulating stock shares and should work just as well when accumulating PMs. But then... you knew this.  |
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Bedrock of the Community
13014 Posts |
Quote:
Gold and silver are MONEY, not investments Anything with a moving price has an investment aspect to it to me. Its like ammo, if I find a great deal ill get a lot of it, but if I'm at the most expensive place in town I'm not getting any. Right now I see the current price as the most expensive place so Ill wait for a sale so to speak. |
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Valued Member
 United States
176 Posts |
I am approaching a math and science career, (looking into air traffic control at the moment) and can't see myself making under $60,000 a year given those fields, plus I have the grades (4.0+ gpa) and I already have 3 credits of college math including Calc 1 (and I'm a junior), but all in all, as long as I can be out of debt by age 30 and living in my home I won't argue with my salary, as long as I can still buy coins  |
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Posted 09/27/2012 10:25 am
