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Hm, I understand your comment but I'm going to push back on it. Two years ago I was a Research Technician working for a neuroscience lab in Boston. I was paid
by polyfractal 14y ago
Hm, I understand your comment but I'm going to push back on it.
Two years ago I was a Research Technician working for a neuroscience lab in Boston. I was paid 32k a year (USD), paid 700/month in rent (with three roommates), 150/month heating during the winter (each roomate!), various utilities etc etc.
In Boston, the "Living Wage" is considered around $12/hour [1]. I made $15/hr, technically less because I worked longer than 40 hour weeks.
Despite that, I still managed to hit my employer's 401k yearly match ($1600), a good chunk of my personal IRA (around $3000) and saved $7000 to an emergency account. I had calculated that 7k gave me around 5-8 month runway should things go pear-shaped, or if I wanted to start something on my own. If you add that up, I saved or invested nearly 36% of my yearly salary.
To be fair, I was single and young. Kids, mortgages, etc add a lot to your burden. But still, you'd be surprised how much money you can save when you just sit down and eliminate silly things sucking down your money.
[1] http://livingwage.mit.edu/places/2502507000 http://livingwage.mit.edu/places/2502507000
- BSousa 14y agoI didn't mean that comment as a complain so push back a lot :) The thing I wanted to mention, is I'm actually doing well for myself (well, somewhat) but if you are earning 20k EUR a year, after taxes, you don't have that much to save after everything is payed. But since you mentioned the 32k, care to share how much you would take home a month after taxes? Just curious... (and yes, I have a wife and a kid, and I am atm the only provider)
- polyfractal 14y agoHehe, sorry, I always get into a fit when these threads pop up. :) Totally understand your point about needing a certain minimum threshold to start saving. If you are living paycheck to paycheck, you don't really stand a chance. I just looked up my paystubs and it appears my monthly take home was just about $2000, after taxes. Perk of being poor in Massachusetts is that I was in the lowest tax bracket at least :)
- BSousa 14y agoNo problem :) Just to compare, 33k EUR gives about shy of 1500 EUR a month after taxes.