ilovepizza wrote:
$500 a month, $1,500 a month, $3000 a month?
Someone wanting to make a fresh start, no debt, no transportation, no place to live, no medical. Totally from scratch with just the shirt on their back. Lest just say they have great credit. They still need money to pay for stuff. How much money do they need to make?
Depends on where the person were to live.
I live in the DC area. Here's a monthly estimate, basic on a single person, assuming you had to finance home & car:
Home $2500
Car $350
Utilities $500 (gas, ele, basic phone, trash, water)
Car. Ins. $100
Food $300
Gasoline $200
Clothing $100
Medical $300
Misc. $100
TOTAL $4450
That's what you need, but you have to pay taxes....
FICA = $504.90
W/Holding @ 25% of total pay = $1650
TOTAL Gross pay $6600 is needed each month or $79,200 annually.
All this excludes tithing, savings, other expenses like cable, internet, $$ for a computer, cell phone, car or home maintenance, bank charges, ATM fees, interest on anything finances other than car or home, property taxes, local taxes, registration fees, gifts, gym memberships, etc.
Of course, if that person were married it won't cost all of that. You wouldn't have to buy 2 homes, double utilities, etc.
To add........DW and I estimate we need $108k or $9k monthly to function without stress. Not there yet, but soon will be.
Message Edited by llecs on
05-12-2008 08:30 PMMessage Edited by llecs on
05-12-2008 08:31 PM