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70k   Kiran   03/12/2018 07:38 PM  
Is 70k good enough for a family of 3 in Hartford CT?

[Reply]
Re: 70k   AB   03/12/2018 07:46 PM  
This is a difficult question my friend ! It is purely based on an individual perception on what is good enough!

I personally think 70k is ok to live not sure you can save much! I would think saving could be around $500 per month that too depends on whether you invest on 401k and things like that !

Good luck


[Reply]
Re: Re: 70k   oo   03/12/2018 11:13 PM  
Hi newbie, 70k is what you start with, more than 70k is the job you have in hand, use it to improve your skillset and soon you will be earning 130k, gl,

yes you can live with 70k for a family of 3 or 4

[Reply]
Re: Re: Re: 70k   junglee   03/13/2018 10:51 AM  
Very subjective as another poster has said. Here are my very rough numbers:

Taxes - Roughly $14000
Housing - 16000
Utilities/cable - 4000
Food/easting out - 8000
Clothing/Insurance/Car/Misc - 15000
Total - $57000

Savings - $13000

These are rough estimates - totally depends on your lifestyle - how much you want to spend on each category. If you take vacations / India trip that will eat into the savings as well. But bottom-line is you can definitely 'live' on 70K. Of-course more is always good ! How much you can save, depends on your habits.


[Reply]
Re: 70k   thought   03/15/2018 05:10 PM  
70k means you will be earning around 5000/month in hand after state tax+federal tax+401 deductions.

If you are a permanent employee then your company will share your health insurance but if you are on contract then it will go from your pocket, I guess. (not sure how much it would be)

Let's consider you are earning 5000/month and a normal middle class lifestyle.

1500 rent in a good/safe area
500 grocery/gas/car insurance
If you have a kid and goes to school then add that amount.
let's add 1000.

You still have around 2000 in hand which is not bad.
Amount subtracts further depending on how much you party, shop or spend on luxurious things.

[Reply]
Re: Re: 70k   AB   03/15/2018 11:07 PM  
this guy is in a dream world !
$2000 saving !!!?

If one has a car, that itself cost over 500$ per month !
Surprised? just note:
- gas
- insurance
- maint cost
- depreciation
If you maintain a fund to visit india once in 2 years, that will be another $200 per month !

and what not.. depends how smart you to visualize the expenses!



[Reply]
Re: Re: Re: 70k   cd   03/16/2018 09:28 AM  
Correct - Junglee's numbers look much more accurate - with caveate of vacation / India trip exclusion.

13000 or around $1000 per month saving.

[Reply]
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