The strong currency of the American dollar will allow you to get your money’s worth when undergoing currency exchange abroad, even if you pay with an hour card, you will be able to receive excellent value for money. In addition, most of the states in America have a median salary of 55k, Therefore, you would be living well within your capabilities. Lets’ know more about Is 60k Out Of College Good?
Earning $60,000 out of college is a great prospect and can enable you to live your dreams and ambitions well. In fact, if you’re earning $60,000 a year in America, then you are in the top half of the income range because the current median salary in America is $57,500. Being able to earn 60k out of college, especially in America, will put you in the driving seat when you are travelling abroad.
What can you afford to buy with 60k?
$60,000 is a lot of money, so earning that in a year will give you that added financial freedom to live a good and sustainable life. There is a lot that you can buy with 60k a year, for example 60k a year would give you exactly $5,000 each month. This will allow you to purchase a lease on your favourite sports car, or even be able to rent out a nice apartment each month for you and your family.
The great thing about earning more money than you should be spending daily is that you can save a lot for the future, and this would pay off when you’re having to pay off bills for your children’s schooling and living expenses. Having that additional income will allow you to wind down and take a short weekend getaway.
What is an ideal annual salary?
The amount that an ideal salary should be totally depends on your living standards. If you have a lot of debts or mortgages to pay off, then you may need a rise in income so that you are able to pay off debts as well as provide for your own living expenses. In an ideal situation, a good salary is one that you are satisfied with.
Of course, everyone would like to have the most amount of money to spend every year, or monthly, but if you are comfortable with what you are earning every year, then that is fantastic. It would be nice to save a bunch of your income if you’re earning well above what you spend. So, an ideal salary will depend on the person and their daily lifestyle.
Are you considered wealthy or middle-class with a 60k salary?
Being able to earn 60k a year would automatically place you in a position that would consider you above average and wealthier than a lot of citizens of various countries. For example, earning $60,000 per year in most countries in Africa would put you in the bracket of a millionaire there. This is because the currency is weak for most developing countries, so you would be able to get a lot more for your money.
Did you know that according to Homi Kharas, which is a Brookings institution, it concludes that by 2020, more than half of the planet’s population will be middle class? This is a great achievement for humanity and as the years go by, inflation will cause the value of our money today to shrink in the future. Therefore, 60k a year would be an ideal salary for someone today, but not in the next 10 to 20 years due rising inflation.
Who is considered middle class?
The middle class can be defined as a demographic of a population that is able to live sustainably and comfortably by having enough money each month to cover their basic living expenses, as well as use the money left over to purchase additional items that may be required such as taking the car for a service or buying clothes for your children. The middle class can provide for their family quite well and this demographic of the middle-class population will most likely increase in the coming years.
Conclusion
In conclusion, earning 60k a year straight out of college is an excellent prospect. This amount of money will warrant you to live a much better and happier life, especially now that you’re out of college and on your own feet. In addition, the main factor that answers your question on whether 60k is a good starting salary really depends on your standards of living. If you’re a big spender and like the flashier and more elegant things in life, then maybe a 60k salary is not right for you.
If you can live comfortably with what you are earning every year, then it all depends on you and what you may consider to be a ‘good’ amount to be earning after college. One thing for sure is that inflation will play a huge role in your money in the years to come, and 60k being enough today may not be good enough tomorrow.