How To Earn Money Online Without An Investment:
The 50-30-20 Rule –
Salary needed live comfortably
Budgeting experts often suggest using the 50-30-20 rule to figure out if you can live comfortably on a budget. In this breakdown, 50% of your net salary goes toward necessities—bills, housing, and food. 30% of your salary goes toward discretionary spending, and 20% of your salary is saved.
How Much Do I Need To Make To Live Comfortably
While it may seem like a good idea to figure out average income in your area and decipher if you could potentially live on such an income, it is important to remember that everyone’s budget is different. Young families may also have more to output on a monthly basis, than a single professional living on his or her own. The quickest way to a financially comfortable life is to work out a personal budget (
salary needed live comfortably ) and stick to it.
For an individual who takes home $100,000 every year, that means $50,000 should be utilized on necessary expenses. $30,000 can be allotted to discretionary spending, and $20,000 can be put aside for savings. Using this model, an individual making $50k should aim to spend roughly $2,000 a month on necessary bills, and $1,250 a month on discretionary spending. $833 per month should be set aside for savings.
Cost of Living –
salary needed live comfortably
The cost of living also comes into account when trying to figure out how much money you’ll need to live comfortably. The average income differs from state to state, and, in many cases, from city to city. The same is true for the cost of living. Those living in New York, for example, will need to earn a much higher income to live comfortably than those living in Kansas. San Francisco residents need roughly $120,000 per year to apply the 50-30-20 rule to their income based on the cost of living in the area. Detroit residents, on the other hand, need to earn $42,000 per year to live comfortably on the 50-30-20 rule.
Michigan residents are lucky in some ways. Cost of living, in comparison to the average household income, is relatively low. That means you’ll need to earn less to live comfortably, than someone who lives in a higher cost of living location, like New York or San Francisco. According to Trulia, the average housing price is around $120,000, although there is a wide disparity between counties. Rent for a traditional one bedroom apartment in Michigan has an average cost of $750.00 per month. Based on the 50-30-20 rule, you could live comfortably making around $45,000 per year. This would leave enough money for regular bills, discretionary spending, and allotted savings.
How Much Money Do You Need to Start a Business? How to make money from online from home
Time equals money. So how much money do you need to start your business? The majority of U.S. entrepreneurs start their businesses on a shoestring. According to Census data, more than 40 percent of all small businesses started up for under $5,000. Sixty-four percent of entrepreneurs in a recent survey started with less than $10,000. Obviously, the more cash you have to fund your startup, the easier your life will be during the often hectic first months. Your first task is to research what it will cost to start your business in your geographic region, in your industry, or in your marketing niche.