Will you be happy/survive with this salary?

Taurus

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I know this is kinda personal question but I'm just curious..

I'm typing this for my friend and she isn't interested to make new account on alldeaf to ask question.

anyway..

Will you happy to survive with 20,000 dollars yearly?

She decided to stop going to school and get A.A.S degree then go to work that offer her 20,000 yearly.. (she stopped going to school because of her money issues)
She is trying to save money for her unfinished education in her major in college. (40,000 dollars)
She isnt seeing anyone or married so she is living with her roommate to save money (she have to pay over 7,000 dollars for apt rent, electric bills, and else for one year)
She have to pay around 2,000 dollars a year for paying her pets food, vet, and else. (no, she will refuse to give up her pets!)
She will not afford for a car and car insurance with that much money in her salary.
She also have to pay for herself to eat, taxes, health insurance and else.. that will make her have around 3,000 to 4,000 dollars left to save her money for college.

She dont want to wait for 10 years to get enough money so she can go back to college. (Yes she did asked for some scholarships and else, all rejected cuz of economics)

She was wondering if you was in her shoe before and can you advice her how to get through this?

Thanks!
 

naisho

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You left out one big factor, probably one of the biggest ones of all. You forgot to describe the area this person is residing in.

$20,000 can get you by in the cheaper states, and you can live decently enough fine. In fact you can probably buy a home around that range.

$20,000 is chump change in metropolitan and urbanized areas such as but not limited to: LA, WA, SF, Chicago, NYC, LI, etc etc..


But I am guessing your friend is located in one of the bigger cities.
 

Bottesini

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It is better than no plan at all , especially if she can't finish school right away.
 

Taurus

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And I suggest her to get second job if she want to get more money.. That's all I can think of -_-
 

naisho

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See if she can go for a work study program while she is attending the college. (from the college)
That's probably her best bet at covering some of the tuition without having to look around for scholarships or grants.

Plus, their hours are generally flexible since it's part time.
Federal Work-Study (FWS) Program
 

MoonDrifter

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Well, it does help cover tuition and supplies immediately and are repaid upon graduation. The higher income from a well-paying job would cover the debt quickly and help build up the retirement fund better than the yearly 20k. I think that's better than waiting many years for school.

In the end, it is up to her to do what she wants to do with her life.
 

Taurus

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Well, it does help cover tuition and supplies immediately and are repaid upon graduation. The higher income from a well-paying job would cover the debt quickly and help build up the retirement fund better than the yearly 20k. I think that's better than waiting many years for school.

In the end, it is up to her to do what she wants to do with her life.

You wont know it.. Some people cant find the job after they graduated..

She don't like to risk.
 

VamPyroX

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Yeah.

Some places give you more money from your job, but the cost of living is higher.

Some places give you less money from your job, but the cost of living is lower.

So, in a way... it all comes out even no matter where you live.

If only you had the ability to teleport, you could live in a place where the cost of living was extremely low... and teleport to work in a place where the salary was extremely high. ;)
 

pek1

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Your friend is making roughly $9.70 an hour. A few questions:

1. Does your friend consider that a good income?

2. No car? That'll get old quickly.

3. No other money in a month for extra "fun" stuff.

4. Doesn't want to take out loans to cover housing expenses? What's the alternative, besides robbing a bank?

5. How many pets does she have?

6. The possibility of a boyfriend . . . has that crossed her mind? Marriage? A family to raise?

7. How much per month is she putting in savings, 401K, KEOGH, stocks, mutual funds?

8. Why was she refused Federal aid? If she can't get money because her parents are still claiming her as a dependent, she needs to declare herself as independent for as long as she's been living away from her parents.
 

Taurus

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Your friend is making roughly $9.70 an hour. A few questions:

1. Does your friend consider that a good income?

2. No car? That'll get old quickly.

3. No other money in a month for extra "fun" stuff.

4. Doesn't want to take out loans to cover housing expenses? What's the alternative, besides robbing a bank?

5. How many pets does she have?

6. The possibility of a boyfriend . . . has that crossed her mind? Marriage? A family to raise?

7. How much per month is she putting in savings, 401K, KEOGH, stocks, mutual funds?

8. Why was she refused Federal aid? If she can't get money because her parents are still claiming her as a dependent, she needs to declare herself as independent for as long as she's been living away from her parents.

1) she said that she don't consider this as good income..
2) she know..
3) She know that. She isn't kind of person to spend money for fun..
4) She recently made a back up plan..
5) She have two guinea pigs, three rabbits, 4 rats, 10 mice, and 3 cats.
6) She don't want to get marry or raise a family. She was in 7 years relationship with a guy but not with him anymore. She isn't interested to find another guy or so.
7) esimate 3k a year to save money..
8) FYI, she is independent..
 

Mrs Bucket

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Well, 20K for me is quite good.

You can manage well on 20K if you are extra careful, very frugal with your budeting and if you don't mind scavenger hunts.
 

JClarke

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People sometimes have no choice to take a risk that they dont want to do...
 

VamPyroX

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8. Why was she refused Federal aid? If she can't get money because her parents are still claiming her as a dependent, she needs to declare herself as independent for as long as she's been living away from her parents.
It could also be age that's an issue.
 

sallylou

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I lived on less than that while I was in graduate school. My parents allowed me to live with them and loaned me their car. Back then, I was a teacher and 20k was a starting salary. I managed to save enough to put my self trough grad school without any student loans. I was poor, but I was studying all of the time anyway. It took 2 years to save the tuition and 3 years of school. I'm glad that I did this because it gave me a lot of flexibility having no student loans. I wouldn't have been able to stay with my kids as babies otherwise.

Because the economy is so bad, it may be wise not to take on student loans right now. I see a lot of posting on alumni sites from grads who have no job. It also might give your friend some time to explore what she really wants to study in her spare time.

The most important thing in life is having family and friends who care about you. If she has that, she will be fine. Jobs will come and go but friends are for life.
 

rjcon88

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I'm currently surviving on about $12,000 a year while a the same time going to school. You just get into the habit of pinching pennies and being very frugal. If I was making 20K right now, I'd be pretty happy.
 
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