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Is 30K a Lot of Money? It Sure Can Be!

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Depending on how you got it and what you plan on doing with it, $30,000 dollars can be quite a lot of money. However, if you’re living in New York and trying to survive on it for a year, well, it’s not much at all. So, let’s find out. Is 30K a lot of money?

Is 30K a Lot of Money

I lived a good part of my adult life on less than $30,000 dollars a year and living in a small town in the Midwest, it went pretty far.

So, it can be a decent amount of money, but if you’re living anywhere else, it might not get you the lifestyle you had dreamed of.

Here’s what 30 thousand dollars will mean to you.

$30,000 Dollars as a Salary

As I mentioned, if you are living in the middle of the country in a small to a medium-sized city and you are single with no children, then you can do okay on a $30,000 dollar per year salary.

Living anywhere else or if you have kids things are going to get pretty tight money-wise. 

You would be able to rent an apartment with this salary, but it might be a real stretch to buy a house.

You wouldn’t be making enough money to save up a down payment.

However, you should be able to buy a reasonably priced car and have a little money for some fun.

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$30,000 Dollars as a Gift

If someone hands you 30 grand as a gift, you might want to give them a giant hug and a major thank you.

This would be an amazing gift.

Most likely if someone is giving you this kind of cash, it is to help with a down payment on a new home or money to buy a car.

You might be lucky enough to have a generous relative give you this extra cash for a wedding gift. 

Regardless of why they give it to you, it can make a real difference in someone’s life. 

This is one time that 30K is a lot of money.

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$30,000 Dollars for Retirement

While you can’t retire on $30,000 dollars it does give you a little nest egg to help cover living expenses or an unexpected expense.

Depending on your age, you could invest this money and it will grow so that when you do retire, you will have a bigger cushion to cover expenses and monthly payments.

Retirement savings is important, and this money could be a great start for you.

Things to Buy with $30,000 Dollars

If you’ve already got your savings and retirement taken care of, maybe you want to spend this extra cash.

Now that would be a lot of fun.

There are a lot of things you can buy for 30 grand such as:

  • A new car
  • A used RV
  • A used speedboat
  • A few acres of land (depending on where you are)

$30,000 Dollars to Live On

As mentioned above, you can live on 30 grand a year if you aren’t in a big city.

Living in a metropolitan area would make it more difficult.

Having children would also make it much more difficult.

But if you’re single with no children and you live in a small town, you can get by without too much trouble.

Just don’t go crazy on the extras.

Now…if you’re talking about 30K a month, yes…you can live very…very well.

That would be $360,000 dollars a year.

You would be living in comfort no matter where you lived.

You could truly have the best of everything and easily cover all of your monthly expenses and monthly payments.

$30,000 To Have In Your Savings

Having $30,000 dollars in your savings account would be a great emergency fund.

You might not even need that much.

One thing you want to keep in mind is that a savings account won’t pay you much or any interest, so while you want enough money in one to have in case something happens, you don’t want to go overboard.

If you feel you need this amount of money in emergency savings, you might want to consider a high-yield savings account or a money market account.

Both will have additional requirements such as a minimum balance and how often you can remove money, but they are something to look into.

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$30,000 Dollars to Invest

If you already have savings and have paid off debt such as student loan debt and credit card debt or any other high-interest debt, then it is time to consider an investment strategy and determine which investment option is right for you.

Your risk tolerance will play a part in this decision.

If you invest your 30 grand in an investment that pays you, on average, 9 percent interest yearly and you keep that money in the investment for 30 years, it will grow to be almost $400,000 dollars. 

Now that will make retiring a lot easier.

If you leave it in for an additional ten years, it will grow to $942,000.

That should put you in a wonderful position to retire and still be able to enjoy your life.

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What Can’t You Do With $30,000 Dollars?

While 30 thousand dollars is a good amount of money, there are still some things you can’t do with it.

These include:

  • Buy a private island
  • Buy a luxury car
  • Buy a sports team
  • Buy a penthouse in NYC
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What is $30,000 Per Year an Hour?

If you are making 30 thousand dollars a year and working full-time, then you are making $14.42 an hour.

This is well above the federal minimum wage of $7.25, but certainly not enough to let you do everything you might want to do.

How Much Per Month is $30,000?

Again, if you are making 30 grand a year, then you are making $2,500 dollars per month.

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Can You Buy a House with $30,000 Dollars?

If you live in the right place and buy a fixer-upper, then you might be able to buy a house for 30 thousand dollars.

I paid $35,000 dollars for my almost 2,000 square foot home, but I have also put an additional $35 thousand in it.

However, 30K is a great down payment on a home.

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To Sum it All Up:

Thirty thousand dollars is a decent amount of money. In most areas of the country, you can live on it. If you get a lump sum you can use it to buy a new car or even as a down payment on a house.

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