For a lot of people, 60 thousand dollars would be a nice sum. I know I wouldn’t mind having that much money fall into my lap. But what if it is your salary or you want to buy a house or even retire. Is 60K a lot of money? Let’s find out.
Is 60K a Lot of Money
In some situations, 60 grand is a great deal of money. In others, not so much.
But let’s see what all of this money can and can’t do for you.
$60,000 Dollars as a Salary
A sixty thousand dollar per year salary is a good salary. It is considered a salary that will keep you comfortable in most parts of the country.
In New York City they say you need closer to a hundred thousand dollars a year salary to live comfortably.
But, if you are pretty much anywhere else, you should be in good shape and you are well above the national average of $35,000 a year salary.
$60,000 Dollars as a Gift
If you can find someone to hand you over 60K as a gift, please send them my way.
This is a great, amazing gift.
Few people in life will receive something like this.
If you are truly lucky, someone might give you this to use as a down payment on a house.
Someone might decide to give you this money to start a business if they truly believed in you.
But for the rest of us, we will not be so lucky.
$60,000 Dollars for Retirement
While $60,000 dollars is a lot of money in general, surprisingly, it isn’t enough for your retirement.
It’s great to have extra money or a nest egg, but it won’t fund your full retirement.
Hopefully, you will live at least 20 years after you retire if not longer.
If you do live 20 years, this would only be $3,000 dollars per year or an extra $250 per month.
While an extra $250 might help a little when combined with your social security, it won’t go far.
If you have a lot of debt, such as credit card debt, you will be in trouble.
That’s true if you have any serious or chronic health issues as well.
You will need a lot more money in your retirement accounts if you want to be comfortable and enjoy yourself.
Things to Buy with $60,000 Dollars
You can buy a lot of things with $60,000 dollars in your pocket.
- A nice boat
- Some American made trucks
- 300 acres of undeveloped land in Utah
- 8 acres of farmland in Illinois
$60,000 Dollars to Live On
As mentioned, you can live pretty well on 60K a year.
If you have a partner bringing in another 60 grand a year, then you will be even better off.
Just don’t expect to go crazy.
It wouldn’t be too hard to get into debt if you start spending money left and right.
Then your $60,000 won’t go nearly as far.
$60,000 To Have In Your Savings
Sixty thousand dollars is a lot to have in your savings.
It would make a great emergency fund and help out with unexpected expenses, but you would want most of this money in an investment account where your money can truly grow.
You should consider some low-risk investments, real estate investments, or even stock investments.
Talk to a professional and licensed financial advisor to find out what is best for you and your personal situation.
$60,000 Dollars to Invest
Now, if you have $60,000 dollars to invest now, long before retirement, your retirement savings and retirement accounts just might get you to a comfortable life.
If you put it all into an investment as an initial contribution and leave it there for 30 years making 10 percent interest, then you will end up with just over $1 million dollars.
That’s a much better retirement.
If you leave it there for 40 years, you would end up with $2.7 million dollars.
Now that’s a nice chunk of change.
What Can’t You Do With $60,000 Dollars?
While sixty thousand dollars is a good amount of money, there are plenty of things you can’t do with it.
- Buying a house in a large city
- Buying a new Cadillac
- Buying a 40-foot yacht
- Paying for four years at an Ivy League school
What is $60,000 Per Year an Hour?
If you’re working full-time then you are making $28.85 per hour.
That’s not a bad salary at all, especially if the cost of living where you live isn’t too high.
It’s almost 4 times as much as the federal minimum wage.
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How Much Per Month is $60,000
If you are making $60,000 dollars as a yearly salary, then you would be making $5,000 dollars per month.
This would be before taxes, of course.
It’s certainly not financial independence, but it is certainly a good living wage.
Can You Buy a House with $60,000 Dollars?
Yes, where I live you could buy a house for sixty grand.
In fact, you could even pay cash for it.
In more expensive areas, this would make a great 20 percent down payment on a $300,000 dollar home.
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To Sum it All Up:
Making $60 thousand dollars a year isn’t going to make you rich, but it should give you a nice lifestyle as long as you’re not living in a super expensive city like New Your City or Seattle. You might not be able to do everything you want, but you should have a nice home and car and be able to go on a trip every few years.