wonder why someone would earn $58,000 in a year and only able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.
Some extremely rough averages for cost of living in the USA, sort of an average between individual and family numbers that I could find...
58000 (example income)
- 10497 (federal income tax)
- 2900 (state income tax, a very rough average, this can vary a LOT)
- 17796 (housing cost, including property tax)
- 1524 (gasoline for car)
- 1116 (car insurance)
- 5796 (car loan payment)
- 1800 (heating and a/c)
- 1200 (internet)
- 540 (water/sewage)
- 6602 (food)
- 960 (cellphone)
- 6924 (healthcare insurance)
- 6170 (healthcare insurance deductible - you must pay this before you get benefits from insurance)
=> 63825 average expenditure
leaving you with a grand total of -5825 usd you can sock away for your glorious poverty stricken retirement.
And the above doesn't include averaged college tuition cost, which you will most definitely need if you want to guarantee a chance at 58000 usd per year salary.
Note median household income in the USA is 61372 (from 2017) so there's approx 150 million people that are making lower than this. And it becomes a little clearer why the savings rate is so low.
Every debit is someones credit.
Its like chair game with music, when music is stopped Everybody start fighting to get chair.
There is never enough money to cover debt If it was the money will have no value!
No Wonder Why Trump want rate cuts, its a Economic regressions over usa now That's Why.
Rate cut will be the artificial way to boost economy until new regressions.