College Confidential’s “Dean,” Sally Rubenstone, put together 25 of her best tips. Get your free copy of the "25 Tips from the Dean" eBook and get helpful advice on how to choose a college, get in, and pay for it: http://goo.gl/9zDJTM
I was curious about my future quality of life, so I did some calculations, and started thinking, assuming that the average college grad makes 50k, how the hell do they live a normal life?
Take this as an example. I just accepted an SA offer, assuming that I get a return FT offer, I would be making 10k signing + 70k base + 30-50k bonus, that's around 120k all-in for my first year. It sounds like a lot right? Then let's do some math.
Using a take home pay calculator, with no dependent, filing single, after federal withholding, state withholding, and NYC tax, I make around 6k a month.
Now let's think about living expenses,
Net income 6k
-Rent: 2k (NYC)
-Utilities (phone, heat, electricity, internet): 500
-Food: 1000 (dinner is paid for, gotta pay for lunch every day, and occasionally eat out)
-miscellaneous (toiletry etc that you dont usually pay attention to): 300
-matching 401k up to 8%: 480
That leaves me with around 1k to actually have a little fun or save per month. This is with a 120k all-in income and single with no family to support.. How the hell does the average college grad live on their 50k paycheck? More importantly, NYC's median income is around 40k, how the hell do people pay for their living expenses?
I know a lot of you would say "ROOMATE!".. but you can't live with a roomate forever....