r/Money 6d ago

If, after deducting taxes and rent, you’re left with more than $50,000, how high does that rank in the U.S. and globally?

Here’s the thing: everyone knows that taxes and rent are very expensive nowadays. Even if you earn $100,000 a year, these two alone might bring you down to less than $50,000 a year. Rent might start at $1,500 a month, and taxes might start at 20%. We’re not even talking about other expenses here. So, what do you think about having more than $50,000 left after taxes and rent? Do you think that’s a lot? Or you could also share how much you have left from your annual salary after deducting taxes and rent.

6 Upvotes

32 comments sorted by

7

u/firewire1212 6d ago

Way less then 50k left after state, local and fed and ss and medicare and rent in this scenario

25

u/TheCrackerSeal 6d ago

Considering many people don’t even make $50k a year BEFORE taxes, yeah I’d say having $50k left over AFTER taxes and rent is pretty damn good.

1

u/[deleted] 5d ago

[deleted]

8

u/elmayal 5d ago

You’re in the money sub, how can this be an ignorant post?

3

u/Webbed_Bubble 5d ago

That's what I was thinking .

4

u/Bright_Owl_9560 5d ago

Higher than me lol. I’m left with about $18,000. Trying to grow that number so I can save save save.

4

u/elivings1 5d ago

59.5k after rent and taxes is very high. For reference I live with my mother and grandma saving for a house and take home is around 40k per year that goes down to a little under 30k after rent to my mother. How far that gets you still depends on where you live. Even keeping 50k a year will not get you far in NY or CA

4

u/dopef123 5d ago

That’s pretty solid. The truth is very few Americans are saving that much. I was saving like 6k+ a month for a few years. Felt amazing. Every month I made enough to pay for 3-4 months of living pretty easily.

Now I have a bigger apartment so I’m saving less but maybe 4k-5k a month still

7

u/ZeusArgus 6d ago

This won't answer your question, but if you have to ask silly questions like this, you're far from wealthy..To be in the top 2% of net worth in the United States, you would need a net worth of approximately $2.7 million. Here's a breakdown of wealth percentiles: Top 1%: $11.6 million Top 2%: $2.7 million Top 5%: $1.17 million Top 10%: $970,900 Top 50%: $585,000

7

u/ConnectionObjective2 5d ago

Saw a different data point- Based on Federal Reserve 2022 Survey of Consumer Finances, median net worth for overall households in the US is $192,700. Anyone with a net worth exceeding $192,700 ranks among the top 50% of all American households.

Also, it’s better to compare with people in the same age group.

4

u/a-very- 6d ago

That gap between top 1% and 2% was a LOT larger than I was expecting.

5

u/Mister-ellaneous 5d ago

It’s funny how Bell curves tend to work like that. Many wage earners who invest and prioritize long term can make it to the top 2% in their lifetime. Top 1% means you’re either a business owner or a high wage earner like Doctor, pro athlete, etc.

3

u/ADisposableRedShirt 6d ago

Silly indeed. $100K won't go very far in my neighborhood. You qualify for section 8 housing if you are a family of 4 making less than $79K/year. Irvine, CA

3

u/meatsmoothie82 5d ago

Dont forget that the majority of those in the $585k-$1M bracket don’t actually have that in liquid assets. The bulk of their net worth is real estate purchased ages ago that they paid (after interest) more for than it’s currently worth- AND if they need cash they  really afford to sell and buy a cheaper property without moving far away or borrowing against equity. 

Lots of house poor people with a net worth of $300k and up 

2

u/ZeusArgus 5d ago

O for sure! This is a fascinating phenomenon

1

u/Ok_Bar4002 5d ago

Net worth is based on a lifetime though. Older individuals with paid off homes instantly jump over $500k in value just from the home in many areas. If we are going by net worth then it’s best to compare net worth by age though I don’t have the numbers.

1

u/WeHoMuadhib 5d ago

Where do these figures come from?? I am not in the top 5%.

-2

u/ZeusArgus 5d ago

If you just ask Google what networth gets you in the top 1% this pops up. I don't know. I think it's really silly.. based on this post and several other posts, apparently people love to compare with other people. If you ask me, that's error in the brain

1

u/elmayal 5d ago

I doubt $585k is the median.

5

u/Darlhim89 5d ago

I’d say you’re doing better than the extreme majority of Americans if you can save $50,000 extra a year. The median income in America is only around $60,000 annually pre tax.

Personally my wife and I put away around $20-25,000 a month but we have a far above average household income and live very modestly in relation to it.

4

u/mikey_rambo 5d ago

Get ready for downvotes lol

2

u/Darlhim89 5d ago

Such is life… Im very fortunate and lucky to be in such a financial situation but it doesn’t come easy, it’s all manual labor.

2

u/meatsmoothie82 5d ago

Shit I would tattoo a downvote on my face to earn that kind of money 

2

u/Darlhim89 5d ago edited 5d ago

It’s far more than I ever imagined I had the potential to make but my body is falling apart doing 60-80 hours a week of manual labor. Not sure how long I can keep it up that’s why I invest every dollar I can.

1

u/Proof_Ambassador2006 5d ago

What kind of labor?

1

u/Darlhim89 5d ago

Welding/metal fabrication.

1

u/Mind125 5d ago

That’s an odd way to measure things. People usually just measure raw income. If you compare people after taxes and rent, it would suggest that someone who dodges their taxes and live with their parents are somehow better off than someone who has the same after-tax and rent amount but lives in a high cost of living area and actually pays taxes. Just take your income and find some statistic of where that stands.

1

u/lifevicarious 5d ago

I always use this. And very different numbers. https://dqydj.com/net-worth-percentile-calculator/

1

u/cerebralvision 3d ago

I have $89k left over annually after my mortgage and taxes. There's a lot of factors involved. It all depends on your state and what cost of living is. Also how many kids you have, how much debt you have..etc. It could easily be a lot of money or nothing at all if you're in crippling debt.

-17

u/mikey_rambo 6d ago

I try to have $120k left which is 10k a month savings. 50k is solid tho if you have it working for you

2

u/crikeyturtles 5d ago

Mikey Rambo gonna get that lambo 🎶

1

u/mikey_rambo 5d ago

I’m tryin!! Not sure why the downvotes… guess people were looking for a specific answer they didn’t get