Known as the Grand Canyon State, Arizona is renowned for its stunning desert landscapes, rich history and vibrant southwestern culture. Amidst the beauty of the Sonoran Desert, four cities stand out as the best college towns in Arizona.
The cities below offer students an unparalleled college experience, with top-notch educational institutions, diverse cultural attractions and a wealth of outdoor recreational opportunities.
Located in the heart of the Valley of the Sun, Tempe is a bustling city with youthful energy and a rich cultural scene. The city is home to Arizona State University, one of the largest public universities in the United States. Founded in 1885, ASU is known for its innovative approach to education, top-tier research programs and a strong commitment to sustainability. With a diverse range of academic offerings, a vibrant campus life and a prime location in the thriving Phoenix metropolitan area, ASU has earned its place among the best college towns in Arizona.
Tempe offers a wealth of cultural attractions and entertainment options for students and visitors alike. The Tempe Center for the Arts and the ASU Art Museum showcase the city’s thriving arts scene. History buffs can explore Arizona’s past at the Tempe History Museum or take a stroll around the historic Hayden Flour Mill.
Outdoor enthusiasts will find plenty to do in and around Tempe, with the picturesque Papago Park providing the perfect settings for hiking, biking and more. The city’s culinary scene is as diverse as its landscape. Students in the city can often be found chowing down at places like Culinary Dropout and Ghost Ranch. Tempe’s vibrant nightlife, with popular venues like the Marquee Theatre and Mill Avenue’s lively bars, provides the perfect playground for unforgettable college memories.
Nestled in the beautiful Sonoran Desert, Tucson is a southwestern gem with a rich history and a thriving arts scene. The city is home to the University of Arizona, a well-respected research institution with a strong emphasis on interdisciplinary learning and innovation. The University of Arizona offers a diverse array of academic programs, state-of-the-art facilities and a vibrant campus life that attracts students from around the globe.
Tucson’s cultural attractions are wide in their appeal, with a wealth of museums, galleries and performance spaces to explore. The Arizona State Museum, the Tucson Museum of Art and the Center for Creative Photography showcase the city’s artistic and historical heritage, while live performance venues pepper the neighborhoods surrounding the campus.
The great outdoors is never far away in Tucson, with the stunning Saguaro National Park and the beautiful Sabino Canyon providing ample opportunities for hiking, biking and wildlife watching.
The city’s culinary scene is a testament to its rich multicultural heritage, with popular eateries like El Charro Café, Prep & Pastry and The Dutch DAM Good Food offering a taste of Tucson’s unique flavors. From lively bars and clubs on 4th Avenue to the eclectic shops and cafes of the historic downtown area, Tucson’s vibrant cityscape offers students the perfect setting for a truly unforgettable college experience.
Nestled among the ponderosa pines and the majestic San Francisco Peaks, Flagstaff is a mountain oasis with a rich cultural heritage and a strong commitment to sustainability. The city is home to Northern Arizona University (NAU), a comprehensive public university known for its outstanding academic programs, especially in forestry, environmental science and education. NAU offers a diverse range of degree programs, a close-knit campus community and a stunning natural setting, making it a top choice for students seeking an exceptional college experience in one of the best college towns in Arizona.
Flagstaff’s vibrant arts scene offers a wealth of experiences for students and visitors alike. The city’s historic downtown area is home to numerous galleries, theaters and museums, including the Museum of Northern Arizona and the Flagstaff Symphony Orchestra.
Outdoor adventure is at the heart of the Flagstaff experience, with the beautiful Coconino National Forest and scenic Arizona Snowbowl ski resort providing ample opportunities for hiking, skiing and so much more. Flagstaff’s lively nightlife, with popular venues like the Monte Vista Lounge and the Flagstaff Brewing Company, offers the perfect setting for students to unwind after hitting the books all day.
A charming historical retreat nestled in the scenic Bradshaw Mountains, Prescott offers students a unique blend of small-town charm, rich history and an emerging arts scene. The city is home to Embry-Riddle Aeronautical University (ERAU) and Prescott College, both renowned for their specialized academic programs and close-knit campus communities. ERAU is a top institution in aviation and aerospace education that offers cutting-edge programs in aeronautics, engineering and related fields. Prescott College, on the other hand, focuses on liberal arts, environmental studies and experiential learning, providing a truly personalized educational experience.
Prescott boasts a healthy selection of cultural attractions for students and visitors to explore. The Sharlot Hall Museum and the Elks Theatre and Performing Arts Center showcase the city’s rich history and creativity. History buffs can stroll around the historic Whiskey Row and nature lovers can explore the Heritage Park Zoological Sanctuary.
The city’s culinary scene is nothing to scoff at either, with popular bars and eateries like The Raven Cafe and Ad Astra Brewing Company offering a taste of Arizona’s unique flavors. Thanks to its enchanting blend of history, culture and natural beauty, Prescott proudly claims its spot among the best college towns in Arizona.
These Arizona college towns have it all
With its breathtaking desert landscapes, Arizona is a state with rich cultural heritage and top-quality educational institutions. Each of the cities mentioned above boasts a unique blend of outstanding academic opportunities, vibrant arts scenes and strong selections of outdoor recreational activities.
For students seeking a college experience that is both academically enriching and personally fulfilling, these stellar college towns are undoubtedly among the best in Arizona. Pack your bags, grab your sunscreen and embark on an unforgettable journey into the heart of the Grand Canyon State.
Oh Mondays. As much we dread you, you do present the chance for a fresh start. Every Monday is the opportunity to grab a new week by the horns and make the most of it. But how? There are some strategies that can help you be productive and get the most out of your workday.
Start your day with something creative. It can be very easy to feel like you need to dive into your to-do list first thing. Or open your inbox. But that can dictate your entire day. Suddenly, you’re no longer proactively attacking projects but instead reacting to the demands of others. Instead, carve out an hour at the start of your day to work on a creative idea, make progress on a larger project or work towards a deadline.
Have a to-do list, but with no more than 3 MUST-do’s. It’s always a good idea to have your priorities written down, but then you can cut that list down even more. A massive t0-do list can actually be a bit paralyzing. Instead, write down the 2-3 things you must accomplish today. Even better – write them down the night before – that way they’re off your mind, helping you sleep better. You’d be amazed at the sense of accomplish you feel once you’ve checked those 2-3 critical things off your list. Everything else after that is an added bonus.
Don’t let email take over. Your inbox can quickly turn into a death spiral. If you’re obsessed with getting it to zero or feel like every message requires an immediate response it’s nearly impossible to get into a flow. Instead of jumping at every ping, instead carve out certain times of day to check and respond to email. It could be 15 minutes every hour or maybe once in the morning, once after lunch, once before you end your day. Whatever your plan – have one. Otherwise your inbox ends up running your life.
Just say no to social media. Similarly, social media is a black hole that will drain your energy and steal your time. So just don’t do it. There’s no need to be on Facebook during the day. Instagram, while great is really just a distraction. And don’t even get me started on Snapchat. But people’s stories last for 24 hours so you can wait until the evening to indulge. If you really want to get work done, staying off social networks is your best bet.
Give yourself space to explore (but not procrastinate.) Structure your day to allow for a little discovery. Perhaps after you’ve worked on your big project, done your first round of email checking and have completed one (or even two!) of the key items on your to-do list, give yourself a little time for inspiration. The key word here is a little. Set a timer for 15, maybe 20 minutes, and use that time to check out Pinterest, look through a magazine, peruse other blogs. Whatever it is that helps you feel inspired. But when that time goes off, it’s time to get back to the task at hand. No rabbit holes.
Practice these techniques for a few days and you’ll be amazed at what you get done!
For more work related tips & tricks and behind the scenes of the business of blogging, CLICK HERE.
If you’ve been following the banking industry lately, you know the big news around recent bank failures, which has spurred concerns for consumers about whether their money is covered by insurance from the Federal Deposit Insurance Corp. You may also have seen in the news that interest rates on accounts are high right now and that banks are offering more features and services — such as ATM fee reimbursement and two-day early direct deposit — to attract new customers.
The good news is that if you have $250,000 or less, then you’re covered by insurance — through the FDIC or the credit union equivalent, the National Credit Union Administration, or NCUA — without having to spread your cash around to multiple financial institutions. This insurance might come from your bank itself or, if you’re a customer at a neobank, your FDIC insurance may come from the bank that your institution partners with.
If you have more than $250,000, or if you just want to take advantage of high interest rates or other perks, you may want to consider opening accounts with multiple banks. Here are some of the pros, cons and considerations that come with that strategy.
What are the benefits of having accounts at multiple banks?
Besides the advantage of spreading out your accounts so you can have more FDIC insurance, which we’ll get to in a moment, there are other perks to having accounts open at multiple banks, namely that you can mix and match the best features of different institutions.
“I suggest using one bank for your checking and bill paying and then linking to one or more high-yield online savings accounts,” said Jeremy Keil, a Milwaukee-based financial advisor with Keil Financial Partners, via email. “That way you can shop around and get the highest interest [rate] but keep that link between banks for when you need to move from savings to checking or vice versa.”
For example, maybe you want a checking account at a bank that has ATM fee reimbursements or two-day early direct deposit, and you want to keep other cash at your locally owned credit union that has branches near you and high yields on its savings accounts or certificates of deposit. You could spread your money around and enjoy the best features that each institution has to offer. Another benefit to keeping savings and checking separate is that you may feel less tempted to dip into cash that is set aside for specific purposes, such as your emergency or vacation funds.
Is it bad to have multiple bank accounts at different banks?
The primary reason that it may be difficult to keep accounts open at multiple banks is that the more accounts you have, the harder it can be to keep track of their details and requirements.
“It can be tough to keep your beneficiaries and usernames straight, which are especially important if you die or become incapacitated,” Keil said.
There can be more costly downsides of juggling multiple accounts as well. Some banks have minimum balance, spending or direct deposit requirements on their accounts, and you could trigger a fee if you don’t meet those conditions.
Another consideration is that if you open a new account at a bank because you’re chasing high interest rates, that bank might not have those high rates forever.
“These rates are designed to drive new dollars into the bank that would typically not be there if there was not a special rate,” said Keith Dragisich, a community banking expert, via email. “It’s important for consumers to read the fine print of how these specials work.”
Essentially, if you’re planning to move your money around to different financial institutions regulary, you’ll need to make sure you’re on top of all the fine print.
Does FDIC insurance cover multiple accounts at the same bank?
Insurance from the FDIC and the NCUA typically covers up to $250,000 per depositor per ownership category, such as a single account, retirement account or trust account. Joint accounts are insured up to $250,000 per person, so if an account is co-owned by two people, the full amount could be covered up to $500,000.
What should I do if I want to insure more than $250,000?
There are several ways to insure more than the FDIC insurance limit of $250,000. Some ways you might consider are adding a joint account owner, opening an account that’s a different ownership category, opening a cash management account with a higher insurance limit or splitting your money among different banks.
Whether you want to better insure your money or simply want to cherry-pick the best features of different banks, opening accounts at multiple banks is a solution that could benefit you as long as you’re willing to manage the account upkeep.
I get sick when I think about that day and the mistake that cost me $5,000.
I compare it to something in between smashing my thumb with a hammer to breaking your mother’s most beloved piece of China.
It is something that makes me sick just reliving it.
I actually just puked in my mouth a little bit. <ugh….>
I had been a financial advisor for almost four years so I should’ve known better.
But thanks to a lot of greed and even more ignorance, I got my rear handed to me on a silver platter.
The Temptation
I was meeting with a client who was telling me the story about their daughter’s boyfriend whose dad worked for some mining company.
[Do you see how bad this starts off? I usually make fun of people that will even entertain stories like this. And here I was caught up in the moment. Back to the story…]
The client was telling me how this company had just signed some new deals and since it was a penny stock, otherwise known as an OTC or over-the-counter thinly traded security, there wasn’t a lot of news about it. His theory was that this penny stock could soar pretty quickly.
[Don’t you like how I’m getting advice from my client who really knows nothing about investing. And I’m really considering taking his advice about what the next stock is I’m going to buy? This has “epic fail” written all over it. ]
I had some cash in my investment account (lucky me!) so I thought I might as well give it a shot.
[Seriously, that was my logic: “might as well give it a shot”. I should have hired one of these advisors to punch me in the face.]
I proceeded to place a trade to buy a certain number of shares of this stock that was going to make me millions.
[Hah. Not even close buddy. Not by a long shot.]
Buying an OTC Stock – Woops
When buying an over-the-counter stock, otherwise known as a penny stock, you must be sure to protect yourself and make sure that when you place an order to buy or sell, that you put a specific price on it. I unfortunately put an order in to buy “at market”.
Translating, that means that I put an open order to buy whatever a price that someone is going to sell it to me for. If you think about it in Ebay terms, instead of bidding on the price, I elected to “Buy Now” and the seller could increase the price if they so choose.
In larger stocks that are traded on the New York Stock Exchange or NASDAQ, that’s typically not an issue because the market will keep that price in check. In the over-the-counter market, it’s a different story. An entirely different story.
The Wild, Wild West
You can think of the OTC market like the Wild, Wild West of trading. Just because the stock is trading at $0.90 doesn’t mean that you’ll buy or sell those shares at $.90.
If I put a buy order in “at market”, that price could shoot up to $1.90, $3.00; whatever their price might be. Essentially that’s what happened in my case.
I had put in an order to buy say 2,500 shares (I don’t remember the exact number) and a few 100 of the shares executed at what I thought was the market price. But I quickly and expensively learned that a lot of them issued at a price double of what I intended to buy it for.
To make matters worse, after the trade settled, the prices were displaying what I thought I was paying for it in the beginning. To summarize:
I submitted a buy order for 2500 shares of a penny stock “at market” and thought I was buying it for $.90.
I bought a few hundred shares at $.90 but most executed at least 2 if not 3 times that. That means I made an investment of $5,000 instead of what I thought was going to be $2,250.
After the trade settled, the price reverted back to the original price of $.90. If I sold it that day I would take an immediate huge loss.
If I’m doing a bad job of explaining how the system works, it’s a further demonstration of why I have no business buying penny stocks. Chances are if you’re reading this, you fit that description, too, so let’s reflect of how I screwed up royally.
Don’t Do as I Do, But Do as I Say
Before you start trying to make yourself believe that you can make millions off buying penny stocks, take note of how I screwed up and I let my over-confidence and flat out ignorance get the best of me.
I listened to advice from someone I had no business getting advice from. My client knew nothing about the stock, knew nothing about the company, other than what his daughter’s boyfriend had told him. Whenever you’re getting investment advice from someone, make sure you consider the source.
I had no idea how the over-the-counter market works. This system works nothing like logging into my TD Ameritrade account and picking up a stock on the NY exchange. It’s more like traveling to Spain, going to a flea market, and trying to bargain with a vendor even though I don’t speak the language. Chances are I’m going to be screwed just like I was in this situation.
Greed is not always good. I don’t care what Gordon Gekko says, I was doing just fine making a decent return on my boring mutual funds but the chance of quadrupling my money in a short amount of time got the best of me.
That was the last penny stock that I’ve ever bought and will ever buy again. I don’t care if my best friend’s uncle’s seamstress knows a guy that has an insider at some other company. Never again…
Have you invested money into something that you didn’t understand?
It’s no secret home prices aren’t cheap. They may not be expensive either, depending on how you look at it, but they certainly aren’t cheap. It doesn’t take an economist to figure that out.
At the same time, mortgage rates are marching toward new all-time lows and inventory remains tight, which is keeping demand red-hot for prospective home buyers.
That means sacrifices must be made, but just what are those sacrifices? Well, fortunately Redfin did the legwork for us here.
Let’s take a look at these compromises to determine if it makes sense to be in this potentially frothy real estate market right now.
Paying More than Expected
This is perhaps always the case in real estate, or in anything that requires you to pay money in exchange for an item. We always pay more than we anticipated, either for emotional reasons or simply because we underestimated the cost.
The problem with a home is that paying more isn’t always an option. You could be maxed out at a certain price thanks to lender limits on DTI, or you could lack the necessary down payment at higher price points.
Whatever the case may be, buyers are being asked to up their ask if they want to land their dream home, or even their right now home.
In fact, home buyers are apparently making multiple offers on several homes at once in order to get one accepted. Sounds like things are getting a little out of control…
[Do you need 20% down to buy a house?]
Buying in a Different Hood
The next biggest compromise is searching for a home in an entirely different neighborhood. This can happen even if the real estate market isn’t on fire, as it is now, but it should give you pause.
Buying a home is a major decision and you shouldn’t just look elsewhere if you can’t afford a home in your desired neighborhood.
Of course, if you started your search with unreasonable filters, you may want to adjust your expectations and search in a realistic area. Just be sure not to forego the basics like a good school district and a low crime area. You may also want to avoid buying a home near these many things…
Purchasing a Small Home
We’ve all heard of that tiny home trend where you live in what looks like a trailer. It’s some kind of hipster millennial thing that maybe went too far.
Even if you don’t take it to those lengths, buying a smaller home because you can’t afford a larger one might not be a smart move. It might simply mean it’s not the best time for you to buy.
This is the third most common compromise buyers are making, but it can be a big mistake, no pun intended.
If you plan to start a family, you could easily outgrow your pad in a hurry, especially if you have twins. Heck, even if you don’t, it’s always nice to have one more bedroom, or one extra bathroom.
Keep in mind that if you buy the smaller home for right now, you might be looking for a new larger home before you know it, when prices are even higher.
Looking in the Burbs
The next most common compromise is buying further out of town. Redfin refers to it as buying in a “less walkable or transit-friendly community,” aka the suburbs.
It seems everyone wants to live in the city these days, but if you are planning/starting a family, the burbs could actually be a great choice.
The schools tend to be a lot better in the less “cool” parts of town, and that will mean a lot more to you once you have your fun running around the city. Parking is also a good thing…
At the same time, there is a fine line here – if the home you can actually afford or get your offer accepted on is an hour commute each way, you might want to pump the brakes on the purchase.
Settling for a C+ School
The final compromise is purchasing a home in a lower-rated school district. I just touched on the importance of schools, and this decision will come back to bite you in several ways whether you have kids or not.
If you do have kids, you might have to pony up for private school, which could easily outweigh the costs of buying in a nicer part of town, especially if you have multiple children.
Even if you don’t have kids, when it comes time to sell, there’s a good chance the buyer will care about the school district and that can affect your bottom line. In short, the things that you think about now will be the same things future buyers of your home consider.
The takeaway here is that there will always be compromises when it comes to buying a home, but if you find the compromises really beginning to stack up, you might want to keep on renting.
When you’re considering applying for a mortgage, one of your top questions is probably “What is the monthly payment going to be?”
For a 100K mortgage, the payment on a 30-year loan at 7% interest would be $665.30. For a 15-year mortgage loan term, the payment increases to $898.83, which helps you pay off the loan sooner and pay less in interest costs over the entire loan.
Your own loan will depend on a number of factors, including but not limited to fluctuating interest rates. Here’s what goes into a 100K mortgage, what income is required to get one, and what your payments would look like over the life of the loan.
Total Cost of a 100K Mortgage
The total cost of a 100K mortgage goes beyond the monthly payment. There are upfront costs and ongoing, long-term costs to consider, all of which affect how much house can you afford.
Upfront Costs
Upfront home loan costs can include:
• Closing Costs: There are costs you need to pay to get a mortgage, but they are not a part of the original loan. These are known as closing costs and include things like the mortgage origination fee, the cost of an appraisal, attorney fees, title fees, taxes, prepaids, and other expenses. With the average closing cost on a new home adding between 3% and 6%, that works out to $3,000 to $6,000 on a 100K mortgage.
• Down Payment: Unless you are able to obtain a 0% down payment loan, you’ll need some money to afford the down payment on a 100K mortgage loan.
The average down payment on a home is 13%, as per the National Association of Realtors®. This works out to $13,000 on a $100,000 home.
If you don’t quite have this amount, there are other types of mortgage loans that offer low down payment options. 3% and 3.5% are common, which would come out to $3,000 and $3,500 for the down payment on a 100K home.
Long Term Costs
Here are the ongoing costs of a mortgage loan:
• Interest. The biggest expense you’ll have over the life of the loan is interest. Interest costs are huge, especially in an economy with higher annual percentage rates (APRs). You’ll pay more in interest than you do in principal if you keep the mortgage loan for the whole 30-year loan term.
For a $100K mortgage with a 30-year term and 7% APR, the interest costs total $139,508.90.That’s on top of the $100,000 original loan amount. Adding the two together, you’re looking at paying $239,508.90 for the original 100K mortgage. Take a look at our mortgage payment calculator or the amortization table further down if you’re more curious about this amount.
• Escrow. You may pay for taxes and insurance through your escrow account every month. This expense doesn’t go away, even when you pay off your mortgage. The amount of tax and insurance varies by state and policy.
Estimated Monthly Payments of a 100K Mortgage
Payments on a 100K home will ultimately be determined by your loan term and interest rate. And the interest rate is determined by a number of factors. Of course, the Fed’s rate matters, but so too do such aspects as:
• Credit score. A good credit score can afford you a lower interest rate on your mortgage.
• Down payment. Generally, putting down a larger down payment affords you a lower interest rate.
• Home location. There are certain areas where you may be offered a lower interest rate just because of where you live.
• Loan amount. If you need a larger loan, such as a jumbo loan, you’ll usually see a higher interest rate. The same can be true of much smaller homes, such as tiny homes.
• Interest rate type. If you choose a loan with an adjustable APR, you may initially have a lower interest rate.
• Loan type. You’ll see different interest rates based on what loan type you’re using. Examples include VA loans, FHA loans, and a USDA loan which may offer a lower (or no) down payment as well as lower interest rates.
• Loan term. Choosing a mortgage term that’s shorter can help you score a lower interest rate.
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Recommended: First-Time Homebuyer Guide
Monthly Payment Breakdown by APR and Term
It’s helpful to see what potential mortgage loan payments on a 100K mortgage may be, adjusting for term length and APR variance. Keep in mind these costs do not include escrow items, such as taxes or insurance.
APR
Monthly Payment on a 30-Year Loan
Monthly Payment on a 15-Year Loan
3.5%
$449.04
$714.88
4%
$477.42
$739.69
4.5%
$506.69
$764.99
5%
$536.82
$790.79
5.5%
$567.79
$817.08
6%
$599.55
$843.86
6.5%
$632.07
$871.11
7%
$665.30
$898.83
7.5%
$699.21
$927.01
8%
$733.76
$955.65
8.5%
$768.91
$984.74
9%
$804.62
$1,014.27
9.5%
$840.85
$1,044.22
10%
$877.55
$1,074.61
How Much Interest Is Accrued on a 100K Mortgage?
Each month, your payment is split into principal and interest payments. Those interest payments go to the bank as payment for lending you money. Principal payments go toward the original loan amount and pay down the loan.
The longer the loan term, the more you’ll pay in overall interest. For a 100K mortgage on a 30-year term with a 7% APR, the interest costs total $139,508.90 on top of the original loan.
On a 15-year term with the same parameters, the interest costs are a more modest $61,789.09. Yes, your monthly payments are higher, but the difference between a 15 vs. 30 year mortgage with 7% APR is significant.
Recommended: Home Loan Help Center
100K Mortgage Amortization Breakdown
The amortization of a 100K mortgage shows how much of your monthly payment pays off the loan each month.
You can see in the early years of your mortgage, more of your monthly payment goes toward interest, and very little of your loan is paid off. In later years, more of the payment will go toward the principal.
Year
Monthly Payment
Beginning Balance
Total Amount Paid
Interest
Principal
Ending Balance
1
$665.30
$100,000.00
$7,983.60
$6,967.81
$1,015.79
$98,984.19
2
$665.30
$98,984.19
$7,983.60
$6,894.39
$1,089.21
$97,894.95
3
$665.30
$97,894.95
$7,983.60
$6,815.64
$1,167.96
$96,726.96
4
$665.30
$96,726.96
$7,983.60
$6,731.21
$1,252.39
$95,474.55
5
$665.30
$95,474.55
$7,983.60
$6,640.66
$1,342.94
$94,131.59
6
$665.30
$94,131.59
$7,983.60
$6,543.59
$1,440.01
$92,691.55
7
$665.30
$92,691.55
$7,983.60
$6,439.49
$1,544.11
$91,147.41
8
$665.30
$91,147.41
$7,983.60
$6,327.86
$1,655.74
$89,491.65
9
$665.30
$89,491.65
$7,983.60
$6,208.17
$1,775.43
$87,716.19
10
$665.30
$87,716.19
$7,983.60
$6,079.81
$1,903.79
$85,812.38
11
$665.30
$85,812.38
$7,983.60
$5,942.19
$2,041.41
$83,770.95
12
$665.30
$83,770.95
$7,983.60
$5,794.61
$2,188.99
$81,581.94
13
$665.30
$81,581.94
$7,983.60
$5,636.38
$2,347.22
$79,234.69
14
$665.30
$79,234.69
$7,983.60
$5,466.70
$2,516.90
$76,717.75
15
$665.30
$76,717.75
$7,983.60
$5,284.75
$2,698.85
$74,018.87
16
$665.30
$74,018.87
$7,983.60
$5,089.64
$2,893.96
$71,124.88
17
$665.30
$71,124.88
$7,983.60
$4,880.45
$3,103.15
$68,021.68
18
$665.30
$68,021.68
$7,983.60
$4,656.10
$3,327.50
$64,694.16
19
$665.30
$64,694.16
$7,983.60
$4,415.56
$3,568.04
$61,126.09
20
$665.30
$61,126.09
$7,983.60
$4,157.62
$3,825.98
$57,300.08
21
$665.30
$57,300.08
$7,983.60
$3,881.03
$4,102.57
$53,197.49
22
$665.30
$53,197.49
$7,983.60
$3,584.46
$4,399.14
$48,798.32
23
$665.30
$48,798.32
$7,983.60
$3,266.46
$4,717.14
$44,081.14
24
$665.30
$44,081.14
$7,983.60
$2,925.44
$5,058.16
$39,022.95
25
$665.30
$39,022.95
$7,983.60
$2,559.78
$5,423.82
$33,599.10
26
$665.30
$33,599.10
$7,983.60
$2,167.69
$5,815.91
$27,783.17
27
$665.30
$27,783.17
$7,983.60
$1,747.26
$6,236.34
$21,546.80
28
$665.30
$21,546.80
$7,983.60
$1,296.45
$6,687.15
$14,859.60
29
$665.30
$14,859.60
$7,983.60
$813.02
$7,170.58
$7,688.98
30
$665.30
$7,688.98
$7,983.60
$294.64
$7,688.96
$0.00
What Is Required to Get a 100K Mortgage?
When you’re applying to qualify for a mortgage, lenders look for a few key things to approve your application.
• How much debt you will be carrying. Lenders look for your monthly payment to be lower than 28% of your gross monthly income. A 100K mortgage payment at 7% interest on a 30-year term is $665.30. For this payment to be less than 28% of your monthly income, your monthly income needs to be over $2,376, assuming you have no debt. This turns into a $28,512 yearly salary requirement to afford a 100K mortgage payment.
If you have debt, the calculation changes a little bit. Your lender will add your monthly debts to your projected monthly mortgage payment. These two numbers added together need to be less than 36% of your monthly income. This calculation a lender does is known as the debt-to-income ratio, or back-end ratio.
• Credit score. It’s advisable to have a credit score of 620 or higher when applying for a mortgage loan.
• Consistent work history. If you are unemployed, self-employed, or have recently changed jobs, lenders may be less likely to approve your loan. They may worry about your having a steady enough income to make your payments.
The Takeaway
A 100K mortgage will have a monthly cost that varies depending on such factors as the loan’s interest rate, the term of the loan, and whether it’s a fixed- or variable-rate loan. By understanding more about how the cost of a mortgage is calculated, plus the related costs, you can be better prepared for the milestone of being a homeowner.
When you’re ready to apply for a mortgage, SoFi will be there for you. Our rates are competitive, and we offer flexible loan terms and down payment options (as little as 3% for first-time homebuyers) to suit your needs. The online application simplifies the process, and our dedicated Mortgage Loan Officers can help you every step of the way.
See how smart and simple a SoFi Mortgage Loan can be.
Photo credit: iStock/AndreyPopov
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information. SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website . SOHL0323001
If you’re in need of a VA loan, one mortgage company that deals almost exclusively in them goes by the name “ClearPath Lending.”
Roughly 99% of the home loans they originated last year were VA loans, and they were pretty much all refinance loans as well.
That means there’s a high likelihood ClearPath Lending knows what they’re doing when it comes to funding a VA loan quickly and competently.
Let’s learn more about this Southern California-based mortgage lender to see if they could be a good choice for your veteran home loan needs.
ClearPath Lending Fast Facts
Direct-to-consumer mortgage lender that offers purchase and refinance loans
Specializes in VA lending which comprises about 99% of their overall volume
Founded in 2012, headquartered in Irvine, California
Funded $5.57 billion in home loans during 2020
Currently licensed to do business in 29 states nationwide
Most active in California, Florida, and Texas
ClearPath Lending is a direct-to-consumer mortgage lender located in Irvine, California, which is basically the epicenter of the mortgage industry on the West Coast.
The operate a call center, but no physical branches, so you’ll be working remotely with their lending team to close your loan.
Last year, they originated a whopping $5.57 billion in home loans, which makes them almost a top-100 mortgage lender nationally.
While they originated a large amount of loans in over a dozen different states, they were most active in California, Florida, Texas, Virginia, and Arizona.
As noted, most of the loans they fund are VA refinance loans, likely Interest Rate Reduction Refinance Loans (IRRRL).
They are currently licensed in 29 states, with Minnesota, Missouri, New York, Utah, and Washington some of the more notable places where they don’t do business.
How to Apply with ClearPath Lending
Call them or fill out a short contact form on their website to get started
A loan officer will call you to discuss loan eligibility and pricing
If you like what you hear they’ll provide a link to a full mortgage application
Once submitted you can manage your loan via the online borrower portal
To get started, you can either call them up directly or visit their website to fill out a short contact form.
There doesn’t appear to be a way to formally apply for a mortgage on your own without human assistance.
While this is a slight negative, you might be better off speaking to someone first to determine eligibility and to get loan pricing.
If you like what you hear, they’ll provide a link to formally apply via their website. It’s unclear what origination software they use, but my guess is you can complete most tasks electronically.
Once your loan has been submitted, you can visit the ClearPath Lending Portal to check on loan progress, upload necessary documents, and message your lending team with questions.
Loan Programs Offered by ClearPath Lending
Home purchase loans
Refinance loans: rate and term, cash out, and streamline
Conventional loans
Jumbo loans
FHA loans
VA loans (their specialty)
ClearPath Lending has a decent menu of loan programs available, from conventional loans to FHA to jumbo.
But their specialty is clearly the VA loan, which makes up a staggering 99% of their overall loan volume.
They’re also decidedly a refinance shop, with just about every loan that passes through their doors a refi as opposed to purchase.
However, they do offer home purchase loans, along with FHA loans and loans backed by Fannie Mae and Freddie Mac.
The only major loan type missing is the USDA loan, which is a niche product for those buying or living in rural parts of the United States.
In terms of loan type, you can get a fixed-rate mortgage like a 30-year or 15-year fixed, or an adjustable-rate mortgage, such as a 5/1 or 7/1 ARM.
You can also get a custom loan term if you don’t want to reset the clock on your mortgage.
ClearPath Lending Mortgage Rates
You won’t find daily mortgage rates on the ClearPath Lending website, which is a shame. Nor will you see a list lender fees.
It’d be helpful to see these things to quickly determine how competitive they are relative to other lenders. But you’ll have to get a personalized quote to find that out.
The good news is they say they guarantee the best pricing for your loan.
If you obtain a better quote from a competitor, simply get in touch with your loan officer to discuss their “best price guaranteed policy.”
Either way, they claim their pricing is among the most competitive in the mortgage industry, so you should be able to obtain a decent rate.
Just take the time to shop competitors as well to be sure, and inquire about those lender fees while you’re at it.
Once your loan closes, they’ll also enroll you in their so-called “Loyalty Program,” which monitors interest rates and lets you know if you could benefit from a refinance.
They say no underwriting or processing fees will be added to the principal balance, but it’s unclear if these fees are completely waived the second time around.
The process may also be faster if they already have most of your prior documents on file, and you can keep your existing loan term if you wish to pay off your loan on schedule.
ClearPath Lending Reviews
On Google, the company has a stellar 4.8-star rating out of a possible 5 from nearly 3,000 customer reviews.
And on LendingTree, a 4.9 out of 5 from about 1,200 reviews with a 99% recommended score.
Additionally, they have a 4.7/5 on ConsumerAffairs from about 250 ratings, with the majority perfect 5-star reviews.
Over at Zillow, it’s more of the same, a 4.9-star rating from roughly 130 reviews. A good chunk of them indicate that the interest rate received was lower than anticipated.
They’ve also got a 4-star rating on Yelp from about 80 customer reviews
In terms of Better business Bureau rating and accreditation, those are in limbo right now because their business profile is being updated.
But they were an accredited business in the past, so there’s a chance they might be in the future and that will be reflected once the BBB website is updated.
To sum things up, ClearPath Lending seems to be laser-focused on VA lending, and specifically VA refinance loans.
So if you’re a veteran homeowner interested in refinancing your loan, they could be a suitable choice.
My assumption is they’re good at what they do, given their dedication to one specific product.
But if you’re looking for something else, such as home purchase financing or a conventional or FHA loan, they might not be the first choice.
ClearPath Lending Pros and Cons
The Pros
Can apply for a mortgage online
Online borrower portal to manage your loan
Say they have a best price guaranteed policy
Good selection of loan programs to choose from
Specialize in VA loan lending
Excellent customer reviews across all ratings sites
Free mortgage calculators on site
Loyalty Program monitors mortgage rates and notifies you if a better deal is available
After a years-long stretch of low interest rates, it’s hard to let go, but some homebuyers have figured out they don’t have to. Instead of selling one home, where their mortgage has an interest rate around 3%, so they can buy another one with a rate above 6%, they’re opting to hang onto the old address and rent it out.
“People who are hesitant to close out that 3% mortgage see that rents are going through the roof, and they see a possibility to make some money” on the spread between the mortgage payment and the monthly rent, said John Irwin, a Baird & Warner agent.
“We have a unique opportunity right now for people to hang onto their tiny, tiny interest rate and their equity,” said Carmen Rodriguez, a Coldwell Banker agent. It’s fueled by the fact that “we have a lot of people renting because they can’t afford to buy at the higher rates,” which creates demand for the homes their former occupants don’t want to cut loose.
Irwin said three of his clients went this route in recent months. They were all people who could afford to buy the next home without pulling all their equity out of the last one for a down payment, which is the primary obstacle lying in the path of using this strategy, Irwin said.
There’s no data available on how many people have done the same, but in gathering information for this story, Crain’s learned of 16 recent Chicago-area deals that involved renting the old place. It’s admittedly a small number, but every agent interviewed said the strategy is catching on.
“It’s their opportunity to add real estate to diversify their investment portfolio,” said Jessica Coulson, a Compass agent. “They might not have been expecting to.”
Earlier this month, a pair of Coulson’s clients bought a house in Northbrook and rented out their two-bedroom West Town condo. The two properties are about 22 miles apart, and their mortgage rates are more than 2.5 percentage points apart. Coulson did not disclose her clients’ personal financial details, but said the condo rented quickly at a number that will be profitable for them.
In November, Bekah and Dan Carlson moved from an Andersonville two-flat where their mortgage, taken out in 2015, was at 3.75%. They bought a few blocks away in Ravenswood, at 6.5%.
Since 2015, it had been their goal to keep the two-flat after eventually moving, Dan Carlson said, and preserving the low payment that the two-flat’s mortgage has was a key part of making it work. But with home prices rising quickly last year, it looked like they might have to offload the two-flat in order to have enough cash for a purchase.
“If it had come down to leaving the neighborhood or selling the two-flat, we’d have sold the two-flat,” Carlson said. Ultimately, they were able to make the purchase and keep the two-flat, which “is a good source of extra income, a good use of our money,” he said.
There can be reasons other than money to take this route, Rodriguez said. Her client who has a child with specific needs at school is moving to a school district that suits those needs, but hopes to move back to the house she loves after the child finishes school.
The combination of a sweet mortgage rate and a hot rental market meant “she can hold onto it until she’s ready to move back,” Rodriguez said.
Besides needing the equity from one home to afford buying the next one, many people wouldn’t want to rent out the old address for a simple reason: They don’t want to be landlords.
Coulson said she suggested the rental plan to a pair of physicians who have a very low mortgage rate, but they said with busy jobs and little kids, “they weren’t interested in being property managers. They wanted to focus on their own home.”
It’s not only the unwillingness to take 2 a.m. calls about a broken furnace, Irwin said, but “there’s always the possibility that the renter might not take care of the home like you do, and when you go to sell that (home), the wear and tear may cost you.”
One big obstacle for people who need a mortgage on the new home is that without a history of rental income, the old property might get in the way of obtaining a mortgage for the new property, according to Jim Tausche, senior vice president of residential lending at Draper & Kramer Mortgage.
Despite the heat in the rental market, there’s no guarantee that the old property will land renters or that rental income won’t be interrupted by vacancy or by renters failing to pay.
Tausche said mortgage lenders would likely examine all the details of each scenario individually, making it as important as ever to talk to a mortgage broker before going house hunting.
If the property is a condo, it’s also important to check whether the homeowners association limits the number of rentals in the building.
Before I dig into this topic, let me just put this out there: Expiration dates are important and you should always consider them so you don’t get food poisoning and end up in the hospital or whatever. Please don’t interpret this post as my arguing that expiration dates are total bull.
That being said, expiration dates are total bull. Just kidding! Well, kind of. I recently came across an alarming study from Harvard, which found that Americans waste 160 billiontons [Editor’s Note: Kristin pointed out that she should have written 160 billion pounds] of food annually. A similar 2012 study from the NRDC calculated that waste in terms of dollars: We throw out about $165 billion worth of food and beverages each year. On average, that’s between $275 and $400 per household.
The Dating Game
The Harvard Food Law and Policy Clinic titled their study “The Dating Game,” and they came to the conclusion that many “sell by” dates don’t really have anything to do with safety. Companies mostly determine those dates based on taste tests.
Emily Broad Leib, who authored the study, told CBS, “The dates are undefined in law and have nothing to do with safety. They are just a manufacturer suggestion of peak quality.”
But of course, food does go bad. Despite the liberal expiration date on that cup of Dannon in the back of your fridge, you probably shouldn’t eat it if it’s been there since the ’90s. Okay, you definitely shouldn’t eat it if it’s been there since the ’90s.
But Leib urges consumers to be aware that when manufacturers determine expiration dates, they’re mostly thinking about protecting their brand rather than public safety. The purpose of the Harvard study was to push for a more reliable labeling system for food.
“Make an Assessment”
Until the system changes, what’s the solution? Are we supposed to simply turn a blind eye to expiration dates and pray against food poisoning?
Well, of course not. Here’s Leib’s suggestion:
“Consumers need to take that extra minute to actually look at their food and smell their food and make an assessment. When we just rely on these dates and throw everything away after the date, we’re leading to really high rates of food waste.”
Sounds like good ol’ common sense, but her study found that 90 percent of households throw out food that’s still perfectly good, thanks to inaccurate expiration dates.
Growing up, we always “made an assessment.” We were poor (I think I may have mentioned that once or twice?), so my mom didn’t just toss out food willy-nilly. She was very discerning; but if it didn’t emanate any strange odors and hadn’t changed color, we usually ate it. When she did have to throw something out — when it was, say, taken over by mold — she would still shake her head and mumble, “What a waste.”
On the other hand, I’d argue that my extended family goes a little overboard. My aunt, for example, once fed us cooked rice that she neglected to tell us had been sitting out for a few days. The aftermath was not pretty.
I use the “sell by” (or, the more charming “enjoy by”) date as an approximation. If the expiration date is really, really old, I’ll toss it, even if the item still looks and smells edible. If you’ve ever had crippling food poisoning that’s left you vomiting next to your boss in the middle of a work meeting, you know it’s just not worth the risk. However, if it’s at least somewhat close to the expiration date, I make an assessment, and, if it still looks and smells edible, I usually go for it. Although, I tend to be stricter when it comes to meat, milk or eggs.
How Long Does Food Really Last?
When it comes to assessing “expired” food, it’s probably better to rely on data rather than instinct. Ever heard of Eatbydate.com? I hadn’t, until I started researching this story. It’s a pretty cool website that seeks to answer the question, “How long does food really last?” It’s pretty extensive, and you can check it out yourself, but here are a few items I found interesting:
When properly stored,
Fresh whole mushrooms last 7-10 days.
An opened pack of cream cheese lasts 1-2 weeks (stored at or below 40° F)
Opened shredded cheese lasts 3-4 weeks (stored at or below 40° F)
The site also gives tips on how to tell if certain foods are spoiled. Their content is based on research from resources including the Department of Agriculture and the FDA.
Earlier this year, Get Rich Slowly staff writer Lisa Aberle wrote an article on food waste in general, and she pointed out some helpful ways that she avoids waste. In addition to the whole expiration date conversation, there are a couple of practical tactics I’d like to add:
Extend the Shelf Life of Your Food
I know how I make the most out of my food’s shelf life, but I’m no expert, so I thought I’d check with one. Jill Houk is a food consultant and cookbook author who was kind enough to offer a few tips:
“Don’t wash fruits or vegetables before storing them,” Houk says. “Even small amounts of water can start the molding/decomposition process.”
She adds that keeping your refrigerator temperature between 34ºF and 38ºF will help slow the bacteria growth that leads to food spoilage.
Most of us know to store our canned goods and jarred food in a cool, dry place. But Houk warns: “Even avoid storing food too closely to your dishwasher, toaster, or coffee maker. If food experiences wild temperature fluctuations, it’s more likely to spoil faster, even if it’s shelf-stable.”
Meal Planning
It’s easy for me, because I only live with one other person, but I try to plan out my meals and groceries for the week. I cook about four or five times a week, and, as we near the end of the week, I take an inventory of what’s left over, and I try to make the most of whatever that is. If I have half an onion or a few potatoes left, I see if I can make a stew or something. Online meal planners like $5 Meal Plan are especially helpful. You type in whatever ingredients you have in your pantry, and they’ll pull up recipes that include those ingredients. I don’t want to sound like a commercial, but ever since I’ve started using their app, I find I throw out very little food.
Anyway, I’d like to know — how closely do you follow your expiration dates, and what do you think of them? Do they contribute to waste, or should we follow them strictly?
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
36k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be paying just over $36,000 a year. The question that remains is can you make a living off $36k a year.
The median household income is $67,521 in 2020 which decreased by 2.9% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money evenly between all of the people.
But, the question remains can you truly live off 36,000 per year in today’s society since it is well below both the average and median household incomes? The question you want to ask all of your friends is $36000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $36000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $36k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$36000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 36k a year hourly. That way you can decide whether or not the job is worthwhile for you.
36000 salary / 2080 hours = $17.31 per hour
$36000 a year is $17.31 per hour
Let’s breakdown how that 36000 salary to hourly number is calculated.
For our calculations to figure out how much is 36K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $36000 by 2,080 working hours and the result is $17.31 per hour.
Just above $17 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $7K to $43K per year, it would increase your hourly wage to over $20 an hour – a difference of $3.36 per hour.
To break it down – 43k a year is how much an hour = $20.67
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $36K salary Per Month?
On average, the monthly amount would be $3,000.
Annual Salary of $36000 ÷ 12 months = $3000 per month
This is how much you make a month if you get paid 36000 a year.
$36k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $36k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$36000/52 weeks = $692 per week.
$36000 a year is how much biweekly?
For this calculation, take the average weekly pay of $692 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$36000 / 260 working days = $138 per day
If you work a 10 hour day on 208 days throughout the year, you make $173 per day.
$36000 Salary is…
$36000 – Full Time
Total Income
Yearly Salary (52 weeks)
$36,000
Monthly Salary
$3,000
Weekly Wage (40 Hours)
$692
Bi-Weekly Wage (80 Hours)
$1,384
Daily Wage (8 Hours)
$138
Daily Wage (10 Hours)
$173
Hourly Wage
$17.31
Net Estimated Monthly Income
$2,290
Net Estimated Hourly Income
$13.21
**These are assumptions based on simple scenarios.
36k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all-salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 36000 a year after taxes?
Gross Annual Salary: $36,000
Federal Taxes of 12%: $4,320
State Taxes of 4%: $1,440
Social Security and Medicare of 7.65%: $2,754
$36k Per Year After Taxes is $27,486
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$27486 ÷ 2,080 hours = $13.21 per hour
After estimated taxes and FICA, you are netting $27,486 per year, which is $8,514 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $36000 income can range from $24,606 to $28,926 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $36,000 income.
How Much Is 36K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 36k, here is a tool to convert salary to hourly calculator.
Many entry-level jobs start at this range, which may make you believe that a business degree is worth it.
36k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences of living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $36,000 a year is going to be extremely difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low-cost of living area, you can afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $36,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise in how you spend your money.
What a $36,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL.
Driving a beater car is normal.
You should be able to meet your basic expenses each and every month.
Not be able to afford many of the fun spending luxuries.
Ability to make sure that saving money is a priority, and very possibly save $5000 in one year.
When A $36,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 36k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck-to-paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$36K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage a 36k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $36000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$150
Savings
15-25%
$450
Housing
20-30%
$884
Utilities
4-7%
$135
Groceries
5-12%
$270
Clothing
1-4%
$18
Transportation
4-10%
$135
Medical
5-12%
$150
Life Insurance
1%
$8
Education
1-4%
$8
Personal
2-7%
$24
Recreation / Entertainment
3-8%
$60
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$710
Total Gross Monthly Income
$3000
**In this budget, prioritization was given to basic expenses and no debt.
Is $36,000 a year a Good Salary?
As we stated earlier if you are able to make $36,000 a year, that is a low salary. You are making around or just above minimum wage.
While 36000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $36k salary would be considered a lower class salary. You must make each dollar count in your budget.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 36k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities 36,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 36000 per year.
If you are looking for a career change, you want to find jobs paying at least $45000 a year.
Is 36k a good salary for a Single Person?
Simply put, you can make it work.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live comfortably for $36000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 36k a good salary for a family?
Many of the same principles apply above on whether $36000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
At the 36K salary with a family, you would need more than one income stream to make this possible without government help.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child and this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $36,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Desire to improve your career and make more money.
Your lifestyle choices.
You will not be able to afford everything on this salary.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 36,000 per year, then the combined income for the household would be $72,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on 36000 Per Year?
As we outlined earlier in the post, $36000 a year:
$17.31 Per Hour
$138-173 Per Day (depending on the length of day worked)
$692 Per Week
$1384 Per Biweekly
$3000 Per Month
Next up is making $40,000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a lower-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 32,000 a year, that is a okay place to be getting your career. However, if you have been in your career for over 20 years and still making $36K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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