Bank banks don’t want your deposits. At least, that’s the conclusion I’ve drawn over the last year as savings account yields at Citibank, Wells Fargo, Bank of America, and other big banks have scarcely budged despite the most aggressive Federal Reserve rate-hiking cycle in memory.
Good thing big banks aren’t the only game in town for savers. You can earn a far better return — like 125 times better, based on average savings account yields tracked by the FDIC — with Compound Real Estate Bonds, a financial technology company that offers high-yield bonds backed by real estate assets and loans.
Compound Real Estate Bonds is a potentially powerful source of passive income for everyday savers and an easy way to diversify your investment portfolio away from highly correlated stocks and ETFs. Find out what to expect from it and decide whether it’s right for you.
What Is Compound Real Estate Bonds?
Compound Real Estate Bonds is a financial technology company offering fixed-income real estate savings bonds.
Known as Compound Bonds, these bonds are available for purchase by accredited and non-accredited investors in $10 increments. They pay fixed interest (currently 7.00% APY) that’s credited and compounded daily. They’re highly liquid and have no fixed maturity date, meaning you can withdraw your funds at any time or remain invested indefinitely and keep compounding your money.
Compound Bonds are backed by real assets — mostly direct real estate investments and real estate debt investments, with some cash and cash equivalents in the mix. The real estate portfolio spans multifamily (55%), commercial (30%), and industrial (15%), broken down regionally as follows:
U.S. South
40%
Canada
40%
U.S. West
10%
U.S. Northeast
10%
What Sets Compound Real Estate Bonds Apart?
If you’re familiar with banking and investing at all, you can probably tell already that Compound Real Estate Bonds is different. We’ll dive deeper into its features and selling points in a moment, but these distinctions are worth calling out right away:
Daily Interest Crediting and Compounding. Unlike most bond issuers, fund managers, and banks, Compound Real Estate Bonds credits and compounds interest daily. It sounds like a technicality, but it’s not — it gives your money more opportunities to grow and can make a significant difference over time.
Withdraw Principal at Any Time. Most bonds have fixed maturity dates, meaning you have to wait years to get back what you put in. (Sure, you can sell some types of bonds on the secondary market, but that may involve loss of principal.) Compound Real Estate Bonds allows you to cash out of your Compound Bond investments at any time, though you’ll of course earn more the longer you stay invested.
Low Correlation With Market-Traded Investments. Compound Bonds are backed by real estate assets and debt investments, not market-traded securities (or vaporware like NFTs and crypto). So when the stock market takes a dive, your Compound Bonds won’t necessarily follow — though the real estate market does have its own ups and downs.
Open to Non-Accredited Investors. The Compound Bond is the sort of investment that until quite recently would only be open to accredited investors: individuals who consistently earn more than $200,000 per year and/or have at least $1 million in total net worth. Needless to say, that’s not most people. Good thing non-accredited investors — ordinary folks — can buy Compound Bonds too.
Is Compound Real Estate Bonds Legit?
Yes, Compound Real Estate Bonds is legit.
Compound Real Estate Bonds is a financial technology company that offers SEC-qualified bonds backed by real estate investments and real estate debt investments.
That said, Compound Real Estate Bonds is not a bank, and Compound Bonds are not FDIC-insured bank accounts. They’re alternative investments that, like all other investment instruments, carry some risks and aren’t suitable for all investors.
Compound Real Estate Bonds is not a licensed financial advisor or investment advisor. So before you make a decision to invest, read Compound Real Estate Bonds’s offering circular in full, and consult your financial advisor if you’re not sure how to evaluate the information you find there.
Key Features
Let’s take a closer look at how Compound Bonds work and what else you can expect from Compound Real Estate Bonds.
Investment Approach
Compound Real Estate Bonds’s website and real estate bonds fact sheet do a great job of describing its investment philosophy and approach in detail. I’m not going to repeat everything here — definitely check them out before you sign up — but I do want to call out some highlights here:
Focus on high-quality, income-producing real estate with growth potential
Value investing strategy (acquiring assets for less than what Compound Real Estate Bonds believes they’re worth)
Comprehensive asset diversification across geographic regions, real estate sectors, risk level, and time horizon
Applying proprietary technology and data insights to spot opportunities and manage risk effectively
Minimum Investment
Individual Compound Bonds have a face value of $10. That’s also the minimum investment amount. In other words, you can buy just one Compound Bond at a time if you wish.
Automatic Investments
Compound Real Estate Bonds makes it easy to set up automatic investments — as often as daily and as little as one bond at a time — from your linked bank account. You can also opt into round-up investments to round up each purchase in your linked external bank account to the nearest dollar, set aside the difference, and purchase a new Compound Bond when your saved balance hits $10.
Withdrawal Timing and Process
You can withdraw your bonds’ principal and accrued interest (which is added to the principal daily) at any time with no fees or restrictions. Simply initiate a withdrawal in the app and Compound Real Estate Bonds sends it to your linked external bank account.
Tax-Advantaged Investing Options
Compound Real Estate Bonds offers tax-advantaged investment options (Individual Retirement Accounts). You can open a fresh IRA with Compound Real Estate Bonds or roll over your balance from an existing IRA, depending on where you’re at in your retirement investing journey.
Advantages
Compound Real Estate Bonds and its core product, the Compound Bond, have some impressive advantages. These are definitely worth calling out.
No Fees, Period. Compound Real Estate Bonds has no user fees. You don’t have to worry about hidden charges eating into your returns or eroding your principal over time.
Yields Far Better Than Traditional Savings Accounts. Compound Bonds’ 7% annual yield is much better than traditional big-bank savings accounts, whose yields have been stuck near zero for years. It’s better than higher-yield online savings accounts too and should remain so for the foreseeable future.
Interest Credited and Compounded Daily. Compound Bonds credit and compound interest every day, giving your money more chances to grow. This is a big advantage over other passive investments, which typically pay interest or dividends annually, quarterly, or at most monthly.
Highly Liquid (Withdraw Funds at Any Time). Compound Real Estate Bonds offers real estate exposure without its Achilles heels: low liquidity and high selling costs. If you need your money back, no problem. You can cash out your Compound Bonds at any time.
Not Correlated With the Stock Market. Compound Bonds are backed by real estate, not stocks or government bonds. They’re not guaranteed never to lose value, of course, but they won’t decline just because the stock market has a bad day.
Backed by Real Assets (No NFTs or Crypto). Compound Bonds are backed by real assets — literally, real estate assets — rather than sketchy NFTs or cryptocurrencies. This is a big advantage over other financial technology companies promising better returns than banks. Real estate isn’t risk-free, but it’s a lot more legit than digital assets.
Open to Non-Accredited Investors. Compound Real Estate Bonds allows non-accredited investors to purchase Compound Bonds, subject to income- or net worth-based restrictions.
Disadvantages
Compound Bonds do have some downsides worth noting. Consider them before you sign up.
Not FDIC-Insured. Compound Bonds are not bank accounts, so they don’t come with FDIC deposit insurance. This means that if Compound Real Estate Bonds goes out of business — which seems unlikely right now, but you never know — you could lose your entire investment.
Purchase Limits for Non-Accredited Investors. It’s great that Compound Real Estate Bonds allows non-accredited investors to buy Compound Bonds, but there’s a limit that could put enthusiastic investors at a disadvantage: no more than 10% of your annual income or net worth if you don’t qualify as an accredited investor.
Tied to North American Real Estate. Compound Bonds are backed by U.S. and Canadian real estate assets and debt investments. This has some upsides, like low correlation with stocks and inflation resistance (based on historical performance), but we know that real estate investments can lose as well as gain value.
Final Word
Compound Real Estate Bonds’s Compound Bond is one of the most exciting alternative investments I’ve come across since 2020.
Perhaps it’s a low bar after years of crypto hype, but it’s refreshing to find a high-yield instrument backed by real assets — literally, real estate.
And with such low barriers to entry, it’s no stretch to say that Compound Bonds are within financial reach for ordinary savers and investors, from folks just starting out down the road to financial independence to people who’ve been doing this for decades.
Our rating
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
My monthly Extraordinary Lives series is something that I’m really enjoying doing. First up was JP Livingston, who retired with a net worth over $2,000,000 at the age of 28. Today’s interview is with Tanja Hester, who retired at the end of 2017 at the age of 38.
You probably know her from the amazing blog Our Next Life. Our Next Life is one of my favorite blogs, so I’m glad Tanja said yes to this interview!
In this interview, you’ll learn:
How she managed to retire so early;
How she still lives comfortably in one of the most beautiful places in the world;
Her advice for retiring early no matter what your career choice is;
How she decided how much she needed to retire on;
The sacrifices she has had to make;
And more! This interview is packed full of valuable information!
I asked you, my readers, what questions I should ask her, so below are your questions (and some of mine) about Tanja’s story and how she has accomplished so much. Make sure you’re following me on Facebook so you have the opportunity to submit your own questions for the next interview.
Related content:
1. Tell me your story. How are you managing to retire so early?
Hi Michelle! Thanks so much for having me. 🙂 We feel like we’re now living a magical life as early retirees, but there’s no magic to how we got here. We spent a lot less than we earned for a bunch of years in a row, made easier and faster by above average salaries (both earned six figures in our last several years of work), and we tried to make some other smart decisions along the way. But we didn’t strike it rich with Bitcoin or build a unicorn startup or get an inheritance or anything else. We just stayed focused on our goal and ground away at it, bit by bit.
More specifically, we focused on three big things:
1. Buying less house than we could afford. The banks would have happily lent us three times as much as we paid for our house in Tahoe, but we stuck to our guns and set our own budget. We lucked out by being able to buy at almost the bottom of the market in 2011, but even though we could have bought more house then for a pretty good price, we kept our budget modest, and that allowed us to pay off our mortgage in just over five years, which then let us save more in our last year of work as well as go into early retirement with no mortgage, which means our basic cost of living is minimal.
2. Paying ourselves first and automating that. We set our paychecks up so that a big chunk went straight into savings without us ever seeing that money, and had another big portion set to go into our investments automatically with each paycheck. We kept only a small portion of our total income in our checking account, and so felt like that was all we had to spend. But more importantly, saving wasn’t a choice we had to make, which would have relied on willpower we don’t always possess. It just happened without us doing anything. For those who aren’t natural savers (like us!), I can’t recommend enough taking the decision out of it and automating your savings.
3. Not inflating our lifestyle. For the last decade of our careers, we banked every bonus and every raise. So at the start of each year, we’d increase our automatic investments by at least as much as our paychecks increased, meaning we never felt like we got a raise, and we didn’t start spending more. When you add the compounding effect of all those raises we banked, it adds up to quite a big number! But for us, because we did it gradually that way and just kept the amount we had to spend steady, it never felt like a sacrifice to save at a really high rate.
2. When did you begin saving for early retirement?
While we’d been saving for years for a string of financial goals – paying off my consumer debt, buying our first place in LA, buying our forever home in Tahoe and saving a bit for traditional retirement – we started saving for early retirement in a focused way about six years ago. And then we got super focused four years ago.
I still can’t believe how much we saved in that time, but it’s amazing what’s possible when you get really clear on your “why” and align all your decisions around it. (And again, having a higher income for sure helped. You can’t save more than you earn, so the more you can earn, the faster you can save.)
3. Was early retirement always something you were striving for? What made you want to retire early?
Mark and I always had a sense that we didn’t want to work “forever,” but we didn’t know what that meant. We had very demanding, high-stress careers where we could never truly be offline. We loved much about the work and loved our clients and colleagues, but it definitely took a big toll on our physical and mental health. And that’s how we knew that we weren’t willing to do that kind of work forever.
We talked about transitioning to different, lower-paid careers, but once we realized that we could work hard for just a few more years and then never need to work again, it was an easy choice to keep going.
Related: What Is Financial Independence, Retire Early? Answers To FAQs About FIRE
4. Would you say that you live comfortably? I ask this because many people assume that early retirees eat a lot of rice and beans!
I mean, I do love rice and beans. 😉 But we only eat rice and beans a few times a month. I would definitely say we live super comfortably! We own a single family home in a crazy beautiful part of the world, we spend money on fresh, healthy, mostly organic food, we ski multiple times a week and we take several international trips per year.
There’s a lot we don’t spend on, of course, and we do have one freakishly frugal habit that shocks a lot of people – keeping our house at a chilly 55 degrees F in the winter – but we think our life is pretty darn luxurious. But we keep it reasonable by ruthlessly cutting out the mindless spending that doesn’t add real value to our lives and focusing our spending only on the things we love to do.
5. What career did you have before you retired? Did that career help you to retire earlier?
We both worked as political and social cause consultants for a long time – 16 years for me and nearly 20 for Mark. We loved doing meaningful work with smart, talented people, but the pace of it was really hard to sustain. We had to travel a ton and be reachable at all times, and that stress was something we carried around with us at all times. But, the upside of high-pressure jobs like that is that they often pay well. So yes, absolutely – having those careers 100% enabled us to retire early!
6. What advice do you have for the average person that doesn’t make six figures a year who wants to retire early? What do you have to say to those who may think that they can never earn as much as you can – can they still retire early too?
While earning more certainly helps speed things along, there’s nothing about the core principle of financial independence – spend less than you earn and save the difference – that requires an especially high income or a job in tech or any other particular factor. (We both went to state schools for college and majored in English and communications, if you’re curious.) If you can afford to save even a little bit of money each month, you can do this, you just might be on a slightly longer timeline. If you make saving for early retirement a priority, you’ll be amazed that it does not take 40 years to save, as many financial experts would have you believe.
My best advice is to be diligent about tracking your spending. Know where every dollar is going, and then then ask yourself which of those dollars brought you real, lasting happiness, not just a momentarily thrill, and which ones didn’t. Then, as much as you can, cut out the spending that doesn’t make you happy. You don’t even have to do it all at one time, but once you start seeing your spending that way – mindless spending that doesn’t add value and mindful spending that makes you happier – it becomes a whole lot easier to save money.
And then don’t just think about the saving side of the equation. Think about the earning side, too. Side hustles are all the rage, and I side hustled for the first 12 years of my career, working a few odd jobs and then teaching yoga and spinning for 10 years. Those jobs definitely helped me earn and save more in my early career years, but eventually having extra commitments held me back in my “real career.” And at that point, I ditched my side hustle and committed myself fully to my main job, working as long and traveling as much as that required. I know that having that real commitment to work paid off in the form of promotions and bonuses, and that wouldn’t have been possible if I’d kept my side hustle.
7. Will you still earn an income in retirement?
Our retirement is funded primarily by selling shares of stock and bond index funds that we bought throughout our savings phase, as well as by collecting rent on the one rental property we have. We created our “magic number” that we needed to save by figuring out what we’d need to have if we never earned another penny, and that’s what we saved. But now that we’re retired, we also realize that of course we’ll still earn money in some form. Retiring early takes a bit of a hustle mindset, and you don’t just stop being a person who hustles when you leave your career.
The good thing is that we can now put that hustle to use toward community service instead of paid work, and if we do take on paid work, we can be super picky and do only work that sounds super fun, that we’d happily do for free. And that extra money we earn can go toward more charitable giving, toward an extra trip overseas, or maybe toward a home project like a kitchen remodel. In the spirit of full transparency, Mark and I are both working a little bit this year, though in total it will only be about 10-20 percent of our time. We didn’t plan to work, but Mark got an offer he couldn’t refuse to work on a passion project, and I got an offer to fulfill a lifetime dream, so we both had an easy time saying yes.
8. How did you decide on how much you needed to retire on?
The starting point for calculating any early retirement number (or traditional retirement number, for that matter) has to be knowing what you spend in a year. Most online retirement calculators base your target number off what you earn, and that’s bananas if you don’t spend everything you make. When we started our planning, the rule of 25X (25 times your annual spending, the inverse of the 4% safe withdrawal rule) wasn’t as widely talked about, and it wouldn’t have worked for us anyway because we wanted to build a two-phase early retirement plan that would let us leave our traditional retirement savings alone (many early retirees convert 401(k) and IRA funds to be able to access them early without penalty, but we don’t want to do this), so that we’d have a big cushion for our later years, especially given all the uncertainty right now around health care, and the high costs even for those on Medicare.
We probably overcomplicated our calculations a bit because we’re both spreadsheet nerds, but the short version is that we calculated that our 401(k)s already had enough in them to support our “phase 2” (basically our traditional retirement, from age 59 ½ onward, after we can access our 401(k) money without having to jump through any hoops), and so we focused on saving an amount in unrestricted, taxable mutual funds that our spreadsheets told us would carry us through the first 18 years (our “phase 1”). We based those projections on extremely conservative market gains – only about percent real returns after inflation – so that we’d be okay even if the markets are flat for many years.
9. What sacrifices or hard decisions did you have to make?
I think the way we did this – focusing mostly on keeping our lifestyle contained as our earnings increased and automating our savings – made it not feel like a sacrifice. We for sure did give some things up like frequent meals out and traveling with a bit less of a budget orientation, but for those things, it was easy to give them up because we knew exactly why we weren’t spending money on them anymore. Having our goals clear in our minds and both being excited about our vision for the future was so motivating that it headed off any potential feeling of sacrifice.
Two of the hardest decisions we made along the way were to alter our plans to be able to help out family members. We hadn’t planned to buy a rental property, but it became clear that a relative with special needs would be helped a lot if we’d buy a property that would meet those needs and rent it to them, and so we adapted our plans to allow for that. And then another relative was about to go to debt collection for some medical debts that weren’t their fault, and we decided to make a personal loan to let that person move forward financially. Both decisions have worked out super well, and we believe strongly that there’s no point in having money saved if you can’t use some of it to help people you care about, but it was definitely tough to make each of those decisions.
10. What will you do about health insurance in early retirement?
We fully expect the landscape around health care in the U.S. to keep shifting, but for now we have health insurance that we purchased through the Affordable Care Act exchange. It’s a bit pricey but it’s normal insurance, which is a huge comfort to have!
11. What are your long-term plans now that you will have significantly more time not working?
We’re trying to keep things as open-ended as possible! I’m definitely going to keep writing the blog, and we’re both actively volunteering in our community. We went to Taiwan earlier this year and are planning a few more trips through the end of 2018, and then, who knows?
We’re exploring getting a very small motorhome (not big and fancy like yours, Michelle!) that we can use for road trips around the west, but that’s not for sure yet. A few years ago, we decided that our purpose is service, adventure and creativity, so while we don’t yet know what path our lives will take, we know we’ll be doing some of each of those three.
12. Are you doing any lifestyle changes to reduce your expenses in early retirement?
We are! When we were working, we were so crunched for time that we ate a lot of frozen and convenience foods, even though we would have preferred to make everything from scratch. We also couldn’t really comparison shop because we didn’t have time for that. But now we’re making more food from scratch and visiting a wider array of stores and learning what items are priced best at each place.
We’re also DIYing everything we can now that we have time to do that. But beyond that stuff, we were already living at a level we were comfortable with and that let us save a lot, so it doesn’t feel like we need to trim much more. But ask me again in a year, and maybe I’ll have found some new ways to save!
13. I’m curious to know what your methods for staying focused on accomplishing such a major goal?
Even in the very best case scenario, saving for early retirement takes years, so it’s important to know up front that you will feel some impatience along the way. Everyone who’s done it has felt it at one time or another, or maybe many times!
We found it helped a ton to track our progress and look at it often, so that we could see how far we’d come. And having everything automated also helped because we didn’t even give ourselves the opportunity to have the thought, “We’d rather spend this money instead this month to treat ourselves.” And finally, we didn’t deprive ourselves, and I think that’s important.
Living solely for tomorrow is not the way to be happy with your life – you have to allow yourself some joy today. We tried to keep things modest, of course, but we still let ourselves do fun things and spend money on things that made us happy instead of saving all our money. Living for both today and tomorrow helps with the impatience a ton!
14. If you were starting back at ground zero, what would you do differently from the beginning?
If I could go allllll the way back, I’d never set foot in Target! Haha. When I was just starting out in my career, Target was my kryptonite, and I wouldn’t set foot in there without buying a whole bunch of home decoration stuff that I didn’t need. One of my best practical saving tips is to know your spending triggers and avoid them, so to this day, I do not set foot in Target, and I get what I would have bought there on Amazon or at less tempting stores.
But if we’re just talking about the beginning of the early retirement journey, we would for sure have invested in more rental properties. Real estate offers a quicker path to financial independence than does saving, and it gives you some diversification you don’t get by only investing in the markets. I thought I’d hate being a landlord and so wasn’t interested in real estate, but now that we’ve done it for several years, we wish we had put more focus on rental properties.
15. Lastly, what is your very best tip (or two) that you have for someone who wants to reach the same success as you?
Don’t just think in terms of numbers. Get clear about what you really want to be doing with your life – what that looks like, what will make you feel like you have a purpose, what you want to be able to look back on at the end of your life and feel proud of – and then decide what you’re willing to give up to make that happen. Doing that exercise will help you figure out much more quickly how much your new life will cost and how much you can afford to save now, but best of all you’ll have the motivation to do that saving because you will have already invested the time in forming that solid vision for yourself instead of saving just to save, or just because you don’t like your job. If you retire early just because you don’t like your job and not because there’s something else you’re super stoked to do, you’ll probably be unhappy in early retirement, too.
And on the numbers front, don’t just focus on saving money. Focus on earning more. There’s a limit to how much spending you can eliminate but no limit to how much you can earn, so don’t neglect that half of the equation.
Are you interested in early retirement? Are you saving for retirement?
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48k salary is a solid hourly wage when you think about it.
When you get your first job and you are making just above minimum wage making over $48,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $67,521 in 2020 and decreased by 2.9% from the previous year (source). Think of it as a bell curve with $67500 at the top; 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 out evenly between all of the people.
But, the question remains can you truly live off 48,000 per year in today’s society since it is below both the average and median household incomes. The question you want to ask all of your friends is $48000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $48000 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 $48k 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?
$48000 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 48k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$48000 a year is $23.08 per hour
Breakdown Of How Much Is 48k A Year Hourly
Let’s breakdown, how that 48000 salary to hourly number is calculated.
For our calculations to figure out how much is 48K 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 $48000 by 2,080 working hours and the result is $23.08 per hour.
48000 salary / 2080 hours = $23.08 per hour
Just above $23 an hour.
Key Points….
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 $6K to 54000 a year, it would increase your hourly wage close to $26 an hour – a difference of $2.88 per hour.
To break it down – 54000 salary / 2080 hours = $25.96 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $48K salary Per Month?
On average, the monthly amount would be $4,000.
Annual Salary of $48000 ÷ 12 months = $4000 per month
This is how much you make a month if you get paid 48000 a year.
$48k 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 $48k 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$48000/52 weeks = $923 per week.
$48000 a year is how much biweekly?
For this calculation, take the average weekly pay of $923 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$48000 / 260 working days = $184 per day
If you work a 10 hour day on 208 days throughout the year, you make $230 per day.
$48000 Salary is…
$48000 – Full Time
Total Income
Yearly Salary (52 weeks)
$48,000
Monthly Wage
$4,000
Weekly Pay (40 Hours)
$923
Bi-Weekly Pay (80 Hours)
$1,846
Daily Wage (8 Hours)
$184
Daily Wage (10 Hours)
$230
Hourly Wage
$23.08
Net Estimated Monthly Income
$3,054
Net Estimated Hourly Income
$17.62
**These are assumptions based on simple scenarios.
48k 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 48000 a year after taxes?
Gross Annual Salary: $48,000
Federal Taxes of 12%: $5,760
State Taxes of 4%: $1,920
Social Security and Medicare of 7.65%: $3,672
$48k Per Year After Taxes is $36,648
This would be your net annual salary after taxes.
Hourly Wage after Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$36648 ÷ 2,080 hours = $17.62 per hour
After estimated taxes and FICA, you are netting $36,648 per year, which is $11,352 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 $48000 income can range from $32808 to $38568 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 $48,000 income.
How Much Is 48K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 48k, here is a tool to convert salary to hourly calculator.
In fact, many people will agree a business degree is worth it to make more than this.
48k 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 between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $48,000 a year is going to be much more 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 cheap and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $48,000 a year is below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
What a $48,000 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.
Have some fun money in your budget.
You are able to rent in a decent neighborhood in LCOL and maybe a MCOL city.
You should be able to meet your expenses each and every month.
Participate in the 200 envelope challenge.
Ability to make sure that saving money is a priority, and very possibly save $3000 in 52 weeks.
When A $48,000 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 48k 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.
$48K 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 48k 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 $48000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$200
Savings
15-25%
$720
Housing
20-30%
$1120
Utilities
4-7%
$160
Groceries
5-12%
$320
Clothing
1-4%
$24
Transportation
4-10%
$160
Medical
5-12%
$200
Life Insurance
1%
$12
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$90
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$946
Total Gross Monthly Income
$4000
**In this budget, prioritization was given to basic expenses and no debt.
Is $48,000 a year a Good Salary?
As we stated earlier if you are able to make $48,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 48000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
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. It is okay to be driving around a beater car while you work on increasing your salary.
This $48k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
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 48k 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 48k a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 48,000 per year.
If you are looking for a career change, you want to find jobs paying at least $60000 a year.
Is 48k a good salary for a Single Person?
Simply put, yes.
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.
Learn exactly what is a good salary for a single person today.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $48000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 48k a good salary for a family?
Many of the same principles apply above on whether $48000 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.
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.
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 $48,000 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.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
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 48000 per year, then the combined income for the household would be $96,000. 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 $48000 Per Year?
As we outlined earlier in the post, $48,000 a year:
$23.08 Per Hour
$184-230 Per Day (depending on length of day worked)
$923 Per Week
$1846 Per Biweekly
$4000 Per Month
Next up is making between $50000 a year and $55000 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 middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 38,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $48k, 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 create a biweekly budget 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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Today marks the last day to submit a nomination for HousingWire’s prestigious and first-of-its kind Women of Influence award. Each year, HousingWire’s Women of Influence award spotlights women who are cultivating a new path forward for the housing economy and paving the way for the women who follow after them. These women are recognized based on achievements within their organizations, their communities and the in the industry at-large.
HousingWire reached out to previous award winners and asked them to share any advice they would have for someone starting out in the industry. Keep reading to see the responses from some of the previous Women of Influence honorees.
“Be teachable and take every opportunity to learn as much as you can about the industry. Recognize that some lessons are taught and some are caught. Find people who will pour into you (taught) and will model for you (caught).” — Lisa J. Haynes, senior vice president, chief financial officer and diversity and inclusion officer, Mortgage Bankers Association
“Make sure you are passionate about what you do and who you are serving. You’ll accomplish all of your goals if you truly care about what you are working on.” — Hilary Saunders, Esq., co-Founder and chief broker officer at Side
“The best learning is done situationally. Put yourself in new experiences. And take the lead to get there. Ask your supervisor what you can take off their plate so you can learn by doing new things. Seek conversations with people in related but different roles or fields, to expand your ability to think creatively with new inputs.” —Liz Gehringer, president and CEO, franchise brands, Anywhere Real Estate Inc.
“Be curious with what you can achieve. Self-doubt and imposter syndrome gets the best of us, push yourself beyond that line and you will surprise yourself on what you can do.” — Dr. Jessica Lautz, deputy chief economist and vice president of research, National Association of Realtors
Join the ranks of these inspirational women and nominate a female colleague — or yourself — for the Women of Influence award, today!
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.
As the old saying goes, “In real estate, location is everything.”
You may not know much about REITs, but you might want to consider one of them as a career. They’re great for people who like real estate, enjoy making money, and need consistent work hours.
Real estate investment trusts (REITs) are companies that were formed to make it easier for individuals to invest in real estate.
Want to know what the top paying jobs in Real Estate Investment Trusts are in 2022?
Well, take a look at this list of 25 best paying jobs for real estate investment trusts and see if you can find one that sounds perfect for you. In addition, each job features information about how much each job pays, what you can expect on the job, any job training needed, and other fun facts!
If you are looking for your next career, this article will give you plenty to think about as well as potential opportunities that may be available to you.
What are real estate investment trusts?
Real estate investment trusts, or REITs, have become an increasingly popular way for investors to get involved in the real estate market. REITs allow people to invest in large-scale real estate projects without having to purchase and manage the properties themselves.
In addition, REITs offer shareholders a wide range of benefits, making them a great choice for those looking to invest in this growing market.
How do real estate investment trusts work?
A REIT is a type of company that owns and operates various types of real estate, and because they are exempt from corporation tax on profits generated through rental income and the sale of rental properties; They are a very attractive option for high-earners.
They pile investors’ money together and invest in various commercial real estate, which increases returns over time. In addition, REITs are generally owned by the general public, and they invest in real estate assets.
Lastly, they make a profit through investments or leasing; a return on investment is typically received as a dividend. Real estate investment trusts are similar to mutual funds in that they hold investments, distribute dividends, and pay taxes.
Is a real estate investment career good?
Real estate investment companies are a great place to start a career in real estate.
Real estate investment trusts (REITs) are one of the most productive industries today. They provide steady and consistent growth, as well as good job opportunities with high salaries. Careers in real estate that can lead to better-paying jobs include appraisers and investment bankers.
Best paying jobs in real estate investment trusts
The market for REITs has grown rapidly in recent years, with the total value of REITs reaching almost $3.5 trillion by the end of 2021 (source).
There are many different jobs in the real estate investment trust industry that come with a variety of salaries. The best paying jobs are reserved for the C-level executives:
Chief Executive Officer: The CEO is the highest-ranking executive officer in a company and is responsible for making major decisions that affect the business. CEOs in the REIT industry earn an average salary of $468,000 per year.
Chief Financial Officer: The CFO is responsible for financial planning and reporting, as well as managing relationships with banks and other lenders. CFOs in the REIT industry earn an average salary of $341,000 per year.
Chief Operating Officer: The COO is responsible for overseeing all day-to-day operations of a company. COOs in the REIT industry earn an average salary of $325,000 per year.
Followed by the attorney, which is one of the highest-paying professionals in real estate investment trusts.
Now, we are going to list the most lucrative jobs in REITs. Then, you can decide… is real estate investment trusts a good career path for me.
The higher paid jobs will come with more education needed and years of experience.
1. Real Estate Attorney Jobs
Real estate attorneys are in high demand for their knowledge of transactional law and contractual issues. They work on a variety of deals involving the purchase, sale, or leasing of real estate. As such, they provide critical legal support to the real estate investment trust (REIT) industry.
Real estate attorneys license in their state to practice law. They can prepare contracts, advise clients on purchases and investments, review documents, represent mortgage lenders at closing, or simply provide legal counsel without the requirement of an attorney’s license.
Consequently, real estate attorney jobs are an excellent opportunity for those looking to work in the REIT industry.
Real Estate Attorney: well over 6 figures (average)
2. Real Estate Developer
Real estate developers are typically involved in the design, construction, and marketing of properties. They are also involved in land assembly and subdivision, zoning regulation, and the establishment of building codes.
Builders are involved in all aspects of the development process, from acquiring land to constructing buildings. Promoters are responsible for finding investors and marketing completed projects. In both cases, real estate developers may work either on their own or with a team of partners.
A developer obtains land and constructs assets for sale, while also selling them off when they become old enough to be sold again.
Real Estate Developer Salary: over 6 figures (average)
3. Director of Real Estate and Facilities
The Director of Real Estate and Facilities is responsible for a variety of tasks within the department. These tasks include, but are not limited to, the following:
Acquiring new properties
Negotiating leases
Overseeing property management
Maintaining the company’s physical infrastructure
Developing and implementing strategic plans
A director of real estate and facilities is a key role in any company that deals with real estate investment trusts (REITs). Therefore, this position often leads to advancement opportunities, making it an excellent career choice for those interested in this growing field.
Director of Real Estate and Facilities Salary: $130,000 a year (average)
4. Director of Acquisition
Directors of acquisitions in real estate investment trusts are responsible for finding new properties to invest in for the company.
Typically, they work with their analysts to conduct due diligence on potential investments and analyze the risks and rewards involved in order to provide a recommendation to their superiors.
The acquisition team is responsible for finding investment opportunities for the company, which can be traditional real estate assets or creative ideas that can become a business. They are constantly on the lookout for new and innovative opportunities that can help bolster the company’s growth.
Director of Acquisition Salary: $125,000 a year (average)
5. Real Estate Agent
As a licensed real estate agent, you would help clients buy, sell, and rent properties. In order to become a real estate agent, you must pass an exam that covers topics such as contracts, ethics, and state laws. You would be responsible for understanding the real estate market and helping your clients make informed decisions about their property transactions.
In the case of REITs, you must be a commercial real estate agent who are in charge of dealing with important financial data. They need to know about the internal rates of return, gross rent multipliers, and capitalization rates in order to do their job effectively. In order to become a commercial real estate agent, you will need some background in business and finance. This knowledge will help you understand your client’s needs and better serve them.
Unlike most professions, the more business deals you close as a real estate agent, the better your pay is. Furthermore, many agents work on commission-based pay, so it’s important to be knowledgeable about the market and have a strong sales skill set.
Agents who are successful can make much more than this amount; however, those who are just starting out may make less until they gain experience and build a client base.
Real Estate Agent Yearly Commission: $100,000 a year (average)
6. Investor Relations Manager
An Investor Relations Manager is responsible for managing the relationship between a company and its investors. They must be able to quickly understand complex financial information and communicate it in a clear and concise way. Additionally, they are responsible for communicating the company’s financial performance and strategy to investors.
They are also responsible for updating quarterly reports on the investor’s online dashboard. This can be a high-stress job because you must keep your investors happy especially during a market downtrend.
Investor Relations Manager Salary: $100,000 a year (average)
7. Project Manager
Project managers are responsible for ensuring that a project is completed on time and within budget.
They work in teams to make sure that all aspects of the project are completed. Thus, they must have strong organizational skills. They also typically have experience in leading and coordinating teams.
This is a highly lucrative job for those building new assets for a REIT. The highest-paid 10 percent earned more than $187,000, while the lowest-paid 10 percent earned less than $59,000.
Project Manager Salary: $90,000 a year (average)
8. Accounting Manager
They do this by preparing financial statements, maintaining accounting records, and overseeing the work of accountants and bookkeepers. In order to qualify for this position, you will need at least a bachelor’s degree in accounting or a related field, as well as several years of experience in accounting or bookkeeping.
However, with experience and expertise in the field, it is possible to earn much more than that. Those who work for real estate investment trusts (REITs) can expect to make even more money.
Accounting Manager Salary: $90,000 a year (average)
9. Asset Managers
Asset Management is a process that oversees the operational and financial work of a portfolio of assets. This includes tasks such as budgeting, forecasting, reporting, and analyzing data to make sure the asset is performing well.
As they are responsible for managing the portfolio assets in the real estate investment trust (REIT), they must expect a higher stress job. In addition, their job entails working with other departments in the company, such as accounting, acquisitions, development, and finance.
Asset Managers Salary: $89,000 a year (average)
10. Construction Supervisor
A construction supervisor oversees all aspects of a construction project, ensuring that it is completed on time, within budget, and to the required standard. This position requires a great deal of experience and knowledge in the field, as well as strong leadership skills.
They make sure that everything runs smoothly! Speficially, all the necessary equipment, materials, and supplies are ordered and on-site when they are needed. They also check the quality of the work as it is being done; making sure projects are constructed in accordance with contract documents, standards, codes, and policy.
In order to become a construction supervisor, you need only a high school diploma or GED. However, five years of experience in yard operations or equivalent education and experience is preferred.
Construction Supervisor Salary: $89,000 a year (average)
11. Investment Due Diligence Analyst
An investment due diligence analyst is responsible for conducting an extensive analysis of potential investments for a real estate investment trust. They work with the team to identify opportunities, underwrite deals, and make recommendations. The role is essential in helping the team make sound investment decisions that will benefit the company in the long run.
This job is a key player in the real estate investment trust (REIT) industry.
To be successful in this role, you’ll need experience with REITs or a national brokerage, as well as excellent quantitative skills including the ability to build real estate valuation models and distribution waterfalls.
Investment Due Diligence Analyst Salary: $80,000 a year (average)
12. Financial Analyst
The most common role of a financial analyst is assessing a company’s current and future financial health, which may include issuing stock recommendations, forecasting earnings, and providing risk analysis. Financial analysts may also work with investment bankers to identify new investment opportunities.
However, salaries can vary significantly depending on the size of the company, the city in which you work, and your level of experience.
Financial Analyst Salary: $80,000 a year (average)
13. Business Acquisition Analyst
An acquisitions analyst is responsible for reviewing potential investments and determining the risks and rewards associated with commercial property.
The analysis will include both macro-level information, such as the political and economic environment, as well as more fine-tuned data that is specific to the investment itself.
Many in this role have found a business degree to be well worth the cost.
Director of Acquisition Salary: $78,000 a year (average)
14. Commercial Property Manager
Property management is a growing field, as the demand for individuals who can manage both residential and commercial properties increases. The goal of property managers is to ensure assets are kept in good condition and are appealing to owners and tenants alike.
Real estate investment managers have a very important job, as they are responsible for meeting the needs of property owners, tenants, and investors.
Primarily, they oversee maintenance and repairs, collect rent, screen tenants and enforce lease agreements. They also may negotiate leases, recommend improvements to the property, and coordinate with contractors.
Commercial Property Manager Salary: $75,000 a year (average)
15. Real Estate Photography
Real Estate photography is a specialized field within the photography industry. As such, many photographers start their own businesses in this area.
In order to be successful, it’s important to have strong marketing and business skills. Your portfolio should showcase your best work and be tailored to the types of properties you will be photographing. Additionally, you may choose to offer additional services such as virtual tours or video production.
A real estate photographer would work closely with the marketing team.
Real Estate Photographer: $70,000 a year (average)
16. Marketing Coordinator
Marketing coordinators are responsible for developing and executing marketing campaigns.
They work with the advertising department to come up with ideas. Then, working with the rest of the company to make sure that those campaigns are executed properly. They create all marketing materials, track campaign results, liaise with outside vendors, and organize events.
Given the regulations around REITs, it is highly important that the marketing communications follow the investment directives from the SEC.
Marketing Coordinator Salary: $67,000 a year (average)
17. Maintenance Supervisor
A maintenance Supervisor is a position that requires managing and overseeing the work of others. Thus, ensuring work is completed in a timely, efficient and safe manner.
They are responsible for making sure all company policies and procedures are followed, as well as any legal requirements or safety regulations. Additionally, they manage budgets and expenses, as well as staff.
The ideal candidate will have experience in the property management or construction industries, as well as supervisory experience. A degree in engineering, architecture, or a related field may be beneficial.
Maintenance Supervisor Salary: $65,000 a year (average)
18. Property Appraiser
Appraisers are typically called in when there is a need to settle a dispute about the value of a piece of property, or when someone is buying or selling a home and needs to know how much it is worth.
Most states require that you be licensed in order to practice as an appraiser. The job outlook for appraisers is good; the Bureau of Labor Statistics predicts that employment will grow by 4% from 2020-2030 (source).
Property Appraiser Salary: $60,000 a year (average)
19. Leasing Consultants
Leasing consultants are responsible for meeting and greeting clients, touring potential tenants through a property, and helping them decide whether or not to lease it. They must be knowledgeable about the property they are showing, as well as about the local rental market.
Consequential, this is a good job for someone who is able to close deals, so being persuasive is important.
They should also be outgoing and comfortable working with people from all walks of life. A high level of professionalism is essential, as is attention to detail. Leasing consultants typically earn commissions based on the number of leases they sign, making this a commission-based job.
Leasing Consultant Salary: $50,000 a year (average)
20. Commerical Real Estate Intern
Commercial real estate internships are a great way to get started in the commercial real estate industry. Many internships will give you the opportunity to work with the CEO/COO and learn about all aspects of the business.
In most internships, you will gain vast knowledge while working with every department within the company.
Consequently, interns often have the chance to work with different teams and learn about all aspects of commercial real estate. This is a great way to gain experience in the field. Plus you will get a well-rounded working experience and the opportunity to build your network.
You must be a college student who is detail-oriented, self-starter, creative and strategic thinker in order to be considered for any real estate internship.
Commercial Real Estate Intern Salary: unpaid to $20 an hour
(Source for All Salary Information: Glassdoor.com)
Bonus = Real Estate Investors
Real estate investors use a variety of strategies to make money in the real estate market. Some invest a minimal amount of money, while others take on high-risk ventures.
In order to be successful, investors must be well-versed in real estate investment strategy and have extensive knowledge of the market.
This is why REITs are so popular with most investors. It allows a hands-off approach to real estate investing. Yet, still profit in the real estate appreciation and rental income.
Real Estate Investors Salary: varies on the amount of money invested but most want at least a 6-10% return
What real estate investment jobs are entry level?
Real estate investment is one of the best paying jobs in the world. The job offers a lot of opportunities for growth and allows you to work with different types of people.
It also has a relatively low barrier to entry, making it a great option for those who are starting their careers.
Most people in real estate started at the bottom and worked their way up the corporate ladder with hard work and persistence.
What are the minimum requirements for entry level real estate jobs?
The industry is growing rapidly and there are many different opportunities for those looking to enter the field. However, it’s important to note that entry-level jobs in this field come with specific skill sets and education requirements.
Most require at least a college degree if not at least 5 years of hands-on experience. One of the best places to start without any qualifications and education is as a leasing consultant
If you want to progress quickly in your career in real estate, consider taking a chance on one of the best paying jobs in REITs listed here. In fact, there are many jobs available in real estate investment trusts.
REITs – Which real estate investing job looks appealing to you?
The REIT industry is constantly growing, and with that comes new opportunities for a lucrative career path.
Many of the roles in a REIT are highly challenging, pay well, and are respected by investors. Many people work together as a team to build new projects, manage existing projects as well as work to finance them.
There are plenty of benefits of spending time researching this industry and finding the job for you.
In fact, it is an exciting and rewarding career!
Know someone else that needs this, too? Then, please share!!
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.
Do you know how much a freight broker makes?
Shipping is one of the most common forms of international trade that takes place on our planet. There are many different types to choose from, like air freight, sea transport, and trucking.
Freight brokers are in high demand.
The daily tasks of a freight broker require plenty of planning, organization, and skill.
In this post, we will explore how much a freight broker makes on average each year as well as the types of employment that pay them the best salaries.
Let’s take a look at what these jobs entail:
What is a Freight Broker?
A freight broker negotiates with carriers for shipping opportunities by representing buyers and sellers interested in transportation services offered through qualified carriers or companies which may include ships as well as land-based modes such as trucks and trains.
It can be a lucrative profession if you’re skilled at it, but how much do freight brokers earn?
What is the average freight broker salary?
The average freight broker salary is $45,000. This number can vary depending on a number of factors, including the region of the country in which they work and their level of experience.
Also, as Freight 360 points out, the commission is the lucrative part of the job, and most W-2 employees make over $80K per year.
Freight brokers in the Midwest typically earn more than those in other regions. This is due to the fact that there is more business activity in this part of the country.
Those who are just starting out in this career field may not earn quite as much as those who have been working as freight brokers for several years. However, with time and experience, most people will see a gradual increase in their income.
How much does a freight broker make per year?
According to the US Bureau of Labor Statistics, the median salary for a freight broker is $46,910 or $22 an hour.
On a higher pay scale, Indeed.com lists the national average salary at $62,105 per year.
This means that 50% of all workers make more than this amount and 50% make less.
The freight broker salary is often impacted by a number of factors. One of the most important factors is whether or not the freight broker is a W-2 employee or an owner/operator of their own company.
W-2 Freight Brokers
W-2 employees are more common and make less than owners/operators. They work under a licensed freight broker and receive a base salary plus commission on each shipment they book.
Licensed Freight Brokers
Licensed freight brokers who own their own company often employ other freight brokers and may have higher earnings potential.
A freight broker is an independent business person or a broker who works with the transportation companies, agents, or brokers to renegotiate freight contracts on behalf of the shipper.
Becoming a freight broker requires a significant investment and takes a higher than average risk but it could prove to be well worth it in the long-term.
1099 Freight Broker
As 1099 independent contractors, a freight broker works under a licensed broker. But, they do not have the benefits of being a W-2 employee.
Freight broker Salaries by state
Freight broker salaries hover near the average $60000 salary. However, this salary varies widely based on location.
These statistics below are from Indeed.com.
Highest paying states
Kansas: $75,686 per year
Arkansas: $71,220 per year
Illinois: $66,448 per year
Utah: $65,250 per year
Georgia: $63,896 per year
Florida: $62,515 per year
Ohio: $62,268 per year
Texas: $61,921 per year
Iowa: $60,744 per year
Lowest paying states
West Virginia: $37,750 per year
Vermont: $38,040 per year
Alaska: $39,620 per year
Wisconsin: $39,710 per year
Hawaii: $39,920 per year
Interestingly enough, many of the low cost of living areas have the highest salaries. Whereas the lowest paying states have a higher cost of living. So, when factoring this into the HCOL vs LCOL debate, this is a highly lucrative career in those mid0west states.
Can you make good money as a freight broker?
Since you make money as a freight broker through commissions, there is no limit to what you can earn. You can make good money if you are driven to succeed and hit your sales quota each month.
Is becoming a freight broker worth it?
Being a freight broker training can be lucrative, with many freight brokers making six figures.
This business is ideal for talented salespeople who know how to cultivate long-lasting customer relationships. Freedom is one of the biggest factors for many people and it’s hard to find a job that offers this amount of freedom.
What are the most common freight broker job responsibilities?
Freight brokers are responsible for a variety of tasks, including finding shipments for their clients, negotiating rates, and arranging transportation. They must have strong analytical thinking and problem-solving skills in order to be successful in this career.
Freight brokers are responsible for a wide range of tasks, from communicating with clients and carriers to preparing and issuing invoices.
The most common freight broker job responsibilities are maintaining strong communication, collaborating with other departments, and retaining customers. Freight brokers are also responsible for ensuring that shipments arrive on time and under budget.
In addition, they also need to be familiar with the laws and regulations governing freight transportation.
Additionally, freight brokers should have a deep understanding of the transportation industry so they can provide the best possible service to their clients.
What skills are required to be a successful freight broker?
There are a number of skills that are important for freight brokers. These include, but are not limited to, customer service skills, problem solving skills, communication skills, and organization skills. Additionally, it is important to have a passion for the job in order to maximize income potential.
In order to succeed in this career, you’ll need strong computer skills. This includes being able to use Excel spreadsheets and other software programs that are commonly used in the freight industry.
What education is necessary to become a freight broker?
There are many ways to become a freight broker, but the best way to start is by taking a course from a private company. This will give you the essential knowledge and training you need to start working in this field.
DAT, one of the best companies, that provides the best load boards for truckers recommended this course.
In order to become a freight broker, you will need both experience and education. Depending on the state in which you reside, you may be required to have a certification in order to work as a freight broker.
In fact, it is one of the few well-paying careers that does not require secondary education. Most employers only need a high school diploma or GED.
What are the career prospects for freight brokers?
The freight broker job market is always on the move. The industry is constantly growing and changing, so it’s important to stay up-to-date on the latest trends.
As will all know, supply chain issues will continue and freight brokers will help eliminate the problems with logistics.
One of the best ways to get started is by working for someone else as a freight broker before moving on to become running your own business.
Unfortunately, the turnover rate for new brokerage authorities is high. Only one-third keep their designations. However, if you have the right skills and are willing to put in the work, then your career prospects are excellent.
In fact, if you keep using these good excuses to miss work, then a job change is probably needed.
How can you earn more as a freight broker?
There are many ways to increase your income as a freight broker. As a business owner or someone working on commissions, you want to do everything you can to increase your profit margin.
Use Load Boards
Freight brokers can maximize their income potential by using load boards.
Load boards are a valuable resource for freight brokers, as they provide access to a large number of shippers and carriers. When freight brokers have access to a large number of shippers and carriers, they are able to find the best matches for their clients’ shipments.
Grow with DAT load boards.
Generate More Business
If you want to increase your income, the first thing to do is to get more clients.
This can be done by either marketing yourself or networking with other businesses.
By working, harder and smarter, you will find more and retain more clients. This means taking on more jobs, learning new skills, and being efficient with your time.
Increase your Margin
Another way to increase your income is to bill more for your services. You can do this by becoming an expert in a certain area of freight shipping or by charging higher rates.
Additionally, you can work on becoming more efficient so that you can take on more clients and earn more commissions. Finally, try to focus on developing long-term relationships with clients so that you can continue to receive repeat business.
Ask for A Raise
There are a few ways to make more money as a freight broker. You can increase your base salary or commission rate.
Generally speaking, the more business a freight broker can bring in, the higher their commission rate will be. Then, asking for a raise will be easy.
Delegate Tasks
As a freight broker, you may be tempted to do everything yourself in order to save money. However, this can actually limit your earning potential.
By delegating administrative or back-office tasks to others (especially if you are a 1099 or licensed broker), you can free up more time to focus on sales and generate more revenue.
Location. Location. Location.
Location is key when it comes to freight broker salaries. The closer you are to a transportation hub, the more you can expect to make. Additionally, freight brokers in some states earn more than those in others due to differing registration fees, varying licensing and insurance requirements, and different local and state taxes.
Be Your Own Boss
In addition, by owning your own freight brokerage, you keep all of the profits. You will also have more control over the work that you do and who you work with.
This can lead to a more successful business and a higher earning potential.
Now, You Know How Much Freight Brokers Make
Is this the right career path for you?
There are many factors to consider. Many people love that these types of jobs can be done remotely and give you flexibility.
Freight brokers are in high demand due to the increasing popularity of freight shipping.
Freight broker salaries vary depending on a variety of factors, including experience, skills, and location. However, most freight brokers make a comfortable living.
Know someone else that needs this, too? Then, please share!!
If you’ve built up a bit of a nest egg and you’re ready to upgrade your banking experience, you have plenty of options. One that should definitely be on your radar is the BMO Harris Premier™ Account, a premium bank account that gets even more rewarding as your balance grows.
Let’s be clear: The BMO Harris Premier Account isn’t the best fit for every banking customer. Before you apply for one, make sure you understand what you’re getting into.
What Is the BMO Harris Premier Account?
The BMO Harris Premier Account is a high-end checking account from BMO Harris Bank. It has a $25 monthly maintenance fee that BMO waives when you meet a minimum balance requirement.
There’s no minimum balance to qualify for this account, but higher balance tiers — starting at $25,000 and ascending from there — qualify for additional perks and benefits, like credit card spending bonuses and discounts to BMO mortgage closing costs. The balance requirement is cumulative across all eligible BMO accounts, including savings, money market, and CDs.
Even if you have less than $25,000 with BMO, the Premier Account is quite generous. Benefits include up to $25 in non-BMO ATM surcharge rebates and a $10 monthly credit when you spend a minimum amount on a linked BMO credit card.
Note that the BMO Harris Premier Account is not the same as BMO Harris Premier Banking Services. Premier Banking Services is a private banking service that requires at least $250,000 in combined eligible deposits with BMO. Premier Banking Services clients also qualify for Premier Banking Accounts, but they’re also entitled to a wider range of benefits, including financial planning and wealth management.
What Sets BMO Harris Premier Apart?
The BMO Harris Premier Account has a few notable features that many competing accounts lack:
Quarterly credit card spending bonuses. When you spend at least $3,500 in purchases on an eligible BMO credit card during a calendar quarter, you qualify for a spending bonus of at least $10. At higher relationship levels, the bonus ranges as high as $75 for the same amount of spending.
Closing cost credits and interest rate discounts on BMO home loans. As a BMO Harris Premier account holder, you’re entitled to two valuable benefits when you get a mortgage loan through BMO: a $500 discount on your closing costs and a 0.50% interest rate discount when you set up automatic payments.
Generous ATM fee reimbursements. As at most banks, BMO Harris customers pay no fees at the bank’s own ATMs. But BMO Harris Premier goes farther and reimburses up ATM fees charged by other banks up to $25 per month. That’s enough to offset this account’s monthly maintenance fee (if you haven’t done that already).
Key Features of BMO Harris Premier
The BMO Harris Premier Account has all the features you’d expect from a traditional checking account, including multiple ways to waive the monthly maintenance fee and potentially valuable perks for heavy users.
Account Opening Bonus
Open a new BMO Harris Premier Account by July 14, 2023, and get a $350 cash bonus when you receive a total of at least $7,500 in qualifying direct deposits within the first 90 days your account is open.
Monthly Maintenance Fee & Waiver Options
The BMO Harris Premier Account has a $25 monthly maintenance fee. BMO waives this fee in any statement cycle where you meet one of the following criteria:
An average daily balance of at least $10,000 in your Premier Account
A monthly combined balance of at least $25,000 across all eligible BMO accounts, including savings and investment accounts
Participation in BMO’s employee benefits program, which is limited to certain BMO employees and thus isn’t a common waiver option for the general public
ATM Network & Fees
BMO is part of the Allpoint ATM network, which has tens of thousands of ATMs around the United States. As a Premier Account customer, you pay no ATM withdrawal fees at Allpoint ATMs.
BMO also reimburses third-party ATM surcharges up to $25 per month. So unless you make a lot of cash withdrawals each month, you don’t have to worry about ATM fees with BMO Premier.
Interest on Balances
All BMO Harris Premier Account balances earn 0.01% APY. Balances held in linked savings and money market accounts earn at higher rates, depending on your relationship level.
Credit Card Spending Bonus
As a Premier Account holder, you get a $10 bonus credited to your account in any quarter where you spend at least $3,500 in eligible purchases on a linked BMO credit card. You need to qualify for the credit card separately — having a Premier Account doesn’t entitle you to one automatically.
Mortgage Lending Benefits
The BMO Harris Premier Account comes with two benefits for mortgage borrowers who set up autopay out of the account:
A $500 credit to the loan’s closing costs
A 0.50% interest rate discount
The interest rate discount can add up to many thousands of dollars over the life of the loan, so it’s a big incentive to pay your mortgage out of your Premier Account.
Relationship Tiers & Balance Requirements
The BMO Harris Premier Account has three higher relationship tiers based on your total combined balance in eligible BMO accounts. Each tier offers benefits on top of the ones you get just by being a BMO Premier customer:
Premier Gold: Requires $25,000 to $99,999.99 in combined eligible balances. Additional benefits include up to $30 in domestic and international wire transfer fee rebates, a $25 quarterly credit card spending bonus with $3,500 in qualifying purchases, and a 0.75% bump to the base yield (currently 1.00% APY) on a linked BMO money market account.
Premier Platinum: Requires $100,000 to $249,999.99 in combined eligible balances. Additional benefits include up to $60 in wire transfer rebates, a $50 quarterly credit card spending bonus with $3,500 in qualifying purchases, and a 1.50% bump to the money market base rate.
Premier Platinum Elite: Requires $250,000 or more in combined eligible balances. Additional benefits include up to $90 in wire transfer rebates, a $75 quarterly credit card spending bonus with $3,500 in qualifying purchases, and a 2.25% bump to the money market base rate.
Advantages
The BMO Harris Premier Account has several notable advantages that can collectively offset the monthly fee (if it’s not waived already). The advantages grow along with your balance.
Above-average account opening bonus. BMO Harris Premier’s account opening bonus is worth gunning for. You do need to receive at least $7,500 in direct deposits during the first 90 days your account is open, but that should be doable for many users.
At least $25 in ATM surcharge fee reimbursement per month. If you regularly withdraw cash from ATMs, regardless of who owns them, you could qualify for a monthly ATM fee reimbursement big enough to offset this account’s maintenance fee.
At least $10 in quarterly credit card spending bonuses. Meet spending requirements set by BMO and you can earn at least $10 in quarterly bonuses. You earn even more at higher relationship levels, up to $75 per quarter.
Lending benefits for all relationship levels. All BMO Harris Premier account holders enjoy two mortgage lending benefits: $500 off closing costs and a 0.50% interest rate autopay discount.
Additional benefits at higher relationship tiers. BMO Harris Premier’s benefits grow as your balance increases. North of $25,000 in combined balances across all eligible BMO accounts, you qualify for potentially valuable perks not available to entry-level account holders.
Disadvantages
The BMO Harris Premier Account has some important downsides, starting with a monthly maintenance fee that requires a five-figure balance to waive.
Has a $25 monthly maintenance fee. BMO Harris Premier has a $25 monthly maintenance fee that requires a hefty minimum balance (at least $10,000 in the account or $25,000 across all eligible BMO accounts) to waive. This is fine if you have a lot of extra cash, but it doesn’t work for many people.
Very low yield on balances. This account has a microscopic yield: just 0.01% on all balances. If you want to earn substantial interest on your checking balances, look to a legit interest checking account instead.
Lending benefits remain the same as your balance grows. All Premier Checking customers get the same lending benefits on BMO home loans: $500 off closing costs and a 0.50% interest rate discount with autopay. These are nice for entry-level users, but other banks offer more generous benefits for higher-asset borrowers.
How BMO Harris Premier Stacks Up
Before you open a BMO Harris Premier Account, compare it against other full-service checking accounts. One popular competitor is Chase Total Checking, which has some overlapping features but is different enough to warrant closer inspection.
BMO Harris Premier
Chase Total Checking
Monthly Maintenance Fee
$25, but can be waived
$12, but can be waived
Waiver Requirements
Yes, based on BMO balance
Yes, based on direct deposit or balance
ATM Fee Reimbursement
Up to $25 per month
None
Credit Card Benefits
Up to $75 in quarterly spending bonuses
None
Mortgage Benefits
Closing cost and interest rate discounts
None
Interest on Balances
0.01% APY
None
Final Word
As its name implies, the BMO Harris Premier™ Account is somewhat exclusive. It has a hefty monthly fee that requires a balance of at least $10,000 to waive, so it’s not appropriate for folks just starting out on their financial journeys.
But if you can clear the waiver requirement, BMO Harris Premier is a very good bank account. It has generous benefits like up to $75 in quarterly credit card spending bonuses, up to $25 in monthly ATM fee reimbursements, and valuable loan perks like closing cost and interest rate discounts.
BMO Harris Premier offers strong incentives to do more with BMO too. Its relationship tiers offer progressively more attractive benefits, with the best reserved for people who have at least $250,000 across all BMO deposit and investment accounts. If you don’t have that kind of money yet, it’s at least something to aspire to.
The Verdict
Our rating
BMO Harris Premier Account
Minimum balance/deposit: $0
Monthly fee: $25, but can be waived
Waiver options: Yes, based on eligible balance
ATM fees: Reimbursed up to $25 per month
Credit card bonus: Up to $75 per quarter
Loan benefits: $500 off closing costs and 0.50% off APR
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
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.
52k salary is a solid hourly wage when you think about it.
When you get your first job and you are making just above minimum wage making over $52,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $68,703 in 2019 and increased by 6.8% 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 out evenly between all of the people.
But, the question remains can you truly live off 52,000 per year in today’s society since it is barely above the average income and yet still below household incomes. The question you want to ask all of your friends is $52000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $52000 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 $52k 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?
$52000 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 52k a year hourly. That way you can decide whether or not the job is worthwhile for you.
For our calculations to figure out how much is 52K salary hourly, we used the average five working days of 40 hours a week.
52000 salary / 2080 hours = $25.00 per hour
$52000 a year is $25.00 per hour
Let’s breakdown how that 52000 salary to hourly number is calculated.
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 $52000 by 2,080 working hours and the result is $25.00 per hour.
Exactly $25 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 $3K, it would increase your hourly wage to over $26 an hour – a difference of $1.44 per hour.
To break it down – 55k a year is how much an hour = $26.44
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $52K salary Per Month?
On average, the monthly amount would be $4,333.
Annual Salary of $52,000 ÷ 12 months = $4333.33 per month
This is how much you make a month if you get paid 52000 a year.
$52k 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 $52k 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$52000/52 weeks = $1000 per week.
$52000 a year is how much biweekly?
For this calculation, take the average weekly pay of $1000 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$52000 / 260 working days = $200 per day
If you work a 10 hour day on 208 days throughout the year, you make $250 per day.
$52000 Salary is…
$52000 – Full Time
Total Income
Yearly Salary (52 weeks)
$52,000
Monthly Wage
$4333
Weekly Salary(40 Hours)
$1000
Bi-Weekly Wage (80 Hours)
$2000
Daily Wage (8 Hours)
$200
Daily Wage (10 Hours)
$250
Hourly Wage
$25.00
Net Estimated Monthly Income
$3308.50
Net Estimated Hourly Income
$19.09
**These are assumptions based on simple scenarios.
52k 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 52000 a year after taxes?
Gross Annual Salary: $52,000
Federal Taxes of 12%: $6,240
State Taxes of 4%: $2,080
Social Security and Medicare of 7.65%: $3,978
$52k Per Year After Taxes is $39702
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$39702 ÷ 2,080 hours = $19.09 per hour
After estimated taxes and FICA, you are netting $39,702 per year, which is $12,298 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 $52000 income can range from $35,542 to $41,782 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 $52,000 income.
My 52k Salary Hourly Calculator
More than likely, your salary is not a flat 52k, here is a tool to convert salary to hourly calculator.
Many of the starting freight broker salaries are in this range (and before commission)!
Many teachers are hovering in this range, which may make you wonder do teachers get paid in the summer?
52k 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 between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $52000 a year is going to be much more 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 live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
For many, this is when they are looking at upgrading their car to something nicer, but you must be aware of is a car an asset or liability.
As we noted earlier in the post, $52,000 a year is slightly below the average income that you would find in the United States. Thus, you still have to be wise with how you spend your money.
What a $52000 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 and even MCOL city.
You should be able to meet your expenses each and every month.
Ability to make sure that saving money is a priority, and very possibly save $5000 in 52 weeks.
When A $52000 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 52k a year will 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.
Not using one of the millionaire quotes for motivation.
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.
Find low-stress jobs that pay well without a degree now.
$52K 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.
This is how zero based budgeting works.
If you want to know how to manage 52k 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 $52000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$202
Savings
15-25%
$780
Housing
20-30%
$1190
Utilities
4-7%
$152
Groceries
5-12%
$325
Clothing
1-4%
$26
Transportation
4-10%
$173
Medical
5-12%
$217
Life Insurance
1%
$11
Education
1-4%
$11
Personal
2-7%
$35
Recreation / Entertainment
3-8%
$87
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$1025
Total Gross Monthly Income
$4333
**In this budget, prioritization was given to basic expenses and no debt.
Is $52k a year a Good Salary?
As we stated earlier if you are able to make $52000 a year, that is a decent salary. You are making more money than the minimum wage and almost double in many cities.
While 52000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
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 $52k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
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 52k 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 52,000 a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 52,000 per year.
If you are looking for a career change, you want to find jobs paying at least $60000 a year.
Is 52k a good salary for a Single Person?
Simply put, yes.
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 extremely comfortably on $52000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Deep Dive: What Is A Good Salary For A Single Person in Today’s Society?
Is 52k a good salary for a family?
Many of the same principles apply above on whether $52000 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.
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.
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 $52,000 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.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
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 52,000 per year, then the combined income for the household would be $104,000. 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 $52000 Per Year?
As we outlined earlier in the post, $52,000 a year:
$25.00 Per Hour
$200-250 Per Day (depending on length of day worked)
$1000 Per Week
$1000 Per Biweekly
$4333 Per Month
Next up is making $55000 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 middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 43,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making under $45K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
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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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Who needs hotels anymore? One of the internet’s greatest travel perks is that it’s much easier for those looking for a place to stay to connect with someone who has a room to spare.
Rental sites like Airbnb.com let anyone put their spare couch, bed or house up for rent. The upsides for hosts: Greet people from all over the world, and pocket some cash for their efforts. The benefits for guests: Stay at unique places for a fraction of the price of a hotel room.
But staying at someone’s home isn’t quite the same as a hotel. There’s etiquette for both host and guest to follow so that both parties get the most out of the experience.
For Hosts:
Charge less first, then raise your rates, but be realistic. Figuring out how to price your place can be tricky. Charge too much and you won’t get any bookings; charge too little and you won’t be making as much as you could. Keep in mind that Airbnb earns its cut by doing a 6 to 12 percent markup on the listing price, so if you list a room for $100, Airbnb lists it for $106 to $112 and takes that extra money. But because it can be tough to get bookings on a site like Airbnb without a solid base of reviews, you may want to undercharge at first.
Jane Hodges, a business journalist whose new book about renting versus buying a house will be published this spring, listed the basement of her West Seattle home in April. Initially, she charged $55 per night and immediately got a ton of interest. Now her rate is $61, with a two-night minimum. She probably could charge more but the basement is not completely finished, particularly in the walk between the bedroom and bathroom, and she’s upfront with guests about that.
Chris Williams, a retired teacher in the former gold mining town of Nevada City, California, decided to list the granny flat and a few spare rooms in her home on AirBnB to create extra income. She, too, started low on the pricing, but as her guests left rave reviews on the website, her rooms started showing up higher on the search listing, and she eventually had a full calendar of bookings. Still she keeps her rates lower than she could — $35 to $45 per room, with a two-night minimum – because the kitchen, living room and outdoor patio are all common areas, and she doesn’t serve meals. “I realize that the rooms aren’t as private as hotel rooms, so I don’t feel I can charge as much.”
Use the professional photographer. Airbnboffers to send one to new listings so that quality photos of your room appear on the site. Both Hodges and Williams had photographers who routinely shoot for realtors’ property listings come to their homes. Take advantage of that. Because the photographers know what they’re doing, they generally will do a better job emphasizing the assets of your home better than you can. Also, Airbnb-commissioned shots feature a “Airbnb.com Verified Photo” watermark on the site, which makes potential guests believe that your killer apartment actually exists.
Consider a two-night minimum. Of course, if you’re starting out as a new listing, it’s wise to go short to build up your list of reviews. Once you earn those, it’s better financially to go for longer-term guests. “I’ve turned down requests for people who need a place to stay for a night, will arrive at 11 p.m. and leave for the airport at 6 a.m. Ditto for people who want the place on the same day. It takes time for me to get the place ready — wash up, dust, vaccum, shop for breakfast” says Williams. It’s not worthwhile to do that day-in, day-out, especially if you’ve got a life, and daily maintenance will eat into those rental fees.
Ask guests to contact you first. Atthe top of your listing, ask that people send you a note inquiring about availability before trying to book. This serves as a test for whether they actually read your listing before attempting to book, or were simply dashing off requests to everybody in a five-mile radius. It also allows you to communicate with potential tenants, so you can decide whether or not you feel comfortable taking them as guests. But respond to every message, even if it’s only to say that your place isn’t available. Airbnb tracks and publishes what percentage of messages you reply to as your “Response Rate,” so having a high number makes you look like a more receptive host, and it puts you higher up in the search rankings.
Fill out a detailed profile. That means a real photo of you (smiling, of course), and a bit of information about who you are. A filled-out profile reminds potential guests that you’re a real person. Also, make sure you list your neighborhood. Airbnb listings allow you to tag your place by neighborhood. It allow users who are searching for particular neighborhoods (say, the neighborhood of Williamsburg in the vast borough of Brooklyn) to find you.
Screen potential guests. If somebody who contacted you via Airbnb has no reviews or an incomplete account, ask them to send a bit of info about themselves. You want to know as much about a potential tenant as possible because you are letting them into your home, after all.
Also, you want to make sure it’s a good host/guest fit. Some hosts like to hang out with their guests and show them around town, other prefer that guests be as self-sufficient as possible. Williams is the former. She asks guests what brings them to town, so she knows what advice to give them to make their trip more fun. “I’ve found that just about everybody is happy to share that info. If they refuse or ignore the request, I consider that a warning sign, and I move onto the next person.”
Offer the basics. Good linens and towels (including washcloths) are a must. Hodges recommends good bedside lighting and a table or stand to put a book and a glass of water down on at bedtime. She also includes a coffeemaker and a cold breakfast of granola bars and fruit (cheap and easy to purchase). Williams puts hairdryers in every room, and takes mini bottles of shampoo and conditioners from her hotel trips to put in her guest bathrooms. “I can’t tell you how many guests told me that I just saved them luggage space. Anything you can do to lighten their luggage load is a plus, and makes them feel like they are staying in more of a hotel-like environment.”
For Renters:
Do not try to book without communicating first. Airbnb is not Expedia or Travelocity. Just because a date appears to be available on the calendar does not mean you can stay there that night. Message the host, introduce yourself , tell them what brings you to town, then ask politely if your requested dates are available.
Read the entire listing before messaging. Don’t waste the host’s time by asking questions with readily available answers like “are you near the airport?” or “do you have a kitchen?” You look like a undesirable guest and you’re far more likely to have your request rejected. “I don’t want to be their mom,” says Hodges. “If they book decently in advance and do research on the area, I am happy to fill out the cracks.”
It’s not a hotel. That means you should have some basic courtesy when it comes to cleaning up after yourself and making noise. Remember that your hosts have lives, too. One of Hodges’ biggest annoyances is guests who don’t say what time they’ll arrive. “Some people are not specific when they’re coming, so I’m stuck in the house waiting for them. Now when they book, I ask them to give me a two-hour window so I know what time to be here when they arrive.”
Williams’ pet peeve is guests who bring “extra guests” home at night. “You’re a few steps up from being a stranger in my home. I don’t want total strangers as well.”
Fill out your profile. The same rules apply to guests as hosts. “If your profile makes you look friendly and decent, I’ll usually allow you to book,” says Williams. That means a real (non-threatening) photo of you, and some information about who you are and where you’re coming from. More than anything else you do, this will raise the percentage of your reservation requests being accepted.
Vanessa Richardson is a freelance writer in San Francisco who writes about small business and personal finance.
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After some investigation, I saw the problem: the electric company charged a $200 deposit fee for starting electric service at our new house.
The deposit was supposed to be waived, since we had a good payment history with the electric company. Only here it was, on our bill. And since we’re on autopay, the electric company had already collected payment.
After calling and sorting out the matter, the electric company said they’d give us a credit on our next bill.
That wasn’t a solution I exactly loved, since it meant that our bills would be higher than usual that month. Maybe I should’ve fought them on that, but I didn’t. Also, we could cover the overcharge easily enough, so I figured, what’s the difference?
But it did make me think about whether automatic payments are really such a great idea.
Autopay Doesn’t Mean Autopilot
Autopay is great because it’s convenient, requiring no action on our part to avoid late payment fees. There’s nothing to mail and no logins or passwords to remember. I never have to wonder, “Did I remember to pay the electric bill?”
“Autopay is also an especially appealing feature for young adults just starting out in the real world because it makes it very easy to pay the bills,” says Robert Long, managing editor for Kiplinger.com. “But it can be a trap.”
For instance, bills that have a variable rate, like your electric bill, can be especially tricky to track if you schedule automatic payments to cover them. “My bill might be $50 at one time of the year or as high as $200 other times of the year, depending on how much I’m using the heat or AC,” says Long.
And if a couple of bills are higher than anticipated, you could end up with a low bank balance, or even overdraft charges.
“Giving debtors access to your banking account can open you up to accidental overcharges, whether it’s a legitimate bill that’s just higher than you expected or it’s an accidental billing error where you’re being charged a little or a lot more that you should be,” says Long.
For instance, you might have a recurring annual contract, like a gym membership, that you didn’t want to renew but forgot to cancel. Or maybe you’re disputing a bill, but in the meantime the company is still charging you and taking the money out of your account.
“Autopay can be too automatic,” says Long. “It puts control into the hands of the debtor because they can go into your account. Maybe one time out of 100, there’s an accidental overcharge or you’re getting scammed, but either way it takes that control out of your hands.”
It’s easy to set it and forget it
So why is a service that’s supposed to make life easier so problematic?
For one thing, many of us treat bills on autopay like a Ron Popeil rotisserie oven — we set them and forget them.
For instance, I like not worrying about my electric bill. But I admit that I’m not disciplined about checking the bill every month. And would I notice if the overcharge hadn’t been so large? Probably not. But with no real action required on my part to pay the bill, when life gets hectic, I don’t always review the charges like I should.
Two solutions to autopay problems
As with most things in life, you have to do what works for you, and autopay is no different. As Kiplinger writers Amanda Lilly and Stacy Rapacon discussed in a recent article, there are pros and cons to automatic payments, and sometimes what works for you changes as your situation changes.
So let’s talk about a couple of options.
Option #1: If you hate the idea of letting a creditor have access to your money, then skip autopay altogether. You can still enjoy many of the conveniences of autopay with online bill payment.
“Personally, I recommend going with online bill payment, but not autopay,” says Long. “Autopay puts control in hands of debtors, but with online bill pay, you’re in control.”
Option #2: If you’re concerned about avoiding late fees, use autopay, but use it wisely.
Here are a few ways to use autopay carefully:
Pay with a credit card first. If, and only if, you use credit cards and pay your balance off every month, consider autopaying with a credit card when possible. It gives you extra time to dispute charges and keeps your cash safe in the meantime.
Only autopay set charges and minimum payments. If you’re worried about too many higher-than-expected variable bills socking it to your balance, don’t put those bills on autopay. Just set up automatic payments for the non-variable bills like Netflix. It’s also pretty low-risk to set up autopay for minimum payments, such as on credit cards, to avoid accidental late fees.
Mark electronic bills as high priority. Flag them, filter them, or tag them — just have a system to mark your electronic bills as high priority. It’s easy to let bills get piled under other emails, which means you’ll forget to review them.
Opt for payment notifications. When you set up autopay for a bill, many times you’ll have the option to be notified of the bill via text or email before the payment goes through. So opt in! It’s just one extra assurance that you’ll know what you’re about to pay.
Keep an eye on your bank account. There are a few things you can do to protect your bank account. One, double-check the automatic payments on your bank statement every month to make sure they’re for the right amounts. Two, “make sure you’ve got enough cushion in your account so you won’t get hit with overdraft fees,” says Long. This is especially important if you have variable bills on autopay. And three, sign up for balance notifications to make sure you don’t overdraw. “Set up automatic alerts from your bank or a site like Mint to get an alert when your account dips below a certain level,” says Long.
For some people, automatic bill pay causes more stress. For others, it gives peace of mind. Personally, I’m liking the idea of taking my variable-rate bills off autopay. That way I won’t find out that I’ve been overcharged after the fact. I’ll just pay online each month, which always prompts me to review the bill.
So readers, weigh in! Do you pay your bills manually, automatically, or on a case-by-case basis? What tips or cautions can you add?