Do you want to know how much $30,000 a year is per hour? Perhaps you've been offered a position with this salary, but you're not sure if it will be enough.
Everyone has a different outlook on life and has individual goals and ambitions. The question we are posing is if earning 30k a year is good. If you are at the end of your career or just beginning you will have a different perspective.
$30 An Hour Is How Much A Year?
$30 An Hour Is How Much A Year?
The Bureau of Labor Statistics (BLS) states that the median weekly income in the United States is $1,085. That is just over $27 an hour, and just over $56,000 a year.
Is $30,000 a good salary? That is dependent on a few factors that derive your cost of living. If you live in a high-cost-of-living area and are living at your parent’s place your situation varies greatly from another person who has a large family and is living in rural Arkansas.
It’s called personal finance for a reason. It’s personal.
$30,000 a Year is How Much an Hour?
Let’s do some quick math here. If you work a 40-hour work week with no paid time off (PTO), you work 2080 hours a year.
$30,000 / 2080 = $14 an hour
That means you’ll be making $14 an hour if you make $30,000 a year and have no paid time off.
Now, what if you have a salaried position with two weeks of paid vacation time each year? That means that you are working 2000 hours a year, and increases your hourly rate.
$30,000 / 2000 = $15 an hour
That comes out to exactly $15 an hour if you get 2 weeks of paid vacation each year. That makes for easy math if you want to calculate the number of hours of work until you can afford to buy another share of NFLX or more BTC.
$30,000 a Year is How Much a Month?
If you are getting paid monthly then you will have 12 pay periods in a year. That means that to calculate how much 30k a year is per month you will need to divide 30k by 12.
$30,000 / 12 = $2500 per month
That means that every month before taxes you will be bringing $2500 in gross pay. That’s a fair amount of money. After taxes that amount could be between $1750 - $2125. Depending on your unique circumstances, you could even have money to invest each month.
$30,000 a Year is How Much After Taxes?
Roughly, if you make a yearly salary of $30,000 you will need to pay between $4.8k to $7.2k in taxes. Let’s be conservative and estimate based on the higher taxes of $7.2k. We are also going to assume that you get two weeks of paid vacation per year.
($30,000 - $7200) / 2080 = $10 an hour
That means that after taxes you will have an hourly wage of $10, which is above the minimum wage. If you know the tax rates for your state and your circumstances you can modify the equation above to determine what your hourly pay is after taxes.
How Much is Your Paycheck if You Make $30k a Year?
That depends on how frequently you get paid, and what state taxes and federal taxes you are liable for. Here are some rough calculations for a few varying cases.
($30,000 - $4800) / 52 = $484 per paycheck
($30,000 - $7200) / 52 = $438 per paycheck
If you have weekly pay, you could get a check for $438 - $484, depending on your tax liabilities.
Now, what if you get paid biweekly? We can quickly do the math by dividing the total amount paid minus taxes by the number of biweekly pay periods in a year.
($30,000 - $4800) / 26 = $969 per paycheck
($30,000 - $7200) / 26 = $876 per paycheck
If you get paid biweekly, you could get a check for $876 - $969, it all depends on how much taxes you owe the government.
Hey, I don’t get paid weekly, or biweekly. I get paid twice a month, now what?
We can also do the math for getting paid twice a month.
($30,000 - $4800) / 24 = $1050 per paycheck
($30,000 - $7200) / 24 = $950 per paycheck
When you get paid twice a month, you’ll see that you could get a paycheck of anywhere between $950 - $1050. Again this is all dependent upon your tax liabilities.
$30,000 Salary Breakdown
This breakdown of a $30,000 annual salary is based on the calculations we made above. It is using simple tax scenarios. You will want to use your own tax numbers to determine your specific scenario.
|$30,000 a Year||Income|
|Estimated After-Tax Hourly Pay||$10|
|Estimated After-Tax Monthly Pay||$1900|
Is $30,000 a Year a Good Salary in the US?
Yes. if you are making $30,000 a year you are making the average salary in the US. If you are living in a low-cost-of-living area you will be able to stretch your dollars even further. You probably won’t be buying a mansion, but the average person making $60000 a year won’t be either.
The most important factor with any salary is to budget, invest and spend within your means. If you avoid bad debt, your dollars will stretch even further and be able to be put to work.
How Much is a $30,000 Salary Compared to All Americans?
The latest reported median household income for Americans was $70,784. All types of households are included in that figure meaning if there are five wage earners or one in a household they were all included.
Let’s take for example if in your household there is one earner making $30k a year, then you would fall below the median income for a household.
if in your household there are two earners that both are making $30,000 a year at your full-time job, the income of your household is $60000. At that level of income, your household is lower than the median household income.
How Should I Budget a $30,000 Salary?
Just in case you are worried about what your budget would look like, I want to provide you with an example.
Budget Percentages Based on $30000 a Year Salary
The important thing to note for this sample budget is that it is based on the high end of the monthly take-home range at $2125. It also assumes that you are a single adult. If these numbers don’t work for you, feel free to change them up and let me know what you did!
|Category||$$$||% of Monthly Income|
|Mortgage / Rent||$825||33%|
|Entertainment / Fun||$125||5%|
|Personal / Misc||$125||5%|
With the monthly budget above, there was an excess of $2125 - $2056 = $68. That extra money every month you could put towards investments, paying off debts, or living large. The example above was for a single person, but if your circumstances are different feel free to change the numbers to better fit your needs.
How Much Should I Save Making $30,000 a Year?
You should save as much as you possibly can. You should save until it hurts, and then back up off the gas a little bit.
In the budget provided above, I showed a sample of saving 15% a month. That seems fairly doable if you are a single person. Now, if you are raising a family that might make things more difficult. I would recommend saving what you think is comfortable right now. Then next month find one area in your life that you can cut back on. Keep repeating that process until you find out what you need, and what you don’t. It will surprise you!
How Much Rent Can I Afford On A $30,000 Salary?
If you are receiving an annual pay of $30k, you will be getting a monthly payment of around $2125 net pay. Most people, myself included, recommend spending no more than one-third of your income on housing. That would mean that you can afford $2125 / 3 = $825.
Personally, if your life circumstances allow it and you are comfortable with it I would look into buying over renting. Now I know that all the digital nomads and the majority of the financial independence community will squawk at this. However, real estate is a solid investment strategy that has stood the test of time. According to Andrew Carnegie, “Ninety percent of all millionaires became so through owning real estate. More money has been made in real estate than in all industrial investments combined.”
I also know that your primary residence shouldn’t count as an investment, but owning one home makes it much easier to buy another and another and another. Pretty soon your average income from real estate could surpass your hourly salary and allow you more financial freedom.
Where Can I Live on $30000 a Year Comfortably?
There are a ton of places where you can live on a $30k income level and live a comfortable life. Your dollars will stretch much further if you avoid certain parts of the country like most coastal and larger metropolitan areas of the United States (San Francisco, New York City, etc).
Here is a list of five cities in the US worth mentioning (in no particular order):
- Bristol, Tennessee / Virginia
- Abilene, Texas
- Cleveland, Ohio
- Eugene, Oregon
- Sioux Falls, South Dakota
As for places to live outside the US, the world is your oyster. There are dozens of countries where 30k US dollars a year would afford you an amazing lifestyle. Here are a few:
In the end, it depends on what matters most to you. Write down a list and work backward from there. If you want to be close to friends and family, then that helps you narrow down your list of where you want to live. If you want to have lively nightlife, that helps narrow down your search as well.
Frequently Asked Questions
Can I Invest Making $30,000 a Year?
Yes! You can invest while making any salary and $30,000 is no different. I would recommend investing at any and every stage of your life. If your dollars aren’t working for you, they are working for someone else.
Start out investing what you feel comfortable with and go from there. Look into all of your investing potentials and do your own research. You will be amazed at how many options are out there to invest in.
$30,000 a Year is How Much Biweekly?
Making $30,000 a year, your biweekly salary is $1153. You can find your biweekly salary by dividing your yearly income by 26. In this case, the equation would be $30,000 / 26 = $1153 per biweek.
$30,000 a Year is How Much a Week?
Making $30,000 a year, your weekly salary is $576. You can find your weekly salary by dividing your yearly income by 52. In this case, the equation would be $30,000 / 52 = $576 per week.
How Much Mortgage Can I Afford On A $30k Salary?
A salary of $30,000 a year, means that your net monthly salary is approximately $2125. Just like rent, your mortgage payment should be a maximum of one-third of your income. In this case, we are working with $825.
Can I Buy a Home on $30,000 a year?
Yes! You can most definitely buy a house on $30,000 a year. There are so many ways to buy a house so nothing should be stopping you. I would recommend not spending more than one-third of your monthly income on housing expenses, which in this case would be $825.
There is an assortment of loan products currently available to people looking to buy a house. Using an FHA loan for example you can put down as low as 3.5% of the purchase price. Plus there are strategies like house hacking that can help bring your housing expenses down, and some people can make a profit!
What Can I Afford Making 30k a Year?
You can afford pretty much anything in moderation. You can afford to spend a ton on Amazon each month or have a cool car with a payment that goes along with it, but probably not both. You can afford to invest each month and it should be one of your highest priorities.
If you are worried about what you can afford, I would look into increasing your income through a side hustle. It’s easier to afford things when you have more money to use.
Can You Live Off $30,000 a Year?
Yes, it is possible to live off $30,000 a year, but your comfort depends on your location and lifestyle. $30k a year in a lower-cost-of-living area will go much further than in high-cost-of-living areas like New York or San Francisco.
Is $30k a Good Salary for a Single Person?
Yes, for a single person, $30k is a good salary. When you are single you typically have fewer expenses than if you are providing for others. With that being said, you can stretch your dollars even further if you are investing, living in a low-cost-of-living area, or keeping a tight budget.
Is $30k a Good Salary for a Family?
Depending on where you live $30k can be a good salary for a family. The larger your family is, the harder it will be to provide for your family with a salary of $30,000.
According to the USDA, it costs $16,739 a year to raise a child. That can quickly eat into a salary of $30,000. However, if you and your partner both brought in $30k a year, that would double your household income to $60000 a year and that provides more breathing room.
Is 30k a Year Good For a Couple?
Yes, for a couple with no children, 30k is a good salary. Your dollars will go much further if you live in a rural area vs living in a high-cost-of-living area. If you live in San Francisco you will probably need roommates, while living in rural Colorado you may be able to rent an entire home.
If both of you work and bring in a total of $30k a year, that means you are making close to the national minimum wage, and looking for a new job could drastically increase your household income or help you work fewer hours.
Explore More Salary Breakdowns
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Personal finance is one of the most profitable niches in the blogging world. Not only can you help people manage their finances, but you can also make money through affiliate marketing and other strategies. But first, you need to learn how to start a personal finance blog the right way.What is a personal finance blog? ›
At personal finance blogs, you'll find the tools you need to get out of debt, save up for your first home, and more. These experts offer free tips, tricks, and explanations for complex financial concepts. Here are 10 of the best personal finance blogs that could help increase your money skills.What is financial samurai? ›
Financial Samurai is America's number one personal finance blog and podcast helping you make more money, save more money, and live the life that you truly want.How do I promote my personal finance blog? ›
Guest posting is an effective way of promoting your finance blog while building backlinks to your website. Look for popular personal finance blogs that accept guest posts and submit high-quality articles that provide value to their readers. Using Strikingly's marketing tools to reach a wider audience.Can you make $1,000 a month with a blog? ›
The short answer is yes, but the competition is tough. If you can start a blog in a niche that you're passionate about that isn't too saturated, and one where you can build a decent-sized audience, then you can absolutely crush it and make $1000 per month from blogging.Can I make $2 000 dollars a month blogging? ›
One of the best ways to make $2,000 a month in passive income is by blogging. By writing blog posts and adding affiliate links, you can easily generate passive income. You might need to establish yourself a bit before you can get $2,000 a month so stay focused and keep promoting yourself.What are the 5 basics of personal finance? ›
The five fundamental focus areas of personal finance are income, spending, savings, investing, and protection. Understanding a country's tax system can help individuals save a lot of money. This requires proper tax planning.What are the 5 areas of personal finance? ›
They are saving, investing, financial protection, tax planning, retirement planning, but in no particular order.What are the 6 areas of personal finance? ›
Let's look at six big personal finance topics—budgeting, saving, debt, taxes, insurance, and retirement—and discuss a helpful principle for each.Is $500,000 a good salary? ›
According to the most recent data available for fiscal year 2019, an income of $540,009 per year puts you in the top 1% category. Based on that figure, an annual income of $500,000 or more would make you rich.
It's called the 25 times rule, and it's very simple. You multiply your annual spending by 25, and that is the minimum amount of money you would need invested to fund your lifestyle without working.Can I retire by 40? ›
Retiring at age 40 is much more realistic than taking that big step at 30, but it's still a stretch for most people. You'll still have to subscribe to the idea of saving more than 50% of your income and making wise investments along the way.Can you have a successful blog without social media? ›
Yes, you do not need social media in order to grow a successful blog. You don't need to use Instagram for this. You don't need to post on Facebook. You don't need to use TikTok or Instagram reels in order to grow a blog.How do I attract people to my blog? ›
- Publish Long-Form Blog Posts. ...
- Write About Trending Topics. ...
- Use Long Blog Post Headlines. ...
- Comment on Related Blogs. ...
- Repurpose Content For Different Platforms. ...
- Promote New Content In Email Newsletters. ...
- Guest Blog On Legit Blogs In Your Niche. ...
- Optimize Your Blog Posts For SEO.
You should try to spend at least 2 hours per day working on your blog. You could see your first $100 month after anywhere from 200-1000 hours. Your budget- Depending on your niche, you may be able to speed up growth investing in your blog.Which type of blogs make the most money? ›
- Digital marketing.
- Blogging and making money online.
- Health and fitness.
- Personal finance and investing.
- Recipes and food.
- Personal development and self-care.
Some bloggers make no money, whereas some bloggers make more than enough to build a career around their blog. That being said, on average, a successful and established blogger can make around $45,000 per year. In your first year of blogging, you can expect to make around $500-$2000 per month.What is a realistic income from a blog? ›
On average, bloggers make around $45,000—with most bloggers earning somewhere between $38,440 to $51,906. However, there are a lot of variables that'll influence how much money you make blogging, so keep reading and I'll explain how to set the right expectations for your blog income.How much money can I realistically make blogging? ›
Finance blog Millennial Money reports that after just two years of building traffic and subscribers to this type of a website, bloggers can make upwards of $100,000 annually. Within the first year, bloggers can make $500-$2,000 per month. As you can see, you can earn a wide income range as a blogger.Can I become millionaire by blogging? ›
Blogging is a profession that can make you millions or billions of dollars, and unlike any other business, it takes little to no money to start. or starting a personal/business blog, it's always going to be the best way to make a decent amount of money ( Requires less than $100/year initially to start ).
Rule #1: Keep Your Finances Organized
By getting organized, you can start to change things. When you start to watch how you're spending your money, you can start to make sure you're hitting your savings goals each and every time (heck, you can start to create goals in general).
The 4% rule is a popular retirement withdrawal strategy that suggests retirees can safely withdraw the amount equal to 4 percent of their savings during the year they retire and then adjust for inflation each subsequent year for 30 years.What is the 50 30 20 rule? ›
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.What is the 10 rule in personal finance? ›
In this regard, as one of the basic rules of financial planning, the asset allocation or 10-5-3 rule states that long-term annual average returns on stocks is likely to be 10%, the return rate of bonds is 5% and cash, as well as liquid cash-like investments, is 3%.What are 7 steps in personal finance? ›
- Establish Goals. To begin, ask some questions about your future. ...
- Assess Risk. ...
- Analyze Cash Flow. ...
- Protect Your Assets. ...
- Evaluate Your Investment Strategy. ...
- Consider Estate Planning. ...
- Implement and Monitor Your Decisions.
It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning.What are the three principles of personal finance? ›
The three principles of personal finance are: prioritization, assessment and restraint. And the key to getting personal finances on the right track is all about understanding these principles, which contribute to the success of personal money management.What are the 3 major areas of finance? ›
The finance field includes three main subcategories: personal finance, corporate finance, and public (government) finance.What are 4 steps to personal finance planning? ›
- Assess your financial situation and typical expenses.
- Set your financial goals.
- Create a plan that reflects the present and future.
- Fund your goals through saving and investing.
Pew draws on the same formula used in the SmartAsset report, defining the middle class as those with incomes between two-thirds and twice the national median income. That works out to a national salary range of roughly $52,000 to $156,000 in 2020 dollars for a three-person household.
|Age of head of family||Median net worth||Average net worth|
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range.How long is too long without a job? ›
The Bureau of Labor Statistics defines long-term unemployment as a period of more than 27 weeks (or about 6 months). Half a year without a job is enough to give anyone cause for concern.How much money is enough to quit working? ›
Having a full and realistic estimate of your monthly expenses is key before quitting a job. Saving enough to cover six month's worth of expenses should be a bare minimum. Make saving a priority, consider starting a side hustle, and stick to your budget for best results.Is $10 million enough to never work again? ›
Simply put, most people should have no problem retiring at 30 with $10 million. If you invest your money and earn a modest return, $10 million should be enough to retire and never have to work again. Of course, that doesn't mean that running out of money would be impossible.Can a 40 year old retire with $2 million dollars? ›
Retiring at 40 with $2 million is possible, though it is a lofty goal, especially if you don't have a large inheritance or some other windfall. But it can be done if your income is high sufficient and if you are aggressive with your savings strategy.What age is the best time to retire? ›
67-70 – During this age range, your Social Security benefit, if you haven't already taken it, will increase by 8% for each year you delay taking it until you turn 70. So, if your benefit will be, say, $2,500/month if you start at your full retirement age, it would be more than $3,300/month if you can wait.What age will Millennials retire? ›
Millennials likely will start to enter retirement around 2050. When they do, what can they expect? For starters, they can expect to receive Social Security, albeit with slightly fewer benefits. Changing the retirement age to 69 would reduce their lifetime benefits by approximately 7.5%.Why do most blogs not make money? ›
Bloggers Don't Make Money Because They Lack an Adequate and Workable Plan: It's not just enough to say that you want to be rich; you must also map out plans on how you want to achieve that. Saying that you need money is nothing if you don't know how much you need and when you'll need it.Does anyone read personal blogs anymore? ›
People absolutely still read blogs regularly. With the most recent stats, blogging isn't going anywhere, at least for a while. Blogs are an excellent marketing tool to help you reach your business goals and make more money.
Short answer: Yes, you can definitely blog without showing your face. I don't show my face on most of my blogs (aka niche sites). Long answer: It depends on your blog. If it's an influencer or personal blog, you could benefit from showing your face.Are blogs still relevant in 2023? ›
The world of blogging for business is flourishing and it isn't too late to jump on the bandwagon! In 2023, blogging should be just as relevant as ever, creating awesome results for businesses. With a little bit of time and effort, your carefully crafted blog articles will start to pay off.How does a personal blog look like? ›
A personal blog is a blog that focuses on the writer's individual experiences and thoughts. Personal blogs are usually written in a first-person perspective, making them intimate and personal. Personal blogs can be about any topic, from the writer's daily life to their hobbies and interests.How do I get 1000 views on my blog? ›
- Step 1) Create Great Content For Your Blog. ...
- Brainstorm and research high traffic keywords. ...
- Write a headline to sell people on your article. ...
- Create a top list article around keywords. ...
- Make Sure Your Blog Post Looks Amazing. ...
- Step 2) Search Engine Optimization.
1,000 email subscribers are enough to be considered a successful up and coming blog. As you can see, a blog's success is directly related to the number of email subscribers it has. Usually, it'll also be in line with how much money the blog makes as well.How do you start a blog people will actually read? ›
- First, Find Your Mission. The first step is to figure out what you want your blog to focus on. ...
- Then, Be Consistent. When picking a topic, you'll also want to make sure you have enough content to write regularly. ...
- Stay Inspired. ...
- Learn to Grow.
How to Grow Blog Traffic. To earn $100 per month blogging, you'll need around 10,000 visitors per month on the high end. If you're blogging in a highly profitable niche like finance, for example, you may achieve your earnings goal with significantly fewer visitors.Is personal finance a good niche? ›
Personal finance is one of the most profitable blog niches out there. It covers many things but you don't have to start a general personal finance blog. You can pick a sub-niche to start from so that it may be easier to establish authority quickly.Is lifestyle blogging profitable? ›
In fact, there are at least 17 great ways to make money from lifestyle blog, but here are 4 of the best: Affiliate marketing is top of the list because your lifestyle blog is a natural way to promote products and services. Sponsored posts are a strong contender when you have a large enough audience.How do I become a freelance personal finance writer? ›
- Earn a bachelor's degree. ...
- Consider a master's degree. ...
- Gain experience in finance or journalism. ...
- Determine whether you want to work as an internal employee or as a freelancer. ...
- Apply for jobs as a financial writer.
On average, bloggers make around $45,000—with most bloggers earning somewhere between $38,440 to $51,906. However, there are a lot of variables that'll influence how much money you make blogging, so keep reading and I'll explain how to set the right expectations for your blog income.How much money is a 1000 views on a blog? ›
How Much Do Bloggers Make Per 1,000 Views? Monetizing a blog with Google AdSense or another advertising platform may provide earnings of about $2 to $5 per 1,000 page views. A blog that receives 10,000 views per day may generate about $20 to $50 in income.What are the hardest finance fields to get into? ›
Financial recruiters have identified the following jobs as among the most competitive to fill: controllers (including hedge fund controllers), tax managers, fund and senior-level accountants, and valuation analysts. Almost all of these roles require a CPA designation, with an MBA being highly advantageous.Can you make a full time living blogging? ›
Yes, blogging can be a full-time career. However, it takes hard work, dedication, and a lot of time to build up a successful blog.Can I make $1000 a month freelance writing? ›
The good news is that this is completely possible, and there are a lot of people out there that make $1000 a month from freelance writing gigs. The industry itself as a whole is a hustle, and you've got to have your wits about you, so that you don't get taken advantage of.How much can you realistically make as a freelance writer? ›
And, would you even believe me that you could earn six figures working in your PJs (if that's your thing)? You might think that I'm pulling your leg here. However, a lot of freelance writers have done exactly that. Among freelance writers, ZipRecruiter reports an average salary of just over $63,000/year.What is the average yearly income of a freelance writer? ›
|Annual Salary||Monthly Pay|