![]() ![]() That’s why a new GOBankingRates study lays out just how much you need to earn to live comfortably in each of America’s 50 largest metropolises based on the cost of living by city. See: States Where Your Retirement Will Cost Less Than $45,000 a YearĬheck Out: 35 Surprising Cities With Low Costs of LivingĪnd it’s true: How much money you need to live comfortably is just much higher in the big city, putting the 50/30/20 rule out of reach for most of its residents. For most Americans, that’s a pretty sensible approach to defining a living wage, but plenty of residents living in America’s largest cities are probably reading that and thinking “Are you insane? Half my income doesn’t even cover my rent and I live in a converted dumbwaiter.” There is no one answer to how much money you need to make to live comfortably, but one oft-used rule of thumb in budgeting is the 50/30/20 rule - which calls for half your income to go to necessities, 20% to savings and investments and 30% for splurges and fun. ![]()
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