Minimum comfortable...
 

Minimum comfortable income for STX  

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Pdmargie
Posts: 288
(@Pdmargie)
Advanced Member
Joined: 5 years ago

Assuming an adequate nest egg to make a controlled moved, what income range for on island job would be considered adequate to live simply, but comfortably with all needs taken care of and some wants/splurges possible. Of course it depends on lifestyle, but looking for a general income range to cover basics and housing rental and all other fixed expenses. $40,000? $60.000? More? Any advice welcome.

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Afriend
Posts: 479
(@afriend)
Advanced Member
Joined: 13 years ago

Impossible to answer that question because, as you already surmised, everyone's needs, wants, desires and lifestyle is different and those same things can change over time. It also depends on which island you are relocating to. What is OK for one person can be a mere pittance for someone else.

Suffice to say, as a rule of thumb, unless you now live comfortably in a very "affluent area" such as Beverly Hills, California, Palm Beach, Florida, Fifth Avenue, NYC, etc. , you'll probably need anywhere from 25% to 35% more to maintain the same lifestyle in the USVI's as you do "back home".

For what it is worth, at $40,000/year you'll be at the very low end of the income scale and many will tell you that at $60,000/year you'll be living very simply with little, if any extra available for those "splurges" you may want.

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Gator's Mom
Posts: 991
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago

monthly budget with some wants/splurges - one person

housing $1,000
utilities $200
car insurance $50
Health (some combination of insurance payment, deductibles, HSA, meds, life flight etc.) $800
cable/internet $100
Cell phone $50
groceries/supplies/routine car expenses $500
misc. (clothes, travel, entertainment) $500

NET $3,200/month
NET $38,400 annual

Assuming no debt including car payment, substantial savings in place for big surprises and no expensive habits.

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Gator's Mom
Posts: 991
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago

And if you have a government job (including hospital workers and teachers), 11% of you gross income will go toward your retirement contribution.

monthly budget with some wants/splurges - one person

housing $1,000
utilities $200
car insurance $50
Health (some combination of insurance payment, deductibles, HSA, meds, life flight etc.) $800
cable/internet $100
Cell phone $50
groceries/supplies/routine car expenses $500
misc. (clothes, travel, entertainment) $500

NET $3,200/month
NET $38,400 annual

Assuming no debt including car payment, substantial savings in place for big surprises and no expensive habits.

Reply
speee1dy
Posts: 8723
(@speee1dy)
Expert
Joined: 11 years ago

i think the grocery/supplies are a bit low . and remember if you live on air conditioning your electric will be higher

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