Starting salary of $37,184.
$3098.67 a month is what this teacher would be making.
Let's begin by taking 30% of that for taxes, union dues and such things.
That would be $2169.07 free and clear every month.
Now since this a starting teacher who is hip I am going to put him in a nice apartment right in the middle of the city at $699.00 a month. This would be a large one bed room with 860sqf. Washer/Dryer enclosed garage,wi-fi and utilities except electric and cable. Let's give him $50.00 for the electric and $100.00 for cable
This leaves $1320.07
Now our teacher wants a nice car so I gave him a brand new 2012 Mustang. No money down and a 72 month loan makes for a $468 car payment. Plus $75.00 for insurance and $120.00 for gas.
Now let's add in his student loan. $242.82 is the average so let's use that.
That leaves $414.25 a month for food, clothing and entertainment.
Sounds pretty good to me.
For just one person???? 414.25 sounds pretty awesome to me!!
Of course you can’t eat out all the time on that and buy whatever the heck you want, so I guess you can’t eat and live. So sad.