How Much Per Hour is $50,000 a Year?

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You might have been offered a job that pays you $50,000 per year and are wondering how much that is per hour. 

The median American household made $68,400 per year as of 2019, so $50,000 per year puts you below that statistic. However, there is still much that you can do with a $50,000 per year salary, and when it comes to calculating your hourly wage, you may be in a better off place than an average worker.

In this article, we’ll discuss how much $50,000 per year is when converted to an hourly wage and answer various questions about what it means to earn $50,000 in a year.

$50,000 Per Year is How Much an Hour?

How much you make per hour will depend on the number of hours and the number of weeks you work per year. If you work 40 hours per week, 52 weeks out of the year, you will make roughly $24.04 an hour.

If you work 30 hours a week at 52 weeks per year at $50,000 per year, you make around $32.05 per hour. If you are a salaried employee that doesn’t get extra compensation for working more hours, and you end up working 60 hours per week each week of the year, then your hourly wage is $16.02.

How Much Per Month is $50,000 Per Year?

Earning $50,000 a year means having an average monthly salary of around $4,167 per month. There are many types of jobs that can provide that level of pay.

Here are some common roles that pay around $50,000 per year 

• Web Developer
• Physical Therapist Assistant
• Registered Nurse
• Real Estate Appraiser
• Administrative Assistant
• IT Support
• SEO Specialist
• Financial Assistant

There are many more roles that pay around $50,000 as well.

How Much Biweekly is $50,000 Per Year?

Having a $50,000 per-year annual salary on a pay schedule means you are getting at least $1923 every paycheck if you get paid biweekly. Having frequent income within a month can be beneficial, as it may make it easier to budget.

This is because you won’t go an entire month without getting paid again. Check out our guide on how to create a budget.

Is $50,000 a Good Salary?

If you’re wondering if $50,000 is a good salary, it will depend on several factors, including where you live, your lifestyle choices, the size of your family, and any current debts you’re responsible for paying.

Location

The first thing you need to consider is your location. If you live in one of the more expensive locations in the U.S., then a $50,000 per year salary may not afford you much. If you live in California, for example, in a city, it may be challenging to find affordable housing while maintaining a lifestyle you wish for.

Meanwhile, if you live in the suburbs or rural areas of the south or midwest areas of the U.S., then $50,000 per year may allow you to live comfortably, where your money will go much further.

Cost of Living

Let’s break down the details of the usual costs of living that people have. That way, you’ll understand how to adjust the $50,000 to fit your lifestyle.

• Rent: Rent takes a large chunk out of your monthly income. A general rule of thumb is to spend no more than 36% of your monthly income on rent, or $1,500. Depending on the location, you may find a small apartment for $1,500 or a house in other areas.
• Subscriptions: Many expenses today are in the form of monthly subscriptions. It’s popular because businesses earn a steady stream of money, and one can easily forget what they’re paying in a month. Things like the gym, streaming services, and apps can be costly..
• Bills: Bills include your utilities, food, and any debt that you’re paying, such as your credit card, medical expenses, or auto loans.
• Non-Negotiables: Costs for clothing,  transportation, and similar are unavoidable. You can generally cut down on these costs by being choosy about where you spend your money. For example, can you buy clothing from a discount store versus designer clothing?

• Food: On average, a person can spend around 10-15% of their salary on food. It covers both groceries and dining out. Dining out adds up fast, and learning to cook at home can save you hundreds per month per person in your household.
• Entertainment: Entertainment is sometimes a necessary cost. It helps keep us happy and motivated. It’s easy to get caught up in spending a lot on entertainment, so the important thing to note is to live below your means and not spend more than you earn each month.

What Jobs Pay $50,000 Per Year?

While $50,000 is above the median income, there several jobs and career paths out there where you can earn $50,000 per year or more, even at entry level. Aside from the careers that we listed above, here are some more where you can earn $50,000 per year.

• Truck Driver: Hauling items over long distances pays well. You’ll need to be able to stay vigilant by keeping a record of your truck. If you don’t mind being by yourself and driving for many hours at a time, this could be a path for you.
• Construction Superintendent: If you have experience in construction, taking this role pays well. However, you’ll need to be interacting with clients more. You’ll also have to be knowledgeable about construction and relevant laws and regulations.
• Loan Officer: Those with finance degrees may want to get into the loan industry. You’ll review and authorize loans for approval.
• Executive Assistant: With enough experience, you can get over $50,000 a year serving in this position. You’ll need to be flexible with your duties as you’ll be doing many things depending on who you work for. That means handling itineraries, talking with clients, doing phone and email support, and more.

• Police Officer: A demanding but rewarding job that can pay well. Police officers earn over $50,000 per year.
• Business Analyst: Analysts are frequently in high demand through the job requires that you have a degree in the field you want to work in. You’ll gather data and draft documents and requirements for other teams in your organization.

Many other jobs pay above $50,000 a year, some requiring a college education and others not. 

Can I Invest While Making $50,000 In a Year?

A little cash left after your monthly costs shouldn’t deter you from investing. Investing when you’re as young as possible can set you up for financial freedom or ensure your retirement. 

There are many investment options available. Consider setting aside money each month, like a portion of your salary, for investments. What you invest in depends on your goals and your risk tolerance. Here are some ways you can go about it.

•  Invest in a retirement plan: Setting up for retirement is as easy as having monthly contributions taken away from your income. You can talk to your employer so you can begin contributions to an IRA or 401(k). Alternatively, you can set an IRA up on your own.
• Robo-advisors: These advisors allow you to make smart investments without hiring a human advisor, and the algorithms they use are known to be effective. They also come at a low cost.
• Stocks: The stock market is one of the most common places to invest. The goal is to buy and hold stocks of companies you believe will give you a return. 

• Index funds: Index funds are primarily for those who are looking for a steady gain over time that will see fewer highs and fewer lows. You’ll own an entire index of the market, which means your returns will follow the market more closely. 
• Real estate: Real estate can be the most expensive out of all investments, but there is a way to get in with little money. Crowdfunding is a popular option, and fractional shares are also becoming popular. Check out Fundrise to get started with crowdfunded real estate with as little as $10. You’ll also get 90 days’ worth of fees waived when you sign up with our link – Fundrise charges 1% per year in management fees.
•  Alternative investments: From collectibles to cryptocurrency, there are many types of investments out there. Most of them have medium to high risk but can have a lot of potential with rewards. These markets often reward those who spend more time learning about their intricacies or are early adopters.

Yieldstreet is an alternative investment platform focused on generating income streams for investors. Get access to private market investments in real estate, art, crypto, venture capital, and more.

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How Much is $50,000 a Year After Taxes?

$50,000 a year after taxes varies on where you live. Using a calculator found at Talent.com, we looked at what a $50,000 per year salary is in New York after taxes and found the following information:

• Federal income tax paid: $4,295
• State income tax paid: $2,308
• Social Security: $3,100
• Medicare: $725
• SDI: $31.20
• FLI: $256

Total taxes paid: $10,714

Total after-tax salary: $39,286*

*Note that this after-tax salary makes some assumptions on marital status and current tax code in New York and may vary year to year and with different family situations.

Is $50,000 a Year Middle Class?

$50,000 a year is middle class and generally isn’t enough to live in luxury in most areas. To be in the upper class means that you can buy what you want while having much to spare. 

The average middle class salary range is considered to be between $25,000 and $100,000 a year, according to Good Financial Cents.

In some areas of the country, you’ll need more money to feel middle class, such as in big cities like New York, San Francisco, L.A., Boston, and similar.

How to Live Off of $50,000 Per Year?

$50,000 is a great salary by many standards for a typical American, but depending where you live will depend on how you use it to get by. Having a sound financial plan will help you get a clear picture of what you can and can’t afford. 

Here are some things you can do if $50,000 per year is not enough for you to live off of.

•  Downsize: Moving to a lower-cost state or living in a cheaper place may be the right move.
•  Cut costs on essentials: There are many ways to lower costs. We cover 40+ ways in this article.
•  Don’t skip your investments: If you want to have some extra money as well as improve your finances in the future, investments are a great way to do this.

Wrapping It Up

$50,000 a year is a good benchmark salary. For most, it fits comfortably in the middle class range, and you can get by with it. Depending on your state, you may have to pay more on daily expenses and taxes, meaning there is always room for improvement.

With good financial habits and strategies in place, though, you’ll be able to secure your financial future and make the most of your annual salary.