If you get paid $35 an hour, congratulations! You are earning more compared to 80% of all wage earners in the United States.
So, how much do you make a year with a $35/hour salary? Read this guide to find out.
Yes. $35 an hour is considerably more than the American median hourly wage (currently at $29) so you should be good. However, this is not enough for a lavish lifestyle. If you want to live comfortably with $35 an hour, you should still be mindful of your spending.
Earning $35 an hour has its perks, more so if you do not have debts to pay. Since you are earning more than average, you have extra money to spend on your needs and wants.
However, this is still not enough to live a lavish life.
If you want to enjoy a level of financial freedom you have yet to experience, you should be strategic with your planning. Prioritize savings and invest wisely.
An annual salary of $70,000 to $78,000 is considered good enough if you are living in the United States. This holds for any state.
However, for most Americans, any income of over $50,000 a year is already considered decent. This is the typical salary for full-time wage workers.
Choosing an area with a low cost of living helps with managing your budget. The city you are residing in matters since some areas have a high cost of living and impose state taxes.
Taxes can take quite a chunk off of your salary, so this is an important factor in choosing a place to live.
For instance, living in Manhattan, New York can be costlier compared to living in Tampa, Florida.
If you reside in California, Minnesota, New York, or Wisconsin, which are considered higher-taxed states, you may want to consider moving to an area with a lower cost of living.
For instance, Alaska, Nevada, Washington, and South Dakota do not impose income taxes on workers’ wages.
Definitely. You can live quite well on a $ 35-an-hour salary in the United States. Of course, how well you live will still depend on several factors, including your lifestyle, family situation, and the city/state where you reside.
The cost of living in the city is considerably higher than living and working in a small town. Food, housing, and transportation are more expensive, so expect to allocate a good portion of your budget to these basics.
Even if you decide to live in a city like San Francisco or New York, you can live off $35 an hour as long as you stay within your budget.
If you are the type to eat out often or splurge on designer clothes, you will be needing more money to support your lavish lifestyle.
Finally, if you have a family to support, you should consider cutting back on your binges and spending your funds wisely. $35 an hour should be enough to sustain a small family, provided you are all mindful of your spending.
Yes, earning $35 an hour is an adequate amount to support a family. If you live within your means, you can still set aside something for your savings and retirement.
The 70/20/10 budget is a tried-and-tested strategy. In this plan, 70% of your earnings will be allocated to your monthly expenses, including entertainment. 20% will go to your retirement and savings, while the last 10% will be for debt repayment (if there is any).
If you want to have more wiggle room in your budget, you should consider other ways to make more money. This may be having a side hustle or taking a part-time job.
You may also reduce your expenses so you have extra money to use for emergencies.
Absolutely. You can own a car with your $35/hour salary, but make sure to stay within your budget when buying one.
Most financial experts will recommend that you do not spend more than 10% of your income on a car. This includes all the payments you have to make from buying to maintaining your vehicle.
$35 an hour is about $70,000 a year. Taking into consideration the 10% allotment, you can afford a car that costs you no more than $7,000 annually.
If you spend more, you run the risk of exceeding your budget, causing problems and stress in your daily life.
Yes. Buying a house is feasible if you earn $35 an hour, but this depends on several factors such as the housing costs in your area, your debt-to-income ratio, and your down payment.
Housing costs in cities are more expensive, so you need to make more money to afford one. For instance, the same size house will cost less in the suburb than in a metro area.
You should also consider the amount of debt you have. You must pay all your liabilities off before you apply for a home loan.
Finally, mull over the down payment you can give for your house purchase. Larger down payments mean paying less monthly mortgage payments on your part.
$35 an hour is $280 a day if you work full time, eight hours a day in five days. You simply multiply $35 by 8 and you get your daily rate.
If you work part-time for only five hours a day, you will take home approximately $147 per day.
If you earn $35 an hour, you have a weekly salary of $1,400. To compute, simply multiply $35 by 40 hours (8 hours in 5 days).
For part-timers working for 25 hours a week, the weekly pay is $875.
$35 an hour in a fortnight is $2,800. Simply multiply your weekly rate by two to get this amount.
Part-timers with 25 hours of weekly working hours will earn around $1,472 every two weeks.
If your hourly pay is $35, your monthly rate for working full-time is $6,067. To compute, simply divide your annual salary by 12 months.
For those working part-time, the monthly payment is $3,792.
$72,800 is the annual salary of workers with a $35 per hour wage. Typically, wage-earners work for 52 weeks per year, 40 hours per week. This equals 2,080 working hours.
To compute your annual salary, multiply your total working hours by $35. You will get $72,800.
If you work an average of 25 hours a week as a part-timer, your annual salary will be $45,500.
Taxes can take up a big chunk of your paycheck. If you earn $35 an hour, your net hourly pay is $26.72. In a year, you take home $55,583.
Federal tax rates state and state rates vary depending on the area you live, but this can be around 12% and 4%, respectively.
You also pay 7.65% of your salary to Social Security and Medicare (FICA).
Essentially, your $35/hour salary is only $26.72 after taxes. Every month, your net pay is $4,631.90.
There are plenty of jobs that pay $35 an hour. You can find one that suits your skill sets as long as you are willing to work hard. Some of these are electrical linemen, registered nurses, social service managers, and technical writers.
Aerospace engineers are also typically paid around $35 an hour, the same as food scientists and web developers.
If your talent lies in health care like dental hygienists and chiropractors, these jobs are likewise paid around $35 an hour.
If getting paid $35 an hour is not enough to sustain you, it is time to find a job that pays more. There are loads of options to choose from. You just need to pick one that suits your skills and experience.
Accountants, budget analysts, and power plant operators are paid between $34 to $36 an hour.
Other jobs that pay more than $35 an hour are genetic counselors, geographers, and fashion designers.
These jobs typically require candidates to have at least a bachelor’s degree, so make sure that you meet the criteria before applying.