With the average US income at $70,430, $50,000 a year seems quite a solid income. But the real question is, is it enough to live on it? Is it a good income level to support a family?👪👪
The thing is, it is just slightly below the average national income. You can’t make fortunes with such an amount. However, with planning, you may be able to maintain a sustainable lifestyle with a consistent income stream.💵💹
$50,000 a year is how much an hour?
For comparison, we need to convert the amount from a yearly to an hourly basis. Since the average working hours are 40 hours a week, we’ll take that as the basis of our calculation. 🧮💻
Here’s the division of the income on a monthly, weekly, daily, and hourly basis:
- $50,000 a year is: (50,000/12) = $4,167 a month 📆
- $50,000 a year is: (4,166.67/2) = $2,083 a fortnight
- $50,000 a year is: (50,000/52 weeks) = $962 a week
- $50,000 a year is: (50,000/260 working days) = $192 a day🌞
- $50,000 a year is: (50,000/2080) = $24 an hour⏳
So, $50000 a year is how much an hour? The answer: it’s equivalent to $24.⏳⏳
However, note that this is the gross income, i.e., the amount you make before deducting taxes, insurance, and other deductibles. 😑➕➖
How you can make more money if $50,000 is not enough
Realistically speaking, and after knowing $50,000 a year is how much an hour, we’ll say it’s not enough. It may be alright for you alone, but you may have to live hand to mouth if you have a family. So, what you should do is:
- Try to get bonuses and increments💰💰
- Ask the employer for a promotion🏆🏆
- Look for other jobs that pay higher⬆️👍
- Look for options for a second income stream🧑💼
- Find work or ways to earn from online jobs💻💻
Speaking of online jobs, did you know you can make some solid bucks just via your phone or laptop while sitting at home?🪑💆
Countless opportunities require little effort and may help you make some extra bucks. There are survey sites that pay for surveys, gaming apps that pay you to play games, and even web browsers that only require you to install them. 📲
Take a look at legit sites that can help you make more money when $50,000 isn’t enough:🌐💸
1. Taking surveys ✍️📃
My websites pay their users to take surveys and questionnaires or perform minor tasks like watching videos, being part of focus groups, etc. All these are third-party websites that companies approach to get market insights. 🧐
They take the opinion and thoughts of the general market and potential customers before launching their products or services in the market.🎁🎁
So, you get paid for your valuable opinion and time. The more time you spend on the site, the more surveys you take, and the more chances you can maximize your earnings.👍🏆
Here are the top three sites to earn some passive income on the go.💸💸
InboxDollars📥💲
InboxDollars is a great platform to earn cash simply by taking surveys, playing games, watching videos, participating in polls, etc. You will find available surveys on various topics like sports, technology, politics, electronics, etc. 🔌🏃
It takes 5 to 30 minutes to complete each survey (depending on the complexity.) You can earn between $0.50 to $5 for each survey you take on the site. Then, you can encash or redeem your earnings via Paypal, prepaid visa card, gift card, and check.🏧🎁
Swagbucks💵💴
Another top-rated platform for taking surveys, playing games, and making money on the go by being part of such effortless and fun activities is Swagbucks. .🏪
You can earn $50 to $1,000 yearly for surveys at Swagbucks. You can redeem your earnings through PayPal, gift cards on amazon, visa rewards, and Payoneer.💳💸💝
Survey Junkie📃✍️
With over 11 million users today, Survey Junkie stands out as a platform for earning rewards and easily making hard cash on the go. You can access the app and participate in surveys and questionnaires if you have some spare minutes during your break at work or while getting home.📱📱
Another way to make the most of the app is via Survey Pulse. That gives you access to more surveys than an average user. All these surveys are sent to you based on your demographics, interests, shopping habits, and ads or websites you view regularly.🌐🌐
The amount you earn also depends on your location, interests, and other aspects of your profile. Some users have also reported earning $200 per month! But a basic minimum is around $2 to $5 per hour.⌚💸
You can redeem your earnings via PayPal, bank transfer, or electronic gift cards. 🎁🎁
2. Playing games🎮🕹️
A fun and relaxing way to earn money is by playing games! Just imagine when you wish to relax your mind, take out your phone and start a game of Candy Crush. Imagine being paid for a game like that. 🎮💰
Bingo Cash
Bingo Cash is one platform where you can earn money to play games with other users worldwide and win cash and prizes. The key features of the app are:💵
- Play games like Angry Birds, Wheel of Fortune, and Solitaire for free and earn cash prizes for each game!🎮💵
- Be part of tournaments and connect with and learn about various cultures worldwide!🌎🌎
- The top-paying games include word games, fighting games, casinos, poker, arcade, and strategic games.🎯🎯
These games are backed by game developers who want to test the waters before they launch their products in the market. They pay members for completing short tasks as Paypal cash rewards or via amazon gift cards.🎁💵
You can earn as much as $1 for installing the app and creating your profile and up to $50 for achieving a level in 40 days. It all depends on how much time you invest in the app.
People who love games and can give the most time to them have made $60,000 a year! ⬆️⬆️
Remember how much $50,000 a year is, how much an hour? At Bingo Games, you can make as much as $15,000 an hour!⏳⏳
Swagbucks💵🌐
At Swagbucks, you earn SB, a virtual currency, for every task you finish. The site offers many interactive user games besides signing up bonuses, referrals, and surveys.🎮🕹️
There are answering trivia, videos, internet searches, and other activities that add SB points to your profile.🌐💯
Swagbucks partners with GSN (Game Show Network) to enable avid gamers to play games and make purchases while earning Sb on the platform.💲💵
The earnings are encashed through PayPal, discounts, freebies, and gift cards redeemable at Amazon, Walmart, Uber, Starbucks, etc.🚗☕💳
3. Browsing the Web – Earn Free BAT Crypto🤑💲
You can also earn cryptocurrency by installing and using browsers like ‘Brave’ as your default browser for web searches, emails, etc.🌐🌐
The browser is compatible with various devices and operating systems, so installation is a breeze. It also keeps you safe from web tracking and popups and hides your traffic via Tor. 😃👮
All it requires is installation and the user agreeing to watch the ads it runs, all sent as push notifications. Then you also earn BAT for using the browser for daily web browsing and checking emails, etc.📨📩
The earnings are stored in your Brave wallet and can be redeemed as gift cards. You can also trade them as a cryptocurrency or use them for purchases.👛💲
4. Reading Emails📖📨
Another easy peasy way to earn is to read a few lines of emails whenever you get the time and earn!
Websites like Inbox Dollars, Inbox Pays, and Branded Surveys, amongst the list of other activities and potential for earning money on the go, also pay users to read emails they send.🌐📨
Usually, these emails include information about branded products and services and, sometimes, offer special discounts or offers for users.🎁🎁
You can encash or redeem your earnings via gift cards, PayPal, etc.🎁🏧
Is $50,000 a year a good salary?🤔🤔
The answer to whether $50,000 is a good salary or not is quite relative. You can pay off your basic rent and cover your expenses; with some budgeting, you can save and invest.✅✅
At $24 earned per hour, you are considered middle class in the US, so consider yourself better off than many.😇😇
$50,000 a year is how much after taxes?📟🥵
Since we already calculated $50000 a year is how much an hour, we know the gross income. But that’s not the amount of money that reaches your account. There will be specific deductibles and taxes that apply.🏧💰
Now it’s easy to calculate the federal income tax applicable on the $50,000 annual income. However, the state laws vary for each state. Smaller states have low state taxes, and big states like New York City have higher state taxes.
Click here to know the percentages of taxes applicable across all the states of the US.🤔🗽
On average, the taxed amount will be:
- Federal tax applicable: 20%
- State Tax: 4%
- Medicare and social security 7.65%
So $50,000 after these taxes and deductibles becomes $38,175 on average.✅✅
$38,175/2080 hours = $18.35 per hour.⏱️⌛
Tips to living on $50,000 a year✅🤔
Here are some tips for making the most of $50,000 a year:💸💲
- Use the 50/30/20 budget rule:
- 50% of income should go towards rent, groceries, and other utilities🛒🏪
- 30% should be kept for food, clothes, and other basics
- 20% should be for savings and payment of debts.
- Limit dine-outs and make home meals when possible.🥪🌮
- Carpool with friends or neighbors to save up on fuel and travel expenses.⛽🚕
- Pay off any pending debts🏧🏦
- You can also look into using coupons. 📃📄
Final words🤔🧐
So with the knowledge that $50000 a year is how much an hour, i.e., $24, while you may not be able to build palaces, you can enjoy a certain satisfactory and comfortable living level.✅✅
With meticulous planning and budgeting, you can make the most of your earnings. Then you can also try the alternatives to earn via passive income and up your lifestyle.💸💲
However, if you plan a big expense shortly, like buying a home, you may need to consider adding a second income stream or switching careers.🏣🧑💼
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