Still, that drop has done little to erase the eyewatering price gains of the COVID-19 pandemic, when an unanticipated market boom saw prices shoot through the roof amid feverish competition and a surge in bidding. A signal by the Federal Reserve that it’s ready to start bringing interest rates lower might serve as a key … [Read more…]
If you’re one of the homeowners with an average of $200,000-plus worth of home equity right now, then you may wonder if it’s worth accessing and how you should do so. With inflation still elevated, albeit significantly cooled, and interest rates for traditional borrowing options high, many homeowners would benefit from using the equity they’ve already accumulated in their homes. And, there are multiple ways to do so, ranging from home equity loans to home equity lines of credit (HELOCs) to reverse mortgages and more.
To secure the most value from your home equity and keep costs minimal, however, you’ll want to take a nuanced and strategic approach. Below, we gathered four strategic home equity moves to make heading into July.
Start by seeing what home equity loan rate you could lock in here now.
4 strategic home equity moves to make for July
Have you already decided that home equity is your best credit option right now? Then you’ll want to approach it smartly, especially in July’s unique economic climate. Specifically, you should:
Consider a HELOC
While HELOCs come with slightly higher interest rates than home equity loans right now, they also come with the inherent ability to adjust over time thanks to a variable rate. This is a major advantage in an economy in which interest rate cuts appear imminent, possibly as soon as the end of 2024. If you go with a HELOC in July, then, you could soon see a rate cut. That’s the opposite of home equity loans, which will come with a locked rate that you will need to refinance to get out of.
See what HELOC option works best for you online today.
Monitor certain dates
The next inflation report comes out on July 11, courtesy of the Bureau of Labor Statistics, and the Federal Reserve will meet again on July 31. If the report on July 11 shows additional cooling in the inflation rate, then interest rates may continue to fall in anticipation of a formal rate cut at the end of the month. And, obviously, a formal rate cut from the Fed will cause them to drop even further. But since home equity rates change daily, you’ll want to closely monitor any movement on these dates for an opening to capitalize on a lower rate.
Use it for summer repairs and renovations
Do you need extra funding to finance summer repairs and renovations this July? Then a home equity loan or HELOC is advantageous compared to credit cards and personal loans. Not only do both of the former options have lower interest rates, but if you use the funding you receive for IRS-approved home projects, you may be eligible to write off the interest you paid on the amount you borrowed when it comes time to file your 2024 tax return.
Only use what you need
It can be tempting to overspend with a home equity loan or HELOC, especially now when home equity levels are near record highs and rate cuts appear likely. But that would be a mistake. Like all borrowing options, you should only use what you need, not what you have access to. Rate cuts haven’t taken place just yet and inflation is still above the Federal Reserve’s target 2% goal.
And remember that your home serves as collateral in these circumstances, so if you can’t pay back all that you’ve borrowed you could lose your home in the process. So only use precisely what you need this July – and any other time you tap into your home equity.
See how much home equity you have to borrow here.
The bottom line
This July could be a smart time to tap into your home equity but you’ll want to do so in a strategic and balanced way to minimize costs and maximize value. To do so, you should consider a HELOC and it’s variable rate over a home equity loan, monitor important dates in the broader economic landscape for opportunities to secure a lower rate, use the funding for potentially tax-deductible reasons like eligible home repairs and only use exactly what you need. By taking these home equity steps this July, you’ll significantly improve your chances of financial success both in the month you withdraw the funds and the months and years in which you use them in the future.
Matt Richardson
Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Tim Maxwell
Mortgage Expert
Tim Maxwell is a freelance personal finance writer with over two decades of media experience. His work has been published in Bankrate, CBS News, Experian and other outlets. Tim is passionate about financial literacy and empowering people to take control of their finances. When he’s not writing or geeking out over his budget, he enjoys creating memories with his family in the Sierra Nevada mountains.
Vail Home Outfitters has offered homeowners distinctive home decor and design for more than 30 years. The team there believes in honesty, integrity and providing a relaxed, beautiful atmosphere when it comes to helping people furnish their homes. They take the time to listen to what you want and cultivate lasting relationships, so that you can find unique items to reflect your personal style. The following is an interview with Donna Lang Arenshield.
Tell us about your interior design experience.
I knew in high school that I wanted to be a designer and graduated with a degree in design in 1975. It seems like yesterday. I then worked for a large retail design showroom — much like Home Outfitters — and my career took off. It was a combination of being in the right place at the right time, and taking advantage of what opportunities were placed in my path. At that job, I worked with a team that created a personal space for the King Khalid of Saudi Arabia at The Cleveland Clinic, designed the offices of Mark McCormack (founder of IMG) and designed the corporate headquarters of Diamond Shamrock.
Finally, the job that jumpstarted my career was working on a team that designed the personal residence of Will McFarlane, who ended up being my extremely supportive mentor, in Naples, Florida. He owned AIRCOA, a hotel equity and management company based in Cleveland, Ohio. After the completion of his home, I was offered the position of director of design for his hospitality company, moving from Cleveland to Denver. So, the majority of my background was in hospitality design: The Brown Palace Hotel in Denver and The Maxwell House in Nashville are just two of the hotels that I am most proud of.
Since 2016, I have been fortunate enough to make the change to residential design. Working on the design of Mikaela Shiffrin’s home in Edwards was the first residential project that helped put Home Outfitters on the map. Since that project, I have been able to work on so many wonderful and creative renovations and new construction here in Vail and around the country. Through those relationships, I have been so fortunate to have formed many wonderful personal relationships.
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What can customers expect when they walk into Home Outfitters?
I feel that we have curated a visual that offers our customers not only a selection of what is new but also what is comfortable and offers a value for them.
What kind of perspective do you bring to curating items in Home Outfitters?
We really do a lot of reading and research in what is new. We offer a bit of what is trending but place an importance of what is lasting for our customers. Furniture is expensive today, and we want to make sure that our customers are receiving a value for their money.
Describe your design services.
DLA: In addition to our retail showroom, we offer a full-service design department. We are hardworking and detail-oriented, but most importantly, we believe that we listen to our clients’ needs and wishes. My overriding philosophy is that our job as designers is to interpret our client’s vision — not impose our aesthetics on our clients.
What makes your store, as well as your services, unique?
We believe that our showroom is a reflection of what our customers are asking for — but they are also looking for our expertise, our experiences and the research we are willing to undertake for them. We love what we do!
What has one of your favorite projects been and why?
I can’t really reduce it to one, though I think of the fun I had working with Mikaela Shiffrin — receiving texts with pictures of furniture she loved and styles that she hoped would work in her home. The honor of working on the Brown Palace Hotel and the history that I was expected to honor was also wonderful. And there’s so much more: every time I finish a home for clients, then being asked to design another one, to my parents trusting me to design their vacation home in Naples. That was a project of love and respect.
What else would you like to add?
I feel it is such an honor to be asked to help someone make their home not only beautiful but also comfortable and personal. In my mind, it’s a trust issue, and I always hope, at the end of the day, I have fulfilled that goal and honored that trust.
The goal of the group is to increase foot traffic to each location.
“Many of us have experienced shoppers who love our vintage options and want to know of other shops in the area,” Yingling said. “Things ebb and flow. I’m excited to have a few of the original shops back with us. Our downtown Miamisburg contingent is new this year. This is perfect for a group of ladies that want to go day-tripping in town.”
Also known as VSGD, participants belong to a one-year membership, and the seven members will be in place through June 2025.
The kick-off event for the group is a Christmas in July Shop Hop that will run the entire month of July. Visitors will receive Shop Hop passes for 10% off the total purchase at all participating stores.
“We encourage people to shop at small businesses, so the funds stay in the immediate area,” Yingling said. “It’s important to support our community. Christmas in July is so nostalgic, and I love the vintage aesthetic…it’s fun to get a sneak peak of the Christmas season.”
Molly Williams, owner of M & Co., is new to the vintage shop group.
“My shop is located in downtown Miamisburg,” Williams said. “People who like vintage can always find something they like in here. I really like the idea of the Shop Hop.”
Williams has been in business for seven years, and at the same location, and said people come into her shop daily, discovering it for the first time.
“I like the idea that you can go up to Tipp and Troy and all the way down to Miamisburg because every town has a little bit different personality,” she said. “It’s nice to know that you can go within a 20-mile radius of downtown Dayton and see so many different varieties of shops.”
Williams noted that today people are not about shopping as much as they are about experience.
“I want it to be a really good experience,” she said. “Everyone that has come in from other vintage shops have been the nicest, sweetest people. I really enjoy meeting them.”
Future plans for VSGD include a Shop Hop option for Christmas, which will run the entire month of December, and a Valentine’s Day Shop Hop that will run the entire month of February 2025.
The group is also a sponsoring of The City Mercantile Show, and will be featured during a Comfort & Joy Christmas Market event, which will be Nov. 15-17 at the Warren County Fairgrounds, 665 N. Broadway St., Lebanon.
The City Mercantile Show features an open-air market where shoppers can find vintage home décor, clothing, food and more.
“VSGD is one of the sponsors of the City Mercantile show and several VSGD members will have booths at the show,” Yingling said.
C & C Studios, who is the host shop for VSGD, recently opened a second location at Antiques Village, near I-675 and I-75.
“I really love the vintage antiques aspect of the business, and I also wanted to help gain exposure for the VSGD group,” Yingling said. “The Antique Village is open seven days a week, and that booth will offer more seasonal items.”
Yingling sums up this unique vintage group as a community collaboration for small shop owners.
“I know that these business owners are like minded and want to collaborate with other owners,” she said. “We do believe there is room for everyone at the table, no matter what type of vintage shop they have, and we’re stronger together than we are apart.”
For more information, visit facebook.com/vintageshopsofdayton.
Vintage Shops of Greater Dayton members
C & C Studios Vintage & Paper Goods, 101 E. Alex Bell Road, Suite 160, Centerville
C & C Studios Vintage & Paper Goods, Antiques Village, 651 Lyons Road, Dayton (booth at the corner of Main and 11th)
Southern Charm, 1209 E. Stroop Road, Kettering
M & Co., 48 S. Main St., Miamisburg
My Mother’s Memories, 19 W. Main St., Fairborn
Mike’s Vintage Toys, 508 E. 5th St., Dayton
Village Salvage, 85 S. Main St., Waynesville
Ohio Red Barn, 36B S. Main St., Miamisburg (until Sept. 15)
Ohio Red Barn, 46-50 S. 1st St., Miamisburg (after Oct. 1)
Known for its scenic waterfront and many historical sites, anyone can feel right at home in New Rochelle. From its beautiful parks to esteemed schools, everyone can find a place in New Rochelle.
Let’s explore ten of the top things New Rochelle is famous for and learn a bit more about what makes this underrated city so special.
1. Huguenot Park
Huguenot Park is a local favorite with wide-open spaces perfect for picnics, sports, and relaxing strolls. The park has playgrounds and walking trails, making it ideal for families. Residents love the peaceful atmosphere and natural beauty.
2. Sound Shore Medical Center
Montefiore New Rochelle Hospital is a key healthcare facility in New Rochelle. Known for its excellent medical services, it provides comprehensive care to the community. The center is equipped with modern technology and skilled professionals. Residents rely on it for emergency and specialized medical needs. Montefiore New Rochelle Hospital plays a vital role in ensuring the health and well-being of the local community.
3. Coastal Location
New Rochelle’s coastal location along the Long Island Sound offers stunning waterfront views and endless opportunity for recreational activities. Residents and visitors enjoy boating, fishing, and waterfront dining. The scenic coastline is perfect for leisurely walks and sunsets. New Rochelle’s coast is a highlight for anyone seeking relaxation and adventure by the water.
4. New Rochelle Public Library
The New Rochelle Public Library is more than just a place to borrow books. It offers a range of programs, events, and resources for all ages. The library serves as a community hub for education and cultural activities. Residents appreciate the friendly staff and the welcoming environment. The library plays an essential role in promoting literacy and learning in New Rochelle.
5. Iona College and Monroe College
New Rochelle is home to two respected colleges: Iona College and Monroe College. These institutions offer a variety of programs and contribute to the city’s status as a great New York college town. Students from all over come here to pursue higher education. The colleges also engage with the local community through various partnerships. Needless to say, education is a cornerstone of New Rochelle’s identity.
6. New Rochelle Walk of Fame
The New Rochelle Walk of Fame honors notable residents and historical figures. Located in Library Green, it features plaques and information about each inductee. It’s a great way to learn about the city’s famous personalities and contributions. Visitors enjoy discovering the stories of those who have made a significant impact.
The Rochelle Park-Rochelle Heights Historic District is known for its beautiful, historic homes and tree-lined streets. This area showcases early 20th-century architecture and is listed on the National Register of Historic Places. Walking through the neighborhood feels like stepping back in time. It’s a great place for architecture lovers to explore.
8. Thomas Paine Cottage Museum
The Thomas Paine Cottage Museum is dedicated to the famous revolutionary figure, Thomas Paine. The museum offers a glimpse into Paine’s life and his contributions to American independence. Visitors can explore the historic cottage and learn about Paine’s writings and impact. It’s an educational experience for history buffs and curious minds.
9. Glen Island Park
Glen Island Park is a popular destination with picturesque landscapes and pristine recreational facilities. It has beaches, picnic areas, and walking trails with beautiful water views. The park is perfect for family outings and relaxing days by the water. It also hosts events and activities throughout the year. Glen Island Park is a beloved spot for both locals and visitors.
10. Hudson Park and Beach
Hudson Park and Beach is another beautiful waterfront area in New Rochelle. It has sandy beaches, picnic spots, and playgrounds. The park is perfect for swimming, sunbathing, and enjoying the outdoors. It’s a favorite for summer fun and relaxation. Hudson Park and Beach is a lovely setting to enjoy the natural beauty of the Long Island Sound.
North Las Vegas is an exciting city filled with places worth visiting. Known for its natural beauty and strong entertainment scene, anyone can feel right at home in North Las Vegas. Whether you’re a nature lover, a thrill-seeker, or a history buff, there’s a place in North Las Vegas for you.
Join us as we highlight a handful of the most notable spots in North Las Vegas, showcasing why it’s a great place to settle down. Let’s dive into ten of the top things North Las Vegas is known for.
1. Las Vegas Motor Speedway
Las Vegas Motor Speedway is a thrill-seeker’s paradise. It hosts NASCAR races, drag races, and other high-speed events throughout the year. The adrenaline-pumping action and roaring engines attract motorsport fans from all over. Visitors can also take part in driving experiences, putting them in the driver’s seat of a race car. It’s a great place to feel the excitement of racing firsthand.
2. Aliante Nature Discovery Park
Aliante Nature Discovery Park is a fantastic spot for families and nature lovers. The park has a beautiful lake, interactive dinosaur-themed playgrounds, and picnic areas. Kids love the giant dinosaur statues and splash pad, making it a perfect spot for a fun day out. The surrounding trails provide a peaceful escape for those looking to enjoy a stroll. With its well-maintained facilities and scenic views, Aliante Nature Discovery Park is a must-visit.
3. Craig Ranch Regional Park
Craig Ranch Regional Park is full of beautiful green spaces. The park is equipped with large fields, playgrounds, and a dog park, catering to visitors of all ages. There are also sports courts, an amphitheater, and a few picnic areas. It’s a great spot for outdoor activities, family gatherings, and community events.
4. Cannery Casino and Hotel
Cannery Casino and Hotel offers gaming, entertainment, and dining all under one roof. The casino has a variety of slot machines, table games, and a race and sports book. Live music and events are regularly hosted in the venue’s concert hall. Visitors can enjoy a range of dining options, from casual eateries to fine dining. The hotel provides comfortable accommodations, making it a perfect spot for a getaway.
5. North Las Vegas Airport
North Las Vegas Airport is a key hub for general aviation and offers scenic tours. The airport provides services for private planes, flight training, and aircraft rentals. Visitors can take helicopter tours over the Las Vegas Strip and nearby natural wonders. It’s an excellent way to see the city and its surroundings from a rarely seen perspective. The airport’s convenient location makes it a popular choice for locals and weekend warriors alike.
6. Ice Age Fossils State Park
Ice Age Fossils State Park is a treasure trove of prehistoric wonders. The park has trails where visitors can see fossils and learn about the area’s ancient history. Interpretive displays and guided tours provide fascinating insights into the Ice Age era. It’s a great place for families and history buffs to explore and discover something new.
7. Lake Mead
Lake Mead, a short drive from North Las Vegas, is a popular destination. Visitors can enjoy boating, fishing, swimming, and kayaking in its clear blue waters. The surrounding area offers scenic hiking trails and stunning views of the lake and mountains. Lake Mead’s recreational opportunities make it a perfect escape for those seeking adventure and relaxation. It’s a top spot for outdoorsy types visiting the area.
8. Planetarium and Observatory at CSN
The Planetarium and Observatory at the College of Southern Nevada is a must-visit for astronomy enthusiasts. It offers educational programs, stargazing events, and immersive planetarium shows. Visitors can explore the wonders of the universe and learn about space science. The observatory’s telescopes provide stunning views of celestial objects. It’s a fantastic place to spark curiosity and learn about the cosmos.
9. Tule Springs Fossil Beds National Monument
Tule Springs Fossil Beds National Monument offers a fascinating look into the ancient past. The site is rich with Ice Age fossils, including mammoths, camels, and other prehistoric creatures. Visitors can explore the area on guided tours and learn about its paleontological significance. The monument provides a unique opportunity to see well-preserved fossils in their natural setting. It’s a remarkable destination for anyone interested in history and paleontology.
10. Shadow Creek Golf Course
Shadow Creek Golf Course is a world-renowned golf course. Designed by Tom Fazio, the course is known for its stunning layout and top-notch facilities. Here, golfers take on a challenging round surrounded by lush landscapes and beautiful water features. The course offers a luxurious golfing experience with impeccable service. It’s a top-of-the-list spot for all golfers visiting North Las Vegas.
The 30-year fixed rate loan continued to move downward, falling another 1 basis point this week, to its lowest level since the beginning of April, Freddie Mac said.
It averaged 6.86% as of June 27, compared with 6.87% one week prior but up from 6.71% for the same period one year ago, the Primary Mortgage Market Survey found. The last time this rate was lower was in the April 4 survey.
It diverged from the week-to-week movement in the 15-year FRM. The average for these loans rose to 6.16%, compared with last week when it was 6.13%. A year ago at this time, this product averaged 6.06%.
“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist, in a press release. “By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.”
Rate movements as tracked by Freddie Mac reflected those of the 10-year Treasury yield at least for most of the past week.
While the 10-year Treasury remained in a narrow range for most of the past seven days, on June 26, it rose 8 basis points from its prior close to 4.32%, its highest close since June 11.
But in early morning trading on Thursday, it was back down to 4.29%.
That has yet to translate to mortgage pricing. Zillow’s rate tracker as of 11:45 a.m. was up 3 basis points from the previous day and 12 basis points from the previous week’s average to 6.66%.
Rates for the 30-year FRM from the Lender Price product and pricing engine posted on the National Mortgage News website at 10:20 a.m. on Thursday morning was back over 7%, to 7.021%, by 11:45 a.m. it was at 6.995%. But this was still nearly 14 basis points higher than the 6.86% it was at one week ago.
Even with rates rising, they have been relatively flat throughout June, and much lower than they were this past Spring, said Orphe Divounguy, senior economist at Zillow Home Loans.
“The recent economic data suggest economic growth will slow and inflation could return to the Fed’s 2% target sooner than previously anticipated,” Divounguy said in a Wednesday night statement. “Moderating consumer spending, falling home sales and rising home vacancy rates point to lower aggregate demand and easing price pressures in the months ahead.”
Pending home sales fell 2.1% month-to-month in May, a Thursday morning announcement said, but the outlook is somewhat better because of how rates moved in June, said Odeta Kushi, deputy chief economist at First American Financial.
“If mortgage rates continue their descent alongside rising inventory levels, some buyers may be enticed off the sidelines and boost the summer home-buying season,” Kushi said in a statement. “Nevertheless, a robust summer recovery is unlikely given ongoing affordability constraints.”
The Mortgage Bankers Association’s Weekly Application Survey released yesterday put the 30-year conforming FRM at 6.93%, down 1 basis point.
“Housing inventory is rising, albeit from very low levels, and mortgage rates are now below 7%,” said Bob Broeksmit, the MBA’s president and CEO, in a Thursday morning statement. “This is good news for prospective buyers — especially those with children — looking to move before the school year begins.”
The June 28 Personal Consumption Expenditures index release is the next milestone that could affect rate movements as investors use the data to adjust their inflation forecasts.
“Core inflation is expected to have moderated further over the past month,” Divounguy said. However, a higher-than-expected inflation print could undo progress and push rates higher.”
Inside: Learn how much your 60k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
You want to know to look into this… 60k salary is a good hourly wage when you think about it.
When you get your first job and you are making just above minimum wage like $15 an hour, making over $60,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.
But, the question remains… Can you truly live off 60,000 per year in today’s society? The question you want to ask all of your friends is $60000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $60000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $60k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$60000 a year is How Much an Hour?
When jumping from an hourly job to a salary for this first time, it is helpful to know how much is 60k a year hourly. That way you can decide whether or not the job is worthwhile for you.
For our calculations to figure out how much is 60K salary hourly, we used the average five working days of 40 hours a week.
60000 salary / 2080 hours = $28.85 per hour
$60000 a year is $28.85 per hour
Let’s breakdown how that 60000 salary to hourly number is calculated
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $60000 by 2,080 working hours and the result is $28.85 per hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $3K to 63000 a year, it would increase your hourly wage by $1.44 per hour.
To break it down – 63k a year is how much an hour = $30.29
That isn’t a huge amount of money, but every dollar adds up to $30 an hour.
How Much is $60K salary Per Month?
On average, the monthly amount would be $5,000.
Annual Salary of $60,000 ÷ 12 months = $5,000 per month
This is how much you make a month if you get paid 60000 a year is 5000 a month.
$60k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $60k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$60000/52 weeks = $1,154 per week.
$60000 a year is how much biweekly?
For this calculation, take the average weekly pay of $1,154 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x 52 weeks = 260 working days
Annual Salary of$60000 / 260 working days = $231 per day
If you work a 10 hour day on 208 days throughout the year, you make $288 per day.
$60000 Salary is…
$60000 – Full Time
Total Income
Yearly Salary (52 weeks)
$60,000
Monthly Salary
$5,000
Weekly Wage(40 Hours)
$1,154
Bi-Weekly Wage (80 Hours)
$2,308
Daily Wage (8 Hours)
$231
Daily Wage (10 Hours)
$288
Hourly Wage
$28.85
Net Estimated Monthly Income
$3,817.50
Net Estimated Hourly Income
$22.02
**These are assumptions based on simple scenarios.
60k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.
When you start getting into a higher salary range, the more you make, the more money that you have to pay in taxes.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 60000 a year after taxes?
Gross Annual Salary: $60,000
Federal Taxes of 12%: $7,200
State Taxes of 4%: $2,400
Social Security and Medicare of 7.65%: $4,590
$60k Per Year After Taxes is $45,810.
This would be your net annual salary after taxes.
Hourly Wage after Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$45,810 ÷ 2,080 hours = $22.02 per hour
After estimated taxes and FICA, you are netting $45,810 per year, which is $14,190 per year less than what you expect.
Plus budgeting on $22 an hour is much different!
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, use a tax calculator to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $60000 income can range from $41,010 to $48,210 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes.
But, it can also put a huge dent in your ability to live the lifestyle you want on a $60,000 income.
My 60000 Salary to Hourly
More than likely, your salary is not a flat 60k, here is a tool to convert your salary to hourly calculator.
Many teachers are hovering in this range, which may make you wonder do teachers get paid in the summer.
If you are looking to change industries, you need to check out the freight broker salary.
60k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person?
And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $60,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $60,000 a year is just below the median income that you would find in the United States. Thus, you can live a modest lifestyle here in America.
What a $60,000 lifestyle will buy you:
If you are debt-free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
When A $60,000 Salary Will Hold You Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 60k a year is going to be pretty darn difficult.
Two factors will keep holding you back:
You must pay off debt and cut all fun spending until that happens.
Break the paycheck-to-paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$60K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.
If you want to know how to manage 60k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $60000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$250
Savings
15-25%
$1000
Housing
20-30%
$1200
Utilities
4-7%
$200
Groceries
5-12%
$350
Clothing
1-4%
$50
Transportation
4-10%
$200
Medical
5-12%
$250
Life Insurance
1%
$25
Education
1-4%
$50
Personal
2-7%
$93
Recreation / Entertainment
3-8%
$150
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1183
Total Gross Income
$5,000
**In this budget, prioritization was given to basic expenses and no debt.
Is $60000 a year a Good Salary?
The short answer is “yes.” However, there are several factors that go into determining the appropriate salary for you and your field.
As we stated earlier if you are able to make $60,000 a year, that is a good salary. You are making more money than the average American and slightly less on the bell curve on the median income.
You shouldn’t be questioning yourself if is 60000 a good salary.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $60k salary would be considered a middle class salary. This salary is something that you can live on very comfortably.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 91 percentile globally for per person income (source).
The question you need to ask yourself with your 60k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in some expensive cities, 60,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 60,000 per year.
If you are looking for a career change, you want to find jobs paying at least a $70000 salary.
Is 60k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $60000 per year.
And… most of us probably regret how much money was wasted when we were single. Oh well, lesson learned.
Deep Dive: What Is A Good Salary For A Single Person in Today’s Society?
Is 60k a good salary for a family?
Many of the same principles apply above on whether $60000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child. Plus this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains… Can you provide a good life for your family making $60,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything you want.
Many times when raising a family, it is helpful to have a dual-income household. That way you can provide the necessary expenses if both parties were making 60,000 per year, then the combined income for the household would be $120,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $60000 Per Year?
As we outlined earlier in the post, $60,000 a year:
$28.85 Per Hour
$231-288 Per Day (depending on length of day worked)
$1154 Per Week
$2308 Per Biweekly
$5000 Per Month
Next up is making $65,000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 39,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and making $60K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Are you wondering what the best passive income apps are? The best passive income apps can help you make money and build wealth while sleeping, on vacation, and more. With passive income apps, you can make money using just your phone or computer. These apps help you earn money in different ways, like investing in…
Are you wondering what the best passive income apps are? The best passive income apps can help you make money and build wealth while sleeping, on vacation, and more.
With passive income apps, you can make money using just your phone or computer. These apps help you earn money in different ways, like investing in stocks, getting cash back when you shop automatically, or renting out your things.
Passive income is money you earn without having to work all the time. You might need to do some work at the start, but after that, the money keeps coming in with little effort.
You don’t need to spend hours every day to see results. Many of these apps are easy to use and free, so they are a great way to improve your finances with little effort.
Using the right mix of passive income apps can help you make extra money regularly or even make a full-time income.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Best Passive Income Apps
Below are the best passive income apps:
1. Freecash
Freecash is a popular passive income app that helps you make some extra money with little effort. You can earn by completing tasks, such as taking surveys or downloading apps.
Another way that you can earn passive income with this app is by referring people to the app. You can earn up to 30% of your referral’s earnings for as long as they are a member. Your referral earnings start at 5% and can go up from there, all dependent on your affiliate earnings.
I have personally earned over $300 in passive income referral earnings from this platform (in addition to affiliate income), so I know that this is real.
Click here to sign up for Freecash.
2. RVshare
RVshare is a money making app where you can rent out your RV to others. This can help you make extra money every month. Many people use RVshare to turn their RV into a good source of passive income.
If you have an RV that you’re not using, you could make $100 to $300 a day, or more, by renting it out to others through RVshare.
RVshare is a great app for making money because it helps travelers save by renting RVs directly from owners, without a middleman. It’s like Airbnb, but for RVs.
You can rent many types of RVs on RVshare, such as:
Class B camper vans
Travel trailers
Pop-ups
Class C Motorhome
Class A Motorhome
Toy hauler
RVshare handles all payments securely and sends money to your bank account one business day after each rental starts.
You can learn more about RVshare here.
3. Neighbor
Neighbor is a self-storage app that lets you rent out extra space in your home. You can make money by offering spots like your garage, driveway, or even a spare room.
You can use this website to rent out your unused space and make up to $15,000 a year. With Neighbor, you can rent out your garage, driveway, basement, parking lot, shed, warehouse, carport, attic, street parking, or even a closet.
You can choose your own prices and decide which reservations you want to accept and host.
Neighbor provides $1,000,000 in host liability protection for your peace of mind. You also receive automatic monthly deposits directly to your bank account for fast payment.
Here’s how Neighbor works:
List your space: Describe your space and set your earning goals on Neighbor.
Respond to renters: Review requests from renters interested in your ad. You can see what they want to store and when, and decide whether to approve or decline.
Schedule move-in: Once you approve a renter, schedule their move-in date.
You can sign up for Neighbor for free here.
You can also learn more about Neighbor at Neighbor Review: How To Make Money Renting Your Storage Space.
4. Swagbucks
Swagbucks is a popular app that lets you earn money for doing simple tasks online. You can use it on both your phone and computer.
You earn points, called Swagbucks (also known as SB), for activities like taking surveys, watching videos, and browsing the web. These points can be redeemed for gift cards or cash via PayPal.
I have personally received over 110 gift cards from Swagbucks (I like to redeem my points personally for free Amazon gift cards).
Here are some ways to earn on Swagbucks:
Surveys – Share your opinions on various topics and earn points.
Videos – Watch short video clips and earn a few points for each one.
Shopping – Do your usual online shopping through the app’s links and get cash back.
Web browsing – Use the Swagbucks search engine and earn points just for searching.
Referral program – You can refer friends and family to Swagbucks and earn points.
Swagbucks is free to join and use, making it a great choice for anyone looking to make some extra money with little effort.
You can join Swagbucks through my referral link, and receive a $10 bonus.
5. Fundrise
Fundrise is one of the highest-paying passive income apps that lets you invest in real estate with income generating assets. You can start with as little as $10 and get started in around 5 minutes.
Fundrise pools your money with other investors to buy properties, such as single family homes, apartments, and industrial properties. You earn money from rent and property sales.
Investing in real estate can be risky, so make sure you understand what you’re getting into. Fundrise has an easy-to-use app and detailed updates on your investments.
Remember, your money is tied up for a while, so this is for long-term goals. Fundrise makes real estate investing simple and accessible.
You can sign up for Fundrise here.
6. Honeygain
Honeygain is a popular passive income app that lets you earn money effortlessly just by sharing your unused internet bandwidth and your internet connection. You can install it on your desktop or mobile device.
Here’s how Honeygain works:
You keep the app running in the background.
The app uses your unused internet resources.
You get paid for the data shared.
You earn money based on the amount of internet traffic routed through your connection. Honeygain pays $1 for every 10 GB of traffic.
7. Ibotta
Ibotta is a free cash-back app that helps you save money when you shop. You get rewards from shopping both in-store and online.
With the Ibotta app, you sign up for an account, unlock rebates and rewards, shop at stores like Walmart, Target, Kroger, and more, verify your purchases, and then earn cash. You can redeem rebates from hundreds of stores, and it doesn’t cost you anything – it’s free money!
Plus, Ibotta lets you earn cash back both online and in-store, setting it apart from other companies.
Ibotta stands out as one of the easiest passive income apps because you earn money while shopping as usual. It pays you in cash or gift cards for stores like Amazon and Starbucks.
Please click here to join Ibotta.
8. Airbnb
Airbnb can be a great way to earn passive income with minimal effort. By renting out properties short-term, you can make extra cash without much day-to-day work.
Whether you have an extra room, a vacation home, or even just a spare couch, Airbnb lets you list your space for short-term rentals, transforming unused real estate into a regular income source.
Airbnb manages bookings, payments, and provides insurance coverage, making it convenient for hosts once everything is set up. With its worldwide presence and easy-to-use platform, Airbnb continues to be a leading choice for earning passive income through property rentals.
9. Acorns
Acorns is a popular app that helps you save and invest your money without effort. It rounds up your everyday purchases to the nearest dollar. Then it invests the spare change into a diversified portfolio.
For example, if you buy a coffee for $3.50, Acorns rounds it up to $4.00. The extra $0.50 is invested.
You can click here to sign up for Acorns.
10. Rakuten
Rakuten is an easy-to-use app that helps you earn cash back from your shopping. You don’t need to do anything special. Just shop at over 2,500 stores and retailers through the app, the Rakuten website, or by downloading the Rakuten browser extension, and you can earn payouts.
Simply choose a store from their extensive list (including Kohl’s, REI, Toys”R”Us, and more), shop online as usual, and earn cash back effortlessly.
Rakuten earns a commission for directing you to the store where you shop, and they share a portion of that commission with you as a reward.
You can join Rakuten here.
11. Capital One Shopping
Capital One Shopping is an app that helps you save money while you shop online.
You don’t need to be a Capital One customer to use it. Just download the browser extension and start using it right away.
This automatic savings app stands out because it requires no extra effort on your part. The Capital One Shopping app automatically searches for and applies the best coupon codes as you check out, making sure that you get the most savings possible on your purchases.
You can learn more about Capital One Shopping here.
12. Fetch Rewards
Fetch Rewards is a fun way to earn rewards from your shopping receipts. You just take pictures of your receipts using the app and you get points.
I use Fetch Rewards all the time and it takes less than one minute to earn points. This mobile app is incredibly user-friendly and one of my favorites. I’ve been using it for a while now, and it’s super easy to earn rewards on the shopping you’re already doing.
With Fetch Rewards, you earn points by scanning receipts from any store – whether it’s a grocery store, clothing store, restaurant, or gas station. Then, you can redeem your points for gift cards to places like Target or Amazon, as well as other rewards.
Here’s how Fetch Rewards works:
Shop like you normally would.
Scan your receipt after you’re done.
Earn points on Fetch Rewards.
You can sign up for Fetch Rewards here.
You can also read my review at My Honest Fetch Rewards Review.
13. Robinhood
Robinhood is a popular app for investing in stocks, cryptocurrency, options, and exchange-traded funds (ETFs). It’s easy to use and has no fees or commissions, which makes it great for beginners.
Plus, Robinhood’s app is simple and clean. You can see your investments and track their performance easily.
Robinhood also allows you to buy fractional shares. This means you can invest in expensive stocks with just a few dollars.
You can even invest in dividend-paying stocks on Robinhood.
When you invest in dividend-paying stocks, you’re buying a piece of a company that gives you money regularly. Think of it like getting a small thank you for holding on to the company’s stock. These payments usually come from the company’s profits and they’re called dividends.
14. Turo
Turo is an app that lets you rent out your car to make extra money. It is a peer-to-peer program where you cut out the middle person and rent out your car.
With Turo, you can earn about $500 or more per month with just one car. If you own a couple of cars, you might make over $2,000 per month. Your earnings depend on the type of car and how often it’s rented.
Just like renting out your RV when you’re not using it, you can also rent out your car!
It’s a cost-effective option compared to traditional rental car companies for customers, and it’s a great way to earn extra money if you’re working from home and your car isn’t in use or if you have a two-car household.
I have rented cars a few times on Turo and I have always had a good experience. It looks like a possibly good way for a person to make money.
15. M1 Finance
M1 Finance is an app where you can earn passive income.
Some of the ways you can earn passive income through this app are by investing your money in the stock market (you can customize your investment portfolio with over 6,000 stocks and ETFs) as well as saving your money in their high-yield account (at the time of this writing, their high-yield savings account rate was 5.00%).
16. Masterworks
Masterworks is an app that lets you invest in fine art.
You don’t need to be wealthy to own a piece of famous art. Masterworks purchases valuable paintings and you can buy shares in these artworks. When the painting is eventually sold, you receive a portion of the profit.
Frequently Asked Questions
Below are answers to common questions about passive income apps.
How can I make $1000 a month passively?
There are many ways to make $1,000 a month passively, such as by renting out a space on Airbnb or Neighbor, renting out a car or RV, investing in an investment app such as Masterworks or Robinhood, and more.
Can you make passive income from an app?
Yes, you can make passive income from an app. Some passive income apps include Neighbor, RVshare, Freecash, and M1 Finance.
How can I make passive income from my phone?
You can make passive income from your phone by installing apps that pay you for different things, such as renting out your stuff, getting cash back, or investing your money. For instance, Honeygain pays you for sharing your internet data, while Rakuten gives you cash back for shopping. These apps run in the background, requiring minimal effort from you once set up.
How to make $5,000 a month passively?
You can make $5,000 a month passively by investing more of your money in different kinds of investments, such as stocks and rentals. It may take some time to get to $5,000 a month in passive income, but it is possible.
What are the highest-paying passive income apps?
The highest-paying passive income apps depend on how much time, effort, and money you put into it. But, generally, passive income apps where you are investing your money (such as in the stock market) or renting out things you own (like a property rental or vehicle rental) typically pay the most.
What are some free passive income apps?
Free passive income apps include Freecash, RVshare, Neighbor, Airbnb, Honeygain, Rakuten, and Acorns.
Best Passive Income Apps – Summary
I hope you enjoyed this article on the best passive income apps.
As you can see, there are many ways to make money with passive income apps. Some will allow you to earn simply some spare cash, whereas others you may be able to build up and eventually earn a full-time income.
Some may require you to invest your money up front (like Fundrise), and some of them are free passive income apps (like Honeygain or Fetch Rewards).
The best passive income app depends on what you are looking for, the amount of time you have, and the amount of risk that you want to take on.