Adjusting for price parity in Kentucky the average salary is $56,808 or $4734/month.
Using the same for Maryland $55824 or $4640/month.
After taxes and 6% contribution... KY $3573.36 MD $3348.80 (Taxes are double in MD, ugh.)
This is the part that is making my head explode, 50% or $1674.40 in Annapolis, MD where the average rent for a 1 bdrm is $2100. Roommates blunt the cost, even better if you can convince someone to share that 1bdrm via "romantic partner" or possibly sell them on bunkbeds, dorm style?
Energy is another cringe point - KY $0.1368/kWh MD $.2240/kWh
Maryland is a case study in haves and have nots. You can go over to the next county and the average monthly salary can vary by $2000. Federal employment and the contractors connected to delivering services has created this duality. The support industries take it on the chin as a result.
*Always strive to make 26 payments on your mortgage per year. Over the course of a 30-yr loan, you're talking $100K in loan-term reductions. That's savings building elsewhere!
Yes, some geographies make for better places to start your professional life. It is a conversation I continously have with our economic development organizations in the Cincinnati Metro area.
The economics of finding a partner is changing, which is putting more pressure on early life finances. I wonder which way the causation goes.
Growing up, I have always worried about money and that didnt stop when I started my big boy Job. When I started working, I built a spreadsheet and tracked every expense. Ironically, it made things worse. I found myself stressing over every purchase—why I spent this, whether that was worth it. I never felt free. Not when I had very little, and not even when I started earning as a professional.
That changed when I simplified everything.
I decided I would save 40%—no matter what—and live on the remaining 60%. That shift gave me a sense of freedom I hadn’t felt before. While I like frameworks like the 50–30–20 rule, I’ve learned this: the best system is the one that makes you feel free.
Well said. It is important to find the system that works for you. I also agree there is a delicate balance between being informed and becoming financially anxious about spending.
the 50-30-20 rule is a staple when it comes to budgeting methods. Another one that I personally like is the 60-40 rule where 60% is for main expenses and the other 40% is split between personal spending and investments or savings. I'm not working with a full time income just yet, but I still think it's important to analyze how I'll want to budget in the future.
Ah, the area variations that kill...
Adjusting for price parity in Kentucky the average salary is $56,808 or $4734/month.
Using the same for Maryland $55824 or $4640/month.
After taxes and 6% contribution... KY $3573.36 MD $3348.80 (Taxes are double in MD, ugh.)
This is the part that is making my head explode, 50% or $1674.40 in Annapolis, MD where the average rent for a 1 bdrm is $2100. Roommates blunt the cost, even better if you can convince someone to share that 1bdrm via "romantic partner" or possibly sell them on bunkbeds, dorm style?
Energy is another cringe point - KY $0.1368/kWh MD $.2240/kWh
Maryland is a case study in haves and have nots. You can go over to the next county and the average monthly salary can vary by $2000. Federal employment and the contractors connected to delivering services has created this duality. The support industries take it on the chin as a result.
*Always strive to make 26 payments on your mortgage per year. Over the course of a 30-yr loan, you're talking $100K in loan-term reductions. That's savings building elsewhere!
Yes, some geographies make for better places to start your professional life. It is a conversation I continously have with our economic development organizations in the Cincinnati Metro area.
The economics of finding a partner is changing, which is putting more pressure on early life finances. I wonder which way the causation goes.
Society has pushed financial stability as the primary concern and relationships as a "want" that can be delayed.
Social media is full of "influencers" talking about how their ideal mate must make $250k? (Or at least "6-Figures")
This weird "Trad Wife" thing being pushed by Conservative groups.
There's a skills mismatch in finding and maintaining relationships in younger groups. Covid did some damage, but some lack basic communication skills.
Ironically young adults want a stable relationshp but uncertainty about the future is delaying the gratification of obtaining one.
*I met my wife while volunteering, which gave a grounded, shared interest rather than some app or bar crawl adventure.
Growing up, I have always worried about money and that didnt stop when I started my big boy Job. When I started working, I built a spreadsheet and tracked every expense. Ironically, it made things worse. I found myself stressing over every purchase—why I spent this, whether that was worth it. I never felt free. Not when I had very little, and not even when I started earning as a professional.
That changed when I simplified everything.
I decided I would save 40%—no matter what—and live on the remaining 60%. That shift gave me a sense of freedom I hadn’t felt before. While I like frameworks like the 50–30–20 rule, I’ve learned this: the best system is the one that makes you feel free.
Well said. It is important to find the system that works for you. I also agree there is a delicate balance between being informed and becoming financially anxious about spending.
the 50-30-20 rule is a staple when it comes to budgeting methods. Another one that I personally like is the 60-40 rule where 60% is for main expenses and the other 40% is split between personal spending and investments or savings. I'm not working with a full time income just yet, but I still think it's important to analyze how I'll want to budget in the future.
Soon, Jonathan! You will be making good money. It is good to have a framework on how you will allocate the budget before you have the money.