A $43,000 per year salary can be a lifesaver for some families. If you're not familiar with the term, the "living wage" is the minimum income required to live a comfortable life.
The good news is that you can easily attain a living wage with a modest annual salary. Having a higher monthly income will allow you to better plan for savings and leisurely activities. However, the tax man will have something to say about your take-home pay.
A $43,000 salary is actually a small fraction of the average household income. For example, the average American household earns $142,800. In some states, that salary is more than double that of a typical urban family.
While a $43,000 salary is a good start, it is not the magic formula to a rich lifestyle. You will have to take into account the costs of housing and other expenses. Also, you may need to find a new career path.
Some states have lower taxes, but others have much higher rates. These will have a hefty impact on your take-home pay. As a result, the best thing to do is make sure you file correctly and make all necessary tax payments.
The aforementioned $5K annual salary would boost your hourly pay to over $23 if you were to work for 40 hours a week. That's one reason why you should have a job that pays you at least $65000 a year.
When deciding on a career, you might want to check out gig-based economy jobs. This is a form of economic activity in which people work for companies through websites or mobile apps. They typically offer low entry skill barriers, a great way to get an extra income and you can choose the type of job you do.