Re:How to get rich without getting lucky
by tudelo on Friday June 01, 2018 @11:19AM
(#17206102)
If in-state tuition is 11k (my case), you don't think you can make that while going to school? Granted, I worked and of course, there were other expenses, so I didn't get out loan free. But it's possible if you're some sort of penny-pinching masochist...
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The math is very simple, you need about $30k/year which is $50k pre-tax. That is 50 hours a week at $20/hour with no weeks of vacation + school.
It is extremely difficult to make $50k/year with no degree or experience. That is almost the house hold median income in the US (2 people working). (Currently: $59k/year)
> The math is very simple, you need about $30k/year which is $50k pre-tax.
This is wrong.
$30k - $12k standard deduction = 18k taxable, 0% tax on 0-$10k, 12% tax on $10k-$18k = -960 taxes owed, then you get 2500 American Opportunity Credit or $2000 Life Long Learning Credit. So if you earn 30k as a "full time student" you would take home ~$31k less 0-10% state income tax on $18k