I like to think of myself as fairly mature about many things, but unfortunately I’m still not an adult in a lot of ways. Right now, I’m trying to gain perspective on how much money the average family gets by on, and how much things cost. I’m a university student right now, and I’m preparing to walk into trap; salaries in my chosen field max out (15 years exp + masters degree, etc.) around $60k - $65k per year. I think that’s decent enough, certainly nowhere near poverty, but can it give me a good middle class life?

Right now I live a privileged life. It’s just my dad and I living here, and we haven’t always had much money but five years ago they finally gave him what he deserves. He doesn’t tell me exactly what he makes, but I think it’s around $200k. So, my uni tuition, housing rent, etc. are all paid by him and I won’t have student loans to pay.

I know that I can’t expect this kind of luxury when I’m financially independent and working entry-level jobs, or even when I’m his age and making less than half what he does. I also hope to have a wife and kids some day. Just for the sake of example, let’s assume that my future wife spends many years as a stay-at-home-mom. How well would I be able to support a family on 60k?

Would I be able to have a decent house (rather than tiny shack or apartment)? Would my kids be able to enjoy the luxuries that I do/did (High quality food, Playstations, computers, digital TV, keeping the home renovated, etc.)?

Thanks

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