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64000 a Year is How Much an Hour? – Is this Enough?
Whether you’re changing careers, acquiring a new job or already settled in with a particular income, you may have some questions regarding your salary. Is a 64K salary good?
Ideally, you want to be able to afford a particular standard of living with the salary you make. Can you live comfortably off a $64K annual salary?
Maybe your monthly or hourly rate is more important to you instead.
64000 a year is how much an hour? 64K a year is how much biweekly? Is this good? And can you afford to live the life you want with this?
We’d explore some scenarios to help you come up with the best answer!
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Just graduated from school? Should you accept a job that pays 64000 a year?
Or maybe you’ve been stuck in a particular career for some time. Is a 64K salary good or is it time to look for something better?
There is no immediate black and white answer to any of these questions! It all comes down to your particular situation.
However, we’d explore all the possible scenarios to help you determine if 64K is a good salary for you! We’d also examine some expert tips to help you to make the most of your salary.
Is a 64K Salary Good?
If the entire United States of America is evaluated as a whole, 64K is considered a good salary! The median salary in the U.S. is $44,225. Therefore, someone earning $64,000 earns more than the typical American.
If you are looking for a straight answer for “Is a 64K Salary Good?” the answer is “Yes!”
Earning a salary higher than the national median, puts you in a pay scale that is higher than most other persons in the U.S.
According to the US Census Bureau 2022 statistics, the median full-time working woman earns $51,226 and median full-time working man earns $61,180.
From a strict statistical standpoint, there is no argument there! 64000 is a good salary!
Median Salary, Mean Salary & Average Salary
Median Salary is the statistical mid point when it comes to salaries earned. By analyzing the midpoint, extreme highs and lows are disregarded.
The national median salary is the best indication of what the typical person earns.
Mean Salary or average salary is the sum of all the salaries earned, divided by the number of persons. This does not give a true indication of what the typical person makes.
Extreme highs (such as billionaires) and extreme lows (unemployed persons) would skew the data towards a particular direction, that would not be reflective of your average working class person.
For a salary comparison, using median income or the national median salary is the best starting point!
Is a 64K Salary Good Vs Is a 64K Salary Good Enough to Live On
Is a 64K salary good and is it good enough to live on are two completely different questions!
From a basic job market standpoint, a salary is simply how your employer evaluates your worth as a professional.
A salary simply means that based on the job details and employee qualifications, that figure has been deemed fit to offer as compensation.
The following factors are used to determine if a salary is good enough to pay an employee:
Work Experience
Are you are fresh out of school? Or did you graduate a while ago and have a few years of experience in a particular field?
On the other hand, are you are an industry expert with a lifetime’s worth of knowledge?
Maybe you are smack in the middle, mid career and with a decent level of competence.
Your level of work experience affects the salary you are paid!
For example, an entry level engineer, fresh out of their graduation gown may only be offered around $52K to begin.
Someone with around 5+ years would be paid around $80K to 90K at the same firm! Whereas, 10+ years experience would fetch you over $100K annually!
Therefore, if you are trying to determine if 64K is a good salary, you would need to weigh it against your level of experience.
In my humble opinion, if you are fresh out of school, grab it immediately! You may not have a choice. Build some experience and the higher salary would come.
Conversely, if you have some experience, and some bargaining power, you can probably think about it a bit before accepting.
Education
Generally, a higher salary would be awarded to someone with more or higher academic credentials than someone with less.
An employee with a Master’s Degree, more often than not, would be paid more than one with a Bachelor’s Degree, for the same role.
However, job specific academic qualifications would trump those that aren’t.
For example, an employee with a Bachelor’s Degree in Physics may be paid higher at a mechanical engineering company than one with a Master’s Degree in Biology.
Special Skills
Any special skills that would be an asset to a particular job, would be considered when assessing an employee’s salary.
Is a 64K salary good for someone with very little, or no special skills? That salary may be as good as it can get for them!
On the other hand, it may be quite poor for someone with a host of unique skills and job specific specializations.
Field of Work
Some professions and industries are just more profitable than others. As simple as that!
Within the same company, the technical staff may be higher paid than the administrative staff. The payroll staff may be paid higher than the security staff or vice versa depending on the workplace.
Similarly, an engineer that is employed with the city, may not be paid as high as one employed with a multi-national organization.
For the most part, a particular job description or role would have an approved salary range within a specific company.
Whether you are paid on the high, mid or low end of that range, would depend on how you match the above criteria.
Also, the evaluation strategy described above, is for determining a good salary within a particular city or geographic location.
Salaries vary drastically from one location to the next, even if all the above criteria are identical. We’d review this later on!
Once a salary is presented, it is then up to the employee to decide whether they can be contented with the standard of living that this salary affords.
At this point, we get to the “Is a 64K Salary Good Enough to Live on” debate!
Is a 64K Salary Good Enough to Live On?
As we stated earlier, 64K is considered a good salary as far as the general U.S. population goes.
Whether a 64K salary is good enough to live on or not, boils down to your specific situation and certain details about your life and lifestyle.
What Determines if $64000 is a Good Salary to Live On
For the most part, $64K is a good salary! However, no salary is a good salary if you do not live within your means!
The key is to be able to balance all the costs associated with your life! Budget to be able to cover the fixed expenses such as bills, as well as the optional ones, such as recreational activities and eating out!
A 64000 a year salary can serve you well if you are able to manage the following aspects of your life properly:
Location
Your specific location plays the biggest role in determining if your salary is good enough. In other words, where you live, or spend most of your time, directly affects how far your pay would go on a monthly basis!
The general cost of living varies drastically from one location to another. It makes a big difference within America itself and it’s even a bigger variation from one country to the next.
The cost of food, basic amenities, health care, housing, utilities, transportation and other general services vary from one place to the next. Sometimes by a lot!
Taxes also vary from state to state as well. These would determine the costs that vendors pay for their products and what prices eventually get rolled down to you.
Even though someone earning 64K would be able to afford a comfortable life in most places in America, there are places that an income like that just won’t go very far.
For example, the median household income in Mississippi is $46,511. One person earning a salary of $64,000 is enough to enjoy an extremely comfortable, semi luxurious standard of living, in that state.
On the other hand, the lifestyle you can live with a 64K salary in Mississippi, costs over 205K in Manhattan! Or over 155K in San Francisco!
You can check out CNN’s City Cost of Living Calculator. It compares how salaries stack up against each other, in terms of value for money, across American cities.
Cost of Living
Your cost of living is the total price that you pay for everyday necessities. It is the price paid for basic products and services that you need to function on a daily basis.
Items such as food, housing, healthcare, education expenses, transport costs, etc., all add up to a monetary sum known as the cost of living.
Obviously, the items that you may deem as basic in your life, may not be the same for someone else.
For example, if you are spending on furthering your education, or making a monthly car payment, these aspects of your specific cost of living would higher than for someone who isn’t.
The essential costs associated with your life would determine if a 64K salary is good enough for you!
Generally, location affects many aspects of someone’s cost of living but personal choices play a bigger part.
Standard of Living
Your standard of living is the level of luxury that you choose to incorporate into your life. Luxuries come at a cost, therefore it determines if your salary is good or not.
Even though a 64K salary may be more than sufficient for someone else that lives in your area, and pays for the same essential services as you, the same may not apply to you.
If you choose to live in a high end apartment, as opposed to a modest one, drive an expensive car and eat all your meals at fancy restaurants, your standard of living may be a bit too high for a 64K salary.
However, you should be able to make 64000 into a good salary with some compromise and smart spending.
Responsibilities
Your additional personal responsibilities and their associated costs, also determine if your salary is good enough to live on or not.
Is a 64K salary good for a single person versus an entire family? That’s a big question and it has to be evaluated by each person!
A good salary for a single person, who lives in their parents’ basement rent free, may not be a good salary for the sole bread winner, in a family of four, living in a mortgaged house.
You can check out What is a Good Salary for a Single Person, for additional insights!
In order to determine if 64000 is good enough to live on, personal responsibilities need to be assessed on a case by case basis.
These responsibilities or commitments include the costs associated with:
• Your dependents (spouse and children). Especially the ones that live with you and rely on your income.
• Parents that depend on your financial support.
• Special need cases. These are the costs associated with any special medical, physical or educational requirements you or your dependents have.
• Loans, insurance or other special financial commitments.
64000 a Year is How Much an Hour?
Considering a calendar year is made up of 52 weeks and a standard work week is 40 hours, there are 2080 work hours per year. This means that someone with a $64K salary, earns $30.77 per hour!
Crunching the math for 64000 a year is how much an hour, we can arrive at $30.77. However, this is for the standard 40 hour work week.
If you earn 64000 a year but work more than 40 hours per week, your hourly rate will be lower!
If you work less than 40 hour per week, but earn $64K annually, your hourly rate is higher than $30.77 per hour.
Similarly, 65000 a year is how much an hour? For an employee with a 40 hour work week, you earn $31.25 per hour!
Just like we converted a 64000 salary to hourly, you can too, in order to calculate your hourly rate.
Whatever you salary may be, just divide your annual salary by the number of hours you worked! We’d break down the calculation next.
How Much Will a Paycheck Be for a 64K Salary?
For an annual salary of 64000, your monthly gross paycheck would be $5,333.33! If you are paid weekly, your paycheck would be $1,230.77!
If you are paid fortnightly and wondering $64K is how much biweekly, the answer is $2,461.54!
Note that these figures are your gross earnings! You would need to remove taxes and other deductions or contributions in order to determine your net income!
How to calculate your monthly paycheck?
Considering there are 12 months in a year, divide what you earn annually by 12. This will give you your monthly income irrespective of taxes and deductibles.
For a 64K salary, your monthly pay is: 64000 / 12 = $5,333.33
How to calculate your weekly paycheck?
There are 52 weeks in a year! Divide your yearly income by 52 to obtain your weekly paycheck, before taxes and deductions!
For a 64K salary, your weekly pay is: 64000 / 52 = $1,230.77
How to calculate your bi-weekly paycheck?
Firstly, calculate your weekly paycheck as shown above! Then multiply it by 2 to get your paycheck prior to taxes and other deductions.
64K a year is how much biweekly?
For a 64K salary, your biweekly pay is: 1,230.77 * 2 = $2,461.54
How to calculate your hourly rate?
Calculate your weekly paycheck as shown above, then divide by the number of hours you work per week.
If your working hours are inconsistent, you would need to divide your total income for the year by the total number of hours you worked for that year!
For a 64K salary and a 40 hour work week, your hourly rate is: 1,230.77 / 40 = $30.77
Is 64000 a Good Salary After Taxes?
Even after you consider tax deductions, 64000 still qualifies as a good salary! The national median income, before taxes, is $44,225. Therefore, $64,000 falls above the national median with taxes considered.
No matter how you look at it, a 64K salary means you earn more than the typical American.
Of course, the actual net income or “take home” pay that you earn from that $64K varies slightly from state to state.
Each state has its own income tax rates, as well as tax brackets.
For example, California has the highest income tax rates with 13.3% at the highest bracket. While some states like Texas and Florida pay no income tax.
Note that even though certain states are free from income tax, they make up with higher property taxes and sales taxes!
Therefore the cost of living associated with a particular location has to be evaluated based on all taxes and costs, not just income tax rates.
If you are looking for some salary and tax advice, specific to a particular city or location, your best bet would be to contact an accountant from that area.
Where in America is a 64K Salary Good?
A 64K salary is considered good across all of America, as it is higher than the national median! However, it will stretch even further in some some states and cities as opposed to others!
There is a direct correlation between cost of living in a state and its median household income, as opposed to personal income.
Therefore, a salary would stretch the furthest in the states with the lowest median household income!
The states with the lowest median household incomes are:
1. Mississippi – $45K
2. Arkansas – $50K
3. New Mexico – $51K
4. Louisiana – $51K
5. West Virginia – $52K
Based on the median income of these states, a 64K salary would definitely stand out. Within these states, a salary of 64,000 would definitely be considered good.
Keep in mind that, this would be the general trend across the state. However, within or close to specific cities your money may not stretch as far, as in other parts of the state.
A good example is the outskirts of Memphis, on the Mississippi border. Even though you’re in Mississippi, costs would be driven up due to the proximity to Memphis.
Where in America is a 64K Salary Not Good?
Even though a 64K salary is good, you would receive the lowest value for your money in the following states. These are the ones with the highest median household incomes:
1. Maryland – $87K
2. New Jersey – $85K
3. Massachusetts – $84K
4. Hawaii – $83K
5. Connecticut – $80K
Obviously, within these states, there are towns that have a lower cost of living associated with it. Therefore, a 64K salary could give good value.
However, these states as a whole, would give the worst value for money! Generally speaking.
Additionally, there are cities in other states that a $64K annual salary probably just wouldn’t cut it!
For example the median household income in the state of New York is $71K. But in order to rent a basic low end apartment in Manhattan, the tenant’s income needs to be upwards of $80K.
All isn’t lost though, you can just get yourself a roommate if your heart is set on Manhattan!
Where in the World is a 64K Salary Good?
Generally, a 64K salary would be considered good throughout the world! The money would just take you further in some places as opposed to others.
The good news is that the United States has one of the highest rankings for median salaries in the world. Therefore, if your 64K salary is good in America, it should be good in most countries.
Costs may just be a bit higher in certain cities.
Remember even in the US, some cities such as Los Angeles, San Francisco and New York City, would require some frugal living and budgeting to live there.
The same would apply in some countries such as Switzerland, England, Australia, Germany, Norway and Luxembourg. You’d be able to live comfortably, just not very luxuriously in the major cities.
There are tons of places you would be able to live like royalty for $64K annually though. Most of the world as a matter of fact!
However, apart from living costs, you should take other factors into consideration such as safety, comfort, proximity to amenities and recreational activities, etc.
Afterall, it doesn’t matter if you have a lot of money to spend if you have very little options when it comes to actually spending it.
Ideally, you are looking to get the most bang for your buck with: good options for socializing, cheap food and entertainment, reasonably priced housing, decent transport options and accessibility.
All with personal safety and piece of mind!
These are your best options:
1. Bali, Indonesia
2. Vietnam
3. Bolivia
With a budget of USD $1,500 per month ($18K annually) you can comfortably afford decent quality housing, cover all living costs and maintain an excellent standard of living! In any one of the above countries!
Safety, accessibility to modern amenities and entertainment, are also high ranked. The natural beauty of those locations are also rated well.
If you are interested in enjoying life in one of those countries, consider a $64K remote job and make a move. We’d discuss some job options next!
Jobs That Make 64K a Year
There are lots of jobs to choose from that make $64K+ a year. These are some of the popular ones:
Jobs That Make 64K+ a Year that do not require education beyond High School
1. Entrepreneur
2. Photographer
3. Entertainer (musician, dancer, comedian, disc jockey, performer)
4. Sales Representative
Jobs That Make 64K a Year that require some special training
1. Film / Video / Music Editor or Producer
2. Industrial Operator
3. Tradesman (electrician, handyman, plumber, landscaper, painter, repairman)
4. Website Developer
Jobs That Make 64K a Year that require a certificate or diploma
1. Industrial Technician (automotive, electrical, process plant)
2. Medical Technician (dental, radiography, ultrasound, etc)
3. Nursing Assistant
4. Therapist
Jobs That Make 64K a Year that require a College Degree
1. Engineer (process, chemical, electrical, mechanical, etc)
2. Registered Nurse
3. Teacher
4. Accountant
How to Make the Most of a 64K Salary?
Supplement Your Income
Not because you earn a salary of 64K, your income needs to be $64,000!
This may sound confusing but this is where the definition of “salary” and “income” need to be reviewed.
Salary is the money that you are paid by your employer, on a routine basis. Your income on the other hand is all the money that you earn in a given period of time.
Utilize all the ways that you can to make extra money!
Whatever you can add to your $64K salary would just be icing on the cake and contribute to additional luxuries in your life.
Side hustle, use online avenues, make use of apps that pay you and just make additional income however you can!
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Live Frugally
Frugal living is simply spending money smartly. Use as many options as possible to save money on fixed expenses and to stretch your income as far as possible!
It is not about depriving yourself of all the luxuries in life!
Shopping with coupons, making use of cash back rewards programs, buying in bulk or through membership programs are all examples of frugal living techniques.
Budgeting
Budgeting is coming up with a plan for covering expenses or needs, satisfying wants and setting aside some for the future.
You need to then stick to this plan in order to let your money work for you.
This way, you can have all your basic needs met, while indulging in some entertainment and finer things within a reasonable limit.
To top it off, you must be able to allocate some cash to savings.
You can check out the 50-30-20 Budget Strategy for a great “rule of thumb” saving plan.
Saving
Saving is allocating money for the future, to accomplish your financial ambitions down the road!
We all have short term goals such as vacations, plans to further education, home renovations, vehicle upgrades, and the list goes on.
Additionally, long term financial goals such as retirement plans, or investing in your kid’s education will need some cash set aside.
Money needs to be reserved on a routine basis for these purposes!
Planning for Emergencies
As part of your saving plan, you need to cater for unforeseen incidents that would require money.
Unplanned illnesses or accidents that require medial care, untimely death, vehicular issues, home repairs, problems due to natural disasters, and we can go on and on!
Your savings account may be able to buffer some of these issues, but insurance plans are also a wise investment.
Investing in health, vehicular and home insurance packages, coupled with your general saving plan would definitely be the right recipe to minimize the financial sting during an emergency!
Prioritize
We would all love to be able to buy anything we wanted. However, craving things all the time can lead to a very unsatisfying and even miserable life.
Maybe you can’t upgrade your house and car in the same year. Or your phone and laptop in the same month. Or eat out every week and still be able to save for vacation.
It is important to prioritize your spending and plan your expenses accordingly. We all have limited resources so we need to use them wisely.
Only then we would be able to live a healthy, balanced, financially satisfying life.
Be Charitable
It may sound funny that giving away money could help you make the most of your salary. But it’s absolutely true!
Firstly, there is no better gift than the gift of giving. By being charitable, you get to be a blessing to others and that emotional satisfaction is unmatched.
By being involved in charity, you realize how fortunate you are. You may gain an even greater appreciation for your $64K salary. It would appear even more than it actually is!
Sometimes, we also get so caught up in our personal struggles and goals, that we lose touch with the world around us. And the greater issues in society.
Through charity, you would gain a respect for the world, an understanding of external issues and develop a greater love for yourself and what you already have.
Many material items that you once thought you needed would become trivial. The less you spend, the more you save, and the further your salary would go!
Live somewhere cheap
We reviewed in detail how location plays a huge role in your cost of living. Therefore, you need to pick a location that you can afford to live in!
Find a balance between the life that you want to live, the life you can afford to live, and the location that can help you to make it happen!
Consider your work-life Balance
Generally, the more you work, the more money you make. Unfortunately, many salaried jobs don’t work that way!
Many jobs that come with a salary, pay a flat rate. Even if overtime hours are required. You need to choose a job that provides good compensation for your efforts.
If your job has a flat salary and your personal ambitions require you earning a bit more, then you need to have the time to side hustle.
All while enjoying the right amount of recreational time, to ensure that you feel fulfilled!
Ensure that you find that balance!
If you are living to work, and your life is worth $64K annually…that may be fine for you. It may not be for someone else.
How Much House Can I afford with 64000 a Year?
For a 64000 a year salary, your monthly pay works out to be $5,333.33, excluding taxes and deductions.
For a 20% down payment, 5% interest rate and 15 year term, while allocating 25% of your salary to your mortgage, you can expect to be able to afford a house for $171,416.
Other factors need to be considered but this is a basic guide.
Buying a house is one of the biggest and most exciting investments in your life. It will continue to be satisfying as long as you don’t over extend and end up house poor.
The goal is to purchase a home that you can maintain afterwards, while being able to afford the other aspects of life.
When determining how much house you can afford for 64000 a year, you firstly need to consider how much you feel comfortable with spending on a mortgage, on a monthly basis.
Keep in mind that most financial institutions restrict loans and all debt to between 40% – 75% of your salary.
Therefore, based on your existing debt, and the cut off percentage of your financial institution, you would be guided to the maximum that you can afford.
According to financial experts, Ramsey Solutions, your mortgage should be no more than 25% of your take home pay. That’s 25% of your salary after taxes!
The bank would then need to approve an interest rate based on your credit history and what they can offer.
Generally, you can expect to pay a lower interest rate for a 15-year fixed loan as opposed to a longer one!
The down payment that you can afford would be the next factor to consider in calculating how much house you can afford.
Remember you cannot max out the cash that you have in hand for the down payment, as closing costs and other fees also need to be covered.
For a detailed guide as to how much house you can afford for a $64K salary, you need to contact your financial institution!
What Car Can I afford with 64K a Year?
Most financial experts advise that your monthly car payment be limited to no more than 10 – 15% of your monthly take home income!
For a 64K a year salary, your monthly gross income is $5,333.33! You then need to calculate your net income, based on where you live and your other pay deductions.
Assuming, 10% of your salary goes into taxes and other contributions, your net income would be $4,800.
This means that you should not spend more than $720, each month, on a car payment!
Could be slightly more or less depending on your situation.
Frequently Asked Questions for Is a 64K Salary Good
FAQ: Is 65K a year a good salary?
Even though there are several factors that determine whether a salary is good, such as: location, job title, field of work, academic qualifications, etc.; a 65K salary is generally considered good.
Any salary above the national (U.S) median of $44,225 will be considered higher than most people. Therefore, 65K is a good salary.
FAQ: Is $64000 a good salary in London?
$64000 is considered a good salary in London, as it is higher than the median salary for that location! If you earn the equivalent of 64K USD in London, you would be on the upper end of the city’s salary scale.
The median salary in London is right around £40K (GBP). This equates to be between $43K (USD) and $52K (USD) based on exchange rate fluctuations.
No matter how you look at it, $64000 is definitely a good salary in London!
FAQ: What is a decent salary in the US?
A decent salary in the US is anything above the national median of $44,225. Earning over this amount puts you above the typical person on the national pay scale.
That being said, any salary can be a good salary as long as you can live happily with what it can afford you.
Even an extremely high salary can be a bad one if you live in an expensive area and have bad spending habits.
FAQ: What is a decent amount of salary?
A decent amount of salary is any figure that affords you a standard of living that you are comfortable with. This value varies from person to person.
Generally speaking however, and considering all of the United States, you can consider any value upwards of the national median of $44,225 to be a decent amount.
FAQ: Is $65000 a good salary for a single person?
$65000 is a great salary for a single person, once managed properly!
This salary puts you on the upper end of the national salary scale so you should be able to afford a decent life, as long as you live in a reasonably priced location and practice smart spending habits.
FAQ: Is $69000 a good salary?
Considering that $69000 is well above the national median salary, it must be viewed as a good salary!
By earning 69K per year, your salary would be above what most persons earn. Again, it must be managed well in order for you to get the most of it.
FAQ: Is 63K a good salary?
63K is a great salary! It is well over what the typical person earns in the US.
With sound financial management, such as budgeting and managing spending, it can serve you well!
FAQ: Is 65K a good salary in NYC?
65K is considered a good salary in New York City!
Note that the median salary in NYC is $54000 and more than the national median of $44225. However, 65K will still put you comfortably above this figure and so it is a good salary in NYC.
On the other hand, the general cost of living in NYC is high. Housing in certain parts of NYC, such as Manhattan can be extremely pricey.
Even though a 65K salary is deemed good, it may not get you very far in NYC.
FAQ: Is 65K a good salary in Texas?
65K is, by all means, a good salary in Texas! It is well above both the national median ($44,225) and state median ($47,000) incomes.
FAQ: Is 60K a year good for a family of 3?
60K a year can be a good salary for a family of 3 if you live in a cheap area. That is, a town known to have a relatively low cost of living.
Once your housing costs are low and you manage your other expenses well, you can make 60K work for your family.
However, if evaluated against the US as a whole, 60K would fall just short of being considered a good household income.
The median household income in the United States is just over 70K. Most households in America also consist of 2 – 3 persons. Therefore, a good household income is one that earns over the 70K+ mark.
FAQ: Is 66K a good salary?
66K is a good salary in the United States and most other places around the world. It is above the median national income in every country.
It will be considered a good income in every country globally. However, the exact city that you live in would determine how much bang you can get for your buck.
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Final Thoughts on Is a 64K Salary Good
As you can see, a 64K salary can be an excellent one if it is managed properly!
It all boils down to: exactly where you live and the general cost of living of that area, paired with the other fixed expenses in your life and the standard of living you intend to enjoy!
As long as you can strike a balance between location and lifestyle, you will make the most out of life and your money!
Do you have any other comments with regards to managing a $64000 salary? Is a 64K salary good in your opinion? Share with us in the comments below. We’d love to hear from you!
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