A person’s lifestyle is determined by the way they live. Someone who has a modest lifestyle is someone who doesn’t spend a lot of money on luxuries. They purchase necessities and may purchase things they want occasionally, but don’t spend money frivolously. By contrast, a person with a luxurious lifestyle may spend more money than they need to on extravagant items, such as luxury homes, yachts, and sports cars.
Your income has a significant impact on the type of lifestyle you can afford. The U.S. Bureau of Labor Statistics (BLS) reports that the 2020 average median income for all occupations in the United States was $41,950. In general, people who earn notably higher salaries can afford more luxuries than people who earn salaries closer to the median average income or less. Let’s look at what kind of lifestyle an electrician can afford and other factors that could affect their lifestyle.
Your disposable income affects your lifestyle.
Those earning salaries that are notably higher than the average median income tend to have more disposable income. Disposable income refers to the money earned that isn’t needed to pay bills. Suppose a person brings home $3,000 per month but needs $2,200 to pay for their mortgage, insurance, vehicle, student loans, and groceries. They’d have $800 of disposable income each month they could invest, spend, or save. By contrast, a person bringing home $4,000 per month who needs $3,700 to pay their bills may earn more money but have less disposable income.
Investing in a lavish lifestyle and purchasing luxury items such as a designer watch from independent watch brands, for example, may require a wealthier disposable income. While an electrical laborer may not be able to afford such indulgences, electrician contractors who own their own businesses could secure enough income to support an opulent lifestyle. Moreover, many apprentices and laborers eventually succeed in building their own companies and increasing their wealth which allows them to spend their earnings beyond necessary bills and groceries.
Electricians earn comfortable salaries.
The BLS reports that electricians in the United States took home a median annual income of $56,900 in 2020. Their typical income’s notably higher than the median annual income for all occupations, suggesting they’re more likely to have more disposable income. Salaries vary by location, and electricians in Illinois, New York, Hawaii, and D.C. have the highest median annual incomes. Those in Illinois averaged $81,650 in 2020, while electrical experts in D.C. took home average incomes of $79,030.
Electricians install and repair electrical systems. They run wiring through buildings. Electricians also repair electrical systems by removing old wiring and upgrading electrical panels. Electrical repairs are crucial repairs because, without electricity, homeowners can’t run appliances. When homeowners need an electrician in Burleson, TX, they can hire experts with years of experience who’ll perform quality work for a fair price.
Income isn’t the only factor affecting your lifestyle.
According to the BLS, electricians in Texas took home an annual mean wage of $51,350 in 2020, higher than the median annual salary for all occupations but lower than the national median average for all electricians. However, the Missouri Economic Research and Information Center (MERIC) reports that Texas was one of the most affordable states in America, with only 13 states enjoying a lower cost of living.
Consequently, an electrician earning $51,350 in Texas may have more disposable income than an electrician working in D.C., which has the second-highest cost of living in the nation. Some electricians attend technical school before starting their career but most complete an apprenticeship before earning their license. Learning while working enables these electrical experts to complete their training without racking up excessive student loan debts they have to pay off.
Electricians earn substantial salaries. The type of lifestyle they can afford varies based on where they work and whether they have student loan debt.