I currently live in Stuttgart, which is apparently slightly less expensive than Munich. I don't think a 49k€ entry level salary for someone with a masters is good. It's probably enough to afford the basic necessities and a small apartment in Munich, but that's it. But then again, most companies seem to think this is good enough, it's so surreal.

I've been told many times in the past that a degree is not that important, what counts is experience. I haven't studied due to my laziness in my youth, but my experience looking for a job has shown me that a degree does matter. Some companies won't even invite you for an interview if you don't have a degree. I feel like I'd have a much better chance to negotiate a better salary with a masters or even bachelors degree.