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re: What is a good income to raise kids on?
Posted on 2/18/14 at 11:30 am to hashtag
Posted on 2/18/14 at 11:30 am to hashtag
quote:
How much debt do you currently have?
Asking me?
About 40k in professional school loans. Her a little less. Both being paid off fairly quickly. Also separate housing. So we're probably talking about 2000 a month there that would be saved later in life. I'm guessing kids can eat that up quickly.
0
Posted on 2/18/14 at 11:31 am to LNCHBOX
quote:
Some of you people are so out of touch with reality. It's mind blowing.
The thread's about what would be ideal.
My wife and I are raising a kid on $70k/year right now. It will go up soon, but if it didn't, we'd be fine.
But "fine" isn't "ideal." My son will have to get a scholarship. Our vacations will be hiking trips to the mountains and most likely sleeping in a tent. We'll go to the beach once a year. A big Disney trip? Would take a few years to save.
Not to mention we don't have cushion if something bad happens like a car breaks down or we get mold under the carpet or some other crazy shite.
So if you want a nice house with extra rooms, two reliable cars you can take care of, spacious backyard, college fund, nice vacations, and all the other extra costs that come with having kids?
You're going to want $150k+.
Posted on 2/18/14 at 11:32 am to CidCock
quote:
Pediatricians
dont make shite.
Posted on 2/18/14 at 11:32 am to Ironbat31
First
For a typical Dr's salary you need to take 150,000 x 3
Second, my version of comfortable is greater than your version of comfortable. So to answer your question $1M/year
quote:
I highly doubt all you guys make 150,000! Are you all doctors?
For a typical Dr's salary you need to take 150,000 x 3
Second, my version of comfortable is greater than your version of comfortable. So to answer your question $1M/year
Posted on 2/18/14 at 11:32 am to Ironbat31
Someone else's
Posted on 2/18/14 at 11:35 am to Ironbat31
quote:
In my travels, Ive noticed Asian, Black, and Hispanic families are very, very frugal
Friend of mine who makes over 300K a year goes shopping with a list and calculator, drives older vehicles but splurges on his house, and travel. He's a cheap bastard on everything else though.
Posted on 2/18/14 at 11:36 am to Pettifogger
quote:
I'm not out of touch with reality, don't be stupid. I said I'd be shooting for, not "everyone who does it successfully has 200k."
But if you want to live what most of us consider upper-middle class lifestyles, and do so responsibly with children, you're not doing it on 50k.
Definitely no middle ground between 50k and 200k.
Posted on 2/18/14 at 11:36 am to StringedInstruments
quote:
What is a good income to raise kids on?
quote:
The thread's about what would be ideal.
No, it isn't.
Posted on 2/18/14 at 11:36 am to RogerTheShrubber
quote:
Friend of mine who makes over 300K a year goes shopping with a list and calculator, drives older vehicles but splurges on his house, and travel. He's a cheap bastard on everything else though.
My father-in-law who retired with millions and no debt still puts allotted amounts of cash into envelopes at the beginning of each month.
Posted on 2/18/14 at 11:36 am to Peazey
quote:
No, it isn't
frick you. Yes it is.
Posted on 2/18/14 at 11:39 am to Ironbat31
then how do single mother income families survive? Of of the black guys in our dorm, his mom is a social worker. he has 2 sisters...
Posted on 2/18/14 at 11:40 am to LNCHBOX
quote:
Definitely no middle ground between 50k and 200k.
Ok, be stupid. I'm not sure how you get "no middle ground between 50 and 200" from a guy saying "I'd shoot for 200k" and "you're not living an upper-middle class lifestyle with kids on 50k."
You can set your own minimum amount, you're being petulant.
Posted on 2/18/14 at 11:41 am to Ironbat31
quote:
I highly doubt all you guys make 150,000! Are you all doctors?
I have several friends that are doctors and they make way more than $150k. More like $400-500k and up.
But ObamaCare may change that although that is a topic for another discussion.
Posted on 2/18/14 at 11:41 am to Ironbat31
#1: Whatever figure you have in your head, double it. 
Posted on 2/18/14 at 11:41 am to Ironbat31
quote:
then how do single mother income families survive? Of of the black guys in our dorm, his mom is a social worker. he has 2 sisters...
You asked about a good income to live a comfortable lifestyle. You didn't mention survival in the OP.
It's easy to survive on just about any income in this country especially with the kind of help you can get from the government if you need it.
Posted on 2/18/14 at 11:42 am to Ironbat31
quote:
then how do single mother income families survive? Of of the black guys in our dorm, his mom is a social worker. he has 2 sisters...
Sacrifice, public assistance, debt, maybe all of the above.
Posted on 2/18/14 at 11:43 am to Ironbat31
Just take your current income and add $25,000 and that is what you should make in order to raise a child and not change anything you do now. The added cost will go up as they get older, but in theory so should your income.
I feel like if you can comfortably care for yourself now, you could make it work just fine with a kid. Things will change, and you will not spend as much on things like going out, eating out, random spontaneous purchases for yourself (hopefully), and that money will go to providing for your child.
Unless you plan on treating your child like an American Girl Doll with their clothing, or making sure they have every toy that hits the market, you should be ok assuming the above variables.
I feel like if you can comfortably care for yourself now, you could make it work just fine with a kid. Things will change, and you will not spend as much on things like going out, eating out, random spontaneous purchases for yourself (hopefully), and that money will go to providing for your child.
Unless you plan on treating your child like an American Girl Doll with their clothing, or making sure they have every toy that hits the market, you should be ok assuming the above variables.
Posted on 2/18/14 at 11:44 am to Ironbat31
quote:
then how do single mother income families survive? Of of the black guys in our dorm, his mom is a social worker. he has 2 sisters...
If you make under 50K with two kids, you probably get some subsidies.
You can raise two children on 50k a year, but not gonna have much discretionary income. Half the households in the US don't make 55k
Posted on 2/18/14 at 11:44 am to StringedInstruments
Good does not mean ideal. You're just using that to justify your ridiculous, superior position. In an ideal world no one would ever have to work. No one would ever starve. There would be no crime. Oh wait. None of that is possible. What's the point in talking about ideal, again? And frick you.
Posted on 2/18/14 at 11:45 am to Pettifogger
This is your exact quote:
Where do you live? If you're in South LA, you don't need anywhere near 200k to live a comfortable lifestyle as asked in the OP. If you live somewhere more expensive, disregard my opinion.
quote:
I don't know how people do it for 50k.
For 2 children I'd be shooting for 200k, honestly.
Where do you live? If you're in South LA, you don't need anywhere near 200k to live a comfortable lifestyle as asked in the OP. If you live somewhere more expensive, disregard my opinion.
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