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re: What is a good income to raise kids on?
Posted on 2/18/14 at 11:45 am to Ironbat31
Posted on 2/18/14 at 11:45 am to Ironbat31
quote:
So a family of two teachers shouldn't have kids then. Or what if youre a starting engieenr, and your wife wont work That's starting a family on 60,000
The absolute minimum starting salary for a teacher where I live is $45,839. A pair of teachers here makes over $90k combined and it's more likely to be in the $130-$150k range combined.
Obviously, you'll never be an English teacher.
0
Posted on 2/18/14 at 11:45 am to StringedInstruments
(no message)
This post was edited on 5/7/14 at 8:36 am
Posted on 2/18/14 at 11:45 am to VABuckeye
quote:does anyone in NOVA make less than 150k/year?
I have several friends that are doctors and they make way more than $150k
Posted on 2/18/14 at 11:46 am to RogerTheShrubber
$100K should give u a nice lifestyle and be able to raise your kids (100K for your COA). People who needs more just dont know who to keep a budget
Posted on 2/18/14 at 11:46 am to Ironbat31
If you spend freely (eating out >4x a week, 2 vacations a year, overseas trips every year, expensive clothes bought every month, etc. ) then you need at least 200k with 2 kids to even keep your head above water.
If you are frugal, plan and try to adhere to a budget, I believe you can provide everything your kids could need and want, including a nice house with a family income of 100-115k.
If you are frugal, plan and try to adhere to a budget, I believe you can provide everything your kids could need and want, including a nice house with a family income of 100-115k.
Posted on 2/18/14 at 11:51 am to Pilot Tiger
quote:
does anyone in NOVA make less than 150k/year?
Doesn't seem like it, does it?
The parent of a kid I coached last year was talking about just getting by with another parent and me one day last summer. He was complaining that at $200k he didn't see how he was going to put his son through college and how the family was "just getting by". Only in NOVA do you find idiots like that. Most of the people in the country would kill to have his income.
Posted on 2/18/14 at 11:51 am to Moustache
These threads always crack me up.
Wife and I bring in around 70k, she only works part time while in school, graduates in May. Once she graduates her entire paycheck goes to savings. We typically save 1k a month, do whatever we want, go on multiple vacations. Hell we just went to Hawaii for 14 days and Vegas for New Years.
I'm not sure how the "you need 150k a year" crowd manage money, but you're doing it wrong.
Wife and I bring in around 70k, she only works part time while in school, graduates in May. Once she graduates her entire paycheck goes to savings. We typically save 1k a month, do whatever we want, go on multiple vacations. Hell we just went to Hawaii for 14 days and Vegas for New Years.
I'm not sure how the "you need 150k a year" crowd manage money, but you're doing it wrong.
Posted on 2/18/14 at 11:52 am to trident
quote:
$100K should give u a nice lifestyle and be able to raise your kids
It is all dependent on where you live and how you manage your money.
Posted on 2/18/14 at 11:52 am to BoogaBear
Do you have kids?
Posted on 2/18/14 at 11:52 am to BoogaBear
quote:
Wife and I bring in around 70k, she only works part time while in school, graduates in May. Once she graduates her entire paycheck goes to savings. We typically save 1k a month, do whatever we want, go on multiple vacations. Hell we just went to Hawaii for 14 days and Vegas for New Years.
kids?
Posted on 2/18/14 at 11:54 am to LNCHBOX
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.
Atlanta.
And this isn't about need. As you infer, there is probably a range from "need" to "good" to "ideal." For me, more than 200k would be ideal. I'm guessing I'll settle near a major metro area, and that private schools may be part of the equation. I'd like to offer my kids a full ride to a good college, and I think 100k each for that may be on the low side. I'd like to save for retirement, and have a good amount of financial security prior to that point.
I'm not talking about lambos and mansions, but I don't want to be in debt, and I want to live comfortably.
I know a lot of households making 200-300k, some with kids, some without, and while they live comfortably, none are living a truly elite lifestyle. Many are still going into debt despite a relatively high income.
You can live well or fairly well on far less, my argument does not contradict that.
Posted on 2/18/14 at 11:54 am to VABuckeye
quote:
It is all dependent on where you live and how you manage your money
yea what ever salary $100k is compaired to Louisiana
Posted on 2/18/14 at 11:54 am to BoogaBear
kids, car, house? My guess that if you are going to hawaii for 14 days you have no kids
Posted on 2/18/14 at 11:55 am to VABuckeye
Wife and I bring in about 95 a year and have an 8 month old we live pretty damn comfortable with a pretty nice house. I will say that if I had to add another kid id def want to be making at least 20k more
Posted on 2/18/14 at 11:56 am to Pettifogger
It's not about what you make it's about what you keep and my plan every year is to keep at least more than the average family in America makes. That's my goal. YMMV.
Posted on 2/18/14 at 11:56 am to BoogaBear
quote:
These threads always crack me up.
They do. If you're household income is over 100k with two kids and you're not doing well, you're most likely living above your means.
Posted on 2/18/14 at 11:56 am to trident
quote:
yea what ever salary $100k is compaired to Louisiana
Ain't enough
Posted on 2/18/14 at 11:57 am to VABuckeye
quote:
Doesn't seem like it, does it?
The parent of a kid I coached last year was talking about just getting by with another parent and me one day last summer. He was complaining that at $200k he didn't see how he was going to put his son through college and how the family was "just getting by". Only in NOVA do you find idiots like that. Most of the people in the country would kill to have his income.
the bubble of NOVA/DC/MD is an interesting thing I have to catch myself from time to time when I start to drift into that mentality
Posted on 2/18/14 at 11:57 am to Pettifogger
quote:
And this isn't about need. As you infer, there is probably a range from "need" to "good" to "ideal." For me, more than 200k would be ideal. I'm guessing I'll settle near a major metro area, and that private schools may be part of the equation. I'd like to offer my kids a full ride to a good college, and I think 100k each for that may be on the low side. I'd like to save for retirement, and have a good amount of financial security prior to that point.
I'm not talking about lambos and mansions, but I don't want to be in debt, and I want to live comfortably.
I think a lot of people fail to understand this. $200k in America - especially in a flourishing metropolitan area - is by no means rich or lavish.
Not to incite a riot, but those criticizing your answers remind me of the Occupy Movement. They're surviving on their own income and would like more and picture those with more as riding gilded horses and bathing in Mediterranean ponds.
Posted on 2/18/14 at 11:57 am to BoogaBear
quote:
Wife and I bring in around 70k, she only works part time while in school, graduates in May. Once she graduates her entire paycheck goes to savings. We typically save 1k a month, do whatever we want, go on multiple vacations. Hell we just went to Hawaii for 14 days and Vegas for New Years.
I'm not sure how the "you need 150k a year" crowd manage money, but you're doing it wrong.
So, I assume you have two kids, a fully funded 401k, a 4 BR house, 2 very reliable cars, and both kids college savings completely funded as well built into your budget?
If not, you're doing it wrong. I was talking about being ideal. To have the above I listed, one would need to make 100-110k based on cost of living in the southeast and TX.
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