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Started By
Message
re: Budget Breakdown Of Couple That Makes $500k A Year And Feels Average
Posted on 3/26/19 at 2:46 pm to LNCHBOX
Posted on 3/26/19 at 2:46 pm to LNCHBOX
quote:We go out to eat once a month or so. We buy our meat, in bulk, from the butcher. $180 buys us a months worth of meat. That leaves around $200 a week for fruit/veggies/condiments, etc. It can be done. It seems like you're reading my posts as it should be done, and I've said repeatedly that their food budget isn't outrageous.
I don't believe you're counting every penny you spend on food. Going out to eat once with a family of 4 will be $50 at minimum. That's 20% of your weekly food on one meal.
1
Posted on 3/26/19 at 2:46 pm to OweO
Putting 36k in your 401k ain’t average. Keep it up.
Posted on 3/26/19 at 2:48 pm to OweO
quote:
So because I don't have kids, it isn't possible for me to know what cost related to children seems high? That's fantastic.
Your posts in this thread demonstrate that pretty well.
quote:
If they are not in school yet, $21k a year for day care seems a bit elevated.
Daycare costs more than school a lot of times, which is further proof that you are clueless on the costs associated with a child.
quote:
So I am just using information I know
L
O
L
This post was edited on 3/26/19 at 2:50 pm
Posted on 3/26/19 at 2:49 pm to OweO
quote:
So because I don't have kids, it isn't possible for me to know what cost related to children seems high? That's fantastic.
Yes.
quote:
Again, this would depend on where they live. If they are not in school yet, $21k a year for day care seems a bit elevated.
I live in suburban tennessee and pay 12k/kid in daycare.
You don't know what youre talking about.
Posted on 3/26/19 at 2:49 pm to northshorebamaman
quote:
We go out to eat once a month or so. We buy our meat, in bulk, from the butcher. $180 buys us a months worth of meat. That leaves around $200 a week for fruit/veggies/condiments, etc. It can be done. It seems like you're reading my posts as it should be done, and I've said repeatedly that their food budget isn't outrageous.
Drink nothing but water? No coffee? Milk? Anything? Kids don't eat snacks?
Posted on 3/26/19 at 2:49 pm to RonLaFlamme
quote:
18K annually is the maximum
This graphic is probably from 2017 because 18K was the maximum you could contribute to your 401(k). It was 18.5K in 2018 and 19K in 2019. I'm assuming the couple wasn't even contributing 18K of their money because the limit includes employer match.
quote:
They could do Roth IRA or something else beyond that though.
Pretty sure they are WAY past being able to contribute to a Roth IRA based on their combined salaries.
Posted on 3/26/19 at 2:50 pm to LNCHBOX
frick, I probably spend 300 a month in alcohol for me
Posted on 3/26/19 at 2:50 pm to lsufan_26
quote:not true
I'm assuming the couple wasn't even contributing 18K of their money because the limit includes employer match.
Posted on 3/26/19 at 2:51 pm to OweO
That effective tax rate is highly inaccurate and makes the entire analysis bullshite.
A very rough estimate is an effective tax rate of ~21% with that income filing married jointly and max 401k contributions.
A very rough estimate is an effective tax rate of ~21% with that income filing married jointly and max 401k contributions.
Posted on 3/26/19 at 2:52 pm to Displaced
quote:
I'm assuming the couple wasn't even contributing 18K of their money because the limit includes employer match.
not true
This thread proves everyone should spend more time on the Money Talk and/or with their 401k provider.
Posted on 3/26/19 at 2:53 pm to LNCHBOX
quote:I drink iced tea or water most of the time. We use around a gallon of milk a week and snacks are cheap. They're all covered in that $200 a week. Hell, I can buy a gallon of milk, a box of tea, a lb of sugar and a couple of different snacks for $20.
Drink nothing but water? No coffee? Milk? Anything? Kids don't eat snacks?
Posted on 3/26/19 at 2:53 pm to slackster
quote:
This thread proves everyone should spend more time on the Money Talk and/or with their 401k provider.
Haha, I actually went over there to ask my HSA question, got scared of being made fun of and came back.
Posted on 3/26/19 at 2:53 pm to OweO
Also a 1.5 million dollar home is massive unless you live on the west coast or something.
My parents have a 4 br nice arse 2 story home on 6 acres in Tuscaloosa they paid 350k for.
500k isn’t rich, but it’s far beyond average. I could raise a family of 4 comfortably on that and save over 100K a year easily
My parents have a 4 br nice arse 2 story home on 6 acres in Tuscaloosa they paid 350k for.
500k isn’t rich, but it’s far beyond average. I could raise a family of 4 comfortably on that and save over 100K a year easily
Posted on 3/26/19 at 2:54 pm to lynxcat
quote:
A very rough estimate is an effective tax rate of ~21% with that income filing married jointly and max 401k contributions.
I can get effective tax rates of 35% in NYC w/ Federal/State/Local/FICA. That's still not 40%, and on this income, that's a difference of $20k/year.
Posted on 3/26/19 at 2:55 pm to fightin tigers
quote:
Haha, I actually went over there to ask my HSA question, got scared of being made fun of and came back.
You get clowned in a nerdy way there, but clowned nonetheless.
Posted on 3/26/19 at 2:55 pm to Damone
quote:
So if you split it down the middle, each makes $250k a year and only puts $18k annually into a 401(k)? LOL
7% is pretty good my company only matches up to 3%
Posted on 3/26/19 at 2:56 pm to OweO
quote:
Either way, whether it's $18k or $27k, I sure hope they make sure every cent they donate goes to actually helping people..
And I wonder if the person who wrote that considered that all 18K could be written off on taxes
Posted on 3/26/19 at 2:57 pm to northshorebamaman
quote:
Hell, I can buy a gallon of milk, a box of tea, a lb of sugar and a couple of different snacks for $20.
And with two kids those snacks last how long?
Math just isn't adding up here. Let's take an average month of 30 days.
4 people x 3 meals per day x 30 days = 360 meals
Subtract 1 meal for your once a month night out and say it's super cheap at $50 total.
You're at 359 meals at a cost of $950. That's roughly $2.65/meal for an entire month. How malnourished are yall?
Posted on 3/26/19 at 2:59 pm to SwatMitchell
quote:
is an anomaly for an LSU grad couple to make $500K per year - especially without an advanced/graduate degree
I thought all baws made this working at Shell while bawette works at the hospital?
Posted on 3/26/19 at 3:00 pm to northshorebamaman
quote:
with two teenagers)
Peace be with you my friend.
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