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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 3:04 pm to OweO
Posted on 3/26/19 at 3:04 pm to OweO
quote:
If I had a luxury car it sure as hell wouldn't be a BMW. Either way of course luxury cars are nice, but if you are still feeling "average" then they could get something else and maybe save $2000 a year.
I hate to sound like Dave Ramsey here but why are you borrowing money for a car if you are making $500k a year?
3
Posted on 3/26/19 at 3:05 pm to slackster
I gotta work on my wording or else it will look something like this
Posted on 3/26/19 at 3:05 pm to OweO
- Food for 4 shouldn't cost anywhere near $2k a month. I have a family 4, that's way too high
- Mortgage is $5k/month....Maybe don't live in a $1.5mil house, crazy thought
- Property Taxes...Get a home 3 tis a cheap, problem solved
- 3 vacations a year at $18k...and they think that's average?
- Clothes for 4 people doesn't cost anywhere near $10k a year
- Children's lessons $1k per month...totally average!
- Miscallenous...something does not always come up to the tune of $10k per year IMO. For bigger items, most people are insured, I call BS on that number...unless they're living way above their means and the "something" that comes up is not necessity type things.
Those things alone would save them tens of thousands per year if spent correctly.
- Mortgage is $5k/month....Maybe don't live in a $1.5mil house, crazy thought
- Property Taxes...Get a home 3 tis a cheap, problem solved
- 3 vacations a year at $18k...and they think that's average?
- Clothes for 4 people doesn't cost anywhere near $10k a year
- Children's lessons $1k per month...totally average!
- Miscallenous...something does not always come up to the tune of $10k per year IMO. For bigger items, most people are insured, I call BS on that number...unless they're living way above their means and the "something" that comes up is not necessity type things.
Those things alone would save them tens of thousands per year if spent correctly.
Posted on 3/26/19 at 3:06 pm to deltaland
quote:
And I wonder if the person who wrote that considered that all 18K could be written off on taxes
At the time this was written this person could have written off at least $84k in property taxes, SALT, and chartable contributions. The whole exercise is ridiculous. Obvious things are missing, other categories are understated, and others are completely blown up.
Posted on 3/26/19 at 3:06 pm to Pintail
quote:
I hate to sound like Dave Ramsey here but why are you borrowing money for a car if you are making $500k a year?
Because money is cheap to borrow right now.
ETA: Poor Pintail downvoting because he doesn't like our answer
This post was edited on 3/26/19 at 3:11 pm
Posted on 3/26/19 at 3:06 pm to Pintail
quote:
I hate to sound like Dave Ramsey here but why are you borrowing money for a car if you are making $500k a year?
Lower interest rate than you are making on other investments?
It is a debated topic
Posted on 3/26/19 at 3:06 pm to deltaland
quote:
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
I have had people argue with me when I say 200k a year isn't rich, so plenty consider that rich. Even I'll admit 500k is in rich territory. 1.5MM home is expensive and anyone with that mortgage is beyond average.
Posted on 3/26/19 at 3:08 pm to LNCHBOX
quote:
You're at 359 meals at a cost of $950. That's roughly $2.65/meal for an entire month. How malnourished are yall?
It's possible, but it's going to be lots of rice and gravy + protein for a few days a week kind of meals.
Posted on 3/26/19 at 3:09 pm to KG6
quote:
I have had people argue with me when I say 200k a year isn't rich, so plenty consider that rich
Present.
Posted on 3/26/19 at 3:10 pm to slackster
quote:
It's possible, but it's going to be lots of rice and gravy + protein for a few days a week kind of meals.
But he said it wasn't that
Posted on 3/26/19 at 3:11 pm to shel311
quote:
- Miscallenous...something does not always come up to the tune of $10k per year IMO. For bigger items, most people are insured, I call BS on that number...unless they're living way above their means and the "something" that comes up is not necessity type things.
In practice, that category catches all the shite the author missed.
Posted on 3/26/19 at 3:11 pm to LNCHBOX
quote:
A month? $250 a month per person on all food. Calling BS on that. Definitely not getting anything quality for that.
We have a running tally on a $125 a week budget. Last week we spent $119, so we had $131 to spend this week. This week chicken fajitas, gumbo (chicken and sausage), pot roast, curried lentils, and salmon with a mixed greens salad were on the menu.
We don't buy soda. We drink water and tea. We don't buy packaged or prepared foods. Oatmeal and a protein shake is my most common breakfast. We utilize grocery store bulk bins for staple foods. We cook pretty much every day are rarely eat out.
It doesn't bother me if you don't believe me, but I have no reason to lie to you. A few years ago, we got very serious about saving/investing our money and eating better. This changed the way we shop for food and helped me to be a much better cook. This type of lifestyle is obviously much easier for us because we have no kids, but I don't think it's a burden.
Posted on 3/26/19 at 3:12 pm to LNCHBOX
quote:
But he said it wasn't that
I think he said it wasn't beans and rice, so smothered pork steaks and rice might get him off on a technicality.
Posted on 3/26/19 at 3:13 pm to slackster
You people need to learn the importance of vodka in your diet.
This post was edited on 3/26/19 at 3:14 pm
Posted on 3/26/19 at 3:13 pm to Yat27
quote:
We have a running tally on a $125 a week budget. Last week we spent $119, so we had $131 to spend this week. This week chicken fajitas, gumbo (chicken and sausage), pot roast, curried lentils, and salmon with a mixed greens salad were on the menu.
How about breakfast and the other meals you're not accounting for?
quote:
We don't buy packaged or prepared foods.
quote:
a protein shake is my most common breakfast.
quote:
This type of lifestyle is obviously much easier for us because we have no kids, but I don't think it's a burden.
You're spending double the number for half the people.
I should hope it's not a burden.Posted on 3/26/19 at 3:17 pm to OweO
The wife and I gross about $250k a year, and put way more than those in our 401.
We average $50k a year to 401.
Monthly bills.....$10k.
We have about $3k a month of “frick off” money a month.
We average $50k a year to 401.
Monthly bills.....$10k.
We have about $3k a month of “frick off” money a month.
This post was edited on 3/26/19 at 3:18 pm
Posted on 3/26/19 at 3:18 pm to Yat27
quote:
Yat27
it sounds to me like you're admitting that this isn't either normal or easy to accomplish. also, feeding 2 adults and feeding a family of 4 are wholly separate things. for instance, most kids wouldn't eat curried lentils
most households would also factor in household items like cleaners, tp and what not into their "grocery" budget, because people tend to buy these things at the same place. this goes up exponentially with kids (dirty little creatures). i spend $2k/mo on food plus these items pretty regularly.
good on you for being this strict with your food budget. but that doesn't make $2k/month for a family of 4 outrageous.
This post was edited on 3/26/19 at 3:20 pm
Posted on 3/26/19 at 3:19 pm to Yat27
quote:
It doesn't bother me if you don't believe me, but I have no reason to lie to you. A few years ago, we got very serious about saving/investing our money and eating better. This changed the way we shop for food and helped me to be a much better cook. This type of lifestyle is obviously much easier for us because we have no kids, but I don't think it's a burden.
It's doable, but that's a tight budget. Your meals also have to stack - chicken breasts family pack becomes chicken fajitas and gumbo, for example. Lentils and salad across the meals, etc. You're definitely not going to eat out, drink out, or host on any regular basis within that budget.
Posted on 3/26/19 at 3:20 pm to OweO
$5,000 a month on a house
Nahhhhh dawg, I’m good
Nahhhhh dawg, I’m good
Posted on 3/26/19 at 3:20 pm to MrSmith65
quote:
The wife and I gross about $250k a year, and put way more than those in our 401.
not without a portion coming from your employer you don't.
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