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Posted on 9/12/23 at 3:50 pm to S1C EM
quote:
The take-home pay math seems off (low) for $140k, but maybe I'm missing something.
Maybe I am a little low there:
$140,000
- $24,000 (retirement)
- $12,500 (federal income taxes)
- $10,000 (FICA)
- $6000 (Family health plan)
- $6000 (HSA contributions)
- $2500 (State income taxes)
= $79,000 or about $6580/month
So taking home about 56% of gross, depending on several factors.
Yea, no one is making people contribute the numbers I listed for retirement and HSA but I am discussing the responsible family trying to afford life.. not the family blowing money on overpriced vehicles and toys.
This post was edited on 9/12/23 at 4:00 pm
Posted on 9/12/23 at 3:56 pm to PhiTiger1764
quote:
Maybe I am a little low there:
$140,000
- $24,000 (retirement)
- $12,500 (federal income taxes)
- $10,000 (FICA)
- $6000 (Family health plan)
- $6000 (HSA contributions)
- $2500 (State income taxes)
= $79,000 or about $6580/month
So taking home about 56% of gross spending on several factors.
Yea, no one is making people contribute the numbers I listed for retirement and HSA but I am discussing the responsible family trying to afford life.. not the family blowing money on overpriced vehicles and toys.
Yeah, I get you. The real variable is the savings amount, but one could also argue that this could be easily adjusted if needed in a time of need. Just shouldn't be the routine.
I asked because we're not at the $140k figure and our take-home after taxes, very good insurance, retirement contributions, etc. is over $6,200. Was about to be really happy to find out that we're apparently making over $140k these days.
Posted on 9/12/23 at 4:09 pm to S1C EM
There's really only one way to get ahead on an income anywhere up to the 75th percentile... Rich parents
Posted on 9/12/23 at 5:00 pm to icegator337
quote:
Car ins for two: $250/month total
Where is this magical land??
Posted on 9/12/23 at 5:01 pm to RB5
A Sales gig in the rail industry helps with inflation. Things are booming in the gulf coast
Posted on 9/12/23 at 5:12 pm to LSU Delirium
Try a different broker. Good ones work for you. Lazy ones sit back.
Posted on 9/12/23 at 5:15 pm to Fletch1985
quote:
shop all insurance every year. Insurance companies use algorithms to determine who isn’t like to shop every year and then raise those people’s rates the most.
This is complete and utter bullshite
I bet you or a family member is a Goosehead agent
Posted on 9/12/23 at 5:21 pm to DCtiger1
Posted on 9/12/23 at 5:26 pm to DCtiger1
Also, zero connection to the insurance business. I own a lot of stuff that requires insurance so I am very sensitive to their pricing.
Posted on 9/12/23 at 5:28 pm to Gee Grenouille
quote:
you've conceded your finances over to something that you can't control. You are in control of your finances."
To an extent… I can’t control my fed taxes or my property tax. Many families are supporting elderly parents or supplementing adult children as well. At some point those that were just getting by will have to just get by with a lot less. And for many that’s not much. It’s pretty cavalier to not at least acknowledge that most people are feeling some pain right now.
Posted on 9/12/23 at 5:30 pm to Fletch1985
A CNBC article is your proof?
Pricing models work in the exact opposite manner you claim. Underwriting and new customer acquisition is expensive, so shopping around frequently actually hurts you quite a bit over time.
Pricing models work in the exact opposite manner you claim. Underwriting and new customer acquisition is expensive, so shopping around frequently actually hurts you quite a bit over time.
Posted on 9/12/23 at 5:30 pm to WhiteRussianDude
Forgot to include the INSANE increases in health insurance over past 15 years, as well as out of pocket expenses
Posted on 9/12/23 at 5:32 pm to RB5
Stop paying for/buying stuff unless you absolutely need it.
Cut out the pay channels and subscriptions. Any memberships to clubs have to go. Buy off-brand products at the grocery store.
Learn to grow your own veggies and some fruit. Hunt for your meat or learn to fish.
Sell your big arse house and downsize. Sell the new car/truck, and get a used one.
If our great grandparents could make it through the Great Depression, then we can survive Brand Dead Joe.
Cut out the pay channels and subscriptions. Any memberships to clubs have to go. Buy off-brand products at the grocery store.
Learn to grow your own veggies and some fruit. Hunt for your meat or learn to fish.
Sell your big arse house and downsize. Sell the new car/truck, and get a used one.
If our great grandparents could make it through the Great Depression, then we can survive Brand Dead Joe.
Posted on 9/12/23 at 5:57 pm to DCtiger1
Says the guy that clearly works for the industry.
There’s a more recent WSJ article on the same subject. I’m sure you are aware of it. Go read it.
I find industries that claim that shopping for a better price is a bad thing interesting. “Look my prices are higher but if you shop for a lower price it will actually cost you more!” Hahahaha
There’s a more recent WSJ article on the same subject. I’m sure you are aware of it. Go read it.
I find industries that claim that shopping for a better price is a bad thing interesting. “Look my prices are higher but if you shop for a lower price it will actually cost you more!” Hahahaha
Posted on 9/12/23 at 6:16 pm to Fletch1985
You find it interesting that companies will price out frequent shoppers because they never get to recoup the acquisition/underwriting costs?
I find shopping solely on price an interesting concept. You do you, you’re clearly an expert
I find shopping solely on price an interesting concept. You do you, you’re clearly an expert
Posted on 9/12/23 at 6:58 pm to PhiTiger1764
quote:
ah.. so you're a boomer and don't get it. cool.
Barely a Boomer, yes, but I understand quite well. I gave specific examples. All you responded with was an ad hominem attack.
Posted on 9/12/23 at 7:01 pm to DCtiger1
I’m just a businessman who uses a lot of insurance products. I sense you consider yourself an industry expert though. Please explain to the fine folks in this thread who are looking to reduce the high cost of living why they shouldn’t shop rates when their carriers are aggressively raising rates?
I carried ASI Lloyds for many years on one of my properties. Very satisfied with reasonable rates. They were acquired by Progressive. My rate doubled in two years. Turns out Progressive didn’t care to write homeowners in my state anymore and was aggressively raising rates on existing policies as a business strategy to keep only whoever wasn’t paying attention. I switched to a carrier with reasonable prices.
This is why you shop every year. May not make sense to switch, but you should know what the alternatives are.
I carried ASI Lloyds for many years on one of my properties. Very satisfied with reasonable rates. They were acquired by Progressive. My rate doubled in two years. Turns out Progressive didn’t care to write homeowners in my state anymore and was aggressively raising rates on existing policies as a business strategy to keep only whoever wasn’t paying attention. I switched to a carrier with reasonable prices.
This is why you shop every year. May not make sense to switch, but you should know what the alternatives are.
Posted on 9/12/23 at 7:09 pm to RB5
Things are tight. Wife and I together make about 250-275 based on bonus. Also have a rental house that brings in 30k a year but it still tight. We have just house debt and only a few thousand left on hour vehicles.
Posted on 9/12/23 at 7:23 pm to PhiTiger1764
quote:
So taking home about 56% of gross, depending on several factors.
Your numbers are significantly different after factoring in all the various tax deductions and credits. With that amount of pre-tax savings, the standard MFJ deduction and child tax credits, that family is paying like 4k in federal income tax.
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