re: How does a family do it financially

Posted by TDTOM

Member since Jan 2021

14833 posts

Posted on 6/6/22 at 8:05 am to Hulkklogan

quote:
What? Its basically free money, dude. My 401k has averaged 10-12% annually and my company matches 5%. I'd be a god damn idiot to pass that up.

Reading are hard.

Posted by Hulkklogan

Baton Rouge, LA

Member since Oct 2010

43305 posts

Posted on 6/6/22 at 8:06 am to Mingo Was His NameO

My wife has massive student loan debt, and if we file jointly those payments double. Basically any scenario we tried we come out losing money by filing jointly. My wife is also close to loans being forgiven for service to the state.

Posted by Hulkklogan

Baton Rouge, LA

Member since Oct 2010

43305 posts

Posted on 6/6/22 at 8:07 am to TDTOM

Oh frick I did totally misread that post... Multiple times

This post was edited on 6/6/22 at 8:08 am

Posted by Mingo Was His NameO

Brooklyn

Member since Mar 2016

25455 posts

Posted on 6/6/22 at 8:08 am to Hulkklogan

quote:
My wife is also close to loans being forgiven for service to the state.

Im just letting you know, I wouldn't hold my breath on this.

Posted by LSU-MNCBABY

Knightsgate

Member since Jan 2004

24371 posts

Posted on 6/6/22 at 8:09 am to kywildcatfanone

quote:
Apparently credit card and equity loans. There is a thread on the MB that 1/3 of people making $250K a year are living paycheck to paycheck. No idea how that is remotely possible.

If they’re living in Louisiana they have to pay for schools and pay decently high taxes, extremely high sales tax, state income tax, and then likely have to join some kind of social club to have a safe place to do things.

Posted by Hulkklogan

Baton Rouge, LA

Member since Oct 2010

43305 posts

Posted on 6/6/22 at 8:14 am to Mingo Was His NameO

Can you expound? Related to this?

LINK

Posted by docTQ4

Atlanta GA

Member since Jan 2014

1695 posts

Posted on 6/6/22 at 8:27 am to fallguy_1978

Oldest starts real school in August, can’t wait for it to drop from $220 a week to $90 a week for just after school. Lol

Posted by mthorn2

Planet Louisiana

Member since Sep 2007

1236 posts

Posted on 6/6/22 at 8:52 am to tigerbacon

quote:
save 1500 a month.

The only difference between you now and you with kids is this^. Save it while you can!!!

This post was edited on 6/6/22 at 8:53 am

Posted by LSUTigahss

Member since Feb 2021

831 posts

Posted on 6/6/22 at 8:56 am to tigerbacon

Don’t buy our dream car and don’t have 3-4 kids.
1 child, 20% of income mortgage, 1 vehicle note with 1 paid for in cash (very cheap used), save 30% of total income, cook breakfast lunch and dinner at home, eat out/order out 1-2x/ week total.
No frills living

Posted by Tempratt

WRMS Girls Soccer Team Kicks arse

Member since Oct 2013

13439 posts

Posted on 6/6/22 at 9:06 am to DownshiftAndFloorIt

quote:
As someone who borrowed money for a boat, absolutely not.

I guess it beats waiting to save up a couple million for a boat.

Posted by SpaceCamp

Member since Nov 2020

292 posts

Posted on 6/6/22 at 9:30 am to tigerbacon

We worked to get out of debt before having kids, but we still had a pretty fancy house. A few years ago, we sold it and bought a smaller house. We have now been mortgage free for several years. It makes life a lot less stressful especially with inflation and all the craziness in the world. We don't live to keep up with the Joneses and just try to live a simple life

We lived on one fairly average income for many years so I could be a stay at home mom. When I went back to work, we have used my income to beef up retirement and college savings. We also decided to send our kids to private school in 2020 to keep them from falling behind.

Posted by tigerbacon

Arkansas

Member since Aug 2010

3704 posts

Posted on 6/6/22 at 3:33 pm to SpaceCamp

Depending on the sec of education when they apply for loan forgiveness. Under Trump’s sec of education everyone was denied