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re: How does a family do it financially
Posted on 6/5/22 at 6:15 pm to tigerbacon
Posted on 6/5/22 at 6:15 pm to tigerbacon
My wife and I make about $115k total. No kids. Mortgage is $500 a month. 1 vehicle note. All of our money could easily dissapear if we let it. Idk how folks with kids do i5
2
Posted on 6/5/22 at 6:15 pm to BabyTac
quote:
Our household income is around 400k and I’m not sure we could afford to miss a few paychecks.
I know people like that.
Posted on 6/5/22 at 6:19 pm to Loup
Probably the hardest part right now me personally is the added daycare cost. $550 a week for two. Doesn’t include extra stuff, just bare minimum. Don’t know how people do private school for years. We are renting in a nicer area too though because we are a little over a year away from public school and I don’t want to have to pay for private. Goal is once we get one finally through to buy (and because who fricking could in Florida right now).
ETA: just to note, in my area there is a 1 story, 3 br house 1800 sf with no yard for sale for $800k. We may just be moving once my project assignment is over.
ETA: just to note, in my area there is a 1 story, 3 br house 1800 sf with no yard for sale for $800k. We may just be moving once my project assignment is over.
This post was edited on 6/5/22 at 6:21 pm
Posted on 6/5/22 at 6:20 pm to Loup
quote:
Mortgage is $500 a month
Our mortgage is cheap but not like yours. Do y'all live in a single wide or a travel trailer?
Posted on 6/5/22 at 6:21 pm to fallguy_1978
Yeah my property taxes are more than this guy's mortgage payment.
Posted on 6/5/22 at 6:21 pm to tigerbacon
It's not easy, but it's an honest life and the one I was chosen to live.
This post was edited on 7/7/22 at 9:09 pm
Posted on 6/5/22 at 6:22 pm to fallguy_1978
quote:
How much is private school? Good for you all but that sounds like a pretty low income to be putting kids into private school
That is impressive, but if you know where you're money is going it is not impossible, especially with no debt.
My mom and sister are constantly confused as to how my wife and I make it with no kids with our high rent in Boise. When I tell them that I budget down to the penny for every account you can see it in their eyes, they have no desire to do that.
My mom makes a little over $60k with a $350 mortgage payment and she is constantly broke.
The answer is very simple. Read. Read. Budget. Read. Listen to podcasts. Read more. Any person in this country who isn't working a starter job can make it. That is not to say inflation isn't a big problem, it's to say that most people complaining about inflation have made some bad decisions and have very little actual desire to change their situation.
My friend earlier today texted me asking about how to make passive income. The same person that was complaining about not having money last week and when I asked him for specifics he couldn't tell me because he doesn't budget.
The easiest way to not be broke is to increase your income by a lot. Most people don't have that capability in the timeframe they want the money (aka now). The second easiest way to not be broke is have a basic understanding of where your money is going, something of which most people in my life have demonstrated to be an impossible task.
Posted on 6/5/22 at 6:22 pm to fallguy_1978
quote:
How much is private school? Good for you all but that sounds like a pretty low income to be putting kids into private school
It would be $900 for two kids but we use some income tax to pay one in full and the rest is on monthly, so $450. Our mortgage is $806, no car notes, save $500 month, we both have a work retirement but add extra for deferred comp. We bought our house in 06.
Posted on 6/5/22 at 6:23 pm to deeprig9
quote:
I agree. And if a family still has money left to save after that, head to money board. When I hear someone say "maxing out 401k" I just automatically assume they mean the amount the employer will match. I think most assume the same thing. Maybe not Mingo though. Nobody knows what's going through that guy's head.
Maxing out to me means government allowed.
This post was edited on 6/5/22 at 6:24 pm
Posted on 6/5/22 at 6:24 pm to deeprig9
quote:
When I hear someone say "maxing out 401k" I just automatically assume they mean the amount the employer will match. I think most assume the same thing.
I assume the amount that you’re allowed to contributed on an annual basis according to the IRS.
Posted on 6/5/22 at 6:24 pm to tigerbacon
quote:
the average middle class income is 80k a year for a family of 4-5. How do they afford life?
They don't:
quote:
max out our 401k’s
quote:
save 1500 a month.
They live with:
quote:
credit card debt
quote:
student loan debt
Posted on 6/5/22 at 6:25 pm to cheobode
quote:
It would be $900 for two kids but we use some income tax to pay one in full and the rest is on monthly, so $450. Our mortgage is $806, no car notes, save $500 month, we both have a work retirement but add extra for deferred comp. We bought our house in 06.
Our last year in private school was 14k for one kid.
Posted on 6/5/22 at 6:25 pm to tigerbacon
Unless you live in NYC you make plenty.
My wife and I are in the same salary band as you and your wife. We have kids, mortgage, 401k etc. we both have perfect credit ratings.
We get by just fine. We just got back from a weekend in the mountains in Colorado at an air bnb with friends.
Where does your money go?
My wife and I are in the same salary band as you and your wife. We have kids, mortgage, 401k etc. we both have perfect credit ratings.
We get by just fine. We just got back from a weekend in the mountains in Colorado at an air bnb with friends.
Where does your money go?
Posted on 6/5/22 at 6:28 pm to fallguy_1978
quote:
Our last year in private school was 14k for one kid
$14K per year?
Posted on 6/5/22 at 6:29 pm to kywildcatfanone
quote:
250K a year are living paycheck to paycheck. No idea how that is remotely possibl
Too much house. Todays market only worsens that. People are in love with too much house. Then if you are that guy with too much house, your neighbors who have the right amount of house want to live their life and you try to keep up. Don’t try to keep up.
We are digging our way out of a hole that was totally brought on by having our son and fricking ourselves up after that. Then doubled down on stupid after knowing we had a problem. Trips here and there. Our problem was never our house. We are in such a better place now. When we do have extra we spend it on chopping down debt and home improvements. Not really improvements but big ticket upkeep. Siding and painting. Old dying AC.
One riddle I want explained is college. How does one save enough for college? It is priced where you have to take loans now. To save the money the average middle class family must live like paupers for about 12 years. There is no savings plan that can appreciate enough for 4 years of college in 18 years of saving. If it could everyone would be investing there.
Our plan is basically loans and help our son with those loans in adulthood.
Trade school baby!! Contractor, HVAC, plumber, heavy equipment mechanic.
Posted on 6/5/22 at 6:29 pm to redneck hippie
quote:
Unless you live in NYC you make plenty.
My wife and I are in the same salary band as you and your wife. We have kids, mortgage, 401k etc. we both have perfect credit ratings.
We get by just fine. We just got back from a weekend in the mountains in Colorado at an air bnb with friends.
Where does your money go?
quote:
max out our 401k’s
save 1500 a month.
Posted on 6/5/22 at 6:31 pm to tigerbacon
quote:
How do they afford life?
I assume they very first thing they do differently than you is not put 60k/year in savings.
Posted on 6/5/22 at 6:32 pm to BabyTac
quote:
Our household income is around 400k and I’m not sure we could afford to miss a few paychecks.
There was a late 20th century philosopher named Christopher Wallace who discussed this. Believe he said “Mo money, Mo problems”
Posted on 6/5/22 at 6:33 pm to cheobode
quote:
$14K per year?
Si
Posted on 6/5/22 at 6:33 pm to Mingo Was His NameO
quote:
quote:
Agreed. At about 2400 that buys a big arse house.
Maybe 1,800 sq ft an hour away from downtown in a metro area
quote:
My mortgage is around 1500 and it's plenty big enough for the 6 of us. Plus we have a guest apartment off of the garage for anyone to come stay with us. We live out in the country though on about 6 acres with a 1/2 acre stocked pond.
Ahh, I see you have no idea
We have no desire to live in or super close to even a small city, like Lafayette.
It's about 20 minutes to the outskirts of Lafayette.
The house is around 2400 soft, not including the two car garage and small apartment built into the side of that.
Not everyone desires to live in a big city
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