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Started By
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re: Stay-at-home Parents (Families with one working parent)
Posted on 2/3/23 at 9:40 am to GreatLakesTiger24
Posted on 2/3/23 at 9:40 am to GreatLakesTiger24
quote:
even Austin/Dallas/Houston could be tough if you want to go out and do stuff
It's tough to live as a single in Dallas pulling ~6k per month take home pay?
1
Posted on 2/3/23 at 9:44 am to JohnnyKilroy
tough in general? no. that's poorly worded
are you getting ahead and saving a lot? probably not
are you getting ahead and saving a lot? probably not
Posted on 2/3/23 at 9:48 am to GreatLakesTiger24
I guess that depends on your definition of a lot.
That 6k number I posted above assumes 10k a year going into 401k.
Now if you want to save for retirement AND for a house at the same time, then that would be much tougher.
That 6k number I posted above assumes 10k a year going into 401k.
Now if you want to save for retirement AND for a house at the same time, then that would be much tougher.
Posted on 2/3/23 at 9:48 am to The Third Leg
quote:
Rent isn’t that crazy,
Have you looked at rent prices lately? I mean, Baton Rouge has some awesome prices if you want to get shot
Posted on 2/3/23 at 9:49 am to TitleistProV1X
quote:
How could you possibly have anything for savings/retirement at $100k? I think max 401k per year is about $22k, leaving you ~$58k after taxes. If you have two kids with a 529 account that’s $8800 per year after tax. That leaves you with $4,000 per month to pay for groceries, health insurance, daycare/school, housing and all other bills. If you want to go to gulf Shores over the summer you’ll spend $4k on 4 people easy. Good luck if you need to replace a roof or AC
You'd be an idiot to save for 529 in that circumstance
Kids can take out loans for college, you can't take out loans for your retirement. Then you burden them financially at the end because you're broke. So think twice.
Posted on 2/3/23 at 9:56 am to Warfox
quote:
It makes no sense to place in daycare when costs vs benefits are weighed if I can help it.
We use a Mother's Day Out program, which I know doesn't fit everyone's schedule but IMO it's kinda the best of both worlds. The classes are very small, my daughter's has 7 kids and there are 2 "teachers" in there. Everyone who works there knows my daughter by name, even if she isn't in their class. She only goes Tuesday-Thursday for 5.5 hours each of those days.
Posted on 2/3/23 at 9:56 am to JohnnyKilroy
6k take home
2k rent (being conservative)
1.6k food drinks social life
400 student loans
leaves you 2k for car, insurance, bills, saving for house etc.
2k rent (being conservative)
1.6k food drinks social life
400 student loans
leaves you 2k for car, insurance, bills, saving for house etc.
Posted on 2/3/23 at 9:57 am to Masterag
quote:I’d rather my wife work and make money then have to move to a shitty area with shitty schools. We make enough to provide our children with private schooling and the opportunities to choose whatever activity or experience (such as travel) they desire within reason. They are in school anyway so I’m not sure why I would need my wife to stay home.
Downsize your home, move to a cheaper area. If you wfh move to the country
I’d say most people we know have 2 spouses working, unless they were a doctor or high earning lawyer.
Posted on 2/3/23 at 9:57 am to Turf Taint
We did single income, stay at home for 7 years until our youngest was in PreK. Now, wife is sole prop and works 8:30-2:30 and has ability for a day-to-day after care if needed to work till 5:30. My job can be done remotely in a pinch so we have the ultimate flexibility.
I really cant think of a better schedule and wouldnt mind us keeping this schedule until our kids graduate.
I really cant think of a better schedule and wouldnt mind us keeping this schedule until our kids graduate.
Posted on 2/3/23 at 10:05 am to Salmon
quote:
Sure. You are not ballin at $100k with multiple kids.
But you can certainly be “comfortable” on that. It takes some planning and patience, but it’s certainly doable.
You essentially have to forgo private school, which means that you have to let school districts dictate where you live. Not to mention, real estate prices will also heavily influence where you live in that scenario. With that said, yes I think you can still be "comfortable" if you live in a low cost of living area.
Posted on 2/3/23 at 10:09 am to LoneStarRanger
quote:
And we typically spend less than $100 on a date. We go out once every 2-3 weeks.
I'm assuming neither of you drink?
Posted on 2/3/23 at 10:11 am to Epic Cajun
quote:and good luck buying into a good school district for less than half a million these days
which means that you have to let school districts dictate where you live.
Posted on 2/3/23 at 10:14 am to Epic Cajun
quote:
yes I think you can still be "comfortable" if you live in a low cost of living area.
which is most of LA, which is the scenario in which we are talking about
Posted on 2/3/23 at 10:19 am to GreenRockTiger
quote:
Have you looked at rent prices lately? I mean, Baton Rouge has some awesome prices if you want to get shot
I’ve never been to Baton Rouge. You can rent a good 1 bed apartment in Dallas proper for under $1,500. Last I saw, $1,500 was the median 2 bedroom price.
Right now, buying is tougher with interest rates, but a year ago, 1-2 bed condos could be had in the $200s at rock bottom rates. Small single family homes ~1k sq ft in the $300s.
NYC, SFO, LA, Chicago all much different story. But cities like Dallas, ATL, Houston, etc are all still affordable enough for someone to live alone and get ahead on $100k.
Posted on 2/3/23 at 10:19 am to Turf Taint
My wife quit her job last summer, so we joined the party recently. She's still doing contract projects every once in a while from home, but we're more or less single income now.
Posted on 2/3/23 at 10:22 am to The Third Leg
quote:
But cities like Dallas, ATL, Houston, etc are all still affordable enough for someone to live alone and get ahead on $100k.
Yeah. The idea that a single person can't get ahead on $100k in Dallas or Houston is absurd.
Posted on 2/3/23 at 10:25 am to The Third Leg
quote:
$1,500 was the median 2 bedroom price.
The average rent for a 2 bdrm in BR is about $1200 - but the bulk of the rentals are way above that - but the cheap prices in the hood bring the average down - it’s the same in NOLA - which I’m guessing is a lot like other metro area - except for in Texas
This post was edited on 2/3/23 at 10:28 am
Posted on 2/3/23 at 10:30 am to The Third Leg
quote:lol what?
You can rent a good 1 bed apartment in Dallas proper for under $1,500
Posted on 2/3/23 at 10:30 am to GreenRockTiger
quote:you can’t rent a decent place in Nola for $1500
The average rent for a 2 bdrm in BR is about $1200 - but the bulk of the rentals are way above that - but the cheap prices in the hood bring the average down - it’s the same in NOLA - which I’m guessing is a lot like other metro area - except for in Texas
Posted on 2/3/23 at 10:32 am to GreatLakesTiger24
My BIL has a badass loft apartment in Deep Ellum for $1800
considering how nice his apartment is, I imagine I could easily find something "good" for $1500
considering how nice his apartment is, I imagine I could easily find something "good" for $1500
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