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Reasonable salary



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amother
Coral


 

Post Sat, Jan 21 2017, 9:13 pm
What is a reasonable combined monthly comfortable salary for a couple, married a few years and living in Brooklyn? Rent is $1350 + utilities.

What is average normal savings per year?
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supermamma




 
 
    
 

Post Sat, Jan 21 2017, 10:06 pm
This is really impossible to answer. Comfortable means something else to every person. Everybody saves according to how much they make and what expenses they have. If your married a few years and have no kids or kids that go to schools where tuition is very inexpensive you will need much less money to be comfortable than someone who has several kids in a high tuition school etc
If you are trying to figure out to leave or take a new job in order to have enough money to be both comfortable & save I would suggest you describe what being comfortable to you means & list all your expenses as well as what it is you want to save for I.e. Bar mitzvahs/weddings/college/retirement etc
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amother
Coral


 

Post Sat, Jan 21 2017, 10:42 pm
A couple,married a few years implies no children which would mean no savings towards bar mitzvahs/weddings etc.

Expenses average:
$1350 rent
$200 utilities
$800 food and household items
$600 miscellaneous (tickets, outing or any necessity that doesn't fall out under $800 category)
$215 car insurance
$120 health insurance do now
$95 cell phones and house phone
$50 Wi-Fi
$50 renters insurance

Want to buy a house one day.. Don't know what is normal salary for couple. When ppl have kids if what we makes enough to live comfortably and still save..
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amother
Pearl


 

Post Sun, Jan 22 2017, 4:21 am
amother wrote:
A couple,married a few years implies no children which would mean no savings towards bar mitzvahs/weddings etc.

Expenses average:
$1350 rent
$200 utilities
$800 food and household items
$600 miscellaneous (tickets, outing or any necessity that doesn't fall out under $800 category)
$215 car insurance
$120 health insurance do now
$95 cell phones and house phone
$50 Wi-Fi
$50 renters insurance

Want to buy a house one day.. Don't know what is normal salary for couple. When ppl have kids if what we makes enough to live comfortably and still save..


$600 for miscellaneous seems very high

$800 for food for two also seems very high
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amother
Lilac


 

Post Sun, Jan 22 2017, 5:17 am
I'm going to repeat what a poster above said: normal and average are meaningless. Why does it matter what the family down the block is earning?

First, you need savings to cover six months of living expenses. Then start thinking about a house. How much are houses where you want to buy? Start figuring out a down payment, money in reserve for repairs, and tuition. These will be your major expenses. Now you know what you need to earn to afford that life.
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amother
Coral


 

Post Mon, Jan 23 2017, 12:19 am
$600 not alot. For for example
Outings $60
Possible tickets (brklyn) $45-115
Gel manicure $35
Shaitel wash $35
Present for simcha $25-100(depends how many)
$100-200 clothes
$30 cleaners
$40-60($10 per hr) cleaning lady
All all these kind of things add up. Some costs are monthly and some are seasonal. Im just naming a few.

Food:
We have lotsa guests and shop at Costco. We go through everything we buy and don't buy fancy things. We enjoy having guests and typical shabbos shopping coats roughly $100 per wk. +$50 roughly for us during the week (x4) +$200 Costco is rly not alot..Can afford us max 10-20 items.

Right now we live in Brooklyn and mortgages are upwards of 1.2 Million $$. 20% down is 230-240,000 roughly before renovations which most of the time are a must etc.
How much is considered normal to save in order to buy a house one day. Tuition will be relevant if we can ever have kids so that is not in the picture yet.
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amother
Lilac


 

Post Mon, Jan 23 2017, 12:34 am
amother wrote:


Right now we live in Brooklyn and mortgages are upwards of 1.2 Million $$. 20% down is 230-240,000 roughly before renovations which most of the time are a must etc.
How much is considered normal to save in order to buy a house one day. Tuition will be relevant if we can ever have kids so that is not in the picture yet.


So you know what you need to save for a house - 230 to 240k plus enough for renovations.

Why do you keep asking what's normal?
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amother
Wheat


 

Post Mon, Jan 23 2017, 12:40 am
You're talking about a mortgage payment of $5600 a month. Plus utilities and insurance on a house, plus upkeep. Call it at least $6500 per month. Add to that the $2000 a month you currently spend. And tuition and general kid costs if you have kids. So you need about $10,000 per month after taxes.

In terms of savings, you should always have 6 months of expenses in savings, plus your downpayment of 20%, plus closing expenses. So you need about $350,000 in savings, plus costs of furniture and renovations.
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amother
Smokey


 

Post Mon, Jan 23 2017, 8:31 am
1.2 million is obviously not a normal amount for a house. The people living in brooklyn either bought years and years ago for 600k or less or have extremely weAlthy parents helping them buy their house and pay their mortgage. You would need to be making around 300k to own a house like that, lease two cars, have some cleaning help, food, and pay for childcare/tuitions for lets say 5 kids. Plus a lot of that high income would also need to go straight to taxes.most people have been moving out of brooklyn for housing.
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amother
Cerulean


 

Post Mon, Jan 23 2017, 11:57 am
amother wrote:
1.2 million is obviously not a normal amount for a house. The people living in brooklyn either bought years and years ago for 600k or less or have extremely weAlthy parents helping them buy their house and pay their mortgage. You would need to be making around 300k to own a house like that, lease two cars, have some cleaning help, food, and pay for childcare/tuitions for lets say 5 kids. Plus a lot of that high income would also need to go straight to taxes.most people have been moving out of brooklyn for housing.


Definitely more. My near 200K pays a 500K mortgage and childcare/tuition for 5 kids. No cleaning help. No leased cars. Taxes take out a ton and so do schools. Retirement funding is also important. And if both parents are working, also factor in the cost of camp for these 5 kids. Life insurance funding is a must, too, because that income would need to be replaced if god forbid anything happen. Savings worth a minimum of 6 months of expenses should be accrued, too, especially with such a huge mortgage.
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mha3484




 
 
    
 

Post Mon, Jan 23 2017, 12:07 pm
Ideally your housing should be 1/4 of your income. So take your rent times 4 and that is a good baseline. Everyone will have different needs and expenses but its a good place to start.
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amother
Sapphire


 

Post Mon, Jan 23 2017, 12:27 pm
I will echo others here "reasonable combined monthly comfortable salary" is a very odd way of putting things. A reasonable salary is determined by by economic supply and demand of the job, and not based on the lifestyle requirements of the employee.

I think you asking how much annual income is needed to be a home owner in Brooklyn, with several children in school and live comfortably (which seems to mean to you the ability to shop without pinching pennies), and contribute appropriately to savings.

250K After taxes with a couple kids is probably baseline.
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zaq




 
 
    
 

Post Mon, Jan 23 2017, 12:27 pm
mha3484 wrote:
Ideally your housing should be 1/4 of your income. .


That was the traditional wisdom, but housing costs have gotten so high that most experts are now saying 1/3 is reasonable. In reality, many people in places like NY spend 1/2 their income on housing.
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mha3484




 
 
    
 

Post Mon, Jan 23 2017, 12:40 pm
And that is why I could never afford NY in a million years. Even my city which I would call medium priced we are looking at either condos, townhomes or a rare forclosure. A 300-500 house is not happening.
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amother
Coral


 

Post Tue, Jan 24 2017, 2:03 am
Thanks everyone. We both work a lot and make combined $100k ish after taxes. If/when we buy a house we would rent out basement, top floor and half of first floor which would bring in roughly $7000 monthly. I have that figured out.. But is 45,000 normal to save?? Annually.. It took us a long time to get to this point.. We used to live month to month until last year when we started working with budgets to afford more and spend less.. BH it working.. In future though I can't see how this amt makes sense for homeowner even with tenants.. what kind of jobs pay $1-2k a year? Maybe I'm in the wrong field.I work two jobs and my husband, three...
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amother
Lilac


 

Post Tue, Jan 24 2017, 2:12 am
It's normal to save $45k or more a year if you earn at least $45k more than you spend. But if that's nearly half your salary, you'd have to live pretty frugally.

If you have a middle class income, you can't afford upper class housing (and full-time help and 2 leased cars and a bunch of kids in private school). Sorry, that's life.
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amother
Sapphire


 

Post Tue, Jan 24 2017, 2:14 am
amother wrote:
Thanks everyone. We both work a lot and make combined $100k ish after taxes. If/when we buy a house we would rent out basement, top floor and half of first floor which would bring in roughly $7000 monthly. I have that figured out.. But is 45,000 normal to save?? Annually.. It took us a long time to get to this point.. We used to live month to month until last year when we started working with budgets to afford more and spend less.. BH it working.. In future though I can't see how this amt makes sense for homeowner even with tenants.. what kind of jobs pay $1-2k a year? Maybe I'm in the wrong field.I work two jobs and my husband, three...


normal?? everyone is different. Are you asking if you can retire at 65 after saving 45K annually for 40(ish) years? Talk to a financial planner.

What field are you in? Five jobs between you and DH won't be sustainable after you have children. Neither will living in 1/4 of a house.
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amother
Coral


 

Post Sun, Feb 19 2017, 8:44 pm
amother wrote:
It's normal to save $45k or more a year if you earn at least $45k more than you spend. But if that's nearly half your salary, you'd have to live pretty frugally.

If you have a middle class income, you can't afford upper class housing (and full-time help and 2 leased cars and a bunch of kids in private school). Sorry, that's life.


We currently have cleaning help once every few weeks when I fall very behind. Max $35-40 per month. Car is a used car and we own it so we only pay insurance.



My point in asking what is normal is becasue I want to know if what we make is ideal for brooklyn or do ppl live better elsewhere? I was thinking that if we buy a house and rent out most of it, we can live like that about 8-10 yrs, and then house will be at least 90% paid off and then once we finish mortgage, renovate and live only with paying the taxes on property. Is this ideal way to think? technically it seems doable in my mind but actually I dont know if it really practical with the little I know..

If I make 100,000 - 120,000 combined with Dh, can that be enough to live on once house paid off & 0 car payments?

Trying to hear ppl personal experiences because seems like most ppl here make a combined 200k salary and cannot relate.. I would like to get ahead in life and im really carefull about budgeting.
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amother
Aqua


 

Post Sun, Feb 19 2017, 9:05 pm
It really depends if you have kids of not, how much money you will need. They are a blessing and an expense. Diapers, strollers, and baby stuff, crib, shoes, clothes, tuition, bar mitzvas and weddings. If you are blessed, they are hard work, take up space and are expensive. Houses is crazy expensive in brooklyn and it's hard for many to move out because of convenience, family, job opportunities. Sounds like a decent income without children. One person has 3 kids, next has7, next 1, next none, hard to say how much you need. A lot, everything adds up and is expensive, medical care, co pays, eye infection, emergency surgery appendix etc... ho.siery. If your expenses basically stay the same because you buy pretty much the same things, then you can figure out exactly or about how much you are saving
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