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Forum
-> Household Management
-> Finances
amother
Orange
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Thu, Feb 28 2019, 8:05 pm
Dh and I are a young couple and Trying to figure out how much it costs a Jewish Family to live. Throwing out numbers here but say we have 6 kids and want to buy a nice house and drive 2 nice cars and pay tuition and buy nice clothing and go on vacation once in a while.
My job the most I can make would probably be 100k. Dh not sure yet. What are some realistic numbers? Is 300k living wealthy?
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skee
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Thu, Feb 28 2019, 8:06 pm
amother wrote: | Dh and I are a young couple and Trying to figure out how much it costs a Jewish Family to live. Throwing out numbers here but say we have 6 kids and want to buy a nice house and drive 2 nice cars and pay tuition and buy nice clothing and go on vacation once in a while.
My job the most I can make would probably be 100k. Dh not sure yet. What are some realistic numbers? Is 300k living wealthy? |
The answer will depend a lot on where you live.
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amother
Magenta
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Thu, Feb 28 2019, 8:07 pm
Tuition and housing costs vary widely depending where you live. You're also leaving out some of the most major potential expenses, such as household help, therapies, and health insurance.
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amother
Orange
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Thu, Feb 28 2019, 8:08 pm
skee wrote: | The answer will depend a lot on where you live. |
Tristate area. Let’s say Monsey. (We don’t know where we want to live permanently yet)
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Lesia
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Thu, Feb 28 2019, 8:12 pm
That will depend on how much tuition will be, and where you live.
If you’re in the tri state area, $300K may not be enough for everything you’re describing. Dh and I live on around that much and we have two kids. Six kids will be significantly more costly.
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ectomorph
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Thu, Feb 28 2019, 8:12 pm
300-500k to be very comfortable but not wealthy. Not easy lol.
Most people are not v comfortable while raising kids and stabilize as kids leave home.
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amother
Orange
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Thu, Feb 28 2019, 8:13 pm
amother wrote: | Tuition and housing costs vary widely depending where you live. You're also leaving out some of the most major potential expenses, such as household help, therapies, and health insurance. |
I want to include all that. All the necessary things to live and live comfortably
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allthingsblue
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Thu, Feb 28 2019, 8:13 pm
From the sound of the lifestyle you describe? 300k would be comfortable but not wealthy.
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amother
Gold
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Thu, Feb 28 2019, 8:35 pm
we're a young couple too and just discussing how life is just so expensive... everything costs a lot. living in Brklyn, 1 baby, dh learning in kollel w/ check monthly.
can I ask what job you have that pays 100k ?
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amother
Orange
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Thu, Feb 28 2019, 8:45 pm
amother wrote: | we're a young couple too and just discussing how life is just so expensive... everything costs a lot. living in Brklyn, 1 baby, dh learning in kollel w/ check monthly.
can I ask what job you have that pays 100k ? |
My job doesn’t currently make 100k. I hope to grow with in my field and one day make that but that’s the max I can probably make in my field
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amother
Gold
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Thu, Feb 28 2019, 8:47 pm
got it. Loads of hatzlacha then!
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amother
Honeydew
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Thu, Feb 28 2019, 8:58 pm
We live in Brooklyn, $375,000 a year. Small house, 3 kids, we are not wealthy. But we have a lot of debt. If we didn’t, we would probably be looser.
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amother
White
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Thu, Feb 28 2019, 10:06 pm
To me $300,000 is considered wealthy!!!
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amother
Purple
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Thu, Feb 28 2019, 10:09 pm
amother wrote: | We live in Brooklyn, $375,000 a year. Small house, 3 kids, we are not wealthy. But we have a lot of debt. If we didn’t, we would probably be looser. |
sad
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amother
Magenta
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Thu, Feb 28 2019, 10:11 pm
$300k sounds very tight if you have six kids in school and want to live in a nice house, drive nice cars, send kids to camp, go on vacation, etc.
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mig100
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Thu, Feb 28 2019, 10:12 pm
amother wrote: | To me $300,000 is considered wealthy!!! |
Yeah it sounds that way ...until.ur paying mortgage and bunch of tuitions..
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amother
Magenta
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Thu, Feb 28 2019, 10:28 pm
ectomorph wrote: | 300k after tax is 160k. |
Oh my. That's definitely not the case for a family with six kids and standard deductions.
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amother
Ecru
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Thu, Feb 28 2019, 10:29 pm
ectomorph wrote: | 300k after tax is 160k. |
You get tax deductions for mortgage interest and for dependents.
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amother
White
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Thu, Feb 28 2019, 10:30 pm
Mig100, we are paying afew tuitions but we live within our means.
You don't MUST own a nice house, have 2 cars, and go on vacations. This is a wealthy lifestyle.
And ectomorph, 300k after tax is definitely not 160k! No way!
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