 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
|
amother
Freesia
|
 Fri, Jul 02 2021, 11:40 am
| amother [ Lightgray ] wrote: | Yeah it’s chilled dw.
He started by buying cheap houses off the auctions. He rents them out and now he’s in middle of getting a loan off of all those houses to invest in a multi family unit. Hopefully with that he will continue to be able to buy more and more |
Thanks so much!
Where were the auctions located?
Locally or he travelled?
| |
|
| Back to top |
 0
 0
|
|
amother
Chambray
|
Fri, Jul 02 2021, 12:34 pm
| amother [ Dahlia ] wrote: | Lakewood
We worked it out to be very exact.
We leave a little cushion so when things come up we aren't totally thrown off, but literally every dollar has a chesbon where it goes lol |
I'm also in lakewood. Have about 50k put away in savings, and about 50k in our checking accounts, we dont qualify for any programs either.
I dont get how young couples r buying houses if they qualify for all the programs
| |
|
| Back to top |
0
0
|
|
amother
Khaki
|
Fri, Jul 02 2021, 1:44 pm
| amother [ NeonBlue ] wrote: | I think I'm in a bit of a unique situation. I'm relatively newly married and we put away about 4k a month (BH!) We are very low maintenance and prefer to save most of what we make for the future. We live quite simply and my friends would be shocked if they knew how much we have saved - around 150k.
I don't think that's normal though - I think the standard is to save 15% of your income. |
Its not typical simply because you have high incomes. You're saving about $48,000 a year, You need to make at least $70,000 to get $48,000.
But if you spend even a rather miserly $2500 a month on rent/mortgage, food, clothing transportation, etc, that makes your take home $6500 a month, meaning you're making around $250,000 a year. Most newlyweds don't.
IMNSHO, it would be best to disclose that instead of making people think that you've got some secret frugal plan.
| |
|
| Back to top |
0
3
|
|
amother
NeonBlue
|
Fri, Jul 02 2021, 1:57 pm
| amother [ Khaki ] wrote: | Its not typical simply because you have high incomes. You're saving about $48,000 a year, You need to make at least $70,000 to get $48,000.
But if you spend even a rather miserly $2500 a month on rent/mortgage, food, clothing transportation, etc, that makes your take home $6500 a month, meaning you're making around $250,000 a year. Most newlyweds don't.
IMNSHO, it would be best to disclose that instead of making people think that you've got some secret frugal plan. |
I don't have some secret frugal plan but we do live extremely simply and don't make nearly that much. We bring home less than 100k post tax. Or more like I do, because my husband is in kollel.
We spend less than $2500 a month on all our expenses.
| |
|
| Back to top |
0
1
|
|
amother
Khaki
|
Fri, Jul 02 2021, 2:00 pm
| amother [ NeonBlue ] wrote: | I don't have some secret frugal plan but we do live extremely simply and don't make nearly that much. We bring home less than 100k post tax. Or more like I do, because my husband is in kollel.
We spend less than $2500 a month on all our expenses. |
Less than $100,000 after taxes is still $160,000 per year.
| |
|
| Back to top |
0
0
|
|
amother
Dodgerblue
|
Fri, Jul 02 2021, 2:05 pm
|
I'm in a similar position to Neonblue (I posted above we have over 450k saved between stocks and cash). We don't have atypical salaries that puts a huge caveat on our experience. We both started off at 50k and are now each around 80k which is absolutely not nothing, but also not some crazy out-of-the-ordinary situation, especially in NYC. I'm a public school teacher.
| |
|
| Back to top |
0
3
|
|
amother
NeonBlue
|
Fri, Jul 02 2021, 2:06 pm
| amother [ Khaki ] wrote: | | Less than $100,000 after taxes is still $160,000 per year. |
Not sure where your numbers are from. It's 130k which after taxes is approximately 94k.
I didn't say I'm not making decent money, just that we spend very little in proportion to our income.
| |
|
| Back to top |
0
3
|
|
amother
Floralwhite
|
Fri, Jul 02 2021, 2:09 pm
| amother [ NeonBlue ] wrote: | I don't have some secret frugal plan but we do live extremely simply and don't make nearly that much. We bring home less than 100k post tax. Or more like I do, because my husband is in kollel.
We spend less than $2500 a month on all our expenses. |
Woww
how much is rent by u?
were paying 1500 which is already half my husbands paycheck not included car, phone plan, etc...
maybe we should move to nj ny is so expensive
| |
|
| Back to top |
0
0
|
|
amother
NeonBlue
|
Fri, Jul 02 2021, 2:15 pm
| amother [ Floralwhite ] wrote: | Woww
how much is rent by u?
were paying 1500 which is already half my husbands paycheck not included car, phone plan, etc...
maybe we should move to nj ny is so expensive |
1500 is the going rate where I live as well - we were extremely fortunate to lock in a better price before the current housing shortage.
| |
|
| Back to top |
0
0
|
|
amother
Blushpink
|
Fri, Jul 02 2021, 2:18 pm
| doodlesmom wrote: | | Wondering if in the bank means literally liquid, and if yes, why isn’t investing it better? |
Yes, invested. We have accounts at Vanguard and Fidelity. I'm an attorney, to answer Cherry (above), and my husband is in marketing.
| |
|
| Back to top |
0
0
|
|
amother
Ebony
|
Fri, Jul 02 2021, 3:12 pm
Married 6 years, 3 kids, husband in kollel.
70k savings invested in stocks and mutual fund. 20k retirement fund.
We keep a few thousand in our savings and checking accounts. We do not own a home yet.
| |
|
| Back to top |
0
1
|
|
amother
Freesia
|
Fri, Jul 02 2021, 3:14 pm
| amother [ Ebony ] wrote: | Married 6 years, 3 kids, husband in kollel.
70k savings invested in stocks and mutual fund. 20k retirement fund.
We keep a few thousand in our savings and checking accounts. We do not own a home yet. |
What is the difference between stocks/mutual funds and a retirement fund?
Also, I’m impressed! Sounds like you’re doing well and spending wisely.
| |
|
| Back to top |
0
0
|
|
amother
Ebony
|
Fri, Jul 02 2021, 3:34 pm
| amother [ Freesia ] wrote: | What is the difference between stocks/mutual funds and a retirement fund?
Also, I’m impressed! Sounds like you’re doing well and spending wisely. |
So we have a mutual fund with T Rowe that has done very well for us. This money we can take out whenever we need- to buy a house for example.
And then we have some money in stocks that we play around with. Not a lot because it’s risky but we have done well bh.
Our retirement fund is a Roth IRA which has a certain tax structure and is set away solely for retirement. We don’t want to touch that until then. We’re both under 30 so we have time to grow that nicely b”eh.
| |
|
| Back to top |
0
0
|
|
amother
Dahlia
|
Fri, Jul 02 2021, 3:39 pm
| amother [ Ebony ] wrote: | Married 6 years, 3 kids, husband in kollel.
70k savings invested in stocks and mutual fund. 20k retirement fund.
We keep a few thousand in our savings and checking accounts. We do not own a home yet. |
That's really impressive!
| |
|
| Back to top |
0
0
|
|
amother
Rainbow
|
Fri, Jul 02 2021, 4:11 pm
| amother [ NeonBlue ] wrote: | I don't have some secret frugal plan but we do live extremely simply and don't make nearly that much. We bring home less than 100k post tax. Or more like I do, because my husband is in kollel.
We spend less than $2500 a month on all our expenses. | What's your budget? How much do you spend on food, clothing, rent, insurance, phone, internet, car, gas, miscellaneous, how do you keep it down so much?
| |
|
| Back to top |
0
0
|
|
amother
Beige
|
Fri, Jul 02 2021, 4:24 pm
| amother [ Dahlia ] wrote: | Curious how many ppl in my situation are doing what we do, because it seems like everyone around us doesn't save, but gets supported and doesn't think about these sorts of things.
My husband is in Kollel, I work. We have one kid and another one on the way bH. Married for 3.5 years.
We have 23k in savings, 15k in Fidelity, an investment portfolio.
I make less than 35k a year, but we save $210 off each of my pay checks (so that's 420 a month) and $40 into fidelity, so 80 a month - $500 all together
Then we save $150 off of my husband's night seder check into our regular savings, and $75 into a short term account for Yom Tovim expenses (new clothes, gifts, food when we are making yuntif, etc)
Oh and also we have a short term Sheitel fund that we put $90 a month in from my husband's main kollel check.
All our tax returns (haven't got our federal this year yet though), stimulus, etc went straight into savings, we didn't use it all (besides taking maaser)
We also have a savings account for our son with gifts we got for him, but we are thinking it's probably smarter to find a better way to save for each of our kids which will have a higher return than a savings account even with a good interest rate.
Unfortunately we only started being this diligent and organized it about it around Suklos this past year, before that we would just transfer whatever we had left at the end of the month, which obviously isn't gonna end up being much if you're not making that much and not being so chesboned out. Now that we are being so mapped out we are putting away close to $750 a month between all the pockets, and I think for a couple bringing in not a huge income that's pretty impressive, but the numbers on this thread make it look like nothing.
When I was talking to someone married same amount of time as me, husband learning, same rent, etc and she was talking about how of course I should be getting food stamps and im like I don't think we qualify but anyways can't you not have more than a certain amount in savings and she looked at me like what's savings? She said "oh we're not rich like that" but then watch how they'll buy a house before we do because they're supported by parents and we are not.
Sorry that came out so long! |
Wow, kol hakavod! This is so impressive- I'm sure this takes a lot of planning, deliberation, self-control, and siyata dishmaya! Would it be too much to ask to tell us a breakdown of your budget? I'm trying to see how this can work, as so many others are in similar positions to you and are not able to save like this. Any tips and suggestions from your experience would be such a chesed! TIA!
| |
|
| Back to top |
0
0
|
|
amother
NeonBlue
|
Fri, Jul 02 2021, 4:32 pm
| amother [ Rainbow ] wrote: | | What's your budget? How much do you spend on food, clothing, rent, insurance, phone, internet, car, gas, miscellaneous, how do you keep it down so much? |
Insurance is covered by my job
Cars are both owned so around $100 on gas and $180 for insurance
Rent is $750
Phone and internet is $75
Food is around $600 a month (we're only 2 people)
That leaves around $500 for all other expenses
| |
|
| Back to top |
0
0
|
|
amother
Floralwhite
|
Fri, Jul 02 2021, 4:49 pm
| amother [ NeonBlue ] wrote: | Insurance is covered by my job
Cars are both owned so around $100 on gas and $180 for insurance
Rent is $750
Phone and internet is $75
Food is around $600 a month (we're only 2 people)
That leaves around $500 for all other expenses |
omg. where is rent 750?
| |
|
| Back to top |
0
1
|
|
amother
NeonBlue
|
Fri, Jul 02 2021, 5:04 pm
| amother [ Floralwhite ] wrote: | | omg. where is rent 750? |
Old Lakewood pricing
| |
|
| Back to top |
0
0
|
|
amother
Dahlia
|
Fri, Jul 02 2021, 5:31 pm
| amother [ Beige ] wrote: | | Wow, kol hakavod! This is so impressive- I'm sure this takes a lot of planning, deliberation, self-control, and siyata dishmaya! Would it be too much to ask to tell us a breakdown of your budget? I'm trying to see how this can work, as so many others are in similar positions to you and are not able to save like this. Any tips and suggestions from your experience would be such a chesed! TIA! |
Sure- there are some things that even 8f my parents or inlaws don't support us, we still benefit from
So like we are on my parents phone plan
I'm still on my parents insurance, my husband we pay for and my son gets Medicaid
Car insurance also we are on my inlaws plan still
We own our car, so it's gas, like 100 a month, we only have one car and the occasional oil change, repair etc
260 a month for childcare
950 rent + around 100-140 utilities depending on the month
I budget around $250 a week on groceries but that includes things like paper towels, cleaning stuff etc so sometimes it's less, sometimes it's more
(What really made the difference for us is actually planning our meals and buying what we need instead of just a general shopping and then figuring it out from there... so by the end of the week my fridge is empty and nothing is going to the trash)
What am I missing? Feel like I didn't include everything but that's probably because it's right before shabbos and not thinking straight...
| |
|
| Back to top |
0
0
|
| Related Topics |
Replies |
Last Post |
|
|
PSA for funding simchos: don’t just save, invest!
|
62 |
Sun, May 19 2024, 5:55 am  |
|
|
How much will I need to save? (Furniture)
|
28 |
Thu, May 09 2024, 3:27 pm |
|
|
help! can I save my squash soup?
|
6 |
Fri, Apr 26 2024, 11:04 am |
|
|
Let's play "Save The Cake"
|
9 |
Sat, Apr 20 2024, 3:07 pm |
|
|
Save my fish!
|
6 |
Fri, Apr 12 2024, 12:49 am |
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
