What do you consider doing ok Financially? Gross income

amother

Orange

Sun, Jun 25 2017, 4:22 am

amother wrote:

What about marrying off your children?

Oops
Ok so a years worth of savings that is replenished and grows, so that you can help marry and support all your children.
Plus enough in a retirement fund/investments that once you retire you can maintain the lifestyle.

I'm not kidding.

But I read somewhere in the name of the Ba'al Shem TOV thTo right before Moshiach comes basics of life is going to be very expensive. in the same book it described what one of the Lubavitcher Rebbes believed was financially ok.
I don't remember exactly, but I do remember
Owning a house, a horse and buggy, and other things I can't remember what else.

FranticFrummie

Sun, Jun 25 2017, 7:27 am

zaq wrote:

I suspect that financial security, like beauty, is in the eye of the beholder. Some feel they're financially ok if they can pay their bills each month. Some feel insecure with millions in the bank.

THIS.

According to Pirkei Avot, "Who is rich? The one who is satisfied with what they have."

You are doing OK, if you are feeling content, with emunah and bitachon that Hashem will provide for all your needs.

allcuteonesrtak

Sun, Jun 25 2017, 7:29 am

amother wrote:

IMO
1. Being able to pay all your bills on time
2. Owning a house
3. Owning a car
4. Paying full tuition
5. Having at least 6 months salary in savings
6. Going on vacation 1x a year without touching savings.

All this. Plus:
7. Putting away money for retirement

mommy3b2c

Sun, Jun 25 2017, 8:02 am

amother wrote:

It's not about the actual number of people that you personally know. I think it's fair to say that at least 80% of families living in Brooklyn with at least 4 kids DON'T make $250,000 or more a year. The fact that you might personally know 20 families that make above that number doesn't change the dynamics of the situation which is the overwhelming majority are under that number.

And most of them are struggling.

mommy3b2c

Sun, Jun 25 2017, 8:06 am

amother wrote:

Employees? Or, business owners?
Please tell me about them. I'm not sarcastic. I really need such a job and I'm ready to do anything. Thanks.

I am talking about combined income. So for example, the father is a lawyer and makes $200,000 and the mom is an OT and makes 50,0000. Etc...

And you are really oversimplifying it...

You're ready to do anything? Then go get a degree as a lawyer, doctors, actuary....or build yourself a business. It takes years to become suffessful. It's not like there is some magical job that pays that much.

max

Sun, Jun 25 2017, 9:27 am

Being successful is a different number for everyone. It means being able to pay your household bills like rent or mortgage or home equity loans with one weeks take home pay. It means never carrying a balance on your credit cards that you can't pay in full at the end of the month. It means having money left over at the end of the month after all is said and done after marrying off all your children. It also means being satisfied with what HaShem gave you and not caring what others have and therefore not always needing more.

amother

Pearl

Sun, Jun 25 2017, 9:48 am

mommy3b2c wrote:

I might've read your original post wrong but the feeling it gave me was that earning 250k is a normal thing. I also know people who earn this money, but they are few and are called really well off.
Yes I am ready to do anything.
I stopped the cycle of abuse successfully. It took me years to heal and rebuild my soul.

Now I am ready to get out of that rut of financial struggle. I am trying to do whatever is within my capacity.
I am the OP of the social worker thread. I am determined work hard and I am open to options other than SW.

amother

Lemon

Sun, Jun 25 2017, 10:09 am

mommy3b2c wrote:

And most of them are struggling.

Yup. We're in tristate area making close to $200k for a family of three and we're struggling. By struggle I mean that we can't afford luxuries and can't afford to buy a house. BH we are able to keep up with monthly bills which include rent for entirely undersized apartment and students loans and occasionally putting some away. We'd probably be very well off if we were better at managing our finances but unfortunately I can't control my husbands spending.

amother

Lawngreen

Sun, Jun 25 2017, 10:10 am

My married DD & SIL live in Brooklyn.
Combined income gross is $80K
They have one child & another on the way.
They live in a tiny 2 bedroom apartment & never eat out. In 3 years of marriage (one in kollel) they've saved up $35K.
SIL is due for a raise shortly .
They have no debt at all. They think they are well off,

staten islander

Sun, Jun 25 2017, 10:14 am

It's hard to give a number because there are so many variables. Our tuition bill, for 4 kids, is 50K. Our mortgage is 50 k a year,because we make extra payments. Those are the two big ones. BH, we are very comfortable financially, making anywhere between 350 and 500k a year. I definitely think in the NYC area, you need to make at least 250k to be comfortable and more to be able to save. I know many ppl that do it, but it takes time

amother

Cobalt

Sun, Jun 25 2017, 10:34 am

We are doing ok on $105k combined income. 2 kids in school. Our monthly expenses are about 6-7k and this includes putting away $500-1000/month for savings most months. We can't afford to go on vacations but we can afford most of our needs and wants, including small extra expenses like cleaning help and eating out now and then. Do we feel tight sometimes, when everyone else has the latest iPhone/car/vacation/clothes and we don't? Yes but it's small potatoes and we swallow the small sting of envy and watch our bank account grow. I want money for my kids college and wedding funds more than I want the latest designer shoes or the newest gadget.

A lot of people who can't make ends meet on $200k are mismanaging their money. But the more kids you have, the more income gets sucked away for tuition and other expenses. So some people are doing everything right but just can't comfortably afford all their kids expenses.

mommy3b2c

Sun, Jun 25 2017, 11:17 am

amother wrote:

You read me wrong. I didn't say it's typical to make that much. Just that in NYC you need that much to be doing really okay. And even then, you are far from wealthy.

amother

Salmon

Sun, Jun 25 2017, 12:22 pm

Income is only part of the equation. What are your expenses? Housing, tuition, etc. If you cover your expenses, save and give tzedaka, you're good. If you can afford luxuries and still save and give tzedaka, you're rich. If you can get all your children started in life (pay for college and buy a house, take them on vacation) I'd say really rich.

But - feeling rich is relative. If you earn 100k in a neighborhood where most people earn 50 you feel rich. Earn 250 when everyone else is earning twice that, and you feel poor.

amother

Violet

Sun, Jun 25 2017, 12:38 pm

Combined income of $60K reliably would be nice. At $70K we would save up and be less stressed about emergencies. We have a mortgage, credit card debt and a couple of kids. We usually average $40K-$50K. Tuition is never going to happen. Retirement is never going to happen unless inflation makes our mortgage seem cheap one day. But I also don't think those things are realistic for most people so it probably doesn't bother me as much as it does some people.

mommy3b2c

Sun, Jun 25 2017, 12:41 pm

amother wrote:

How much did you pay for your house that you were able to save for a down payment on an income of $50,000 a year?

amother

Gray

Sun, Jun 25 2017, 12:48 pm

amother wrote:

Im curious what you mean when when you say "tuition is never going to happen"?

amother

Pumpkin

Sun, Jun 25 2017, 12:52 pm

amother wrote:

How many people you know really earn this amount of money?
250 to 300k???
Nice dream. Please tell me which jobs pay like this. I need one asap. Ready to travel anywhere in N.Y. Or even farther.

I'll bite..We make in that range. Dh is a Dr. To get there it took 4 years college, 4 years med school, 3 years residency, 3 years fellowship. So 14 years of training and education and about $180,000 in loans. (Plus four interstate moves) Not really something you can just travel for.

amother

Violet

Sun, Jun 25 2017, 12:56 pm

mommy3b2c wrote:

How much did you pay for your house that you were able to save for a down payment on an income of $50,000 a year?

$450K. It's not huge or anything; we live in an expensive area. I started saving when I was 17. It took 10 or 11 years. Before we had more than 1 kid we had lower expenses.

amother

Violet

Sun, Jun 25 2017, 1:02 pm

amother wrote:

Im curious what you mean when when you say "tuition is never going to happen"?

How on earth would I pay for tuition on our income? It's not going to happen. Or a car to get the kids to yeshiva if it were free? Because they don't bus. My choices are homeschooling or public school.

I am not poor. My income is exactly the national average. These things just aren't accessible to most people.