A person who is financially comfortable can..

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Forum -> Household Management -> Finances

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doodlesmom

Tue, Nov 07 2017, 9:05 pm

I know that everyone has different opinions on what financially comfortable means aka not wealthy, but comfortable. So I'm wondering how you would end the sentence . It can be the smallest detail.

IMO a person who is financially comfortable can....
Buy a sandwich for lunch without thinking twice
Put away enough savings for expenses like bar mitzvahs and vacations.
Pay for a tutor or therapist without breaking the bank

amother

Cyan

Tue, Nov 07 2017, 9:10 pm

doodlesmom wrote:

Never be unable to fall asleep because their heart is racing because they are worried they can't afford the mortgage and might eventually lose the house.

amother

Lemon

Tue, Nov 07 2017, 9:14 pm

can actualize their dreams without worrying about breaking the bank.
they have the savings that if they want to go back to school for another degree or start a business or do fertility treatment or anything else that costs money they can do it without worrying how they can afford it.

amother

Lawngreen

Tue, Nov 07 2017, 9:16 pm

There's really no point of this thread. it's all relative.
For example we have a house, 100k+ savings/stocks/retirement, and about 30 k in the bank. You would probably call me financially comfortable.
Except that...
Dh and I don't have jobs now. and money doesn't grow on trees

amother

Amber

Tue, Nov 07 2017, 9:19 pm

... (not can, is),sameach bchelko.

A person who is financially comfortable is COMFORTABLE with whatever level of finances they have. It is a Mental / Spiritual CHOICE.

amother

Seafoam

Tue, Nov 07 2017, 9:34 pm

Interesting question. Here’s my take on it:

Objectively, DH and I struggle financially, a lot actually. Pretty low income, virtually no savings, no ability to save for retirement, etc.

BUT...

I consider us “comfortable.” Which might seem a little strange, however...

- we live in a very nice (albeit small) rental home.
- we are able to pay our rent on time every month.
- we have access to adequate healthcare.
- we can order pizza every now and then.
- we have a reliable car.
- we have a few very nice items in our home (I love my bed, and a set of fancy teacups we got for our wedding).
- we are able to buy things for our children, as impulse purchases every so often.
- we have no significant debt (other than student loans and a few thousand dollars on a low-interest credit card).

I am grateful that DH and I are on the same page about our priorities in life. Eveb though we do our best to improve our financial situation, we also don’t stress (too much) about it and we never fight about money. We are a team and work together make things work. We’re having a particularly tough stretch at the moment, and we’ve been brainstorming additional ways to cut down the budget and conserve as much as possible.

All that said, we focus a lot more on what we DO have, and it makes for a happier life. By contrast, I have relatives who are much more well-off than we are (own a home, high paying jobs, a plush 401K, lots of savings, etc etc.) but they are constantly, constantly stressing out about money. They save (almost to the point of hoarding) every cent they can, barely treat themselves to any luxuries (even though they can totally afford to!) and just in general are very uptight and paranoid about budgeting and the possibility of not having enough money. I’m close with them and it’s sad to see. I actually consider DH and myself (who live paycheck to paycheck and sometimes not even) to be far more “comfortable.”

In short, I don’t think financial comfort can be measured in dollar amounts.

MiracleMama

Tue, Nov 07 2017, 10:26 pm

A person who is financially comfortable is a person living within their means, whatever those means are.

doodlesmom

Tue, Nov 07 2017, 10:36 pm

While many of your responses are admirable I am more interested in the practical as in if I want to set myself a goal amount for being financially comfortable, and to figure out that number I want to include all expenses that come along with it.

As in I don't want to choose a goal where people will tell me " of course you can live comfortably with that amount, if you make your own bread, never have cleaning help and wear only hand me downs" etc.

this is meant to be a future goal to keep us focused- looking forward.

amother

Firebrick

Tue, Nov 07 2017, 10:44 pm

doodlesmom wrote:

goals? to be able to live the lifestyle that you want to live, on current paycheck/passive income- and put away 20 - 25% each month for short term and long term savings.

In other words - I'd focus on the monthly income, rather than assets. If you have the income you need - the assets will grow.

With that metric - My family is comfortable earning 200K a year. But my family is not yours.

doodlesmom

Tue, Nov 07 2017, 10:50 pm

amother wrote:

I appreciate your clear cut answer.

Funny you mentioned $200k because I was thinking quite similar, but the people around me were saying that I am overdoing it, so I figured once I am clear with my expectations I can break it down better.

amother

Jade

Tue, Nov 07 2017, 10:54 pm

MiracleMama wrote:

A person who is financially comfortable is a person living within their means, whatever those means are.

You are so right. I pay full tuition, Boruch Hashem, but I live very simply. If you saw me on the street you would never guess. My neighbors have no clue.

amother

Firebrick

Tue, Nov 07 2017, 10:54 pm

doodlesmom wrote:

We spend a lot on prepared food Smile

amother

Tan

Wed, Nov 08 2017, 2:28 am

A person who is financially comfortable should always remember to be thankful, and remember that this situation could change from one day to the next. It's decided every year on Rosh Hashana. Never take it for granted.

Fashionluver

Wed, Nov 08 2017, 4:08 am

It's all relative, the first years after we got married, I had to be careful where I shopped and what I bought, I walked instead of taking even public transport, made everything myself and generally was extremely careful with every penny.

Now that we are B'H in completely different financial circumstances I still only buy good deals etc but am more relaxed and don't think too much about what or where.

BUT I still make almost everything, we don't waste money on unnecessary luxuries and as I always tell DH, I was just as happy then as I am now, and if we ever have to go back to the way we were, I'd do it with a smile, because even though money can make things easier, but the attitude is what makes one happy, this is not just a cliché, but real life that I've lived through, family, Sholom Bayis and health and a loving, positive attitude is so so much more important.

I know this isnt what your asking exactly but just some food for thought...

amother

Coral

Wed, Nov 08 2017, 4:40 am

A person/Family who is financially comfortable can:

Afford full tuition
Sign the children up for extracurricular activities (swimming, piano, ballet)
Pay for the unfortunate dental surprises like fillings, crowns etc.
Buy organic foods
Travel for family vacation
Hire cleaning/babysitting help
Give tzedaka freely
Take care of home repairs

imasinger

Wed, Nov 08 2017, 5:29 am

What people will say depends on what is important to them, and their life experiences. Nobody else's list will be quite the same as your own.

For me, financial comfort means:

- paying tuition.
- that includes post HS plus, until kid is financially independent.
- pay for home with no more than 30% of monthly income.
- handle medical expenses, including insurance costs.
- put away money for upcoming events, like kids higher education, weddings, retirement.
- have enough left over after this for occasional splurges of choice, whether they be for cleaning help, travel, food, clothing, extra money to marrieds, or a favorite hobby.

amother

Wine

Wed, Nov 08 2017, 6:54 am

Pay for the tutor that yeshiva said your son needs, instead of saying "I wish I can"

amother

Yellow

Wed, Nov 08 2017, 7:19 am

Move across town to a neighborhood where my kids will have friends, where my kids wont be outsiders, where my husband can daven in the neighborhood shul, where I would get invited to all neighborhood gathering, where my dd would be able to walk down the block and have kids her age talking to her instead of staring.

My neighborhood has drastically changed the last few years. It became one crowd instead of the beautiful diverse neighborhood. All our friends moved away. We cant afford to spend anymore on housing.

amother

Periwinkle

Wed, Nov 08 2017, 8:07 am

doodlesmom wrote:

IMO a person who is financially comfortable can....

Pay the gas, electric, phone bills every month, and avoid shut-offs, etc.
Purchase produce without thinking twice about the high cost of healthy food.
Buy a pair of shoes as needed, rather than walk around in shoes that have holes where rain seeps through.
Take the bus/subway instead of walking all the time.
Pay to see a private doctor when the Medicaid doctor isn't helpful.
Pay for my child's trauma therapy instead of witnessing his daily suffering.
Buy garbage bags instead of using and re-using shopping bags.

esther11

Wed, Nov 08 2017, 8:29 am

Get steak for supper just because
Get art/music/dance lessons for their kids

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