Living life with 36k annually

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amother

Quince

Mon, Apr 01 2024, 8:34 am

amother Bluebell wrote:

You saved 100k a year??? How is that even possible?

Earn $100k more than you spend…… well more like earn $140k more that you spend because it was net $100k savings and our tax rate was about 28%.

amother

Black

Mon, Apr 01 2024, 8:39 am

amother Currant wrote:

OP's income is actually $100,000 - possibly more if one factors in taxes which would include FICA at 7.5% on higher income.

I thought I was being somewhat under actual value of benefits in my calculations

Medical insurance for family of four - $12,000 - unless one gets from a very good corporate policy. Most insurance has co-payments and deductibles

Rent and utilities - $2500 would be the minimum in most places so total value is $30,000

Food stamps - $3600

Taxes on higher income needed to replace free stuff - can't be calculated but FICA is 7.5% and so at least $7500 on an income of $100.000

Possible other benefits from having low income since one can get discounts and free stuff - low internet; food packages; reduced admissions; reduced tuition etc.

You missed EITC which can be around $10,000. Also Heap etc which pays utilities ( another $5,000). Also free phone/internet and whatever else is free atm (can't keep up).

Also medical insurance for a family is NOT $12,000, unless heavily subsidized. The value is closer to $25,000 , IMO.

It's more than $100,000. Probably closer to $120,000 when you factor taxes.

amother

Bluebell

Mon, Apr 01 2024, 9:05 am

amother Quince wrote:

I don’t understand why so many people are so confused? What exactly is so impossible about living on less than you make? Income was about $250k gross and we lived on about $60k.

I said upthread I did pay rent so our income was higher than $36k but it evened out. And if I was paying health insurance, then I obviously would’ve meant that my income was even higher, but after medical and rent we lived on about $36k.

For the record, the exact month our income went above the Medicaid limit, the Covid protocol went into effect where we couldn’t be kicked off. So we actually had close to 4 years of free Medicaid totally legally. No, we didn’t earn money off the books. Insurance would have cost us about $12k/year if we didn’t have mediciad (partially paid my employer).

How could you ever qualify for medicaid making 250k a year?

mig100

Mon, Apr 01 2024, 9:06 am

amother Bluebell wrote:

How could you ever qualify for medicaid making 250k a year?

She didn't. She qualified before she made that much

amother

Bluebell

Mon, Apr 01 2024, 9:10 am

mig100 wrote:

She didn't. She qualified before she made that much

And then suddenly started making 250k? Something doesn't add up....

amother

Black

Mon, Apr 01 2024, 9:13 am

amother Bluebell wrote:

And then suddenly started making 250k? Something doesn't add up....

Someone left kollel and went to work? Why not?

amother

Bluebell

Mon, Apr 01 2024, 9:18 am

amother Black wrote:

Someone left kollel and went to work? Why not?

Umm usually someone's first job does not pay that much. Come on, seriously?

amother

Black

Mon, Apr 01 2024, 9:21 am

amother Bluebell wrote:

Umm usually someone's first job does not pay that much. Come on, seriously?

Combined income? This was his second job? Working for his father? Made a lot of money during covid (happened to a lit of people). Lots of ideas...

chestnut

Mon, Apr 01 2024, 9:21 am

amother Bluebell wrote:

How could you ever qualify for medicaid making 250k a year?

She said when her income increased, COVID hit and people weren't kicked off Medicaid

chestnut

Mon, Apr 01 2024, 9:22 am

amother Black wrote:

Combined income? This was his second job? Working for his father? Lots of ideas...

Finished medical or law school

mizle10

Mon, Apr 01 2024, 9:25 am

amother Quince wrote:

That makes more sense. You seemed to be saying you were earning the same much as OP and managed to save 100k a year. You're income wasn't "higher than $36k because you were paying rent" you're income was $250k and you chose to live frugally and save.

chestnut

Mon, Apr 01 2024, 9:25 am

amother Bluebell wrote:

Umm usually someone's first job does not pay that much. Come on, seriously?

Their income didn't go from 0 to 250K. They were living on 60K in the beginning, could well be their income was higher.
Maybe the husband started working after and the wife got a salary increase.

giftedmom

Mon, Apr 01 2024, 9:28 am

Never ceases to amaze me how many people on here make others financial calculations totally for free. You really should be doing this for a living, might help your income.

amother

Silver

Mon, Apr 01 2024, 9:45 am

amother Bluebell wrote:

Umm usually someone's first job does not pay that much. Come on, seriously?

Again not that poster, but first year big law + bonuses does.
So if one spouse is already working and eligible for medicaid and the other is going from zero Income, you can easily jump that much.

amother

Silver

Mon, Apr 01 2024, 9:47 am

mizle10 wrote:

Ops income technically isn't 36k either.. that's what she's living off of..
So that poster and myself are saying we did it too. (I don't have medicaid but I have 100% employer sponsored health insurance)

amother

Quince

Mon, Apr 01 2024, 10:52 am

chestnut wrote:

Finished medical or law school

Yep this is it.

amother

Quince

Mon, Apr 01 2024, 10:54 am

giftedmom wrote:

Never ceases to amaze me how many people on here make others financial calculations totally for free. You really should be doing this for a living, might help your income.

Yes seriously LOL

I’m amazed at all the utter confusion on this thread. Nothing I wrote about our financial trajectory is even close to the realm of impossible.

amother

Quince

Mon, Apr 01 2024, 10:55 am

mizle10 wrote:

I don’t think I ever wrote I was making what OP is making- I said we lived on a similar budget for many years and it was very doable.

I think I even specified that unlike OP we were able to splurge on a yearly vacation because our income was much higher.

But yes we chose to live frugally and spend about as much as OP is spending.

amother

Quince

Mon, Apr 01 2024, 10:57 am

amother Silver wrote:

Exactly. Everyone here knows it’s not illegal to live below your means right? Just because our income jumped tremendously doesn’t mean we’re suddenly obligated to raise our living standard.

lamplighter

Mon, Apr 01 2024, 10:59 am

Are you saying that you had more income but actually only spent $36k of your money?

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