How much do you need to make to live?

mig100

Thu, Feb 28 2019, 10:37 pm

amother wrote:

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!

Good for u. I'd hope u can pay few tuitions on less without going into debt.

Still not sure if that makes 300k wealthy...

Last edited by mig100 on Thu, Feb 28 2019, 10:40 pm; edited 1 time in total

mig100

Thu, Feb 28 2019, 10:46 pm

amother wrote:

Mig100, if you live within your means, you won't go into debt on a 300k salary. But what the OP describes is a well to do lifestyle. With such a lifestyle you will go into debt on a 300k salary.

So that answers her question that it's not wealthy. I'd hope it's enough to live off.
That's not the same thing as wealthy

amother

Pumpkin

Thu, Feb 28 2019, 11:17 pm

The ppl u see around you living that lifestyle with 6 kids, making simchas (not crazy extravagant but ‘balabatish) and marrying them off etc. are making way way more than that.

My parents have six kids, live in monsey. Between tuition/ housing/basic needs/ health insurance/ car/ yomim tovim it all adds up so quickly.
Then the simchas and vacations are things u save for even on a very large income (around 500k at this point + investment) - ie they drive Toyota’s but lease them. We had meat or chicken whenever and whatever groceries etc but not steaks or takeout food , she shops at all fresh. We do restaurant outings about 6 times a year for birthday or occasions. A family vacation with a lot of mindful budgeting not fancy hotels more like rentals. No Jewish hotel programs (my father almost fainted when he heard the prices... he was like how do ppl collect tzdaka with this going on?!)
We did go to camp anytime we wanted to, had tutors and whatever extracurricular activities my mother wanted for us and cleaning help several times a week. But between weddings and tuitions and regular Jewish life my father always had to work very hard and they were oisgecheshbend...

I will say that Lakewood seems to be a lot cheaper... housing in monsey is a hugge expense, it raises ur price for living...

amother

Brunette

Fri, Mar 01 2019, 12:01 am

I live oot and 300k would be enough for the lifestyle you describe. A nice home here is about 300-350k. Tuition for 6 kids about 60k. The cars you would lease I guess. No pesach hotels but still can go on some nice vacations. What can I say life is expensive. Between my husband and I I hope we get there one day God willing.

amother

Pink

Fri, Mar 01 2019, 12:21 am

What is a nice house and nice cars? You can get a nice house in Jackson or Toms River for 500k. You can get an even nicer house for more money. You can get a nice sedan or crossover for $400/month. You can get a luxury car for more. Vacations can cost anywhere between a couple hundred for a one or two day trip, or upwards of 10k for a trip overseas. Nice is relative. We have two kids, make about 135000 after taxes and live decently. Some would say nicely. Others live a lot nicer than we do.

amother

Brunette

Fri, Mar 01 2019, 12:24 am

Just to add though. It's definitely enough to live just you'd need a 30 yr mortgage maybe not pay full tuition (depending where you live) simchos not over the top but not self catering, yes camp for the kids but no flying to EY yearly. Still budgeting basically.

Currently we make 125k with 3 kids it would be very comfortable if we weren't paying 1200/month to student loans.

amother

Forestgreen

Fri, Mar 01 2019, 12:26 am

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?

No, $300k won't do it. You'll be spending about $350, just my guess. And I don't see anything here about saving and investing. Those matter more than nice cars.

amother

Royalblue

Fri, Mar 01 2019, 8:09 am

amother wrote:

Did you even read the OP?
She asked how much she needs to make to live to be able to do xyz. Not how to live within your means. Or what your consider a wealthy lifestyle.
Way to hijack a post with your own agenda Confused

She also didn't say you *must* do anything, she asked how much she has to make to be able to do it

amother

Beige

Fri, Mar 01 2019, 8:18 am

amother wrote:

No, $300k won't do it. You'll be spending about $350, just my guess. And I don't see anything here about saving and investing. Those matter more than nice cars.

If you own your house outright, $300k is ample including savings and investments. It is often worth making this a priority and having shabby cars etc for a while.

jmom1

Fri, Mar 01 2019, 8:22 am

If you start making 300k before you have six kids perhaps you can have that lifestyle eventually. If you start saving. Also depends how much help you’ll have with purchasing house, schooling, etc...
A family living in Monsey, paying mortgage, buying nice clothes for family of 8, making simchas on nice level, 2 nice cars, and several tuitions.... don’t think 300k will cover all that plus extras for a comfortable lifestyle. But I could be wrong. There are too many factors for anyone to give you a clear answer

amother

Royalblue

Fri, Mar 01 2019, 8:38 am

*I edited the housing, food, and tuition*

To answer OP, no $300k won't do it.

72k for tuition (if your living the lifestyle your describing, no you don't get tuition breaks)
18k summer camp (3k per child give or take)
42k Housing ($3500/month)
9360 cars ($300 x 2 car leases/month + insurance $180/month)
$15k clothing ($1000 clothing per person twice a year)
20k health insurance (1500/month +2k deductible)
10k household help ($12/hr x 2x a week for 8 hours =$768/month = $9216 + add in extra time for erev pesach)
30k food (2500/month)
20k vacation (2 vacations a year. Flights + 3 hotel rooms + activities + going out to eat)
28k Therapy/extra curriculars/tutors ($100/per family member per week. It may he more or less. Therapy might cost more, extra curricular less etc)
8k Retirement
Total salary post tax per year: $272360
Pre-tax: probably $500k

I did not include savings for bar mitzvahs and weddings.

And imas, please don't take this post how you can do with less. We know. We get it. OP didn't ask how she can make do with less. She wants to know how much she needs to earn without making do with less.
I get it. We like to show how frugal we are. I'm the Queen of Budgeting, I am very careful how I spend my $. But that's not the point of this post. If that's what you want to post about, start your own thread, or bump up the many many other threads we have going on this site about how to stretch a dollar. TMI

amother

Magenta

Fri, Mar 01 2019, 9:01 am

amother wrote:

To answer OP, no $300k won't do it.

60k for tuition (if your living the lifestyle your describing, no you don't get tuition breaks)
18k summer camp (3k per child give or take)
30k Housing ($2500/month)
9360 cars ($300 x 2 car leases/month + insurance $180/month)
$15k clothing ($1000 clothing per person twice a year)
20k health insurance (1500/month +2k deductible)
10k household help ($12/hr x 2x a week for 8 hours =$768/month = $9216 + add in extra time for erev pesach)
24k food (2k/month)
20k vacation (2 vacations a year. Flights + 3 hotel rooms + activities + going out to eat)
28k Therapy/extra curriculars/tutors ($100/per family member per week. It may he more or less. Therapy might cost more, extra curricular less etc)
8k Retirement
Total salary post tax per year: 242360

I did not include savings for bar mitzvahs and weddings.

And imas, please don't take this post how you can do with less. We know. We get it. OP didn't ask how she can make do with less. She wants to know how much she needs to earn without making do with less.
I get it. We like to show how frugal we are. I'm the Queen of Budgeting, I am very careful how I spend my $. But that's not the point of this post. If that's what you want to post about, start your own thread, or bump up the many many other threads we have going on this site about how to stretch a dollar. TMI

You can get a nice house in Monsey with a 2500/month mortgage?