How much do you need to make to live?

amother

Scarlet

Fri, Mar 01 2019, 9:11 am

amother wrote:

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

Agreed- some of these numbers (housing, tuition, groceries, etc) seem on the low side to me..

amother

Ecru

Fri, Mar 01 2019, 9:28 am

You don't start off with 6 fully grown kids and a large mortgage. You need to build wealth - either parental help, starter house that you trade up later, investments (stocks,etc.), savings.
It depends on the neighborhood - a house is a very big part of the equation.

amother

Royalblue

Fri, Mar 01 2019, 9:30 am

amother wrote:

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

This was my calculation:
500k house
100k downpayment
400k mortgage at 4.5% for 30 years = $2027/month + Taxes and addtl housing expenses.

Yes, you can buy a more exact, just add that on to my base salary above Smile

amother

Royalblue

Fri, Mar 01 2019, 9:37 am

amother wrote:

Agreed- some of these numbers (housing, tuition, groceries, etc) seem on the low side to me..

I agree.
I was scared the frugalmothers would bash me for writing "extravagant" amts.(also, I don't have anywhere near 6 kids. I don't pay tuition. I was just trying to make a breakdown for OP)
You can help me fix my amts, as long as it's ABOVE the numbers I wrote. LOL

(I know it's definitely not less)
Isn't tuition 10k per child?
Groceries - how much would you budget for?
I'll change housing to 3500(based on a 500k mortgage)

amother

Royalblue

Fri, Mar 01 2019, 9:41 am

amother wrote:

Agreed- some of these numbers (housing, tuition, groceries, etc) seem on the low side to me..

Double post

southernbubby

Fri, Mar 01 2019, 9:51 am

ectomorph wrote:

300-500k to be very comfortable but not wealthy. Not easy lol.

Most people are not v comfortable while raising kids and stabilize as kids leave home.

.
True but you might always be trying to help the kids. Stable, yes but not able to have the finer things in life if the priority is to help financially. My happiness is from helping the kids and wish I could do more for them.

amother

Mustard

Fri, Mar 01 2019, 10:09 am

ectomorph- don't many parents in your world help the kids out financially especially when they first get married- doesn't seem like things let up necessarily after the kids grow up?

amother

Crimson

Fri, Mar 01 2019, 11:33 am

This depends so much on where exact you live. My sister bought a house for about what we paid in down payment. Her mortgage is around $12k a year, mine is $88k a year.

If DH and I lived where she does and made the same salary, we’d be able to afford the life you describe. But we don’t and we’re scraping by on around $300k a year.

ectomorph

Fri, Mar 01 2019, 11:35 am

amother wrote:

ectomorph- don't many parents in your world help the kids out financially especially when they first get married- doesn't seem like things let up necessarily after the kids grow up?

Yes but its on a case by case basis. Those who can't, don't. And their kids survive. Many people cap it at 2 years then you're on your own.

My poor friends are married too. Most are speech therapists etc.

ectomorph

Fri, Mar 01 2019, 11:39 am

I do think a lot of parents let themselves get pressured by the kids.

Oddly enough, the parents that don't let themselves get pressured and don't support as much tend to have happier kids.

amother

Taupe

Fri, Mar 01 2019, 11:43 am

amother wrote:

To me $300,000 is considered wealthy!!!

About half of that goes for taxes and another $30,000 for health insurance. What's left over, it depends how many kids you have.

amother

Taupe

Fri, Mar 01 2019, 11:45 am

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!

In New York tax for middle class income is about 47%.

amother

Blush

Fri, Mar 01 2019, 1:24 pm

amother wrote:

This depends so much on where exact you live. My sister bought a house for about what we paid in down payment. Her mortgage is around $12k a year, mine is $88k a year.

Wow, I thought our mortgage was high! Where do you live (LA?), and how much was your house, and how much did you put down?

amother

Scarlet

Fri, Mar 01 2019, 1:29 pm

amother wrote:

Property taxes in monsey are usually $10k+ which would also be added to the mortgage. I live in monsey and don’t know anyone with a morgage under $3k and even that is pretty low. I pay over $2k a month just to rent an apartment...

amother

Brown

Fri, Mar 01 2019, 1:31 pm

Apparently, people are somehow buying homes in Brooklyn for over a million dollars. Even if parents give 100,000 and you borrow another 150,000, this is a house that probably needs work.....
To me, 300,000 is not wealthy. If I would buy a house and pay full tuition, may have a few dollars to make a decent bar mitzva without feeling like I am drowning. but, I am really not sure.

If someone were to buy me a house, it would be a different story.

I understand some parents can't afford to help married children. However, if you could, please help them out....unless, you want to save your money for your yerusha

amother

Ecru

Fri, Mar 01 2019, 1:32 pm

amother wrote:

Aren't the property taxes deductible?

amother

Cerulean

Fri, Mar 01 2019, 1:33 pm

amother wrote:

About half of that goes for taxes and another $30,000 for health insurance. What's left over, it depends how many kids you have.

Depends on the job. Dh makes 300k bH and health insurance plus many other benefits are included.

amother

Scarlet

Fri, Mar 01 2019, 1:40 pm

amother wrote:

(I know it's definitely not less)
Isn't tuition 10k per child?
Groceries - how much would you budget for?
I'll change housing to 3500(based on a 500k mortgage)

I definitely agree with your premise. 300k with 6 kids would not be enough for a very comfortable lifestyle. It’s DEFINITELY doable if you’re willing to be somewhat frugal- I’m not denying that, but if you want to go on vacation a few times a year, have full time help, nice cars and house, send to good schools, etc etc then you probably need more.

amother

Scarlet

Fri, Mar 01 2019, 1:48 pm

amother wrote:

Aren't the property taxes deductible?

Sure, if you choose to itemize. Although it’s now capped at $10k for 2018.

Mortgage interest is also deductible, but It’s still an expense that you have to pay..