How would budget 250k annual income

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Household Management -> Finances

Previous 1 2 3 4 Next

View latest: 24h 48h 72h

amother

Thu, May 09 2019, 6:52 pm

Squishy wrote:

Taxes don't figure into OP's budget. I would guess neither does health insurance. We don't know how many kids are in school.

As I Said this amount is net so no tax.
They do need to pay health insurance. It needs to be factored in.

dankbar

Thu, May 09 2019, 6:52 pm

She wrote her childrens tuition is not more than $400 each

amother

Lime

Thu, May 09 2019, 6:52 pm

amother [ Natural ] wrote:

Tuition would be 90 k

Quote:

Tuition would be for a chassidish school so not more than $400 a month per child

400*12*6 = 28,800

amother

Lime

Thu, May 09 2019, 6:53 pm

amother [ OP ] wrote:

As I Said this amount is net so no tax.
They do need to pay health insurance. It needs to be factored in.

Who are you advising?

dankbar

Thu, May 09 2019, 6:53 pm

To budget with a large income is not a problem. You have enough to go around with. A bigger problem is when you have lot of expenses but too little income. From where to take the money

amother

Thu, May 09 2019, 6:55 pm

Ravenclaw wrote:

This is fun! Ok here goes.

60,000 mortgage/taxes (5000 a month)
9,000 utilities (750 a month on cellphones, landline, internet, subscriptions, water, electricity, etc)
40,000 tuition (550 x 6 kids x 12 months)
30,000 food and household things that use up like soap, disposables, etc (2,500 a month)
15,000 clothes (includes everything from sheital to men’s hats to underwear and shoes)
1,000 Waxing, electrolysis, makeup and creams
15,000 two cars and expenses
30,000 savings for kids (by the time they are 25 it’s 120,000 per kid)
20,000 retirement plan
6,000 camp
6,000 cleaning help (10 hours a week at 12 dollars an hour)
5,000 vacation
12,000 extras
2,000 Yom Tov extras not included in above

Thanks this is what I am looking for.

amother

Lime

Thu, May 09 2019, 6:57 pm

amother [ OP ] wrote:

Thanks this is what I am looking for.

Determining how much to save is really specific to a family situation. Its really important to plan this.

33055

Thu, May 09 2019, 7:21 pm

amother [ OP ] wrote:

As I Said this amount is net so no tax.
They do need to pay health insurance. It needs to be factored in.

Please tell just me one legitimate job that pays $250,000 net.

amother

Oak

Thu, May 09 2019, 7:24 pm

Squishy wrote:

Please tell just me one legitimate job that pays $250,000 net.

Seriously? You can't think of even one?

Aside from the obvious corporate jobs, many successful Amazon sellers net at least that much.

amother

Thu, May 09 2019, 7:25 pm

amother [ Lime ] wrote:

Who are you advising?

I know the "they" threw you off but The truth is this isn't my reality yet but something we are working to achieve now and want to hear how we would budget.
Since the couple thousand a month less that we earn now is still making us feel tight.
So it's all in theory.
When I see others budget I realize what area we spend more or less than others and how we can improve things.

amother

Thu, May 09 2019, 7:27 pm

Squishy wrote:

Please tell just me one legitimate job that pays $250,000 net.

The income is from various sources. Different businesses etc.

amother

Slategray

Thu, May 09 2019, 7:30 pm

amother [ Indigo ] wrote:

I view my money after tzedakah, taxes and tuition is mine to budget as I want as long as it "works" figure out what are your non negotiable and then your strong wants. I wanted a kitchen with two sinks, two ovens... so that's what I bought. I could afford it so I did. live in cleaning help isn't something I want so I don't have it. once you figure out your current numbers see if its more or less then how much money you bring in and then tinker with it.

What I'm trying to say is you can ask what is average for a family of my size to spend on groceries but that has nothing to do with your income. Once you have "discretionary" income it's then your discretion if you want food to be an area of "splurge" or not.

Honestly I would aim to save more than 20% if I could. I’m not stingy but don’t believe in discretionary income just because- I use it for things we value (Ie we wanted an upgraded car but I still shop in discounted grocery) We open wedding and college accounts for each child besides for our other savings for example. As the family grows up expenses multiply by a lot! My husband will god willing be making more but probably not enough proportionally.

SixOfWands

Thu, May 09 2019, 7:38 pm

Squishy wrote:

Please tell just me one legitimate job that pays $250,000 net.

Orthopedic surgeon (actually, a lot of doctors)

Partner, Big Law

Partner, Big 4 Accounting

Entrepreneurs can make that as well

amother

Indigo

Thu, May 09 2019, 7:46 pm

Since I was quoted I will clarify Wink

I probably wasn't clear but we save a large percentage of our income and live in a low cost of living area. Saving is a priority of us so we'll put a large percentage of discretionary money there Smile

My point was just that for one person saving for college or fancy wedding for each of their kids is a priority. For us neither is but saving money so that our kids have a head start financially in life so they can buy a house... is so we save for it. Everyone will have different priorities.

amother

Brunette

Thu, May 09 2019, 8:17 pm

amother [ OP ] wrote:

The income is from various sources. Different businesses etc.

That sounds really shady.

amother

Royalblue

Thu, May 09 2019, 8:22 pm

I can't believe why people are so surprised about a net income of 250k. There were many posts in the past where quite a few posted they were making way more than that.
Many lawyers, doctors and business owners net that much. Honestly though, if someone lives in a city like NY where expenses are high, 250k for six kids is comfortable but nowhere near wealthy.

amother

Oak

Thu, May 09 2019, 8:39 pm

amother [ Brunette ] wrote:

That sounds really shady.

Haha. Love how some people are so desperate to make op out to be fraudulent. Many successful business people are involved in multiple successful businesses. I'm close with several and this is true for almost all of them. I have a feeling that op isn't interested in providing details on the source of the income because it's frankly no one's business, and not the point of this thread.