How would budget 250k annual income

amother

Slateblue

Thu, May 09 2019, 9:49 pm

$50K - tzedakah (chomeish - 1/5)
$35K - chinuch
$10K - health (Refuah Healthshare)
$50K - housing (mortgage/rent + utilities)
$30K - food and household ($2K/month + extra for Yomim Tovim)
$15K - vehicle
$12K - conveniences (cleaning help, eating out, etc.)
$15K - clothing
$8K - miscellaneous (vacation, gifts, etc.)
$25K - savings

amother

Pink

Fri, May 10 2019, 1:16 am

amother [ Brunette ] wrote:

That sounds really shady.

Why? DH has multiple sources of income
- salaried job
- own service based business
- manages homes we own
- commissioned based sales
- at night teaching job

Everything adds up nicely. He pays taxes on every penny that comes through. Why is it shady to hustle?

amother

Mauve

Fri, May 10 2019, 6:37 am

Squishy wrote:

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

My dh makes $375,000 gross. So I’m pretty sure that’s at least $250,000. We have three kids, and we are far from swimming in money. It’s really frustrating. Dh was yelling at me so much last night because I spent a lot in the grocery. 😢

mommy3b2c

Fri, May 10 2019, 6:50 am

amother [ Brunette ] wrote:

That sounds really shady.

Huh?

My husbands income is from various businesses. So is mine. Since when is it shady to work hard?

amother

Tangerine

Fri, May 10 2019, 7:10 am

I am just still so impressed that a $400/month chassideshe school has the resources, technology, and secular academic excellence to put their students on the path to becoming an orthopedic surgeon or attorney at a big firm. Maybe they can teach my children's schools a thing or two.
(My children's schools are bursting at the seams so I know I am not the only one here paying >15k/kid/year elementary and ~30k HS)

amother

Mint

Fri, May 10 2019, 7:26 am

Could you all please stop it?!
She asked a different question.
Yes- my husband earns more!
Horrors.
He’s chassidish!
No doctor.
His grandparents built up a business with bare bones after the war. Each child who went into the business invested their sweat and blood- and love! My husband works hard, pays his taxes and is blessed to see the benefits.

amother

Bisque

Fri, May 10 2019, 10:14 am

I think camps should be more - I am spending almost $10,000 for 3 kids in sleepaway this year. Also leave some $$ aside for unexpected medical expenses that can really add up.
Some people count tuition towards tzedakah totals.

amother

Mustard

Fri, May 10 2019, 10:44 am

amother [ Brunette ] wrote:

That sounds really shady.

Why does that sound shady? My husband has multiple jobs and there is nothing shady going on. Actually, the only shady thing going on is the 45% tax we pay in New York.

amother

Lime

Fri, May 10 2019, 10:49 am

amother [ Tangerine ] wrote:

Huh?

OP clarified that the income isn't coming from a salary.

amother

Brown

Fri, May 10 2019, 3:55 pm

amother [ Mauve ] wrote:

My DH makes no where near there, but chooses to save more money than we can afford. He feels that the grocery is a controlled expense. I have gotten calls right after swiping my card at the grocery. This and a couple other reasons, not just financially, I went back to work. I keep my money separate and pay for almost all the groceries. This has truly enhanced my quality of life

amother

Pink

Fri, May 10 2019, 4:56 pm

amother [ Tangerine ] wrote:

Most people I know making that much money are self taught and own their own businesses or real estate. Very few are college educated.

cnc

Fri, May 10 2019, 5:22 pm

amother [ Pink ] wrote:

Most people I know making that much money are self taught and own their own businesses or real estate. Very few are college educated.

This
I have plenty of relatives that make way more than that legitimately . Real estate, construction , jewelry , marketing, etc and they pay full taxes contrary to popular belief.

amother

Brunette

Fri, May 10 2019, 5:26 pm

amother [ Pink ] wrote:

Most people I know making that much money are self taught and own their own businesses or real estate. Very few are college educated.

Do you live in a community where few are college educated? That might explain your findings.

amother

Pearl

Fri, May 10 2019, 5:52 pm

amother [ Pink ] wrote:

Most people I know making that much money are self taught and own their own businesses or real estate. Very few are college educated.

Interesting. My husband is an accountant, and all of his clients make that much. All of them are college-educated.

I also have numerous friends, acquaintances and clients making that much. All are college educated.

Just goes to show you. The plural of anecdote is not data.

In any case, I'm not really sure what you're trying to prove with your comment. This group, unfortunately, has more than its fair share of people who don't know how they're going to buy groceries or shoes for their kids, or pay the rent, and who share that they lack the education or experience to get a job that pays their bills. That certainly doesn't mean that others without education may not be successful. But it does mean that lack of education hurts many people.

amother

Oak

Fri, May 10 2019, 5:54 pm

amother [ Pearl ] wrote:

Who said she's trying to prove anything? She's responding to a post. Read it.

giselle

Fri, May 10 2019, 6:51 pm

amother [ Brunette ] wrote:

Do you live in a community where few are college educated? That might explain your findings.

This is very true. My husband and I always say that in Lakewood blue collar workers make more than professionals.

ETA, actually I may have missed the point you were making. Either way, my statement is true.

amother

Copper

Fri, May 10 2019, 7:34 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

What do you invest the kids savings in that will yield 120 k when theyre 25? How much per year per kid?

amother

Pink

Sat, May 11 2019, 10:05 pm

amother [ Copper ] wrote:

What do you invest the kids savings in that will yield 120 k when theyre 25? How much per year per kid?

We invest 150 per kid per month on mutual funds. My oldest (13) did really well and has 60k already. I lowered it to 50 per month for him so I have enough for the new baby.
Not all kids did that well. But supposedly if you put n monthly rather then less often you average out highs and lows.