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-> Household Management
-> Finances
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amother
Sienna
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 Tue, Jun 23 2020, 12:07 am
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We are on a 1 person salary with no parents help (never had) and live comfortably but within our means. My husband makes around 170k NET and we feel tight. Maybe people around us are wealthy? But seems we can't spend like other people do. We have zero credit card debt and we own our house with a mortgage (3k a month) we rarely go on vacation (really never...) and my kids don't get whatever they want. So I don't understand for those that make less and don't get parents help how is it enough??
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amother
Vermilion
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Tue, Jun 23 2020, 12:09 am
| amother [ Green ] wrote: | Not really.
Oot communities tend to have higher tuitions. (In town I pay 4k-8.5k per kid = 28 k tuition. My friends oot pay over 10 k per kid - in cities like baltimore and Florida).
Sleepover camp costs are similar every where.
Parents helping should be counted as income.
I find from people in frum areas tend to make more money - not sure why or how.
But we also have investments so not as dependent on steady salaries to make it. That can also be part of ppls ‘cheshbons’.
Also ppl save differently so ppls salaries stretch differently. Do you have 401k? Save for kids college or weddings? |
In town we have $12,000 tuition, including the dinner fee, building fee, registration fee, etc. etc. for elementary, hs is closer to $15,000. Without those fees it's about $1,500 less but what diff does that make, we still have to pay it.
People don't all send to the same sleepaway camps, some are less than $2,500 per month.
Not sure if you mean parents helping should be counted as income for the purpose of this thread? Also sometimes help might not be income, it might be who knows, down payment or money for renovations, vacation, yomtov, car.
Not putting money into a 401k shouldn't substantially reduce your income.
Amazing to have investments that provide monthly income to live off of, but I don't think most people do, unless it was started by their parents.
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amother
Vermilion
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Tue, Jun 23 2020, 12:13 am
| amother [ Sienna ] wrote: | | We are on a 1 person salary with no parents help (never had) and live comfortably but within our means. My husband makes around 170k NET and we feel tight. Maybe people around us are wealthy? But seems we can't spend like other people do. We have zero credit card debt and we own our house with a mortgage (3k a month) we rarely go on vacation (really never...) and my kids don't get whatever they want. So I don't understand for those that make less and don't get parents help how is it enough?? |
Just curious, $170 net would be close to 300 gross? Or am I totally off
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amother
Wine
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Tue, Jun 23 2020, 12:22 am
| amother [ Vermilion ] wrote: | | Just curious, $170 net would be close to 300 gross? Or am I totally off |
Not with so many children. It's probably closer to 200-210k.
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amother
Orchid
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Tue, Jun 23 2020, 12:30 am
Years ago there was a blog whose whole purpose was to show that $200k a year in Teaneck, for a family with 4 kids, put you at the poverty line. It was a very angry blog, but it did make the point fairly. And things have only gotten harder there.
Obviously, if you have someone gifting you a house, or covering tuition and summer camp, you can live well on a lower income than if you are completely self-supporting.
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amother
Green
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Tue, Jun 23 2020, 12:52 am
| amother [ Vermilion ] wrote: | In town we have $12,000 tuition, including the dinner fee, building fee, registration fee, etc. etc. for elementary, hs is closer to $15,000. Without those fees it's about $1,500 less but what diff does that make, we still have to pay it.
People don't all send to the same sleepaway camps, some are less than $2,500 per month.
Not sure if you mean parents helping should be counted as income for the purpose of this thread? Also sometimes help might not be income, it might be who knows, down payment or money for renovations, vacation, yomtov, car.
Not putting money into a 401k shouldn't substantially reduce your income.
Amazing to have investments that provide monthly income to live off of, but I don't think most people do, unless it was started by their parents. |
Investments don’t need to cost a lot to start.
We put $ aside every month for kids. Even $50/month/kid - direct deposit grows quickly.
We bought our first investment property - little money down. A few years later refinanced. Down payment for next property. Refinanced both a few years later and bought 2 more. We don’t really make income from them but they can generate large amounts of money if we need. Our startup amount was small relative.
(Camps is another example of in town savings. We have great day camps so don’t need sleepover camp as much as oot. And even sleepover camp for our crowd is cheaper - 1300 per month)
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amother
Vermilion
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Tue, Jun 23 2020, 1:11 am
| amother [ Green ] wrote: | Investments don’t need to cost a lot to start.
We put $ aside every month for kids. Even $50/month/kid - direct deposit grows quickly.
We bought our first investment property - little money down. A few years later refinanced. Down payment for next property. Refinanced both a few years later and bought 2 more. We don’t really make income from them but they can generate large amounts of money if we need. Our startup amount was small relative.
(Camps is another example of in town savings. We have great day camps so don’t need sleepover camp as much as oot. And even sleepover camp for our crowd is cheaper - 1300 per month) |
As for camps, again, in town, day camps in my area are around $1,100 per month. It is what it is.
Are your investment properties in the frum area? They would generate cash bec they appreciated or you mean you could put in tenants if you wanted?
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amother
Cyan
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Tue, Jun 23 2020, 2:43 am
| amother [ Orchid ] wrote: | Years ago there was a blog whose whole purpose was to show that $200k a year in Teaneck, for a family with 4 kids, put you at the poverty line. It was a very angry blog, but it did make the point fairly. And things have only gotten harder there.
Obviously, if you have someone gifting you a house, or covering tuition and summer camp, you can live well on a lower income than if you are completely self-supporting. |
I would love to see that blog. When we moved here, we talked about needing more than double that to not feel the pinch of basics like mortgage, taxes and school.
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amother
Orchid
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Tue, Jun 23 2020, 2:45 am
| amother [ Cyan ] wrote: | | I would love to see that blog. When we moved here, we talked about needing more than double that to not feel the pinch of basics like mortgage, taxes and school. |
It was called 200k chump. I have no idea if it's still active
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amother
Emerald
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Tue, Jun 23 2020, 2:46 am
| amother [ Ruby ] wrote: | This. I would love to sue. 
No proof. |
Contact the EEOC.
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amother
Seafoam
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Tue, Jun 23 2020, 2:47 am
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We live in Cleveland, combined salary of under 50,000 and we are living decently, both teacher’s.
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Success10
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Tue, Jun 23 2020, 2:56 am
| amother [ Seafoam ] wrote: | | We live in Cleveland, combined salary of under 50,000 and we are living decently, both teacher’s. |
Listen, you can't compare to Cleveland....
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amother
Forestgreen
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Tue, Jun 23 2020, 8:04 am
Intown. Three kids bh. Combined income about 200k. Own our home. (Mortgage over 3k but rent out a part and therefore after that it is super cheap)
Bh BH we put into savings each month. We own one investment property and hopefully that will generate income soon. ( Small building so took a while to get it where it needs to be in order to make money off it but iyh soon we will be seeing it)
Bh we don't feel tight on a monthly basis.
Ideally we would love to make a but more monthly but bh for now it's good.
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amother
Blonde
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Tue, Jun 23 2020, 8:49 am
I've written on here something like my dh earns a decent salary.
Decent is definitely location dependant. I live in Cincinnati so tuition is subsidized. (no, it's NOT free if you aren't low income) If we lived in NY/NJ my husband's job would earn more money. We used to live there and my dh took a paycut when he switched to a job in Ohio. Here people also get their kids first year of camp paid for as long as they pick certain camps and I believe half of the second year. We haven't sent to sleepaway camp yet.
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amother
Bronze
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Tue, Jun 23 2020, 9:15 am
| Success10 wrote: | | Listen, you can't compare to Cleveland.... |
Why not?
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Success10
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Tue, Jun 23 2020, 9:19 am
| amother [ Bronze ] wrote: | | Why not? |
In Ohio there is the school voucher program, which maybe someone else would be better than me at explaining, but it actually pays to stay under a certain income. Then private school is free.
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amother
Cerise
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Tue, Jun 23 2020, 9:22 am
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decent salary is different from decent living. A decent salary--even an exceptional salary--for a secretary is bupkiss for a lawyer, kwim? a poorly-paid lawyer may be making a very comfortable living. and of course it all depends on where you live and how many children you have. what's comfy for DINKs is poverty for a family of eight school-age kids.
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amother
Blonde
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Tue, Jun 23 2020, 9:31 am
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in ohio everyone who lives in a struggling school district gets money paid towards their tuition. If you earn under a certain amount then the school can't charge you the difference between the money they got and the money they actually charge for tuition.
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amother
Dodgerblue
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Tue, Jun 23 2020, 9:36 am
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Make $220k in Lakewood- I feel comfortable. 4 kids. I don’t have unlimited spending but I can buy nice things if I want them.
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amother
Chartreuse
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Tue, Jun 23 2020, 9:56 am
I find that the more we earn the more our needs grow. I don’t know how we once lived one $15,000 a month.
At that point it felt just a bit tight.....now $30,000 feels just a bit tight.
Disclaimer 20% always went to charity.
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