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Forum
-> Household Management
-> Finances
redrose
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 Sun, Jun 26 2022, 10:10 am
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Your budged makes a lot of sense. very average. similar to mine. His salary of 200k is a nice wage.... but your calculation is totally off! if he makes 200k that's monthly 16,666 according to your budget you have expense of $9,300 so you should have over $7,000 monthly to save up. How is that you're living on a month to month ??? something is wrong!
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amother
Rose
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Sun, Jun 26 2022, 10:32 am
| redrose wrote: | | Your budged makes a lot of sense. very average. similar to mine. His salary of 200k is a nice wage.... but your calculation is totally off! if he makes 200k that's monthly 16,666 according to your budget you have expense of $9,300 so you should have over $7,000 monthly to save up. How is that you're living on a month to month ??? something is wrong! |
You’re forgetting taxes. OP didn’t say if the 200k salary is before or after taxes.
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amother
Lightcyan
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Sun, Jun 26 2022, 10:47 am
| amother [ Rose ] wrote: | | You’re forgetting taxes. OP didn’t say if the 200k salary is before or after taxes. |
Typically salaries are before taxes and deductions.
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redrose
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Sun, Jun 26 2022, 11:40 am
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tax is not $84,000 thats like 40% of gross
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amother
Freesia
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Sun, Jun 26 2022, 4:19 pm
Has he considered building up a side gig? Financial stability is huge and I wouldn’t walk away from a job that’s working pretty well for you guys overall. If he starts a small business outside of work hours, he can use his creativity and get to be the one in charge, while hopefully building something up to be a good side income and eventually maybe his full time thing. You have to be careful not to start anything similar to what he currently does so there’s no conflict of interest.
Just a heads up, you guys should be saving for simchas etc. now and cutting back on expenses. Kids grow up fast, and tuition will be a huge chunk of your budget in just a few short years, so save as much as you can now and start earning interest on it.
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amother
Rose
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Sun, Jun 26 2022, 4:51 pm
| redrose wrote: | | tax is not $84,000 thats like 40% of gross |
General take home paycheck for 200k income in NY. Obviously this does not include OP’s deductions.
200k salary after taxes doesn’t go as far as a lot of people think.
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amother
OP
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Sun, Jun 26 2022, 4:55 pm
| amother [ Freesia ] wrote: | Has he considered building up a side gig? Financial stability is huge and I wouldn’t walk away from a job that’s working pretty well for you guys overall. If he starts a small business outside of work hours, he can use his creativity and get to be the one in charge, while hopefully building something up to be a good side income and eventually maybe his full time thing. You have to be careful not to start anything similar to what he currently does so there’s no conflict of interest.
Just a heads up, you guys should be saving for simchas etc. now and cutting back on expenses. Kids grow up fast, and tuition will be a huge chunk of your budget in just a few short years, so save as much as you can now and start earning interest on it. |
Thank you for your response!
That’s an interesting thought. Maybe we’ll think of a side gig idea. I like that idea.
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amother
Holly
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Sun, Jun 26 2022, 5:00 pm
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I hate being the bearer of bad news, but there’s only so much he’s ever going to make working for someone else. At $200k (+ great health insurance?) he’s kind of maxing out soon. If you want him to be sole breadwinner you might need a new strategy.
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amother
Glitter
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Sun, Jun 26 2022, 5:20 pm
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It sounds like he’s be better off finding a way to work for himself rather than a boss.
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amother
OP
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Sun, Jun 26 2022, 5:52 pm
| amother [ Holly ] wrote: | | I hate being the bearer of bad news, but there’s only so much he’s ever going to make working for someone else. At $200k (+ great health insurance?) he’s kind of maxing out soon. If you want him to be sole breadwinner you might need a new strategy. |
The plan wasn’t to max out at this number. He will get raises and more points in the companies that he has his hand in. But in the future. And the question is more if he’s not feeling motivated now should he look for something else. I got some really great helpful responses. Thanks to all those that responded. We have a lot of food for thought.
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