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How do people do it? (Buying house in NJ)
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amother




Gray
 

Post Mon, Dec 05 2022, 2:40 pm
We bought our starter home with 30 k down payment we had from my teaching job. Husbands pay check went towards expenses and mine went straight to savings. 4 years later my husband had a work injury where a diff company ( not Jewish) was at fault so we went to court pro bono and won approx 100 k. At that time people started moving further out from where we lived, buying one family houses for as low as 300 k , so we invested the money in our single family home . We were able to keep our first home b h and put in a tenant which covered our monthly mortgage plus..... then the real estate in our new home started jumping up that we were able to refinance abt 2 years after the move and get around 100k from that. We then invested the 100 k in other real estate and did the same thing a couple of months later. Bh bh I thank Hashem every day that so far this journey has gone smooth for us.
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amother




Moonstone
 

Post Mon, Dec 05 2022, 2:44 pm
A) There are bh a nice amount of people that are doing very well these days. Bh for their Mazel. I hear there is a lot of tzedakah given too.

B) Being helped- either down payment was payed for, monthly mortgage or even both

C)Working hard, paying bills

D) Cant afford, but doing it anyway. Either their income changed, economy change, need to live there for whatever reason, or simply want something they can't afford

I geniounly feel bad for all those who are buying these days, even if they could afford it.
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amother




OP
 

Post Mon, Dec 05 2022, 3:28 pm
amother Gray wrote:
We bought our starter home with 30 k down payment we had from my teaching job. Husbands pay check went towards expenses and mine went straight to savings. 4 years later my husband had a work injury where a diff company ( not Jewish) was at fault so we went to court pro bono and won approx 100 k. At that time people started moving further out from where we lived, buying one family houses for as low as 300 k , so we invested the money in our single family home . We were able to keep our first home b h and put in a tenant which covered our monthly mortgage plus..... then the real estate in our new home started jumping up that we were able to refinance abt 2 years after the move and get around 100k from that. We then invested the 100 k in other real estate and did the same thing a couple of months later. Bh bh I thank Hashem every day that so far this journey has gone smooth for us.


This is a great response! Exactly the ideas and scenarios that make sense and were inspiring to hear. (No offense to those who came on here to comment and lecture/give mussar). This is all very logical to me. Hope you have continued Hatzlacha. Although I didn't and cant follow this exact trajectory (no extra money for an investment property at the moment!) - I'd still love to hear from others who might have these types of success stories that I have the ability to follow and perhaps succeed as well in.
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amother




Amethyst
 

Post Mon, Dec 05 2022, 8:04 pm
amother Mimosa wrote:
You didn’t make it clear how many years ago your income started to be in the $300k range, but I assume it took quite a while, since you say you were in your starter home for 20 years.

So the answer to your question of “How?” Is that the couples you see (if their homes weren’t bought for them, which many were) simply found a faster way to get to a $300k income than you did. There’s really nothing confusing about this. You say you work full time, I assume your husband does as well. So let’s assume you and your husband each make $150k. Please recognize there are full time jobs that pay more than $150k, you just don’t have one. You have a very respectable salary but there are still higher ones.

Now, if you want to ask, how do young families reach a high income quickly, that’s a separate topic. A combination of brains, schooling, ambition, entrepreneurship, siyata dishmaya, risk-taking. Take your pick. But BH there’s no shortage of young families in this position.
if full time is $150 are there part time jobs that are $70? Thanks for responding, you are helping me out practically
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amother




Amethyst
 

Post Mon, Dec 05 2022, 8:08 pm
What type of person do I consult to find out how to maximize my earning potential? Does a career coach do that or just tell you what your ideal career would be according to personality and strengths? (In other words if my ideal job is teacher [which Is what the career counselor told me] then shkoyach- I’d rather do something slightly less satisfying and more lucrative)
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amother




Red
 

Post Mon, Dec 05 2022, 8:30 pm
amother Amethyst wrote:
if full time is $150 are there part time jobs that are $70? Thanks for responding, you are helping me out practically


I think she was just throwing numbers.
There are part time jobs for 70 but most of them are professional ie accounting bookkeeper therapist and you may need to have your own business.
Non degree standard part time is closer to 50 with experience. Unless maybe something like sales or mortgages could be more
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amother




Mimosa
 

Post Mon, Dec 05 2022, 11:27 pm
amother Amethyst wrote:
if full time is $150 are there part time jobs that are $70? Thanks for responding, you are helping me out practically


The number $150k came from the OP, she said her and her husband make $300 combined so I said I’ll assume she makes $150k working full time.

But that doesn’t automatically mean that a part time job of similar caliber would be $70k. Generally speaking, part time jobs pay less, proportionate to full time. However, I know people in Lakewood working part time making $70k-$80k, one is an accountant and one is a BCBA therapist (they work approx 9-2/9-3 which I know in Lakewood is “full time” but to the rest of the world is not).

Another way to make a lot of money for your time is to open some sort of consulting/service business where you can charge clients a hefty rate per hour. Something like a freelance writer, designer, organizer, handyman, etc. These services often charge $100-200/hour, if they are good at what they do. This means you can work far less hours, maybe 2-3 hours a day and still make a nice part time salary. This is what I do (freelance writing, $200/hour and turn down a lot of work BH).
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amother




Mimosa
 

Post Mon, Dec 05 2022, 11:28 pm
amother Amethyst wrote:
What type of person do I consult to find out how to maximize my earning potential? Does a career coach do that or just tell you what your ideal career would be according to personality and strengths? (In other words if my ideal job is teacher [which Is what the career counselor told me] then shkoyach- I’d rather do something slightly less satisfying and more lucrative)


I guess the most important for you to answer is, what is a natural talent I have, that people would also be willing to pay me for?

Once you know the answer to that question, a business coach can help you figure out how to start monetizing that skill of yours.
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amother




OP
 

Post Mon, Dec 05 2022, 11:34 pm
amother Mimosa wrote:
The number $150k came from the OP, she said her and her husband make $300 combined so I said I’ll assume she makes $150k working full time.

But that doesn’t automatically mean that a part time job of similar caliber would be $70k. Generally speaking, part time jobs pay less, proportionate to full time. However, I know people in Lakewood working part time making $70k-$80k, one is an accountant and one is a BCBA therapist (they work approx 9-2/9-3 which I know in Lakewood is “full time” but to the rest of the world is not).

Another way to make a lot of money for your time is to open some sort of consulting/service business where you can charge clients a hefty rate per hour. Something like a freelance writer, designer, organizer, handyman, etc. These services often charge $100-200/hour, if they are good at what they do. This means you can work far less hours, maybe 2-3 hours a day and still make a nice part time salary. This is what I do (freelance writing, $200/hour and turn down a lot of work BH).


I’m the OP and we make 300 together but I actually make closer to 100k and my husband makes a little over 200k. My husband works much harder than me- I work 35-40 hours per week, he’s constantly working, nights weekends etc.
He also has to travel a lot which really sucks the wind out of him and it’s hard on the rest of the family. We both started our jobs out many years ago making under 50k each! I think I was making 30k when I started if I remember correctly. We’re still in the same jobs actually, but with lots of raises and promotions over many years. Funny to hear people say they want to start out working part time at 70k. It took years of killing ourselves (and currently killing ourselves ) to get where we are today.
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amother




Mimosa
 

Post Mon, Dec 05 2022, 11:43 pm
amother OP wrote:
I’m the OP and we make 300 together but I actually make closer to 100k and my husband makes a little over 200k. My husband works much harder than me- I work 35-40 hours per week, he’s constantly working, nights weekends etc.
He also has to travel a lot which really sucks the wind out of him and it’s hard on the rest of the family. We both started our jobs out many years ago making under 50k each! I think I was making 30k when I started if I remember correctly. We’re still in the same jobs actually, but with lots of raises and promotions over many years. Funny to hear people say they want to start out working part time at 70k. It took years of killing ourselves (and currently killing ourselves ) to get where we are today.


That’s a huge accomplishment that you’re still in the same jobs and have tripled/quadrupled your salary! It sounds like you are both really hard workers.

Personally, I have found that the fastest and easiest way to significantly increase my salary is to switch to a new company. Each time I have done this I have negotiated a salary increase far far above whatever I could have squeezed out of my current employer.

Regarding the part time jobs at $70k. this is very plausible these days with a degree in something like accounting, marketing, different therapies, etc. People are earning that straight out of school working 9-2/9-3 in Lakewood. But yes, it’s of course unrealistic to expect that as a new hire with no degree or experience.

Congrats on your new house and may it always be filled with bracha!
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amother




Floralwhite
 

Post Tue, Dec 06 2022, 11:30 am
amother Mimosa wrote:
That’s a huge accomplishment that you’re still in the same jobs and have tripled/quadrupled your salary! It sounds like you are both really hard workers.

Personally, I have found that the fastest and easiest way to significantly increase my salary is to switch to a new company. Each time I have done this I have negotiated a salary increase far far above whatever I could have squeezed out of my current employer.

Regarding the part time jobs at $70k. this is very plausible these days with a degree in something like accounting, marketing, different therapies, etc. People are earning that straight out of school working 9-2/9-3 in Lakewood. But yes, it’s of course unrealistic to expect that as a new hire with no degree or experience.

Congrats on your new house and may it always be filled with bracha!


im a FT SLP and dont make anything close to 70k...
im working 5 years already
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amother




Mimosa
 

Post Tue, Dec 06 2022, 12:09 pm
amother Floralwhite wrote:
im a FT SLP and dont make anything close to 70k...
im working 5 years already


I don’t know about all therapies, I was referring to a BCBA I know who started off making $70k and a year later is up to around $80k working 9-2. And an accountant I know who started off making $70k working 9:30-3:30.
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amother




OP
 

Post Tue, Dec 06 2022, 12:21 pm
amother Mimosa wrote:
That’s a huge accomplishment that you’re still in the same jobs and have tripled/quadrupled your salary! It sounds like you are both really hard workers.

Personally, I have found that the fastest and easiest way to significantly increase my salary is to switch to a new company. Each time I have done this I have negotiated a salary increase far far above whatever I could have squeezed out of my current employer.

Regarding the part time jobs at $70k. this is very plausible these days with a degree in something like accounting, marketing, different therapies, etc. People are earning that straight out of school working 9-2/9-3 in Lakewood. But yes, it’s of course unrealistic to expect that as a new hire with no degree or experience.

Congrats on your new house and may it always be filled with bracha!


Amen thank you.
I have alot of friends with degrees in different therapies, accounting, and other things they went to school for, and make much less money than I do, working the same amount of hours, with a lot of experience. I looked into the possibility of switching jobs in order to make more money, but nothing was ever offered to me higher than what I am making now. I had 2 offers that were similar, but didn't have the same perks that I get, that only come with the loyalty the company has for me since I've been there for so long. The company I work for is very understanding that I'm a mom, lets me work out of the office when needed (when kids are sick etc), supportive when I am going through something personal etc. I know I'm lucky, but at the same time, I am dying to be a full time mom, but my salary and benefits were needed, even when we lived in our starter home, and had less kids.
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amother




Lemon
 

Post Tue, Dec 06 2022, 1:07 pm
Anyone know how much these jobs pay hourly? I have experience in my field but potential jobs are telling me they only want hourly. But then when I do the math, they say that hourly is too high.
For example, the full time job advertised (80 hours) is 100k. Part time (20 hours) I would imagine to be 50k. That’s almost $50 an hour. But the employers I speak to say they are looking for approximately $30, I don’t follow the math.
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amother




NeonYellow
 

Post Tue, Dec 06 2022, 1:40 pm
amother Amaranthus wrote:
Not trying to provide disillusionment, but I'm asking cause I struggle with this. What should people say who've tried as you have, but haven't made it. Did Hashem not provide for them?


YUP

This is exactly the point. Some people do everything "right" and dont have money. Some peopel dont and do. Some people have money when the are young, and loose it later (has everyone forgotten how hard people got hit in 2008) Some people struggle for years and get a windfall.

HKB"H set the world up with poor, middle class, rich, and mega - rich. We all do our histadlus and understand that HKB"H is in charge.

Signed,

Proud to be poor/ middle class struggling. Proud we live within our means
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amother




Oak
 

Post Tue, Dec 06 2022, 1:58 pm
[quote="amother Mimosa"]I don’t know about all therapies, I was referring to a BCBA I know who started off making $70k and a year later is up to around $80k working 9-2. And an accountant I know who started off making $70k working 9:30-3:30.[/quots

Same here. I'm working 7 years and never made 70k.
And no, I'm not some lazy therapist working 10-2. I work a full school day, plus more sessions in the evenings and on sundays. It just doesn't end up adding up to a lot.
If I can make 70k working part time as a service coordinator, then it's probably worth it for me to leave the field. Just a shame that I took out all those student loans for nothing
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amother




Pink
 

Post Tue, Dec 06 2022, 5:20 pm
First time homebuyers can get grants in NJ (I think up to 15k). First time homebuyers can buy with a very small down payment (I think as low as 3%).

And some people do earn a lot of money from their jobs or business....
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amother




Pink
 

Post Tue, Dec 06 2022, 5:23 pm
amother OP wrote:
I’m the OP and we make 300 together but I actually make closer to 100k and my husband makes a little over 200k. My husband works much harder than me- I work 35-40 hours per week, he’s constantly working, nights weekends etc.
He also has to travel a lot which really sucks the wind out of him and it’s hard on the rest of the family. We both started our jobs out many years ago making under 50k each! I think I was making 30k when I started if I remember correctly. We’re still in the same jobs actually, but with lots of raises and promotions over many years. Funny to hear people say they want to start out working part time at 70k. It took years of killing ourselves (and currently killing ourselves ) to get where we are today.


If you earn 300k a year, why can't you understand this?
Even if a young couple is earning half, they should be able to afford a house on the outskirts of Lakewood. (Mortgage + Property tax can be about $3,500 a month, or maybe even less for a First Time Homebuyer...)
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amother




OP
 

Post Wed, Dec 07 2022, 1:40 am
amother Pink wrote:
If you earn 300k a year, why can't you understand this?
Even if a young couple is earning half, they should be able to afford a house on the outskirts of Lakewood. (Mortgage + Property tax can be about $3,500 a month, or maybe even less for a First Time Homebuyer...)


My current mortgage is less than 3500, and we're kind of tight on 300k, but can manage BH. Remember its 300k BEFORE taxes. How would someone who makes half (150k) be able to pay a mortgage like this, plus all the maintenance on a large house? I am questioning how others are able to make these payments and keep up a house of this size. All bills are higher, utilities, landscaping etc.
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amother




NeonYellow
 

Post Wed, Dec 07 2022, 2:23 am
amother OP wrote:
My current mortgage is less than 3500, and we're kind of tight on 300k, but can manage BH. Remember its 300k BEFORE taxes. How would someone who makes half (150k) be able to pay a mortgage like this, plus all the maintenance on a large house? I am questioning how others are able to make these payments and keep up a house of this size. All bills are higher, utilities, landscaping etc.


I am assuming you have a older family = bigger expenses

Tuition, sleepaway camp, food, vacation activities, clothing, extra- curricular activities, therapies, - these expenses all really add up when you have an older family. A young family with 2-3 little kids is going to have a lot more accessible cash on the same salary - or even on a lower one.

The question is will they be able to keep up the houses as the families grow, and we head to a recession, and the salaries probably will not increase at the same rate, the businesses wont do as well, and the expenses will continue to jump
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