How much is in your savings?

amother

Royalblue

Wed, Feb 28 2024, 11:31 pm

amother Hibiscus wrote:

You bought a house in Brooklyn for $500k???
Plus have $100 k in savings. Are currently paying rent in Brooklyn and have 3 kids?
Still don't see how this adds up.
Based on your salary you don't meet the income requirements for food stamps and Medicaid, not just now that you make 90k.
You basically lived off government programs to pay your bills and then used your salary to build savings and buy real estate.

She didn't have as high a salary until now. I think it's great that she was smart about her money and if she was able to live off the gov (legally) and build savings and buy a house, good for her! Better than the ppl who take gov assistance and do nothing all day and continue to get gov money forever. She took the money while she could and built a better life for her family and now no longer needs the assistance. That should be the goal of the programs and the goal of anyone on the program.

wanttobehappy

Thu, Feb 29 2024, 1:11 am

amother cornflower wrote:

Divorced 10 years
one child
own house- no mortgage- worth about 750k
savings- over 2.5 million (may be 3 but I don't know exactly bec some of it is in a trust fund that I don't manage
2 life insurance policies (whole life) that I regret doing instead of a 401k

Why is a 401k better? How do u get 2.5million in savings??? Please teach us ur ways

amother

Hibiscus

Thu, Feb 29 2024, 3:21 am

amother Royalblue wrote:

Somewhere around 40k she no longer qualified for govt programs in NY.
I still don't see how the numbers add up. There is missing information here. To be able to save that much while living in NY with 3 children.

On another note: do you think this is the way we should be encouraging our newlyweds? Keep your salary below poverty, live off the government and save during those years before you have to pay your first tuition (age 5 let's say) and you will afford a house in NY?

amother

NeonPink

Thu, Feb 29 2024, 3:32 am

$364 in savings but will probably need to use that to get my car serviced, or buy my son new clothes, or some other bill.
Divorced
Have a house
160k left on mortgage but that's because my dad took on some of the debt during the divorce settlement so that I could remortgage in order to put the house in my name. I was supposed to help him pay the mortgage but I'm not managing it together with my official one.
Rather not give details re kids but have a few at home

amother

Daffodil

Thu, Feb 29 2024, 3:34 am

amother Hibiscus wrote:

I never said it was in Brooklyn. No it's not

amother

Hibiscus

Thu, Feb 29 2024, 3:50 am

amother Daffodil wrote:

I never said it was in Brooklyn. No it's not

So you bought an investment property in a cheaper place and still live in your apartment. Do you have a management that deals with that property?

Yeshiva helped you buy an investment property? I'm amazed you were able to get a mortgage this way.

The whole thing blows me away. This is a ton of money saved for someone who lives in Brooklyn with 3 children, with those salary numbers. My understanding was always that if you legally qualify for programs, you really don't have much money altogether. Example: rent in Brooklyn is 2000k a month minimum, 24k at least is eaten up right there, you have a child in a babysitter that's another 6k a year, does no one need new clothes ever? What about yom tov expenses? Why isn't everyone else doing this? Maybe you should give a crash course to newlymarrieds on how to do this, legally and effectively!

amother

Peru

Thu, Feb 29 2024, 4:08 am

amother Hibiscus wrote:

sorry
as someone said before
something doesnt add up

amother

Electricblue

Thu, Feb 29 2024, 4:14 am

Approx $2 million in investments including pension. (we were very lucky with investments)

No house, yet.

Houses in my city cost well over a million for anything of a decent size.

late 40s. 6 kids.

amother

Daffodil

Thu, Feb 29 2024, 4:59 am

amother Hibiscus wrote:

I would love to teach ppl how to save effectively, invest, not spend beyond means, etc.
We live in a tiny basement not close to 2000. We work really hard and save really well. We pay around 1500 month. Yeshiva helped us prove that we get kollel checks so that bank would count it as income and approve us for mortgage. Not rly investment property since we plan to move there soon. Happy to answer any q's

amother

Daffodil

Thu, Feb 29 2024, 5:01 am

Adding that we are young still and go away for yom tov so those expenses don't exist. Also while in kollel we were getting gift cards for clothes shoes and men's clothes. I shop cheap..my kids look good in hand me downs.

amother

Lemon

Thu, Feb 29 2024, 6:59 am

amother Daffodil wrote:

Did you get married young or were you able to start building savings before marriage?
What are yours and your husband's jobs? Do you have degrees?
You don't have to answer if you don't want to
Trying to figure our where dh and I went wrong.. also in Flatbush, lived in a $1000 tiny basement for YEARS , work so so hard and so so frugal, and yet we're in our low 30's and I don't think a house will ever happen for us

amother

Midnight

Thu, Feb 29 2024, 7:01 am

amother Daffodil wrote:

I really admire you and think that you have a lot to teach people but I'm not sure that you should be giving so much information. People are just going to use it as a way to criticize and bash you instead of learning from you.

amother

Outerspace

Thu, Feb 29 2024, 8:02 am

"amother Outerspace wrote:
married a year
a little over 100k in savings
no house"

amother Firebrick wrote:

If you don't mind sharing, how do you have that much in Savings already? Is it all from putting away this year from your income? Or from wedding money?
Just wondering bc we had zero the first year(we paid for our own wedding and no help)

Wow that's amazing that you paid for your wedding!!

My parents paid for my wedding and do give support. I know it seems counterintuitive for them to be supporting when its going straight into savings, but I plan to use it for a down payment. I think of it as them helping me out with my down payment- which many parents do- but spread out instead of one lump sum gift. I really really appreciate it, although I definitely don't tell them enough!!!

In terms of numbers, I had about 50-60k saved up from working summers as a teen, babysitting, and working before I was married.

Because of support and BH BH BH bli ayin hara a decent salary, I can put money away each month.

mig100

Thu, Feb 29 2024, 11:23 am

amother Daffodil wrote:

I really admire and respect that you were able to save, invest in a house early and transition off programs and not get stuck. your amazing.

just curious- what was your downpayment? When did you buy your house? Before rates went up?

Now its much harder to get a mortgage. Really good you got one when you did

amother

Hibiscus

Thu, Feb 29 2024, 2:36 pm

amother Daffodil wrote:

I do think sharing your tricks could help so many people.
What things do you do to save money(not things that are dependent on outside sources)?
Most people work really hard but it is very hard to make it in Brooklyn.
I still think that if people can be on govt programs and save when their kids are little pre- tuition is a pretty decent idea.

amother

Heather

Thu, Feb 29 2024, 2:43 pm

amother Buttercup wrote:

Married 20 years
10 kids
No house
No savings
$200K debt

BH my life is amazing in almost every way! Our finances are a mess but that's not the full picture at all.

You are an absolute inspiration

amother

Tangerine

Thu, Feb 29 2024, 2:49 pm

No savings.

Only debt… lots of it…
Yes house- that’s almost in foreclosure Chas vshalom with over $20,000 in missed payments…

I Owe my attorney $120,000 for a legal battle because my rich narcissistic ex decided he wants full custody the week after he remarried…

The debt is crushing. I keep reminding myself that HaShem has plenty money for me.

You’re all so inspiring with your savings. Life doesn’t always align with man’s plans. When I was married to my ex we had $250,000 in savings which I contributed too by saving and he took all of it… oh well..