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Forum
-> Household Management
-> Finances
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amother
Daffodil
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 Wed, Feb 28 2024, 8:59 pm
3 kids married 5 years.
Own home but rent it out and live in appt
100k savings
I make 90k
Dh 75k he just left kollel
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amother
Hibiscus
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Wed, Feb 28 2024, 9:03 pm
| amother Daffodil wrote: | 3 kids married 5 years.
Own home but rent it out and live in appt
100k savings
I make 90k
Dh 75k he just left kollel |
How??????????
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amother
Ghostwhite
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Wed, Feb 28 2024, 9:06 pm
Currently around 80k in savings that gets down to zero as soon as we find our next investment.
That doesnt scare me since my investments and all real estate with income.
We own several small homes mortgage free and several homes with mortgages. The mortgaged homes have income as well. As soon as we have enough for down payment we look for the next investment. Money sitting around is money lost to me.
Ive began doing this when I was single so it was easier to get that head start. I used to put down only 10% with a PMI but more recent were doing 20%.
Were not wealthy at all but our money is all in good solid investments. For example we did buy 2 homes during inflation in the last 2 years but they both went up over 200k already.
We got zero support and did this with pretty modest income
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amother
Daffodil
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Wed, Feb 28 2024, 9:07 pm
We were getting food stamps while in kollel and Medicaid and live in tiny tiny tiny appartment and save every penny. 3k is free in Brooklyn and kindergarten too so that helps a ton. Buy used cars, use cc.points for vacation or don't go, and don't eat out often. In-laws pay for phone bill. Otherwise no support from either side during kollel at all
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amother
Candycane
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Wed, Feb 28 2024, 9:07 pm
| amother Daffodil wrote: | 3 kids married 5 years.
Own home but rent it out and live in appt
100k savings
I make 90k
Dh 75k he just left kollel |
We're you supported at all by parents or inlaws?
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amother
IndianRed
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Wed, Feb 28 2024, 9:09 pm
Not that poster , but that’s an entry level salary in property management
Husband would need to travel
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amother
Daffodil
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Wed, Feb 28 2024, 9:09 pm
No not at all. We both come from no money and have very low standards
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amother
Candycane
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Wed, Feb 28 2024, 9:11 pm
| amother Daffodil wrote: | | No not at all. We both come from no money and have very low standards |
How'd you qualify for government programs with such a salary?
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amother
Daffodil
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Wed, Feb 28 2024, 9:13 pm
| amother Candycane wrote: | | How'd you qualify for government programs with such a salary? |
I didn't have this salary until this year. I was making30, then 40 one year then 50 then 75. Only now it's 90 and now we got kicked off
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amother
Coffee
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Wed, Feb 28 2024, 9:14 pm
| amother Buttercup wrote: | Only $35K or so is in credit cards. A little over $10k we still owe on our car, another $12k to taxes. The biggest chunk (over $80k) is tuition.
So bankruptcy wouldn't likely help us too much. |
I hear. Do you mean that the school gives a scholarship but still expects you to pay off the full tuition amount at a later point? In my community at least, you come to an agreement before the school year starts regarding how much you will pay, and would only owe additional tuition if you don't stick to the agreed-upon amount.
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amother
Brown
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Wed, Feb 28 2024, 9:32 pm
Married 6 years. 4 kids
150 in savings
75k in 401k
65 ira
15k in investment account
Own home worth 1.1mil. 450k left on the mortgage
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amother
Brown
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Wed, Feb 28 2024, 9:33 pm
| amother Daffodil wrote: | | I didn't have this salary until this year. I was making30, then 40 one year then 50 then 75. Only now it's 90 and now we got kicked off |
How did u buy a house on that salary? Was it hard to get a mortgage?
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amother
Daphne
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Wed, Feb 28 2024, 9:35 pm
no debt
1 home we live in, owe $160k ( to a family member, no interest), worth about 500k
1 home we rent out owe $150k mortgage but its worth 750k or more
no debt
about $200k in savings
married 15 plus years
6 kids
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amother
Daffodil
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Wed, Feb 28 2024, 10:23 pm
| amother Brown wrote: | | How did u buy a house on that salary? Was it hard to get a mortgage? |
The bank took kollel checks as parsonage and we have copies of each check (about 1k/m) from the past 3 years. Yeshivah helped out with this. We were able to get great rates bc we were low income so they have programs. Our house was 500k
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amother
Honey
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Wed, Feb 28 2024, 10:36 pm
| amother Nemesia wrote: | 2 kids
Married 7 years
No house
No savings
Over 100k debt
I’m crying |
This except we have a house (but we are behind on payments). 4 kids… 13 years married.
But no savings and lots of debt. At one point we had savings but salaries didn’t keep up with basic needs and now we don’t. Have debt instead
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amother
Buttercup
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Wed, Feb 28 2024, 10:38 pm
| amother Mocha wrote: | I'm in a similar situation...similar family size, year married and financial state.
I'm so grateful for my life BH BH but am petrified for weddings iyH and beyond without any money. How would I even fly family in if necessary for vort etc never mind the thousands that weddings cost |
Back when we were making a third of our current income, I was petrified like this about high school tuitions. It's not anywhere as bad as I feared, especially because we're making much more. My bitachon is still a work in progress, but I've learned not to panic about the distant future. Hashem has many ways.
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amother
Hibiscus
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Wed, Feb 28 2024, 11:41 pm
| amother Daffodil wrote: | | We were getting food stamps while in kollel and Medicaid and live in tiny tiny tiny appartment and save every penny. 3k is free in Brooklyn and kindergarten too so that helps a ton. Buy used cars, use cc.points for vacation or don't go, and don't eat out often. In-laws pay for phone bill. Otherwise no support from either side during kollel at all |
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.
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amother
Lightcoral
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Thu, Feb 29 2024, 12:19 am
Married 6 years with 3 kids knh
220,000 in savings account
12,000 in stock investment
No house as of yet
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amother
Peru
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Thu, Feb 29 2024, 1:12 am
Married 22 years
7 children k"h
Don't own a home
Have debt but not sure how much - it's under 100K
Zero investments
A minimal amount of money in a gmach which we can borrow against when we marry off - I think it's about 5-10K
I'm feeling completely inadequate after reading this thread
Not only inadequate but like really dumb and ignorant
My husband has below zero financial savvy - won't elaborate hear
Happy to know that people have financial stability and praying for my family
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amother
Black
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Thu, Feb 29 2024, 1:35 am
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I’m not comfortable giving our total even anonymously. But we struggled for a lot a lot a lot of years. Has and we couldn’t even afford chicken during the week. My parents were extra kind and gave us some of our inheritance early because all of the kids were struggling at that time so they gave us equally. We were able to invest that into a really good investment that was actually pretty risky, but turned out to be pretty good, and my husband invested it into a brand new business. It was very successful. So it definitely was not all on her own but we took what wasn’t a huge amount. That’s really nice amount and turned it into over seven figures. But we did take a lot of risk and my opinion. My husband, and say it was less of a risk because he has lots of research, but it was into some thing that could’ve gotten really either direction, but he fell at that point in time that we either need to hit a Big and be able to retire one day or the amount that we had we not carry as far enough. I really had to trust him because I knew he wasn’t doing it but lonely, but I must say it wasn’t easy in the beginning but now that I’ve seen the success I’m grateful that I listen to him. And he really informative everything along the way like we did the research together once he’s done the initial research I wasn’t just following him him lightly.
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