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Chatham-Chick
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Member since 5/05 10311 total posts
Name:
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Re: "Well paying jobs"
Everybody keeps talking about "spending", but what about saving???  Your income isn't for spending alone.
It's estimated that it will cost us 400K to send 1 child to college (with a 529, that's 7K+ a yr for 1 child.)
Then there's retirement...what the heck are you going to live off of when you're no longer working!?!
And your home expense go beyond the mortgage.
It goes fast without designer goods and vacations.
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Posted 4/17/07 10:25 AM  |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: "Well paying jobs"
I have just scanned through this post...this is my opinion...
To me $125,000 is well paying...My mother who came here from another country not speaking english and with a 5th grade education managed to pay off a mortgage, pay all the bills - ontime EVERY month, pay for 3 kids to go to catholic school and still buy us gifts for christmas and our birthdays without going overboard on $10,000 a year.
We went on vacations, we all got gifts for our birthdays and christmas - I had a great childhood. So to me - anyone saying that you can't survive on $125,000 without sacraficing is wrong - speak to my mom - $125,000 is like a million dollars 
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| Posted 4/17/07 10:28 AM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: "Well paying jobs"
Posted by Beaver2be
So to me - anyone saying that you can't survive on $125,000 without sacraficing is wrong - speak to my mom - $125,000 is like a million dollars
Why do people keep coming up with this post about "surviving on 125K"!?!
This post was about what we consider to be "well paid", not "what we can just scrape by with".
And the comparisons to our parents is a poor choice, especially in the NY metro area. Homes haven't exactly appreciated at a normal rate around these parts.
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| Posted 4/17/07 10:33 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: "Well paying jobs"
Posted by Chatham-Chick
Everybody keeps talking about "spending", but what about saving??? Your income isn't for spending alone.
I know, I was thinking the same thing
I think DH & I do very well...for us that means we can vacation every year, we can travel to GA to visit our sisters, we can SAVE, we can buy what we want without sacrifice...and when the time comes, I will stay home to raise our child.
DH makes more than the numbers listed and combined we're pushed into another bracket...we're not living in Cold Spring Harbor with a vacation home in Aspen nor do we have a Bentley or Mercedes.
We do have a year and a half worth of mortgage payments in the bank though...and we're happy 
I think this thread has gotten really judgemental and I'm not sure why - everyone claims to be happy so who cares if your neighbor is making $125k or $45k - or how they do it. Worry about yourself.
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| Posted 4/17/07 10:34 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: "Well paying jobs"
I agree with the others. While most people CAN live on $125k, I think the issue that we're throwing back and forth is whether you can live just comfortably, or luxuriously on $125k. I know for where I live, in the Philly area, we COULD live on $125k, but unlike what some believe, it would be TIGHT. Why? Let's look at it realistically.
At the end of the day, you net about $80,000 a year from $125k gross. That equates to just over $6000 a month.
I've done this before, on this thread, but I'll reiterate using myself as an example.
$6,000
-$2,600 for mortgage and taxes
-$1000 for daycare
-$300 for student loans
-$500 for gas/energy
-$200 for a 529 account
-$150 cell phones (we don't have a landlline)
-$60 for water bill
-$60 for internet and basic cable
-$200 for car insurance
-$200 for home insurance
-$200 for life insurance
-----------------------------------
$530.00
Yes, folks, that leaves a WHOPPING $530 to cover all other BASIC necessities like gas, food, clothing, diapers, wipes, etc. It would be difficult, at best.
Now, would you say we're "wasting" money? No, I don't think so. Yes, our mortgage is high, but honestly, there are NO homes in our area that come cheaper than about $300k, which is one of the few remaining affordable areas close to Philadelphia. And, for us, it makes more financial sense to spend $2500 on our own equity, as opposed to spending $2000 on an apartment (because that is the going rate these days).
Daycare is a given, so are student loans. Can't do much about the energy bill because we have a baby and my elderly father living with us - need to keep the house warm for them. The 529 account - yes, we could do without, but like someone said, saving, especially for education, is as important as spending. Cell phones we need, and we keep our costs down by eliminating the landline. The only other "luxury" that I list, as I see it, is life insurance - we could do without, but that's taking a HUGE risk considering our family history, and the fact that we have a young daughter.
Also, take into consideration, this doesn't reflect transportation costs, healthcare premiums, 401k savings, or car loans. We buy our cars used, to save money, and we purchase them in cash or on a 0% interest card.
So, I hope you can see, $125k does NOT go very far in this day and age for a family with 3 adults and one baby. It's very easy to say that people aren't spending wisely, or are being wasteful, and that anyone could live easily on $125k a year, but it's a whole lot different when you live the practical day-to-day.
Message edited 4/17/2007 10:42:48 AM.
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| Posted 4/17/07 10:40 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: "Well paying jobs"
x
Message edited 4/17/2007 10:52:07 AM.
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| Posted 4/17/07 10:41 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: "Well paying jobs"
Posted by Chatham-Chick
Posted by Beaver2be
So to me - anyone saying that you can't survive on $125,000 without sacraficing is wrong - speak to my mom - $125,000 is like a million dollars
Why do people keep coming up with this post about "surviving on 125K"!?!
This post was about what we consider to be "well paid", not "what we can just scrape by with".
I don't consider making $125,000 "scraping by" - to ME this is well paying
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| Posted 4/17/07 10:42 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: "Well paying jobs"
Posted by Bxgell2
(previous post deleted so as not to make all posts so long)
 Funny I did the breakdown on my train ride home yesterday & was debating posting it.
That's for 1 child. My daycare expenses were $25,320 for 2 kids. Thank G-d for public schools but even then I'm paying for before & after care. I'm above the level of income that it makes it worth it for me to work so that DH can come home & see the kids at a decent hour.
Message edited 4/17/2007 10:47:46 AM.
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| Posted 4/17/07 10:43 AM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: "Well paying jobs"
Posted by Bxgell2
I know for where I live, in the Philly area, we COULD live on $125k, but unlike what some believe, it would be TIGHT.
Your math makes sense, but you do realize that there a lot of people who make MUCH less than that, don't you?
If 125K, would be TIGHT for you, do you think people living in your area (or a similarly priced area) who make half that, are living in poverty? Or up to their eyeballs in credit card debt?
To me a good salary is double what ever I make at the moment, not because it is a magic number, but because then I know we could keep the lifestyle we have, if only one of us was working.
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| Posted 4/17/07 10:50 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: "Well paying jobs"
Posted by tourist
Posted by Bxgell2
I know for where I live, in the Philly area, we COULD live on $125k, but unlike what some believe, it would be TIGHT.
Your math makes sense, but you do realize that there a lot of people who make MUCH less than that, don't you?
If 125K, would be TIGHT for you, do you think people living in your area (or a similarly priced area) who make half that, are living in poverty? Or up to their eyeballs in credit card debt?
To me a good salary is double what ever I make at the moment, not because it is a magic number, but because then I know we could keep the lifestyle we have, if only one of us was working.
Don't get me wrong, I'm perfectly aware there are people living on much less, but, I recognize that many of those people purchased their homes when homes were affordable, and don't have children, or their children are out of the home at this point, or they have a family member watching their child to cut down daycare expenses.
And never, for a moment, am I ungrateful. I am certainly thankful that we DO have the luxury of paying for our own home. But, I just want people to realize that those who are bringing home $125k or more, aren't necessarily living in the lap of luxury, and if we aren't, it does not mean, by any means, that we are wasting money.
Message edited 4/17/2007 10:54:26 AM.
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| Posted 4/17/07 10:53 AM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: "Well paying jobs"
Posted by Beaver2be
I have just scanned through this post...this is my opinion...
To me $125,000 is well paying...My mother who came here from another country not speaking english and with a 5th grade education managed to pay off a mortgage, pay all the bills - ontime EVERY month, pay for 3 kids to go to catholic school and still buy us gifts for christmas and our birthdays without going overboard on $10,000 a year.
We went on vacations, we all got gifts for our birthdays and christmas - I had a great childhood. So to me - anyone saying that you can't survive on $125,000 without sacraficing is wrong - speak to my mom - $125,000 is like a million dollars
Fast forward to today. Where and how would a person in your mother's situation today: a) have money for a down payment and b) qualify for a mortgage?
It sounds like your mother did great things and was an exception, definitely not the norm.
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| Posted 4/17/07 10:57 AM |
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4monkeys
boys will be boys =)
Member since 9/05 7205 total posts
Name:
:)
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Re: "Well paying jobs"
Posted by Beaver2be
I have just scanned through this post...this is my opinion...
To me $125,000 is well paying...My mother who came here from another country not speaking english and with a 5th grade education managed to pay off a mortgage, pay all the bills - ontime EVERY month, pay for 3 kids to go to catholic school and still buy us gifts for christmas and our birthdays without going overboard on $10,000 a year.
We went on vacations, we all got gifts for our birthdays and christmas - I had a great childhood. So to me - anyone saying that you can't survive on $125,000 without sacraficing is wrong - speak to my mom - $125,000 is like a million dollars
sounds a lot like my parents also.
Youre lucky to have had such a wonderful role model 
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| Posted 4/17/07 11:07 AM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: "Well paying jobs"
Posted by Bxgell2
Don't get me wrong, I'm perfectly aware there are people living on much less, but, I recognize that many of those people purchased their homes when homes were affordable, and don't have children, or their children are out of the home at this point, or they have a family member watching their child to cut down daycare expenses.
See, I think you are proving right there, that everybody makes assumptions.
You assume that people who make less can't buy a home now, and people who make less assume that you are being frivolous, but noone ever really knows.
It's really just what you are used to, and yes, children (specificaly daycare & education), obviously make a significant dent in an income. 125K does sound like a lot to me, but I do not have any children.
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| Posted 4/17/07 11:09 AM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: "Well paying jobs"
Posted by tourist
Posted by Bxgell2
Don't get me wrong, I'm perfectly aware there are people living on much less, but, I recognize that many of those people purchased their homes when homes were affordable, and don't have children, or their children are out of the home at this point, or they have a family member watching their child to cut down daycare expenses.
You assume that people who make less can't buy a home now, and people who make less assume that you are being frivolous, but noone ever really knows.
I never saw that "assumption" anywhere in this thread. Nobody here said you couldn't buy a home on less than 125k.
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| Posted 4/17/07 11:13 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: "Well paying jobs"
Posted by tourist
See, I think you are proving right there, that everybody makes assumptions.
You assume that people who make less can't buy a home now, and people who make less assume that you are being frivolous, but noone ever really knows.
It's really just what you are used to, and yes, children (specificaly daycare & education), obviously make a significant dent in an income. 125K does sound like a lot to me, but I do not have any children.
Honestly, I have to make the assumption because I just don't understand how people make ends meet these days. DH and I have this discussion literally every night. If we find it tight living on our salaries, which is $125k+, and we don't live frivously BY ANY MEANS, then how do people making below do it? I know many purchased their homes when real estate wasn't ridiculous, and cut out a huge expense that way, and many don't have to pay the expense for daycare, for whatever reason. If that's not the case, and someone is living on LI, or in the Philly suburbs, how in the world are they able to purchase a home and raise a family on less than $125k?
Just to give you an example - my brother doesn't make much AT ALL. He's 34, not married, no kids, and has decided to buy a place for himself. All he can afford is $120k (and that's with my parents helping with the downpayment). He's looking everywhere, within a 40 mile radius of the city. The few homes that he's found in his price range are in frightening, and I mean FRIGHTENING neighborhoods, and in bad condition, and that's putting it lightly.
Could I live in a cheaper neighborhood? Sure, and I suppose that's one of the "luxuries" we've chosen. Could we live in a smaller home? Not really. We sold our smaller home to move into our current home, and guess what, the selling price of our smaller home was THE SAME as the one we live in now. But, that's about ALL we could feasibly cut back on (moving into a less nice neighborhood). The rest is non-negotiable - we don't have family to help watch my daughter. We need our phones and internet access to work (my husband owns his own company).
I'm trying to not judge - what I'm trying to say is, we're all in the same boat here, trying to make ends meet. I was SHOCKED yesterday when I noticed for the first time that the grapefruit juice we buy every week is $5!!! Since when does a container of grapefruit juice cost $5??  If I'm having trouble with all of this, I can't imagine what the rest of the country is facing 
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| Posted 4/17/07 11:16 AM |
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Re: "Well paying jobs"
The point is, the definition of a "well paying job" is DIFFERENT FOR EVERYONE.
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| Posted 4/17/07 11:26 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: "Well paying jobs"
Posted by missus-hbradio
The point is, the definition of a "well paying job" is DIFFERENT FOR EVERYONE.
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| Posted 4/17/07 11:27 AM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: "Well paying jobs"
Posted by Bxgell2
Honestly, I have to make the assumption because I just don't understand how people make ends meet these days. DH and I have this discussion literally every night. If we find it tight living on our salaries, which is $125k+, and we don't live frivously BY ANY MEANS, then how do people making below do it?
Oh, I know-- we all do that--that was my point. We only know our own lives so we jsut specualte on what it woudl be like to have more or less moeny & tha'ts why everyone's answers varied so much.
I work with an (unpaid) intern, whose husband is an (unemployed) NYU grad student, and they rent in Park Slope.
I have no idea how they do it & I have wondered & a coworker & I did assume that he must have a grant or scholarship, or something, or they have help from their parents, etc.
Sometimes I wonder how I once survived survived on half of what I make now. 
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| Posted 4/17/07 11:56 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: "Well paying jobs"
Posted by missus-hbradio
The point is, the definition of a "well paying job" is DIFFERENT FOR EVERYONE.
totally agree. Some people would be thrilled with anything over 50k.
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| Posted 4/17/07 12:09 PM |
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