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Juliet
Family is Complete!
Member since 5/05 5913 total posts
Name:
Juliet
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Re: What family income would you consider "well off" for Long Island?
Posted by ave1024
Posted by Nifheim
Thanks! Yea its not much but i don't like having it.
I would just start by documenting EVERY single penny that gets spent. That's the #1 advice I can give.
I find that if you see (in writing) where your money is really going to... you can probably trim off a good portion of the FAT in your budget.
Write down every penny spent on a list and see where the money is really going. If you spend .99 cents on gum, write it down under daily spending.
Sometimes you just don't make enough to get by. But other times people that do make enough feel like they don't because their spending habits are piss poor.
Write it all down for a month. Examine your findings after a month... then make adjustments and see how quickly your spending habits improve the next month.
I am definitely not poor and I'm doing alright in life. But I still write down my expenses every month. I know where EVERY penny is going. I can tell you how much I spent in Starbucks year to date. I can tell you how much I spent on my water bill. I can tell you how much I spent on dining out.
I examine my spending every few days. I trend and project my spending. I set budgets and limits for things like dining out, entertainment, etc. There are no surprises. I am super diligent with this.
Are you my DH's long lost twin? My DH uses Quicken for everything and will call me at work to ask me about various charges and what they were for.
Are you a finance person? My DH is.
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Posted 11/30/10 10:46 PM  |
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Juliet
Family is Complete!
Member since 5/05 5913 total posts
Name:
Juliet
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
Posted by ave1024
Posted by Nifheim
Thanks! Yea its not much but i don't like having it.
I would just start by documenting EVERY single penny that gets spent. That's the #1 advice I can give.
I find that if you see (in writing) where your money is really going to... you can probably trim off a good portion of the FAT in your budget.
Write down every penny spent on a list and see where the money is really going. If you spend .99 cents on gum, write it down under daily spending.
Sometimes you just don't make enough to get by. But other times people that do make enough feel like they don't because their spending habits are piss poor.
Write it all down for a month. Examine your findings after a month... then make adjustments and see how quickly your spending habits improve the next month.
I am definitely not poor and I'm doing alright in life. But I still write down my expenses every month. I know where EVERY penny is going. I can tell you how much I spent in Starbucks year to date. I can tell you how much I spent on my water bill. I can tell you how much I spent on dining out.
I examine my spending every few days. I trend and project my spending. I set budgets and limits for things like dining out, entertainment, etc. There are no surprises. I am super diligent with this.
IMO, you're very wise with your money, but don't fit the definition of "Well Off." If you were "Well Off," you wouldn't have to stress over "trimming the fat." But again, that's going by my idea of "well off."
But think about many of the people who are categorized as "old money". They often have more money than we can even comprehend but are super-frugal. It is kind of noveau riche to spend without thinking., IMO.
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| Posted 11/30/10 10:51 PM |
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
Posted by ave1024
.
IMO, you're very wise with your money, but don't fit the definition of "Well Off." If you were "Well Off," you wouldn't have to stress over "trimming the fat." But again, that's going by my idea of "well off."
I agree.
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| Posted 12/1/10 7:53 AM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Just spoke with my cousin in Charleston. Her and her husband make over $100,000 a year, bought a $200,000 (five years ago), pay $2000 year in property taxes and pay $200 week for day care. To me that is living comfortable.
They pay 7.5% sales tax.
Do not know how accurate but found this:
If you make $150000 in nassau county
Comparable salary in
Charleston-N Charleston, SC
$100,169
If you move from Nassau County, NY to Charleston-N Charleston, SC....
Groceries will cost: 12%less
Housing will cost: 57%less
Utilities will cost: 32%less
Transportation will cost: 14%less
Healthcare will cost: 17%less
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| Posted 12/1/10 8:08 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Generally speaking, I think over $500k a year would be well off. Lower if you received money or a house from an inheritance or as a gift, your college was paid for, etc. ETA: Also lower if you bought in to real estate before the boom and if you don't have to pay for daycare (ie: grandparents watch your kids)
Message edited 12/1/2010 9:24:52 AM.
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| Posted 12/1/10 9:22 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
Posted by ave1024
Posted by Nifheim
Thanks! Yea its not much but i don't like having it.
I would just start by documenting EVERY single penny that gets spent. That's the #1 advice I can give.
I find that if you see (in writing) where your money is really going to... you can probably trim off a good portion of the FAT in your budget.
Write down every penny spent on a list and see where the money is really going. If you spend .99 cents on gum, write it down under daily spending.
Sometimes you just don't make enough to get by. But other times people that do make enough feel like they don't because their spending habits are piss poor.
Write it all down for a month. Examine your findings after a month... then make adjustments and see how quickly your spending habits improve the next month.
I am definitely not poor and I'm doing alright in life. But I still write down my expenses every month. I know where EVERY penny is going. I can tell you how much I spent in Starbucks year to date. I can tell you how much I spent on my water bill. I can tell you how much I spent on dining out.
I examine my spending every few days. I trend and project my spending. I set budgets and limits for things like dining out, entertainment, etc. There are no surprises. I am super diligent with this.
IMO, you're very wise with your money, but don't fit the definition of "Well Off." If you were "Well Off," you wouldn't have to stress over "trimming the fat." But again, that's going by my idea of "well off."
ITA. IMO this is the difference between "well off" and fiscally responsible. When you are "well off" for me, I wouldn't worry about an extra 100 a month KWIM
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| Posted 12/1/10 9:45 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: What family income would you consider "well off" for Long Island?
and call me fiscally irresponsible...but no way in heck an I forgoing my Starbucks in the morning!!!!
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| Posted 12/1/10 9:49 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
Posted by ave1024
Posted by annoyedTTCer
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
This is a ridiculous statement. Then I guess by your logic I don't have a home then.
I just bought a home in one of the top SDs in Nassau County. My Mortgage + taxes is under $2500. I am sure there are others on here who will say the same.
Like I said, if you make this much and you dont have any serious medical or family emergencies, you are probably financially foolish.
or well educated with degrees from top under grad and grad schools and under the age of 40
Which district are you in?
I have ivy league degrees, a doctorate, am 32 with a baby, bought a house in 2009 in Three Village (3 bed/2 bath), and pay under $2000 w/ taxes and mortgage. We put a LOT down. We saved money before buying, and paid off all school loans before we TTC. We live in an amazing area that has held the value of the homes (combined w/ the school district).
We're not well off, though frugal and thankful to not worry about money.
Message edited 12/1/2010 9:56:42 AM.
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| Posted 12/1/10 9:54 AM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: What family income would you consider "well off" for Long Island?
We have a ranch w/ three bedrooms and two baths and an ingrown pool. We are in Sachem school district. We pay less than $2700. Totally possible even here in LI.
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| Posted 12/1/10 10:19 AM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by Juliet
Posted by Chatham-Chick
Posted by ave1024
Posted by Nifheim
Thanks! Yea its not much but i don't like having it.
I would just start by documenting EVERY single penny that gets spent. That's the #1 advice I can give.
I find that if you see (in writing) where your money is really going to... you can probably trim off a good portion of the FAT in your budget.
Write down every penny spent on a list and see where the money is really going. If you spend .99 cents on gum, write it down under daily spending.
Sometimes you just don't make enough to get by. But other times people that do make enough feel like they don't because their spending habits are piss poor.
Write it all down for a month. Examine your findings after a month... then make adjustments and see how quickly your spending habits improve the next month.
I am definitely not poor and I'm doing alright in life. But I still write down my expenses every month. I know where EVERY penny is going. I can tell you how much I spent in Starbucks year to date. I can tell you how much I spent on my water bill. I can tell you how much I spent on dining out.
I examine my spending every few days. I trend and project my spending. I set budgets and limits for things like dining out, entertainment, etc. There are no surprises. I am super diligent with this.
IMO, you're very wise with your money, but don't fit the definition of "Well Off." If you were "Well Off," you wouldn't have to stress over "trimming the fat." But again, that's going by my idea of "well off."
But think about many of the people who are categorized as "old money". They often have more money than we can even comprehend but are super-frugal. It is kind of noveau riche to spend without thinking., IMO.
BUT they're still wealthy, despite being frugal. They don't have to be frugal to be wealthy or well off.
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| Posted 12/1/10 10:38 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by LL514
Posted by ave1024
Posted by annoyedTTCer
Homes on LI cost more
Property Taxes on LI are more
Income taxes in NY are more
Day care in the NY DMA costs more
Car insurance is more
Gas taxes are above average
Commute to NYC for work isn't cheap
Sales tax is close to 9%
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
And to comment on this:
I already factored in Mortgage + Taxes in my previous statement. Sales tax is 9%. Big deal. How much are you actually spending where the increased sales tax makes a difference? If you spend 10k a year in tangible goods, that's an extra $300 a year in sales tax, or an extra POINT .15 percent in your DTI.
Isn't 9% of 10k $900 not $300?
The previous poster said sales tax in Long Island was "higher"... so I took an arbitrary real world number to compare. In this case I took 6% which is probably below the national average.
So the difference between an average 6% sales tax and what Long Island charges is a little below 3%. Or $300 a year based on 10k in tangible goods. Really not going to break anybody's bank (at least anyone who makes over 200k a year).
Message edited 12/1/2010 10:46:25 AM.
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| Posted 12/1/10 10:45 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
IMO, you're very wise with your money, but don't fit the definition of "Well Off." If you were "Well Off," you wouldn't have to stress over "trimming the fat." But again, that's going by my idea of "well off."
That's really not the best way to look at it. Like a previous poster said, you can still be well off AND be frugal with your money. You never know what the future may bring.
Why does a skinny person continue to work out? They don't need to lose weight. They don't have a medical condition requiring them to exercise. They do it because they want to stay healthy. They may also do it because they enjoy it.
I enjoy keeping track of everything I spend. Like I said I enjoy finance, making money, investing wisely, etc. I am also very frugal with my money. When I have contractors come over for quotes, I nickel and dime them to death until I get a deal that I feel is fair. Sure I could probably afford the first estimate that comes in. But what I have is self made (both my parents never owned a house or anything), so I keep it close to the chest.
Many would consider Donald Trump "well off". Donald Trump declared bankruptcy not once, but I believe twice.
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| Posted 12/1/10 10:52 AM |
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Chatham-Chick
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Member since 5/05 10311 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by ave1024
Posted by Chatham-Chick
IMO, you're very wise with your money, but don't fit the definition of "Well Off." If you were "Well Off," you wouldn't have to stress over "trimming the fat." But again, that's going by my idea of "well off."
That's really not the best way to look at it. Like a previous poster said, you can still be well off AND be frugal with your money. You never know what the future may bring.
Why does a skinny person continue to work out? They don't need to lose weight. They don't have a medical condition requiring them to exercise. They do it because they want to stay healthy. They may also do it because they enjoy it.
I enjoy keeping track of everything I spend. Like I said I enjoy finance, making money, investing wisely, etc. I am also very frugal with my money. When I have contractors come over for quotes, I nickel and dime them to death until I get a deal that I feel is fair. Sure I could probably afford the first estimate that comes in. But what I have is self made (both my parents never owned a house or anything), so I keep it close to the chest.
Many would consider Donald Trump "well off". Donald Trump declared bankruptcy not once, but I believe twice.
It's all a matter of perspective.
And I don't necessarily believe shopping around and negotiating quotes/estimates as being frugal. Watching every dime spent at Starbucks is. In my opinion, those who are well off tend to have at least a few grand of disposable income a month, where they don't need to account for where it's going because all of their other financial needs/requirements (whether it's savings, investing, expenses) are being met.
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| Posted 12/1/10 11:12 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
It's all a matter of perspective.
And I don't necessarily believe shopping around and negotiating quotes/estimates as being frugal. Watching every dime spent at Starbucks is. In my opinion, those who are well off tend to have at least a few grand of disposable income a month, where they don't need to account for where it's going because all of their other financial needs/requirements (whether it's savings, investing, expenses) are being met.
I watch every dime on everything. That's just the way I have it set up. It's not like I am going to stop buying my starbucks on the 20th of the month because I am over budget. 
And again, those with disposable income can still watch where the money is going. You make it sound like the richest people in the world never watch where their money is going. Couldn't be farther from the truth. They just usually PAY people to do it for them.
Its a shame somebody like Mike Tyson never took this advice.
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| Posted 12/1/10 11:37 AM |
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jasmine
little boy blue <3
Member since 10/10 1475 total posts
Name:
x
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
In my opinion, those who are well off tend to have at least a few grand of disposable income a month, where they don't need to account for where it's going because all of their other financial needs/requirements (whether it's savings, investing, expenses) are being met.
I think there's a difference between choosing to account for where your money is going because you like to know where your money is going v. accounting for where your money is going because you dont know if you can afford that cup of coffee and need to make sure you can swing it. You may not "need to" account for everything you spend but many still do, even if there is plenty of disposable income each month.
we track every dime in Quicken because we like to look at charts, see how our spending matches up with our targets in each area, make sure we are on track with where we want to be, etc. we may not "need to" do this but we both enjoy doing it 
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| Posted 12/1/10 11:45 AM |
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sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Maybe it's just me, but if you have a combined income of $250k, you are netting approx $10k a month.
If you are blowing thru $10k in expenses every month I think you need to reevaluate your spending.
I pay (like everyone else)
mortgage
taxes
utilities
daycare
car payment
student loans
401k contributions
I have plenty of bills. But if I was clearing $10k a month cash, things would be pretty easy. Which I would consider well off.
Ofcourse, if you always spend what you earn (or more) ie expensive cars, houses, clothing, etc. There will never be a magical number that will make you "well off".
You will always be struggling.
I'm amazed by those finance shows and how much people spend every month and claim to not make enough $.
Til Debt do us part is my new fav show.
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| Posted 12/1/10 11:50 AM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by jasmine
Posted by Chatham-Chick
In my opinion, those who are well off tend to have at least a few grand of disposable income a month, where they don't need to account for where it's going because all of their other financial needs/requirements (whether it's savings, investing, expenses) are being met.
I think there's a difference between choosing to account for where your money is going because you like to know where your money is going v. accounting for where your money is going because you dont know if you can afford that cup of coffee and need to make sure you can swing it. You may not "need to" account for everything you spend but many still do, even if there is plenty of disposable income each month.
we track every dime in Quicken because we like to look at charts see how our spending matches up with our targets in each area, make sure we are on track with where we want to be, etc. we may not "need to" do this but we both enjoy doing it
And I'm not saying people who are well off or wealthy don't track or manage their money...but one of Ave's initial posts explained how others could be "well off" if they were just more frugal with their spending. If you have to be frugal to be well off, then you don't fit my definition of "well off."
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| Posted 12/1/10 11:52 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: What family income would you consider "well off" for Long Island?
I think well off is just too subjective of a term to answer this.
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| Posted 12/1/10 11:57 AM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
and call me fiscally irresponsible...but no way in heck an I forgoing my Starbucks in the morning!!!!
Jaime! I'll be fiscally irresponsible with you! I need my SB!!!
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| Posted 12/1/10 12:04 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by sleepie76
Maybe it's just me, but if you have a combined income of $250k, you are netting approx $10k a month.
With a gross salary of 250k, you are netting way more than 10k. Probably closer to 13-14k. Especially if you adjust your withholdings correctly.
ETA: And it will be even more if you have a house that allows you to deduct a ton of stuff.
Message edited 12/1/2010 12:07:43 PM.
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| Posted 12/1/10 12:06 PM |
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Re: What family income would you consider "well off" for Long Island?
Excellent points on this thread so far - another thing that was mentioned tangentially would be the difference between being Frugal by Choice vs. Frugal by Necessity.
Being well off is not just a combo of the high income but making smart decisions on that disposable income you do have after the expenses/necessities are paid for. This is purely a decision of Choice when faced with financial freedom. Those $ 10 lattes you buy every morning amount to almost $500 a year which could easily be put toward a savings/retirement account. That doesn't mean foregoing the $10 lattes puts you in a "not well off" category but I know couples living in Muttontown, who drive expensive cars, and earn incomes over $250K who simply choose not to spend their disposable income this way.
"Till Debt Do Us Part" is definitely ouir favorite show because it is a nice wake up call to realities of spending and knowing how to budget for the necessary things in life.
Message edited 4/21/2011 5:24:16 PM.
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| Posted 12/1/10 1:24 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by Nifheim
sorry if you are making $150K plus you are well off
(edited) so i wasn't insensitive to everyone.
IF we ever break 100K i can only imagine how much we could afford to do or even save monthly IF we don't spend it. That is like OMG money.
I have to agree with you, if your family is not comfortable on 150K you are doing something wrong. my DH does not make anywhere near 250 K, I am a SAH mom, we are buying in a top nabe in nassau have a high car pmt, 2 kids and we are in pretty good shape.
Message edited 12/1/2010 1:48:15 PM.
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| Posted 12/1/10 1:34 PM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: What family income would you consider "well off" for Long Island?
Posted by sleepie76
Maybe it's just me, but if you have a combined income of $250k, you are netting approx $10k a month.
If you are blowing thru $10k in expenses every month I think you need to reevaluate your spending.
I pay (like everyone else)
mortgage
taxes
utilities
daycare
car payment
student loans
401k contributions
I have plenty of bills. But if I was clearing $10k a month cash, things would be pretty easy. Which I would consider well off.
Ofcourse, if you always spend what you earn (or more) ie expensive cars, houses, clothing, etc. There will never be a magical number that will make you "well off".
You will always be struggling.
I'm amazed by those finance shows and how much people spend every month and claim to not make enough $.
Til Debt do us part is my new fav show.
We clear more than that per month and I definitely do not consider ourselves well off. I think a lot has to do with where you live. We sold our house in the suburbs to move back into the city. Our rent in Manhattan is higher than our old mortgage. We plan to eventually move back out to the suburbs and upgrade our home so I'm sure our home payment will be even higher. DH will start making more money next year though.
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| Posted 12/1/10 1:37 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
what? I just purchased a home in a great area, just under 500K . my tax and property tax are just about what you have above, so I find your statement very unbelievable
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| Posted 12/1/10 1:41 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Message edited 12/1/2010 1:47:38 PM.
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| Posted 12/1/10 1:47 PM |
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