|
What's A Comfortable Household Income?
| Posted By |
Message |
| Pages: 1 [2] |
hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
|
Re: What's A Comfortable Household Income?
I also think it all depends on when you bought your house.
We made a combined income of $35,000 when we purchased our house 11 years ago. We still make under $100,000 by alot.
I am so excited that when my ds goes to school next year, we will have almost $200 MORE per WEEK. That will really help us be able to have more in savings, college savings for the kids, some vacation money and some extras.
I truly believe the more you make, the more you spend so it really equals out. You may have a larger house and more expensive cars with a larger salary but you can still stress when the bills come like you do when you made half of that.
|
Posted 10/25/07 10:54 AM  |
| |
|
jennyg
LIF Adolescent
Member since 5/05 633 total posts
Name:
|
Re: What's A Comfortable Household Income?
I definitely agree that it depends on when you bought your house and if you have kids. We make more than $200k but that doesn't mean we don't stress about money. We have a big monthly mortgage payment (even though we put down 20%), life insurance, two 529's, a FT nanny, we max out on 401k contributions and since we are both in sales, we do spend $$ on work clothes. We don't have any debt besides our mortgage but all the aforementioned things add up! Its all relative. Unless I had $1M in the bank liquid, and no mortgage, I don't think I would ever feel completely comfortable.
|
| Posted 10/25/07 11:18 AM |
| |
|
dgirl
LIF Adult
Member since 5/07 1079 total posts
Name:
Danielle
|
Re: What's A Comfortable Household Income?
DH would have to me making over 300k for me to feel comfortable not working. Even then I think I would either be freelancing or running a web based business to keep me going.
We live below our means but do have a mortgage, living expenses, and car payments. The estimate above was anticipating kids too which we do not have yet.
|
| Posted 10/25/07 11:24 AM |
| |
|
CunningOne
***
Member since 5/05 26975 total posts
Name:
|
Re: What's A Comfortable Household Income?
Posted by GoldenRod
It all depends on your income vs outgo. If you have no mortgage, no car payments, no credit card debt, you can be very comfortable on much less than someone with a $3000 mortgage, $1000 in car payments, and $1000 in credit card debt. That's $60k a year (which means you need to earn about $90k to have $60k left).
If you earn $100k/year and no outstanding debt, you'll be doing pretty good. If you make the same $100k, but have the above mentioned debt load, you'll be bankrupt in a week.
I think you make some good points, basically what I am going to say too.
We bought back in 2000, our mortgage is very reasonable, and its only a 20-year mortgage (at 5.25%). We don't have any credit card debt, no car or insurance payments, etc. We don't have daycare costs (I am SAHM), and we are paying to send our oldest to nursery school  WE max our 401K/IRA's and 529 plans for the kids.
We save richly and live poorly.  And we aren't hurting, although more money is always good.
|
| Posted 10/25/07 11:41 AM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: What's A Comfortable Household Income?
Simple answer for us would be our combined income. If one of us made our combined income then, one of us could stay home. I don't think either of us could stay home for long though.
|
| Posted 10/25/07 12:13 PM |
| |
|
| Pages: 1 [2] |
Potentially Related Topics:
| Topic |
Posted By |
Started |
Replies |
Forum |
| Household Income? |
jar823 |
3/27/06 |
111 |
Families Helping Families ™ |
Currently 604621 users on the LIFamilies.com Chat
|
Long Island Bridal Shows
|
