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Whats your Household income
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Whats your Household income
Posted by Daisy32
Posted by KittyShops
What I want to know is WHY does pizza with a special topping now cost $4 a slice?
 yeah seriously! I paid almost 5 bucks last week for a bagel with flavored cream cheese! I was shocked when they told me how much it was!
Or a $9 soup. On LONG ISLAND not NYC.
What the EFF is that?
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Posted 1/21/15 4:57 PM  |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Whats your Household income
I don't know that anyone was complaining, per se, just stating their reality (except the pizza and bagels and it's totally a damn rip off).
I think the point is, you work with what you have. The more you make, the more you spend. I could have stayed in my crappy apartment with $1200 a month rent instead of buying a house. But, I didn't WANT to. And because I didn't want to, it's hard sometimes. Not a complaint, just a fact, and that's the impression I got from everyone here.
And I always used to pass that $1 pizza place by Grand Central on the express bus...is it actually good?!
Message edited 1/21/2015 5:16:42 PM.
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| Posted 1/21/15 5:14 PM |
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JSDB
<3
Member since 1/13 1329 total posts
Name:
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Re: Whats your Household income
It's impossible to compare with other people there are so many variables. do you have student loans? Do you work in the city? (city jobs often pay more but are usually associated with higher expenses --- living closer to work is much more expensive, hours out of house are longer so childcare is often more expensive, commuting costs, etc so yes you may have higher income but you often have a lot more expenses too. Yes its all a choice, but a $75k job in the city isn't necessarily taking home much more than a $50k job in Suffolk where you can live more cheaply with a 10 minute commute). Do you need to pay for childcare? ($100k earned by one with a SAH spouse is very different than two parents earning $50k each and paying for childcare). Do you own a home? When did you buy it? Do you have children? How many? Do you pay for health insurance? How much? Do you have family helping you out? How old are you? How long have you been in the work force and saving money? Even tbings like whether you paid for your own wedding or had family help can make a difference. Yes most of these are choices in some respect but there are just so many factors it's hard to meaningfully compare one to another. Long Island is expensive though!
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| Posted 1/21/15 10:03 PM |
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2BadSoSad
LIF Adult
Member since 8/12 6791 total posts
Name:
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Re: Whats your Household income
I didnt mean for this to become a pissing contest BUT your situation truly DOES depend on your circumstances. Take my DH and I....we make in the 2nd to top bracket in the poll, but very close to the top bracket. We live in a modest 1100 sq ft home BUT we bought at the height of the market (it is currently worth about 60% of what we paid for it). WHEN we did that, 4 months into it my DH lost his job and I was laid off all within 2 months of one another WITH a baby on the way. We were BROKE. We had just bought a house, lost our jobs, and had a baby on the way. It was RIDICULOUS. So, during that time period (I found a job not long after but DH was out of work for about a year doing odd jobs to make ends meet) we racked up A LOT of debt just to pay the basic bills. We are 5 months away from paying all that debt off and being completely debt free!!!! It took 5 years so yes, we are on the higher end of the spectrum but we had A LOT of debt and were not living outside of our means, just trying to make ends meet. Paying the mortgage, student loans, the bills, COBRA, getting things NEEDED for a baby, and having to both work to stay afloat we needed to pay for daycare on top of that. It was insane and HARD. But we made it, and in 5 months, we will be much better off than we have been since we will have zero debt other than our mortgage. Its all relative. Not everyone making in one of the higher brackets and not living in the lap of luxury isnt being irresponsible with their money or mismanaging that....maybe at sometime, they just had to get by and now that they are making more, that their careers have progressed, they are still trying to pay for the past. At the time, our salaries were far less than what they are now, so the dollar didnt go as far then, especially when you had fallen on really hard times and still had to keep a roof over your heads. So yes, our salaries have increased with our career growth but that doesnt erase the past.
Message edited 1/21/2015 11:56:30 PM.
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| Posted 1/21/15 11:49 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Whats your Household income
I will say that it is all based on your individual situation. DH and I make about 80k combined. We work retail jobs. We have crappy schedules, trying to raise a family, live in a small house etc. the plus side? We have an 8 mile commute to work, we juggle schedules so really only need a babysitter 2-3x a week which is costing around $140 average.
I constantly tell myself yes it sucks but he whats my alternative? If I made 150k I'd likely have a city job, horrible commute, getting up at the butt crack of dawn everyday carting kids to daycare and paying and absurd amount of $$$ in daycare costs.
The grass is not always greener 
Message edited 1/22/2015 12:24:34 AM.
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| Posted 1/22/15 12:23 AM |
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AprilBabyBoy
LIF Infant
Member since 7/13 206 total posts
Name:
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Re: Whats your Household income
My salary (pre-deductions) is over $150K so I fall into that top bracket, prior to adding my husband. I do not have a grad degree.
Message edited 1/22/2015 6:49:50 AM.
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| Posted 1/22/15 6:15 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Whats your Household income
Posted by SlurpeeDad
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
That would still leave you $60,000 to pay your mortgage, utilities, and everyday items for the year. And if you are living in Riverhead, you are probably saving on real estate taxes and mortgage because it isn't as expensive to live out there. Even if your mortgage and taxes came out to $2500 a month, that would be $30,000 for the year. You still have $30,000 for all other expenses in your life. Personally, I will still be able to fund my roth IRA and put at least some money into savings.
Based on your figures, I highly doubt everyone lives with a $2500 mortgage and taxes. And $30,000 for the rest of the year breaks down to $577 per week, or $2300 per month - so a family of 4 needs to pay all their other bills (PSEG, cable, cell, car insurance, student loans, car payment and sometimes 2 payments, gas, food, CC, water bill, and the other incidentals of having children) with that amount of money AND still fund an IRA and savings? It IS expensive to live here and telling people they're doing something wrong is a crappy generalization.
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| Posted 1/22/15 7:41 AM |
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Re: Whats your Household income
Posted by 2BadSoSad
I didnt mean for this to become a pissing contest BUT your situation truly DOES depend on your circumstances. Take my DH and I....we make in the 2nd to top bracket in the poll, but very close to the top bracket. We live in a modest 1100 sq ft home BUT we bought at the height of the market (it is currently worth about 60% of what we paid for it). WHEN we did that, 4 months into it my DH lost his job and I was laid off all within 2 months of one another WITH a baby on the way. We were BROKE. We had just bought a house, lost our jobs, and had a baby on the way. It was RIDICULOUS. So, during that time period (I found a job not long after but DH was out of work for about a year doing odd jobs to make ends meet) we racked up A LOT of debt just to pay the basic bills. We are 5 months away from paying all that debt off and being completely debt free!!!! It took 5 years so yes, we are on the higher end of the spectrum but we had A LOT of debt and were not living outside of our means, just trying to make ends meet. Paying the mortgage, student loans, the bills, COBRA, getting things NEEDED for a baby, and having to both work to stay afloat we needed to pay for daycare on top of that. It was insane and HARD. But we made it, and in 5 months, we will be much better off than we have been since we will have zero debt other than our mortgage. Its all relative. Not everyone making in one of the higher brackets and not living in the lap of luxury isnt being irresponsible with their money or mismanaging that....maybe at sometime, they just had to get by and now that they are making more, that their careers have progressed, they are still trying to pay for the past. At the time, our salaries were far less than what they are now, so the dollar didnt go as far then, especially when you had fallen on really hard times and still had to keep a roof over your heads. So yes, our salaries have increased with our career growth but that doesnt erase the past.
Yep I agree that it does depend on everyone's different situation and lifestyle.
What YOU may consider "broke" might be not what someone else considers broke.
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| Posted 1/22/15 10:24 AM |
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SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
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Re: Whats your Household income
Posted by Kitten1929
Posted by SlurpeeDad
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
That would still leave you $60,000 to pay your mortgage, utilities, and everyday items for the year. And if you are living in Riverhead, you are probably saving on real estate taxes and mortgage because it isn't as expensive to live out there. Even if your mortgage and taxes came out to $2500 a month, that would be $30,000 for the year. You still have $30,000 for all other expenses in your life. Personally, I will still be able to fund my roth IRA and put at least some money into savings.
Based on your figures, I highly doubt everyone lives with a $2500 mortgage and taxes. And $30,000 for the rest of the year breaks down to $577 per week, or $2300 per month - so a family of 4 needs to pay all their other bills (PSEG, cable, cell, car insurance, student loans, car payment and sometimes 2 payments, gas, food, CC, water bill, and the other incidentals of having children) with that amount of money AND still fund an IRA and savings? It IS expensive to live here and telling people they're doing something wrong is a crappy generalization.
This is LIF, isn't the point of this board to tell people they are doing things wrong. I see it all the time. That being said, I didn't tell anyone they did something wrong, I am just stating that it is very easy, IMO, to live on this island with a combined household income of $150k. Cable/Phones/Student Loans/ and car payments would be the same price in the rest of the country. In suffolk county, water is extremely cheap. Credit Card bills are not a standard and not everyone has them. So car insurance, food, gas, taxes, and child care are the expensive parts of Long Island. With proper budgeting, it is very possible to live a very comfortable life on $150k.
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| Posted 1/22/15 5:35 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Whats your Household income
Posted by SlurpeeDad
Posted by Kitten1929
Posted by SlurpeeDad
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
That would still leave you $60,000 to pay your mortgage, utilities, and everyday items for the year. And if you are living in Riverhead, you are probably saving on real estate taxes and mortgage because it isn't as expensive to live out there. Even if your mortgage and taxes came out to $2500 a month, that would be $30,000 for the year. You still have $30,000 for all other expenses in your life. Personally, I will still be able to fund my roth IRA and put at least some money into savings.
Based on your figures, I highly doubt everyone lives with a $2500 mortgage and taxes. And $30,000 for the rest of the year breaks down to $577 per week, or $2300 per month - so a family of 4 needs to pay all their other bills (PSEG, cable, cell, car insurance, student loans, car payment and sometimes 2 payments, gas, food, CC, water bill, and the other incidentals of having children) with that amount of money AND still fund an IRA and savings? It IS expensive to live here and telling people they're doing something wrong is a crappy generalization.
This is LIF, isn't the point of this board to tell people they are doing things wrong. I see it all the time. That being said, I didn't tell anyone they did something wrong, I am just stating that it is very easy, IMO, to live on this island with a combined household income of $150k. Cable/Phones/Student Loans/ and car payments would be the same price in the rest of the country. In suffolk county, water is extremely cheap. Credit Card bills are not a standard and not everyone has them. So car insurance, food, gas, taxes, and child care are the expensive parts of Long Island. With proper budgeting, it is very possible to live a very comfortable life on $150k.
I am in that top bracket an we do just fine but are far from comfortable. We both work, have daycare student loans that are more than most people mortgages. Could I have not gone to school sure but then I wouldn't have the job I do.
People can do it all "right" per your assumptions and make that top bracket and still have to struggle.
Life just doesn't fit into your nice little box.
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| Posted 1/22/15 5:59 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Whats your Household income
Posted by alli3131
Posted by SlurpeeDad
Posted by Kitten1929
Posted by SlurpeeDad
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
That would still leave you $60,000 to pay your mortgage, utilities, and everyday items for the year. And if you are living in Riverhead, you are probably saving on real estate taxes and mortgage because it isn't as expensive to live out there. Even if your mortgage and taxes came out to $2500 a month, that would be $30,000 for the year. You still have $30,000 for all other expenses in your life. Personally, I will still be able to fund my roth IRA and put at least some money into savings.
Based on your figures, I highly doubt everyone lives with a $2500 mortgage and taxes. And $30,000 for the rest of the year breaks down to $577 per week, or $2300 per month - so a family of 4 needs to pay all their other bills (PSEG, cable, cell, car insurance, student loans, car payment and sometimes 2 payments, gas, food, CC, water bill, and the other incidentals of having children) with that amount of money AND still fund an IRA and savings? It IS expensive to live here and telling people they're doing something wrong is a crappy generalization.
This is LIF, isn't the point of this board to tell people they are doing things wrong. I see it all the time. That being said, I didn't tell anyone they did something wrong, I am just stating that it is very easy, IMO, to live on this island with a combined household income of $150k. Cable/Phones/Student Loans/ and car payments would be the same price in the rest of the country. In suffolk county, water is extremely cheap. Credit Card bills are not a standard and not everyone has them. So car insurance, food, gas, taxes, and child care are the expensive parts of Long Island. With proper budgeting, it is very possible to live a very comfortable life on $150k.
I am in that top bracket an we do just fine but are far from comfortable. We both work, have daycare student loans that are more than most people mortgages. Could I have not gone to school sure but then I wouldn't have the job I do.
People can do it all "right" per your assumptions and make that top bracket and still have to struggle.
Life just doesn't fit into your nice little box.
The issue i am seeing on this thread is the way the terms "making it work" and "struggle" and "having it easy" are used. IMO those that HAVE jobs, CAN pay for daycare, HAVE cars and CAN pay their loans, mortgages and bills are making it work and are not struggling and have it easier than those that truly have hardships.
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| Posted 1/22/15 6:20 PM |
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babyfever24
LIF Adult
Member since 1/11 3340 total posts
Name:
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Re: Whats your Household income
How did i know this thread would be a gazillion pages and people arguing?!
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| Posted 1/22/15 7:57 PM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: Whats your Household income
Posted by stinger
Posted by alli3131
Posted by SlurpeeDad
Posted by Kitten1929
Posted by SlurpeeDad
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
That would still leave you $60,000 to pay your mortgage, utilities, and everyday items for the year. And if you are living in Riverhead, you are probably saving on real estate taxes and mortgage because it isn't as expensive to live out there. Even if your mortgage and taxes came out to $2500 a month, that would be $30,000 for the year. You still have $30,000 for all other expenses in your life. Personally, I will still be able to fund my roth IRA and put at least some money into savings.
Based on your figures, I highly doubt everyone lives with a $2500 mortgage and taxes. And $30,000 for the rest of the year breaks down to $577 per week, or $2300 per month - so a family of 4 needs to pay all their other bills (PSEG, cable, cell, car insurance, student loans, car payment and sometimes 2 payments, gas, food, CC, water bill, and the other incidentals of having children) with that amount of money AND still fund an IRA and savings? It IS expensive to live here and telling people they're doing something wrong is a crappy generalization.
This is LIF, isn't the point of this board to tell people they are doing things wrong. I see it all the time. That being said, I didn't tell anyone they did something wrong, I am just stating that it is very easy, IMO, to live on this island with a combined household income of $150k. Cable/Phones/Student Loans/ and car payments would be the same price in the rest of the country. In suffolk county, water is extremely cheap. Credit Card bills are not a standard and not everyone has them. So car insurance, food, gas, taxes, and child care are the expensive parts of Long Island. With proper budgeting, it is very possible to live a very comfortable life on $150k.
I am in that top bracket an we do just fine but are far from comfortable. We both work, have daycare student loans that are more than most people mortgages. Could I have not gone to school sure but then I wouldn't have the job I do.
People can do it all "right" per your assumptions and make that top bracket and still have to struggle.
Life just doesn't fit into your nice little box.
The issue i am seeing on this thread is the way the terms "making it work" and "struggle" and "having it easy" are used. IMO those that HAVE jobs, CAN pay for daycare, HAVE cars and CAN pay their loans, mortgages and bills are making it work and are not struggling and have it easier than those that truly have hardships.
I disagree with your point.
Is that what life is about? Everything is fantastic so long as you're not having a "true hardship"? IMHO that's BS. That's the "there are children starving in Africa" defense. I'm sure there are people who actually can't pay their obligations, but I don't think anyone here is arguing that they make $150K and need to be on the soap line at the homeless shelter.
Just b/c I paid my bills this month and can pay them next month doesn't mean its not a struggle to live within a paycheck.
If you're fully funding a real retirement, funding a nice savings plan for your kids education, have 6-12 months cash of your salary for a safety net saved, take great vacations, have your cars and student debt fully paid for (unless having the debt by choice) and not worrying about the timing of bills in relation to your paycheck, then you're comfortable, or at least I would be.
Anything less than that, you're cutting a corner in order to live here (or alternatively spending money on something that you shouldn't be affording). I certainly don't have all those things covered though I'm not in the top bracket here.
Message edited 1/23/2015 10:30:59 AM.
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| Posted 1/23/15 10:28 AM |
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Daisy32
Mommy
Member since 2/08 8081 total posts
Name:
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Re: Whats your Household income
Posted by SlurpeeDad
Posted by Kitten1929
Posted by SlurpeeDad
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
That would still leave you $60,000 to pay your mortgage, utilities, and everyday items for the year. And if you are living in Riverhead, you are probably saving on real estate taxes and mortgage because it isn't as expensive to live out there. Even if your mortgage and taxes came out to $2500 a month, that would be $30,000 for the year. You still have $30,000 for all other expenses in your life. Personally, I will still be able to fund my roth IRA and put at least some money into savings.
Based on your figures, I highly doubt everyone lives with a $2500 mortgage and taxes. And $30,000 for the rest of the year breaks down to $577 per week, or $2300 per month - so a family of 4 needs to pay all their other bills (PSEG, cable, cell, car insurance, student loans, car payment and sometimes 2 payments, gas, food, CC, water bill, and the other incidentals of having children) with that amount of money AND still fund an IRA and savings? It IS expensive to live here and telling people they're doing something wrong is a crappy generalization.
This is LIF, isn't the point of this board to tell people they are doing things wrong. I see it all the time. That being said, I didn't tell anyone they did something wrong, I am just stating that it is very easy, IMO, to live on this island with a combined household income of $150k. Cable/Phones/Student Loans/ and car payments would be the same price in the rest of the country. In suffolk county, water is extremely cheap. Credit Card bills are not a standard and not everyone has them. So car insurance, food, gas, taxes, and child care are the expensive parts of Long Island. With proper budgeting, it is very possible to live a very comfortable life on $150k.
You're really coming across as a jerk. Just not necessary.
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| Posted 1/23/15 11:08 AM |
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Whats your Household income
I think many on LI (and correct me if I'm wrong) mean that while they pay for everything A to Z, there is X left to save and stock pile.. And that amount isn't huge.
Let's say you make a livable salary. Own/rent. Pay bills. Have food on table and such. Live pretty basic (nothing extravagant). You're not bringing home your salary after taxes. And while everything is being paid and you're on top of things, it's hard to still fully fund a 401k, build up a substantial emergency savings, etc. And forget it if you're a single person!
I keep trying to build up an emergency savings but some other such disaster occurs as soon as I get ahead
And of course, life gets in the way sometimes. And there are set backs, life changes, etc.
Basically ... I think people can squeak by...or make it in that sense... But to fully invest in retirement and savings can be a challenge. This isn't an LI issue, I think it's nationwide.
Financial stress is one of the biggest stressors and it's sadly way too common. I have yet to meet a single person who isn't financially stressed in some way. Maybe not over current situations, but even worrying about retirement. I'm always worried about retirement. I don't even trust the money will be there when I need it. It's a sad reality.
Message edited 1/23/2015 11:43:14 AM.
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| Posted 1/23/15 11:42 AM |
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OrganicMama
So in love with my little man!
Member since 6/08 5172 total posts
Name:
Mama
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Re: Whats your Household income
Posted by bunnyluck
Posted by afternoondelight828
Posted by SlurpeeDad
This thread really annoys me. Reading about how people make over $150k and have a hard time making it work on Long Island is absurd. If you choose to live within your means, there are no issues living here on that amount of money. Actually, if you live within your means, you can make it by on much less.
I have to agree. We live on half of that on LI and own a home, have 2 cars, 2 kids and pay our bills on time.
You can't put people in a box, everyone's situation is different.
We don't live extravagantly by ANY means. We are not struggling but do not have it easy either....
For instance look at this scenario -
It can cost a married couple just under $10,000 a year just to get to work (LIRR and subway pass) If you travel from out east (Ronkonkoma, this is easily more). If you gross that up and assume 60% take home pay, you need to make rougly $16,000 a year just to get to work. And, this does not included the cost to own a car i.e., gas, insurance, and maintenance.
Now child care - one child say is $20K a year. Gross that up, you need to make $34K a year to pay for that.
So right there between commutting and childcare is $50,000 of gross salary. That is 1/3 of the highest bracket on this survey.
Some may argue the 60% take home pay but I will counter back that 40% of your total net income will go to taxes once you factor in ALL of your taxes (income, real estate, sales, other government fees you don't even realize your paying, tax on certain commodities, DMV fees, professional license fees, tolls, etc.)
I agree you can't put everyone in a box. We are in the top bracket (overtime included in that figure but not for much longer), but we bought at the height of the market, and then our home was damaged by Sandy. So we basically had to start over, we lost everything in that house, we barely walked away with anything after 8yrs of paying a mortgage and tens of thousands in renovations. Add in an extra $2k-$3k a month for out of pocket health expenses for my children, large unexpected expenses multiple times over the last three years, and we're struggling. No new clothes, no dinners out, no vacations, gifts only for the kids on holidays. We can pay our bills on time, but that's about it. After being out of debt for years now we're climbing back out again.
Message edited 1/24/2015 11:01:31 PM.
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| Posted 1/24/15 10:47 PM |
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