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MrsA1012
love my little girl !
Member since 9/10 5777 total posts
Name:
Me
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How much income do YOU think is needed
250 k plus ,minimum, for western nassau, I'd assume a little less in suffolk and eastern Nassau.
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Posted 5/21/17 11:00 AM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: How much income do YOU think is needed
Posted by stinger
Posted by alli3131
We have survive as a family of 3 on much less than what people are saying. It's all about personal choices. Housing choices etc.
She didnt say survival though. Taking vacas each year and having new cars, savings etc is more like very comfortable
But we always have newish cars and take vacations. It's all about the house you buy, town you live in and what you choose to spend your money on. So comfortable is very relative. Each person as a very different opinion. Our incomes have changed quite a bit over the last few years but our lifestyle hasn't much so I have seen if from 2 very different ends of the spectrum.
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| Posted 5/21/17 12:52 PM |
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babydreams21
LIF Adult
Member since 12/12 3656 total posts
Name:
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How much income do YOU think is needed
150-175 if you have no large debt except the house. We live in Nassau and live more than comfortable with that.
Message edited 5/21/2017 2:35:45 PM.
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| Posted 5/21/17 2:35 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: How much income do YOU think is needed
!
Message edited 6/30/2017 8:55:52 PM.
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| Posted 5/21/17 4:55 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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How much income do YOU think is needed
I feel like the number is higher than what's been thrown out... closer to 300k for Western Nassau, maybe even 350k.
But again, there is no one size fits all formula.
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| Posted 5/21/17 6:44 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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How much income do YOU think is needed
Thank goodness for this site or I'd have no idea how poor I should consider myself
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| Posted 5/21/17 6:49 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: How much income do YOU think is needed
Posted by MrsT809
Thank goodness for this site or I'd have no idea how poor I should consider myself
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| Posted 5/21/17 8:01 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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How much income do YOU think is needed
this post just reminds me of how depressed I felt when reading the post about moving away from LI. It's so crazy how much money is required for comfortable living in western nassau, when I could be making 1/4 of that amount somewhere else and be considered rich lol
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| Posted 5/21/17 8:02 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: How much income do YOU think is needed
Posted by mommy2be716
this post just reminds me of how depressed I felt when reading the post about moving away from LI. It's so crazy how much money is required for comfortable living in western nassau, when I could be making 1/4 of that amount somewhere else and be considered rich lol
It's not required...we make half of what people on here are saying and live quite nicely!!
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| Posted 5/21/17 9:01 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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How much income do YOU think is needed
More than its worth.
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| Posted 5/21/17 9:44 PM |
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MrsA1012
love my little girl !
Member since 9/10 5777 total posts
Name:
Me
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Re: How much income do YOU think is needed
Posted by bunnyluck
I feel like the number is higher than what's been thrown out... closer to 300k for Western Nassau, maybe even 350k.
But again, there is no one size fits all formula.
. Oh, I agree with you. I said 250 k minimum for that area, but yes, your numbers are probably more accurate. Variables would be home size, when you purchased home, property taxes , childcare situation , student loan debt , credit card debt and car payment situation , do you have an inheiritance or family help etc etc , so it would,be impossible to give am exact number , but I think 250 k to start with over 300 k being more realistic .
Message edited 5/22/2017 8:24:19 AM.
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| Posted 5/22/17 8:23 AM |
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Momma2015
Mommax2
Member since 12/12 6656 total posts
Name:
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Re: How much income do YOU think is needed
I'd say $175k. We live pretty well but we're a family of three and we make well below that. Daycare is a HUGE cost each month so while DH would like to have a second child, I don't want to even think of it until she's in school, though we'll still have to pay for aftercare. Or perhaps a nanny is the way to go at that point. It's so hard. If we went the nanny route, it would work out better for me, I'd be able to leave later and get home earlier since I wouldn't have to drop her off and pick her up in Queens.
ETA: We live in Western Nassau.
Message edited 5/22/2017 8:27:38 AM.
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| Posted 5/22/17 8:27 AM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: How much income do YOU think is needed
There are many variables to this question. I personally think it is around $250k. This is with a home worth around $600k.
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| Posted 5/22/17 8:36 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: How much income do YOU think is needed
So if you look at town names on wilipedia, you can see the median family income. In most of the ritzy towns, the average family makes 125-150k. Only in one town with average 2million homes did it say the average family income was $200k plus. Every other town was a lower median family income.
What I will say is that comfortable is relative.
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| Posted 5/22/17 11:56 AM |
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2BadSoSad
LIF Adult
Member since 8/12 6791 total posts
Name:
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Re: How much income do YOU think is needed
We are a family of 4, very little debt, pay for daycare, own small modest home, 1 small car we own and 1 pricier car we lease, both work FT. Before taxes, our combined income is about 165K. We are comfortable. No debt, contribute to our 401K, savings, college savings, kids are enrolled in sports and various activities and we take 1-2 vacations a year.
Message edited 5/22/2017 12:18:54 PM.
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| Posted 5/22/17 12:12 PM |
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Bebelove
LIF Adolescent
Member since 8/12 742 total posts
Name:
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Re: How much income do YOU think is needed
Posted by itsbabytime
Posted by MrsA1012
250 k plus ,minimum, for western nassau, I'd assume a little less in suffolk and eastern Nassau.
I agree with this. I think everyone's definition of comfortable is different so this is a very relative question that I'm not sure you can really put much stock in the different answers. To me, comfortable means that money doesn't factor into basic decisions as in, you don't need to make major decisions based how much things cost. I think being comfortable for me is being able to live in a top school district and give my kids all the opportunities available to them within reason. It means that I can go out to dinner whenever and wherever, get takeout etc. without thinking about the cost. I can shop for my family organic and not have to pinch pennies to do so. I can shop for my family without having to check price tags - not Gucci and prada lol but not all kohls and target. Being comfortable means that I can choose to SAHM with my kids and not feel stressed about money. I think the article someone posted about scraping by on $500,000 was very eye opening and spot on. If your kids are musically inclined and play instruments that could add $10,000 per year in lessons alone. Travel sports, sports camps, enrichment and coding programs - all VERY expensive. To me, giving my children the ability to develop these talents and having the financial means to do so without it impacting vacations, town we live in etc. is being comfortable. Of course there is a lot more that goes into this but, in general, I don't think that's possible on less than 250,000 a year to be truly "comfortable." Sure it can be done but no way in an upscale area in a top school district without making sacrifices to do so. But then again, some people might not feel this is their definition of comfortable - which is why this question is so relative!
Agree with everything you just said, including the 250k. I am asking to get a feel for everyone's opinion. I know it's relative and each person would give a different answer, but that's what I'm looking for. I think about these things and think, 250k sounds like an incredible income, but is it? Maybe not here on LI? With 250k, I think there should be a big house, 2 brand new cars, and at least 2 big vacations per year. But the numbers don't jive
Maybe 300k is needed ;)
Message edited 5/22/2017 1:10:17 PM.
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| Posted 5/22/17 1:06 PM |
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Bebelove
LIF Adolescent
Member since 8/12 742 total posts
Name:
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Re: How much income do YOU think is needed
Posted by MrsT809
Thank goodness for this site or I'd have no idea how poor I should consider myself
Omg
I will say, there are a lot of lawyers/ doctors/ pharmacists/ LI district school teachers living certain areas of Nassau and those incomes still don't seem very high Bc of the expenses
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| Posted 5/22/17 1:09 PM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: How much income do YOU think is needed
Posted by LSP2005
So if you look at town names on wilipedia, you can see the median family income. In most of the ritzy towns, the average family makes 125-150k. Only in one town with average 2million homes did it say the average family income was $200k plus. Every other town was a lower median family income.
What I will say is that comfortable is relative.
Bear in mind that data takes into account staff that reside on the properties in guest quarters of those homes with their families so that will greatly skew the data.
I would agree that $250-300K is a realistic number needed to live comfortably in a modest home, in a nice neighborhood, taking vacations and not living paycheck to paycheck.
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| Posted 5/22/17 1:16 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: How much income do YOU think is needed
There are so many variables to consider but generally speaking, to me, living "comfortably" means you're in a good size house that meets your needs as a family in a nice, safe town with good schools, NOT living paycheck to paycheck, having MORE than enough to cover monthly bills, little to no debt, and having the ability to enjoy the nicer things in life without breaking the bank such as driving a newer car and taking nice vacations.
On Long Island, between the cost of housing, property taxes, and everything else we have to shell out for on a monthly basis I think making in the six figures is a must and in my mind, making around $200K/yr should put you squarely in the "living comfortably" category if you are playing your cards right.
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| Posted 5/22/17 1:29 PM |
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2boys1girl
and one more girl on the way!
Member since 5/10 2954 total posts
Name:
D
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Re: How much income do YOU think is needed
I don't make nearly close to the numbers they are throwing around and I have a 4 bedroom house with 12k property taxes in a sought after blue ribbon school district. We both drive newer cars, My FOUR kids are all well taken care of participating in every sport or activity they want including my daughter who does competition cheer that costs 9k a year in just tuition not including travel to all of her out of state competitions for our whole family. We eat out weekly...and I'm not talking Friendlys. And in 99 days we leave for our Disney trip for 9 days. Those 200-300K numbers are bonkers lol...unless comfortable to you means gold plated mermaid statue spitting Evian on your front lawn then yea its in range.
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| Posted 5/22/17 2:02 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: How much income do YOU think is needed
Posted by 2boys1girl
I don't make nearly close to the numbers they are throwing around and I have a 4 bedroom house with 12k property taxes in a sought after blue ribbon school district. We both drive newer cars, My FOUR kids are all well taken care of participating in every sport or activity they want including my daughter who does competition cheer that costs 9k a year in just tuition not including travel to all of her out of state competitions for our whole family. We eat out weekly...and I'm not talking Friendlys. And in 99 days we leave for our Disney trip for 9 days. Those 200-300K numbers are bonkers lol...unless comfortable to you means gold plated mermaid statue spitting Evian on your front lawn then yea its in range.
Same, but a family of 4.
We make under $125k and are very comfortable.
We live in a great district in eastern nassau, pay extra towards our mortgage every month, put money in savings monthly, both have nice cars, take vacations, eat out more than I'd like to admit, if I want something I buy it.
The major factor here is that we have no debt other than mortgage and one car payment that will be paid in full soon. We made sure to pay off any debt in full before buying a home so anything that we put on our card now, gets paid in full monthly.
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| Posted 5/22/17 2:27 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: How much income do YOU think is needed
Posted by MrsT809
Thank goodness for this site or I'd have no idea how poor I should consider myself
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| Posted 5/22/17 2:55 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: How much income do YOU think is needed
I just want to add that the number of children you have can really affect the number as well. I have three kids and I easily spend $5k each on activities/camps/special events etc. Not to mention even in you are a SAHM you have preschool. This year my daughter's preschool was $7k. So if you add up the activities and preschool for my three kids thats $22k of after tax $s. Not to mention clothing, food, shoes, healthcare, etc. Conservatively I would say I spend about $25k a year on my kids and that's after tax $ so about $50k of pretax. Add another $10k of college savings per year… It all adds up very quickly.
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| Posted 5/22/17 4:17 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: How much income do YOU think is needed
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| Posted 5/22/17 4:27 PM |
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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: How much income do YOU think is needed
Posted by Shroggie
Same, but a family of 4.
We make under $125k and are very comfortable.
We live in a great district in eastern nassau, pay extra towards our mortgage every month, put money in savings monthly, both have nice cars, take vacations, eat out more than I'd like to admit, if I want something I buy it.
The major factor here is that we have no debt other than mortgage and one car payment that will be paid in full soon. We made sure to pay off any debt in full before buying a home so anything that we put on our card now, gets paid in full monthly.
This is how we live. (we only have 1 child though_
Especially the going out to eat more often than I like to admit. 
And my shopping habit. I buy WAY too much clothes, make up, hair extenisions, you name it.
Like you said, if i want it, I buy it.
Granted I don't have any designer purses or shoes, but I have a LOT of stuff. Quantity over quality I guess when it comes to my clothes.
We don't go away a lot but when we do we splurge on luxury hotels, restaurants, etc.
I have an old car, DH has a new luxury car.
We generally drive cars into the ground though.
Once our mortgage is paid off- (soon!) - I'll get myself a new car. For now my 11 year old beater is fine , runs great and it's no payment.
No credit card debt and working to pay the mortgage off very early by putting extra towards principle each month.
Right now we make more than $125 k combined, but not a ton more.
But again, we have a very small house. Like too small. But with 1 kid we just make do.... I'd prefer to feel a bit cramped and have money for other things than to pay a larger mortgage for a larger house.
But that's me.
It's all about what makes you happy and your own priorities.
Message edited 5/22/2017 4:48:00 PM.
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| Posted 5/22/17 4:46 PM |
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