How much income is enough?
- Thread starter Swagdaddy
- Start date
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Jalynfane
Phank 2002
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We are a family of four on $39k. This is the happiest we have been in our lives. Property taxes keep getting worse and worse, so that sucks, but we bought right after the crash, doing well for a home price. $139k then and now is $325k. Can't sell though since we would have to move to a very rural area to live, rents are $1600 here.
We are eeking by, trying to start new projects every so often in the hopes that one hits and we can actually have a retirement or send our kids to school. IT is fun and we are happy though. 8)
We are eeking by, trying to start new projects every so often in the hopes that one hits and we can actually have a retirement or send our kids to school. IT is fun and we are happy though. 8)
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This is going to come off as insensitive, but why the fuck are you pumping out children on that kind of income? To each their own and if you are happy then more power to you, but I would feel like I would be doing my children a disservice.
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ZyyzYzzy
RIP USA
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Caliane
Avatar of War Slayer
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OU Ariakas
Diet Dr. Pepper Enjoyer
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Make a fucking budget and figure out where every dollar is going. Then pick a dollar amount yo save every month and save it. Start small and work up to something like 25% of your take home. Most people that are in your situation (and it is about 85%+ of the US) just buy more expensive things as their income rises and the cycle continues.
Furious
Ahn'Qiraj Raider
- 2,950
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I have a family of five, single income, and last year I spent $27,000.
Kids are elite at everything, play rep sports and each does a different instrument.
All it takes is a plan, bro.
Scoresby
Trakanon Raider
- 793
- 1,475
It's the damn truth. I'm on track to retire at 45. I make "OK" money, but most of it has come by not having to buy everything and paying attention to what I do buy. Too often I see people want to make more, but not look at how they can spend less.
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Unless you are getting assistance I find this very hard to believe. If you are getting assistance then it goes back to my point of doing disservice to your kids by expecting others to pay for them. Of course you could be living in a one room hut and feeding them mayonnaise sandwich but it all comes back to my original point.
Furious
Ahn'Qiraj Raider
- 2,950
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Why? I have no mortgage and live frugal.
I make a lot but spend very little.
It's not hard when you have a budget and plan a bit.
I also do this in Vancouver, one of the most expensive city in the world, a six pack of Bud costs $14!
Some of you guys must be way more relaxed about money than me. Its just my wife and myself and our combined is around $180k/yr and I still wish we made more money. Though that is now because we find ourselves living in an apartment seeking a house in orange county which is quite different than living in a house which was about half paid off in the midwest and only seeing about a $25k/yr bump in pay. I wouldn't say either of us worry about money and we have at least 18 months of living in the savings (which is ear marked for a house down payment obv) but it is always something in the back of our minds.
Frenzied Wombat
Potato del Grande
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Well, cheap child care, no healthcare costs, and no need to save for college helps, but that's still ridiculously hard to believe for Vancouver. That would be difficult for some place like Calgary or Montreal, but Vancouver? Like you said, a six pack of Bud costs $14-- are you drinking toilet water and eating out of the Tim Horton's dumpster?
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Then you are being disingenuous with your statement, you were trying to imply you were raising a family of 5 on 27k a year but as you stated you make more than that and your house and other finances are already secured and taken care of these aren't even remotely comparable. Also you in Canada so there are quite a few more social services than there are in the states. A person making such a small income with children is one layoff/ one medical bill/ one accident from leaving him and his kids on the street.
Our combined household income is well over half a mil in NYC and I still wish I had more. I won't be comfortable until we're making Vinen money.
Still, 27k a year and having your mortgage paid off is atypical
Edit, I'm switching atypical to impossible unless he's 50. He's living in grandmas house i bet.
Edit, I'm switching atypical to impossible unless he's 50. He's living in grandmas house i bet.
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