My family makes $100k plus a year, its not enough!!

[s0me0nesmind1]

so what do you and your wife do with all of your $150k lol? you sound like a penny pincher for someone who makes $150k/yr and lives in a low cost housing area.

Honestly?

A lot of times we are spending free time doing projects around the house. Few things we have been doing:

-Replaced our downstairs family room carpets and put in hardwood floors ourselves. Took out the middlemen (expensive) and straight bought the materials and did the work ourselves during free time.

-Putting up a raised garden bed in out backyard (which is an empty patch of green).

-Painting/re-doing rooms including replacing/putting in furniture. Since it's a first home a lot of rooms simply need furniture put in.

Aside from that, for fun we like to do game nights with friends - typically involves a potluck where we all grub down, and play some board games. We also play the occasional game such as DOTA and watch some streamed shows.

None of those require a $150 monthly fee . Also, you don't have to live on the brink of your paycheck just to live life normally.... I'm looking to do crazy things like prepare for children and retirement.

 

[alkemyst]

Patently false.


You Floridians with your condo market might want to adopt similar rules as Texas. Might keep everyone from dying when the market resets every 5 years.



You're so full of it.

Texas has like 3 or more cities on the Top 10 list of cheapest places to live I already posted. Texans love Texas, but it's HIGHLY overrated.

The condo market is really good in S. Florida, save the boom.

We don't like to tell our citizens how to manage their own money like almost all the rest of the country.

Texas like New Jersey doesn't trust it's people to do certain basic things.

 

[Belegost]

/because Texas.

He was way off on the family of 4 numbers in USDA...average USDA numbers for the cheapest method to feed someone is $40 a week, mid line goes to $55.

$55 x 4.3325 x 4 is more than $300 BY MORE THAN TRIPLE

$40 x 4.3325 x 4 is more than $300 BY MORE THAN DOUBLE

http://www.cnpp.usda.gov/sites/default/files/CostofFoodOct2014.pdf

I see Family of 4 with kids at 6-8 and 9-11 at 862/month for the low cost plan, and 1070/month for the moderate cost plan.

~edit~ Sorry, after re-reading that I realize you agreed on food costs. I'll leave the link for the interested.

 

[alkemyst]

Honestly?

A lot of times we are spending free time doing projects around the house. Few things we have been doing:

-Replaced our downstairs family room carpets and put in hardwood floors ourselves. Took out the middlemen (expensive) and straight bought the materials and did the work ourselves during free time.

-Putting up a raised garden bed in out backyard (which is an empty patch of green).

-Painting/re-doing rooms including replacing/putting in furniture. Since it's a first home a lot of rooms simply need furniture put in.

Aside from that, for fun we like to do game nights with friends - typically involves a potluck where we all grub down, and play some board games. We also play the occasional game such as DOTA and watch some streamed shows.

None of those require a $150 monthly fee . Also, you don't have to live on the brink of your paycheck just to live life normally.... I'm looking to do crazy things like prepare for children and retirement.

How do you get the time when you are working more than 60 hours a week?!?!?

Why would you waste your time when you are making $150k+ a year?!?!?

 

[alkemyst]

Where do you come up with that?

http://www.cnpp.usda.gov/sites/default/files/CostofFoodOct2014.pdf

I see Family of 4 with kids at 6-8 and 9-11 at 862/month for the low cost plan, and 1070/month for the moderate cost plan.

Sorry, read that post on my phone and thought your $300 line item was your food.

$800-1000 is spot on for a family of four.

I had this debate here already and most think they are eating for impossibly less. I don't think they really know their budgets.

 

[s0me0nesmind1]

How do you get the time when you are working more than 60 hours a week?!?!?

Why would you waste your time when you are making $150k+ a year?!?!?

.... These things called weekends? And nights? Get your ass up at 6 and it's not too hard when you don't sleep all day.

And it's not wasting time. It's actually kind of fun to do stuff around the house and learn to be a handy-man instead of paying someone 10x the cost to do simple labor.

 

[purbeast0]

Honestly?

A lot of times we are spending free time doing projects around the house. Few things we have been doing:

-Replaced our downstairs family room carpets and put in hardwood floors ourselves. Took out the middlemen (expensive) and straight bought the materials and did the work ourselves during free time.

-Putting up a raised garden bed in out backyard (which is an empty patch of green).

-Painting/re-doing rooms including replacing/putting in furniture. Since it's a first home a lot of rooms simply need furniture put in.

Aside from that, for fun we like to do game nights with friends - typically involves a potluck where we all grub down, and play some board games. We also play the occasional game such as DOTA and watch some streamed shows.

None of those require a $150 monthly fee . Also, you don't have to live on the brink of your paycheck just to live life normally.... I'm looking to do crazy things like prepare for children and retirement.

so it's okay for you to spend money on things you want to spend it on, but it's not okay for others to spend it on what they want to spend it on?

gotcha.

you remind me of an angry young vdubchaos.

EDIT:

and most of what you just listed doesn't really require a lot of money to do, especially considering you make $150k/yr.

 

[Belegost]

Sorry, read that post on my phone and thought your $300 line item was your food.

$800-1000 is spot on for a family of four.

I had this debate here already and most think they are eating for impossibly less. I don't think they really know their budgets.

Yea, I do the shopping, and things have gone up over the last year, we've cut out a lot of meat, and made some other adjustments, but I want to make sure my kids have a healthy diet with a decent variety of different foods so they grow up with a broad palate. I do my best to use coupons and stock up on sales to keep things in check. (if my wife did the shopping regularly that budget would blow up...)

Also, on the topic of the credit card debt - I really hate having it, seriously. But right now I'm putting 1800/month into my landlord's pocket (I looked up what she paid for our place, about 30% of current value in 2009 on a foreclosure sale) to fund her retirement. The sooner I can buy a place, the sooner that payment is at least buying some equity in the home. Given that my card rate is at 9.6% right now I'm spending around 1000/year on interest, an order of magnitude less than the loss to renting. I could honestly pay off all the credit card debt today, but then I would be looking at another year to save up the down payment while houses are appreciating at about 4% in my area. The 5% return on the fund I have it in, plus the 4% price inflation makes it a close run thing on the 9.6% on the credit card debt, which I'm already paying down on top of house saving.

 

[s0me0nesmind1]

so it's okay for you to spend money on things you want to spend it on, but it's not okay for others to spend it on what they want to spend it on?

gotcha.

Where in any of that does it mean we come out broke or barely scraping by at the end of the year?

Let me put it to you this way: We aren't paying off any debt except our credit cards in full each month. My net amount is only going up YoY.



You remind me of someone that is awfully butt-hurt. I think we need a wambulance.

Also, see how much 1200 sqft of bamboo hardwood flooring costs you. Don't forget supplies, A specialized saw, T-Molds, and quarter rounds.

 

[alkemyst]

Yea, I do the shopping, and things have gone up over the last year, we've cut out a lot of meat, and made some other adjustments, but I want to make sure my kids have a healthy diet with a decent variety of different foods so they grow up with a broad palate. I do my best to use coupons and stock up on sales to keep things in check. (if my wife did the shopping regularly that budget would blow up...)

Also, on the topic of the credit card debt - I really hate having it, seriously. But right now I'm putting 1800/month into my landlord's pocket (I looked up what she paid for our place, about 30% of current value in 2009 on a foreclosure sale) to fund her retirement. The sooner I can buy a place, the sooner that payment is at least buying some equity in the home. Given that my card rate is at 9.6% right now I'm spending around 1000/year on interest, an order of magnitude less than the loss to renting. I could honestly pay off all the credit card debt today, but then I would be looking at another year to save up the down payment while houses are appreciating at about 4% in my area. The 5% return on the fund I have it in, plus the 4% price inflation makes it a close run thing on the 9.6% on the credit card debt, which I'm already paying down on top of house saving.

Rent here is $2000-2600 for a place that I could work with and even then I'd have to lose pets.

My mortgage principle is high, but the payment works out to $1500 and most of it tax deductable for me.

I'd like to be in a better neighborhood, but this one is decent.

 

[alkemyst]

.... These things called weekends? And nights? Get your ass up at 6 and it's not too hard when you don't sleep all day.

And it's not wasting time. It's actually kind of fun to do stuff around the house and learn to be a handy-man instead of paying someone 10x the cost to do simple labor.

Ahh, you have a time machine.

Carry on, Doctor Who.

 

[purbeast0]

Where in any of that does it mean we come out broke or barely scraping by at the end of the year?

Let me put it to you this way: We aren't paying off any debt except our credit cards in full each month. My net amount is only going up YoY.



You remind me of someone that is awfully butt-hurt. I think we need a wambulance.

Also, see how much 1200 sqft of bamboo hardwood flooring costs you. Don't forget supplies, A specialized saw, T-Molds, and quarter rounds.

not butthurt about anything.

i just find the "YOU CANT HAVE ANY FUN WITH YOUR MONEY AND MUST SAVE AND BE A PENNY PINCHER" mentality of ATOT sad. it leads people to living a boring ass life when they are young so that they can have millions when they are old and can't even more at 1/2 the speed they could move at when they were young.

you also think that the only right way to do things is the way you currently do things. it's obvious from all of your posts.

it's not just you that has this mentality, it's about 99% of the people who post on here.

 

[s0me0nesmind1]

Ahh, you have a time machine.

Carry on, Doctor Who.

Are you having problems doing multiplication? Do we need to get out some multiplication tables for you or something?

 

[s0me0nesmind1]

not butthurt about anything.

i just find the "YOU CANT HAVE ANY FUN WITH YOUR MONEY AND MUST SAVE AND BE A PENNY PINCHER" mentality of ATOT sad. it leads people to living a boring ass life when they are young so that they can have millions when they are old and can't even more at 1/2 the speed they could move at when they were young.

you also think that the only right way to do things is the way you currently do things. it's obvious from all of your posts.

it's not just you that has this mentality, it's about 99% of the people who post on here.

Nope, I'm saying that like EVERYONE has been saying about celebrities for years:

MONEY DOES NOT BUY HAPPINESS.

And it holds true for people just like yourself and I :\

 

[Belegost]

Rent here is $2000-2600 for a place that I could work with and even then I'd have to lose pets.

My mortgage principle is high, but the payment works out to $1500 and most of it tax deductable for me.

I'd like to be in a better neighborhood, but this one is decent.

I feel you, rent in SoCal was like that, and housing prices were growing faster than I could save, so that there was effectively no hope of us buying within 10 years. It's good you were able to buy in at reasonable prices, and even better that things worked out with you keeping the house.

 

[alkemyst]

Are you having problems doing multiplication? Do we need to get out some multiplication tables for you or something?

Actually I learned them through 18 at one point.

The problem is you are clearly trolling, your time, income and what you post about do not match on any level.

 

[purbeast0]

Nope, I'm saying that like EVERYONE has been saying about celebrities for years:

MONEY DOES NOT BUY HAPPINESS.

And it holds true for people just like yourself and I :\

"but it can buy you a waverunner. you ever seen someone unhappy on a waverunner?"

/tosh

but seriously, no one was even talking about being happy in the first quote you replied to. you simply replied with a snarky attitude about how he's doing things "so wrong" just because they aren't exactly what you would do in the situation. he never even said he felt like he was scraping by or that he was unhappy, simply stated his position.

 

[alkemyst]

I feel you, rent in SoCal was like that, and housing prices were growing faster than I could save, so that there was effectively no hope of us buying within 10 years. It's good you were able to buy in at reasonable prices, and even better that things worked out with you keeping the house.

Hardly reasonable. I owe $265k on a house worth maybe $100k now. Still cheaper than rent.

My plan is to power save and then re-buy ($265k can buy a very nice house now) and rent this one out. My neighborhood brings $1800-2200 on rent, being I am right next to the middle school my potential rental is on the higher side. Just in my area, I would have to deal with that rental being part of Section 8.

 

[s0me0nesmind1]

Actually I learned them through 18 at one point.

The problem is you are clearly trolling, your time, income and what you post about do not match on any level.

Please tell me what you are not understanding about my time or income? I can try to spoon feed you more if needed, but I'm not quite sure how I can make it much easier

 

[alkemyst]

Nope, I'm saying that like EVERYONE has been saying about celebrities for years:

MONEY DOES NOT BUY HAPPINESS.

And it holds true for people just like yourself and I :\

Money may not buy happiness, but without it you will be less happy than you are now.

 

[Belegost]

"but it can buy you a waverunner. you ever seen someone unhappy on a waverunner?"

/tosh

but seriously, no one was even talking about being happy in the first quote you replied to. you simply replied with a snarky attitude about how he's doing things "so wrong" just because they aren't exactly what you would do in the situation. he never even said he felt like he was scraping by or that he was unhappy, simply stated his position.

More to the point I was replying directly to the suggestion that people making 100K/year must be flinging money around willy-nilly with BMW leases and jumbo 4K TVs.

Do I spend money on things that are not entirely necessary - Yes.

Do I have a new BMW and giant TVs and private schoools for the kids - Not even close.

 

[s0me0nesmind1]

More to the point I was replying directly to the suggestion that people making 100K/year must be flinging money around willy-nilly with BMW leases and jumbo 4K TVs.

Do I spend money on things that are not entirely necessary - Yes.

Do I have a new BMW and giant TVs and private schoools for the kids - Not even close.

But do you live in a place where $100k is equivalent to $50k in many other places??? Yes. Yes you do.

 

[Belegost]

Hardly reasonable. I owe $265k on a house worth maybe $100k now. Still cheaper than rent.

My plan is to power save and then re-buy ($265k can buy a very nice house now) and rent this one out. My neighborhood brings $1800-2200 on rent, being I am right next to the middle school my potential rental is on the higher side. Just in my area, I would have to deal with that rental being part of Section 8.

Ah, that sucks, I didn't realize pricing was that low.

I feel you on the powersaving. After we get a house of our own, the next step is to kill the credit card debt, and start pushing all the money for those payments, plus everything we've been using to save the down payment into a mix of index fund, REITs, and bonds. My school loans are at 2.5% right now, and the car loan at 3.5%, so we'll get a better return in the long run just paying those off on schedule and investing at 4-6%.

In 5 years or so I may seriously consider taking the investment accounts and using them to by a fixer-upper/foreclosure situation, put some weekends in making it rental ready - if I find a good deal that can return a good 8-10%.

 

[s0me0nesmind1]

There is a lot of things you both clearly do not understand in the world. I guess somethings you will never learn until you get smacked in the face with it.

 

[Nebor]

I've been making between $65k and $150k for the past few years since I joined the military (was making around $100k in corporate IT management for 5 years before that) and I've never felt poor, but I've also been living in some of the poorest, lowest cost places in the world (Oklahoma, Georgia, Louisiana, San Antonio, TX, Afghanistan.)

With all my cars paid off, my fixed expenses (rent, utilities, cell phone, insurance for renting, cars and a home I own in the clear) have been under $1,000 a month for years. My entertainment\food expenses bounce between $300 and $1000 a month.

I just bought a new station wagon, and paid enough down to put payments + insurance at $1,000 a month.

I think what's making people feel "poor" on 6 figure salaries is a) kids and b) debt (student loan & credit card.)