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Bhari
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Posted on 08-23-22 8:02
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$7000/monthly to feed family of 5 including all mortgage/bills/debts. I am hardly saving on my 135k income.
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edv2023
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Posted on 08-26-22 6:46
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I think the writer has 3 kids n his wife has to look after kids so he only bread earner. Its. It dfficult with that mo ey but noe enough to have a better life
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meraj
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Posted on 08-26-22 7:55
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I am barely saving anything with around 300k ( gross two person income ) even though I live in Texas . And also no car payments, we both drive little older cars which are paid off . Not sure what we are doing wrong , but we do have some fair expense on child care and kids activities.
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Loganbennedictboka76
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Posted on 08-26-22 8:14
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Bennedict
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Posted on 08-26-22 8:26
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I may be ignorant in many areas, I don't deny. I am just writing some simple logic that I understand. I have never been to Texas, so I do not know how is the living cost and other expenses out there. The only thing I do sometimes is to check the minimum wage in different states. So this is what I found by simple googling.
Minimum wage in MA in 2022:- $14.25 per hour Minimum wage in Texas in 2022:- $7.25 per hour
I understand the minimum wage says something about the living cost and other expenses in places like Texas and MA itself, right?
So if somebody is making $150,000 per year in MA and if somebody is making the same in Texas, what can we infer? It is a great amount of money in MA already. But in Texas, it should be the sure shot way to live the coveted American dream right? I don't understand how people come here and still say with $300,000 yearly the combined income, they still are facing hard time to save? Am I missing something? Please somebody explain. Kindly. I feel I am lost here.
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meraj
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Posted on 08-27-22 9:51
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That minimum wage thing is grossly misleading, specially for major metro area. Not denying the fact Texas is probably still cheaper for any things compared to other blue state and it’s tax free, but property tax are super high to cover lack of state tax. Housing is fairly expensive compared to what it used to be in area with decent schools. I don’t think I am struggling and probably living decent life , but saving is some thing I am not able to do much of it. Saying that we do max contribution on 401k, so that’s around 50k per year of saving , I guess if market doesn’t screw us up. After that other cash saving are hard to come by for us. May be it’s on us to reevaluate how we spend money and correct some of our habits. We also had almost 32k ( 16 k each, approx 1300/month/per kiddo) a year child care expenses for last several years , which is slowly coming down now.
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Rockb
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Posted on 08-27-22 11:05
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KY I bring home 7K after tax My GF brings 2K after tax Expenses- 1400
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Bennedict
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Posted on 08-28-22 9:45
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Well meraj,Thanks for the explanation. Usually people are engaged in some frivolous chat here in Sajha, but good to hear out some insights from people who know what they are talking about. I was of idea that houses are so cheap in Texas, that people in MA can easily afford them there, buy businesses like gas stations, stores etc. and make an easy move out there, but maybe not. You said there is 50K per year of saving in 401k then, I believe your maximum investment whatever is already taken care of, then it is understandable you are not seeing money stay in your case even with 300K earning together. I can foresee a comfortable retirement coming up when children are all grown up and move out of the house. And I assume, you have a house bought, then we cannot forget the equity that is building up too right? And once kids grow up, your expense will go away but yes then when they start going college, your another nightmare will start most probably unless they get a full ride through their college. So you have money building up in the form of invisible asset. I take it as a good thing, because with visible asset, we have inclinations to misuse, which in your case is unlikely to happen.
I recommend you and Bhari to follow this guy, Dave Ramsey. Most likely you know about him. I do not agree with him all the time, but his ideas to save money are worth following and giving a listen. I used to listen to him ("Save that every dollar" the name of the program) while I was in college on a radio, then I traced him back much later again and found him on Youtube. He is still at his mission to help people manage their money. Basically what he says is we live like the poorest people on earth, start living on rice and beans, no night outs, pay everything by cash, throw away all the credit cards, etc. His baby steps to build wealth are something to look out for. He is a staunch Christian so talks about giving all the money back to the community once we build it, which I am not sure about. Sometimes he goes off the tangent talking about politics and rich states, poor states, lottery and what not. Just now he expressed his strong displeasure on how Biden cancelled the $10,000 to $20,000 student loan starting next year. One thing he does commendable is he keeps talking about he instilled these values in his children to not be dependent on his money he built, but go out and make your own money yourself. This thing I do not know, if we as Nepalese can really implement like him. Still try listening his ranting and all sorts of people calling up with all sorts of weird, bizarre scenarios they are stuck in. A lot of times I had found myself eyes rolling...lol.
https://youtu.be/w_RKtck8XCA
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logan
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Posted on 08-29-22 2:36
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बल्ल आज चै यसको हिसाब मिल्न गयो | नत्र २००५ को गाडि बेचेको कुरालाइ १९९५ मा यसको दिमाग अड्किएको अड्किएकै छ | गतिलै चिना हेर्न जान्यो किनकी धागो खोल्नेले ५ जनाको परिवार भनि सकेका छन् | " I think the writer has 3 kids n his wife has to look after kids so he only bread earner. Its. It dfficult with that mo ey but noe enough to have a better life" यो मेरो अग्रेजी होईन है | प्राइभेट स्कुल जानेले लेखेको कपि पेस्ट गरेको मात्र हु |
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