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It's just me and my husband for now. We are hesitant about kids particularly because of the money issue. It doesnt look like 100k takes you very far around here. We are in FFC because of our jobs, which, although I consider not bad, still don't give us enough to feel really relaxed financially. We have a house already, which is among the cheaper ones in our town, but it's not in mint condition, and despite us working really hard and picking up even extra hours, we don't seem to be able to save a lot to the point where we can just spend on other than the minimum requirements. For example, our vacations are in the US only, we do all the work around the yard/house ourselves, and can't afford to hire anyone to do house improvement projects... Either the place where we live is for the bourgeoisie and not for middle class, or we are not middle class, or we are doing something wrong. When my friends from other states hear how much I make, they imagine that we are filthy rich, when in fact, their houses in FL, AZ or WI are much better looking, despite them making 1/3 of what we make. Sometimes I am not even sure that it's worth living in CT.
Forego the vacations and get the house fixed up if it's a priority or increase your savings. It would just be temporary.
It's just me and my husband for now. We are hesitant about kids particularly because of the money issue. It doesnt look like 100k takes you very far around here. We are in FFC because of our jobs, which, although I consider not bad, still don't give us enough to feel really relaxed financially. We have a house already, which is among the cheaper ones in our town, but it's not in mint condition, and despite us working really hard and picking up even extra hours, we don't seem to be able to save a lot to the point where we can just spend on other than the minimum requirements. For example, our vacations are in the US only, we do all the work around the yard/house ourselves, and can't afford to hire anyone to do house improvement projects... Either the place where we live is for the bourgeoisie and not for middle class, or we are not middle class, or we are doing something wrong. When my friends from other states hear how much I make, they imagine that we are filthy rich, when in fact, their houses in FL, AZ or WI are much better looking, despite them making 1/3 of what we make. Sometimes I am not even sure that it's worth living in CT.
It's expectations and priorities. It's not realistic to expect to leave the continental US twice/year on a "middle class" salary in any part of the country, while you own a house and have car payments etc. I don't know anyone who's doing that much travel unless they are much higher income, and typically they are older, have had years to save, and have made other sacrifices like renting with roommates along the way - or they come from money.
The state government should step in and do something about the cost of housing in FFC. Something like a market adjustment and slash the home values all in half so that the middle class can afford housing in FFC once again. Something like mayor Bill DeBlasio of NYC is doing. Why can't we do that here? Excessive bidding on housing prices should be flat out illegal.
Have you ever considered relocating to greater Pyongyang? Maybe not smack in the middle of the city ... because I know how you feel about city living ... but perhaps one of its nicer suburbs?
Not to knock your career success or anything like that, but this is the reason why single middle class people like me making only a $75K salary at the age of 30 simply cannot afford even a modest home around here. And employers tend to only give a measly 3% pay raise each year. People with high incomes bid high on home purchases and it makes it impossible for people like me to make the transition from renting to home ownership. Therefore, people like me are forced to look for greener pastures, because life is too short to keep renting for years and years. But if people like me even bother to look for greener pastures, they are looked down upon in this forum for giving up or refusing to accept a long commute or something along those lines. It's truly sickening. There's a whole Vox article on this subject:
Nep, I'm only two years older than you (if that). I've worked my butt off to get where I am and recently took a career risk that paid off--after weighing the highs and lows, of course--and have a career I am completely happy in (that is NOT related to my college degree at all.) You (from your posts) unfortunately don't take risks and you have job hopped for years because you have never been happy. You could be exactly where I am(or close) if you were willing to do the same.
Currently, I handle all my own bills, etc, myself. I live as a single person. And, I don't plan on buying a house for a few years, at least. So, no, I am not the reason for all that you stated.
It's expectations and priorities. It's not realistic to expect to leave the continental US twice/year on a "middle class" salary in any part of the country, while you own a house and have car payments etc. I don't know anyone who's doing that much travel unless they are much higher income, and typically they are older, have had years to save, and have made other sacrifices like renting with roommates along the way - or they come from money.
I absolutely agree with this. I grew up with people who came from very, very comfortable backgrounds (VPS at Sikorsky and other large companies, et) and they are really only now taking the time to travel, etc.
Nep, I'm only two years older than you (if that). I've worked my butt off to get where I am and recently took a career risk that paid off--after weighing the highs and lows, of course--and have a career I am completely happy in (that is NOT related to my college degree at all.) You (from your posts) unfortunately don't take risks and you have job hopped for years because you have never been happy. You could be exactly where I am(or close) if you were willing to do the same.
Currently, I handle all my own bills, etc, myself. I live as a single person. And, I don't plan on buying a house for a few years, at least. So, no, I am not the reason for all that you stated.
You make it sound like career change is something that anyone can easily do. Well guess what. My career is pigeon holed in TAX accounting, which is very specialized and nearly impossible to make a career change, even according to recruiters. Whenever I apply to jobs outside of TAX accounting, I'm always rejected. So please don't tell me that I'm not willing to make a career change, because I am. It's just the prohibitive circumstances that prevent me from doing so. Not sure what career change has anything to do with affording a home in FFC though. If I made a career change, I would have to take a huge pay cut and start from the bottom again, making it even more difficult to afford a home.
This is a very broad question, but I just wanted to survey the participants of this forum and to get an idea of how much one should be making to live decently in Fairfield county. I am trying to see if I will ever be able to get to my desired standard of living in this part of CT...Here is a wish list of what I would consider decent living.
1. a 3-4 bedroom mid-range updated house in a town with ok/good schools, like Fairfield, Easton, Ridgefield, Norwalk (exclude Darien, Greenwich, New Cannaan, Westport). No marble or chef's kitchen, just average updates, like wood floors, granite counters and tiled baths.
2. one or two yearly vacations in places like Mexico or Bermuda or one yearly vacation in Europe
3. two economy cars
4. healthy food (not quite organic farmer's market, but healthy enough so as not to include Ramen Noodles, Chef Boyardi and other bad for you stuff)
5. to be able to hire help when unable to do stuff on your own (example: to cut a tree, install gutters, etc)
6. to be able to have some savings
So... what annual income should I roughly be striving for? Is it realistic to have this lifestyle just based on salaries or do people who live like that also have additional income that is not applicable to everyone (for example, full-time job + personal business or full-time job + inherited money that is invested).
Thanks for any ideas/comments
PS: I also wanted to mention that the only debt that is acceptable to me is a mortgage. I'm not the kind of person who'd borrow 30K for a kitchen reno; I'd rather live with older stuff and less debt.
With no kids, 150 is doable. With kids, easily over 200, especially if you are both working. Child care is very expensive.
If I'm not mistaken you don't have a house because you don't like what is available, don't want a roommate, and don't want to live where you can afford to.
Maybe your definition of modest is different than mine.
This is true. Nep lived in Hartford County and complained that none of the homes he could afford were good enough for him. He then supposedly left a good job to move somewhere better but never found that place so he accepted a job in Fairfield County despite people here warning him that he would not like it. He was even warned not to take the apartment he lives in now but he ignored the warnings. Now he is complaining again about his being pigeonholed in the career he established. He does not want to give up anything so he is where he is. All his own doing. Jay.
This is true. Nep lived in Hartford County and complained that none of the homes he could afford were good enough for him. He then supposedly left a good job to move somewhere better but never found that place so he accepted a job in Fairfield County despite people here warning him that he would not like it. He was even warned not to take the apartment he lives in now but he ignored the warnings. Now he is complaining again about his being pigeonholed in the career he established. He does not want to give up anything so he is where he is. All his own doing. Jay.
You make it sound like 100% of all the challenges that I face are solely my fault 100% of the time. Career change does not come easy, from the position I'm in right now in my career. I have 7 years of experience in something that is very specialized and difficult to make a transfer into something else. Employers want to hire people who have experience directly related to the job posting. I've tried time and again to apply to jobs that are outside of my specialized field, such as general accounting or financial analyst roles, but had no luck whatsoever. Why would someone want to hire someone with 7 years of tax experience for a general accounting or financial analyst role? It doesn't make sense.
The only people that I have seen throughout my adult life that have successfully made career changes were almost always internally, with a company they have already been with for several years. But I've never even held a single job for more than 2.6 years.
You make it sound like 100% of all the challenges that I face are solely my fault 100% of the time. Career change does not come easy, from the position I'm in right now in my career. I have 7 years of experience in something that is very specialized and difficult to make a transfer into something else. Employers want to hire people who have experience directly related to the job posting. I've tried time and again to apply to jobs that are outside of my specialized field, such as general accounting or financial analyst roles, but had no luck whatsoever. Why would someone want to hire someone with 7 years of tax experience for a general accounting or financial analyst role? It doesn't make sense.
The only people that I have seen throughout my adult life that have successfully made career changes were almost always internally, with a company they have already been with for several years. But I've never even held a single job for more than 2.6 years.
This is getting really off topic to the OP, but a recruiter is probably your best bet. I was nervous I was pigeonholed (10 years of experience in the same field) but it turns out it's not too hard to retool your qualifications, especially if you have a recruiter helping you get the connections.
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