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Unless you live in the outer part of an outer borough and your job is an outer part of a different outer borough, you should be able to commute without a car within NYC. Downsizing to one car for your wife to cart your kids around will save a lot of money.
I would not call a woman who is raising 3 children unemployed. I've been on both sides of that discussion and raising the kids was tough work but worthwhile in the long run. And, btw, it saved us a ton of $ in child care, plus other benefits too many to list here.
I actually used a payroll calculator to estimate how much, after all taxes (including SS and FICA), OP would take home. The most "vanilla" estimate was just over 115k, which is about $9600 per month take home.
Op, you may have made the mistake of over-estimating your lifestyle based on your salary.
What you should do is pay yourself first and then budget around what's left.
Then you escape that feeling of everything going to the bills and government.
It's crucial, really.
That money needs to swoop out of your account and be untouchable (either really or in your mind - mine is in my mind) before you even notice it was ever there (mine comes out right after payday on an autodraft to my broker).
You have to set up your life that way or you will keep consuming to the edge of your salary and feel hopeless.
I actually used a payroll calculator to estimate how much, after all taxes (including SS and FICA), OP would take home. The most "vanilla" estimate was just over 115k, which is about $9600 per month take home.
Well in that case he certainly isn't renting a 3+ bedroom in Manhattan. He'd need a second job!
I actually used a payroll calculator to estimate how much, after all taxes (including SS and FICA), OP would take home. The most "vanilla" estimate was just over 115k, which is about $9600 per month take home.
You didn't take into acct state income taxes.
Here's just an estimate breakdown of my monthly expenses:
Mortgage $2400
Utilities about $300 total (gas/electric/internet)
Wireless bill $120
Groceries - $400
Eating out - $300
Misc expenses - $400
Transportation to work - $300
About $4220/month.
$1500/month goes to 401K/Roth.
There are some misc expenses that pops out here and there even while being frugal and not spending a lot at the retail.
I just don't feel like I can get ahead unless I win at the stock market or go all in on an investment and have a solid 30% return.
Here's just an estimate breakdown of my monthly expenses:
Mortgage $2400
Utilities about $300 total (gas/electric/internet)
Wireless bill $120
Groceries - $400
Eating out - $300
Misc expenses - $400
Transportation to work - $300
About $4220/month.
$1500/month goes to 401K/Roth.
There are some misc expenses that pops out here and there even while being frugal and not spending a lot at the retail.
I just don't feel like I can get ahead unless I win at the stock market or go all in on an investment and have a solid 30% return.
2,400 mortgage? Are you living in a studio with 3 kids?
I don't wanna hear anymore, you can make it fine. vacations even.
Perhaps you just thought $175k sounded like a big life? It ain't in NYC with a wife and three kids.
Here's just an estimate breakdown of my monthly expenses:
Mortgage $2400
Utilities about $300 total (gas/electric/internet)
Wireless bill $120
Groceries - $400
Eating out - $300
Misc expenses - $400
Transportation to work - $300
About $4220/month.
$1500/month goes to 401K/Roth.
There are some misc expenses that pops out here and there even while being frugal and not spending a lot at the retail.
I just don't feel like I can get ahead unless I win at the stock market or go all in on an investment and have a solid 30% return.
$300 eating and $400 misc expenses (maybe, not sure what that is) is a lot IMO. Ok so you spend say $50K, let's say you net $100K (prob more) after taxes, that means you save $50K a year which isn't terrible and there's even fat to cut.
How is this engendering a feeling of just getting by?
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