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Old 07-14-2011, 07:55 PM
 
Location: Islip,NY
16,837 posts, read 19,444,120 times
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And I don't live in the Ghetto!! LOL
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Old 07-14-2011, 08:24 PM
 
713 posts, read 1,056,018 times
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Quote:
Originally Posted by lubby View Post
yep it is possible, those that say they can't make it on LI with $50,000 must not be doing something right. We all want our dream home, live in a big house, have a 2nd home as a vacation house but sometimes we can't do that. If you are good with your finances and don't have tons of debt and loans it is possible.
I agree. It's all about making good choices with the income that you do have. All you need to do is budget and be realistic about what you REALLY need and one could certainly make it on LI with far less than 50k a year.
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Old 07-14-2011, 08:39 PM
 
Location: Islip,NY
16,837 posts, read 19,444,120 times
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Quote:
Originally Posted by woody516 View Post
I agree. It's all about making good choices with the income that you do have. All you need to do is budget and be realistic about what you REALLY need and one could certainly make it on LI with far less than 50k a year.
I am glad you agree too
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Old 07-14-2011, 08:48 PM
 
1,469 posts, read 2,670,552 times
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Quote:
Originally Posted by ydsavaged View Post
Agreed. But telling someone off the bat that 50k isnt enough is quit ignorant as i have seen in other posts. They should at least explain the possibilities and ways to make that much money work.. like you just did =). Theres more affordable stuff here then people think there is.
I think we can all agree that a one bed room BASEMENT apt. is $700-$900 per month, $1000-$1500 for a 1 bed room garden apt. As we ALL know pending location.

Also, count healthcare/benefit contributions, retirement contributions, ect....

I make SLIGHTLY more than 50K, my take home pay after all the deductions above is $2400 per month (thank god the wife is the bread winner!).

$2400 -$1000 (avg +/- for apt.)
______________
$1400 +/- Left over (again, ROUGH EST.)

for food, car insurance, gas, car payment, household items, ect........... Gas alone can run you $300+++++++ (once per week fill up) per month pending where you work.

Can it be done, sure! Pay check to pay check (like most of us live).
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Old 07-14-2011, 08:50 PM
 
Location: Mastic Beach
752 posts, read 1,233,953 times
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is $8.00 a week enough to live on Long Island?
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Old 07-14-2011, 08:51 PM
 
Location: Islip,NY
16,837 posts, read 19,444,120 times
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Quote:
Originally Posted by minesbroken View Post
is $8.00 a week enough to live on Long Island?
You are kidding right?
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Old 07-14-2011, 08:55 PM
 
Location: Mastic Beach
752 posts, read 1,233,953 times
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Quote:
Originally Posted by lubby View Post
You are kidding right?
aren't I always?
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Old 07-14-2011, 09:14 PM
 
Location: Islip,NY
16,837 posts, read 19,444,120 times
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Quote:
Originally Posted by minesbroken View Post
aren't I always?
I was just checking
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Old 07-15-2011, 06:39 AM
 
745 posts, read 1,189,600 times
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Default hmm

It depends on where you live and how long you have had your house.

$50k is not enough to live on if you buy a house anywhere but places like central islip . If you bought your house in the 90's before house prices here skyrocketed then yes its enough.

Also if you live in a condo then its enough or a cheap private apartment.

In most places on LI where houses are at a minimum $300k with $8k + in taxes, adding $1k for flood insurance if needed and home owners and everything I do not know how $50k a year is enough.
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Old 07-15-2011, 08:37 AM
 
756 posts, read 977,168 times
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50K less....let's be generous and say 28% in taxes. That's 36K. Now let's say the eprson does not want to live in a basment studio in Brentwood....1000 a month? I know that's low balling it, but hey...down to 24K. You need a car. Let's assume it's all paid for. Gas....35.00 a week sound fair? That's 140.00/month. With that and insurance....you're at 20K. 150.00 a month for utilities? 18200.00. Let's say you go with one of the triple plays for tv, internet and phone. We're down to 17000.00.

And that's assuming no 401K deductions from work, no healthcare deductions from work and no food, clothes, cleaning or entertainment whatsoever.
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