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View Poll Results: Is it absolutely necessary for two incomes on LI?
Yes 20 60.61%
No 13 39.39%
Voters: 33. You may not vote on this poll

 
 
Old 11-07-2011, 07:15 AM
 
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It doesn't have anything to do with how many incomes, it's how much the incomes are. I still like the 150K number to live relatively comfortably on LI. However you get to that number is your business.
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Old 11-07-2011, 08:07 AM
 
Location: Islip,NY
11,338 posts, read 8,180,026 times
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Quote:
Originally Posted by twingles View Post
I think it depends on too many things ... honestly.

Kids or no kids? How many kids?
Rent or own?
If you own, when did you buy?
If you own, what are your property taxes? Are they still around the same level they were at when you bought?
What sort of benefits do you get (ie are you paying $1000 a month for medical insurance or is your company picking up most of the tab?)
And so on.

When DH and I bought our house in 1997 home prices were reasonable, we had no kids (and didn't for a few years), had good jobs with big companies that offered reasonable medical with a 401(k) AND a pension (really!)...fast forward 13 years and our taxes had nearly tripled, he was self employed with all that entails and I was mostly a SAHM w/ 3 kids, lucky enough to pick up part time temp work when I wanted to. That's a whole different set of circumstances in just just 1 family!

When we moved out of GC, I knew quite a few women who were looking to get back into the workplace after being SAHMs because things had gotten so expensive - timing was kind of rotten and I'm not hearing of too many who were successful. Kind of tough when you're going up against people with recent experience who are pounding the pavement every day. OK, straying OT here - sorry!
We have no kids, bought our house in 2003, husband's boss pays our medical 100% and we pay the co-pay and prescriptions, have money saved for retirement, life insurance, plus money we put aside every pay check as our save for a rainy day fund or towards something for our house. this has only been in the last year and half with the medical. Before that I had a full time job and I was carrying the health insurance and paying like 400 a month for 2 of us. When I got laid off and insurance was going up my husbands boss of 20 years said don't worry I'll pay for your medical, and that helps alot.
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Old 11-07-2011, 08:15 AM
 
939 posts, read 1,292,181 times
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what's one full time job (me) and a part time job while the kids are in school (her) considered?
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Old 11-07-2011, 08:44 AM
Status: "Nothing could be finer than to be in Carolina" (set 28 days ago)
 
Location: under the beautiful Carolina blue
9,058 posts, read 10,435,825 times
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Quote:
Originally Posted by lubby View Post
We have no kids, .
Honey, if we had no kids we'd be sipping Mai Tais on a tropical island right now. Not that I'd trade them in or anything When you're talking economics those with kids and those without are not even having the same conversation. One thing that the childless always forget is that at one time we parents were childless too - and almost always dual income. We know what it's like on both sides. It's always amusing to me when people without kids chime in on these threads (and not saying, you, lubby, are guilty of this) and say "I don't really see what difference it makes" as if those of us with kids have completely lost our economic marbles.
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Old 11-07-2011, 08:49 AM
 
1,815 posts, read 2,095,868 times
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My wife stays home with the kids and I would love for her to go back as it would take some pressure off of me but my youngest isn't in full time school yet so that is probably a few years off at least.

As for the question of if it is "necessary" it depends on how much the single income makes (and a ton of other factors revolving around your housing costs etc).
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Old 11-07-2011, 08:57 AM
 
Location: Islip,NY
11,338 posts, read 8,180,026 times
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I totally agree that having kids whether it be 1, 2 or 3 definatley have more of a financial strain. I see it with my sister in law. she has 3 and one will be in college next year. They both work and her 2 teenage daughters have summer jobs. They have never owned a new car, and all their time, and money is spent on the kids. I think it's great to give your kids the things they enjoy like sports, dance and music lessons if you can afford it. I will say this for them they do hussle to make money. at one time my sister in law had 2 jobs plus her husbands just so that they could have money for Christmas. And yes those without kids are definatley not having the same conversation. By no means am I comparing the two. I was just giving my own 2 cents about myself. People with kids have more of a finacial burden I think, unless you are in hock up to your eyeballs with student loans and credit card debt.
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Old 11-07-2011, 10:03 AM
 
7,658 posts, read 10,971,458 times
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Quote:
Originally Posted by dman72 View Post
It doesn't have anything to do with how many incomes, it's how much the incomes are. I still like the 150K number to live relatively comfortably on LI. However you get to that number is your business.
I agree on that number.Other than being a cop do we generate enough local jobs to absorb that or does it mean one parent sees a conductor more that their children?

Not to go wildly OT but maybe that's the number needed because we pay our cops 150k?

Perhaps "A Cops Salary" should be our new rule of thumb to afford to have a stay at home parent on LI?

Are we preparing our kids for LE careers in our blue ribbon schools or are we just flooding the market with teachers lol?


Crooks.

Last edited by Crookhaven; 11-07-2011 at 10:15 AM..
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Old 11-07-2011, 10:25 AM
 
Location: Eastern Long Island
1,206 posts, read 2,886,207 times
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we have two older kids, 1 that lives out on his own & 1 applying to colleges as we speak.

We live in a very affordable area of LI by choice, we purchased the house we live now in 2004. We had no car payments, very little debt and enjoy living a fairly simple life. These choices really saved us when my DH's business & income took a major nosedive in 2006. Luckily I carried the family health insurance through my job at that time. In the years since he has reivented himself & his business and things are better than ever for him professionally.
Until two years ago I was working full time commuting to the magnificent, jewel filled hamlet of Massapequa earning $$$ but killing myself & wasting my life away in the car.
I decided to start working to live instead of living to work and I took a big paycut to work part time in a practice very close to home and I started a consulting firm.
Now I'm mostly focusing on consulting & honestly its more of a personal goal for me to succeed in my business than it is a need to earn money. I'm not the type to stay home all day and its nice to bank what I earn.

If we had little kids that were in daycare it would be a totally different story, I'm floored by what our friends pay for daycare/camp.
Most of my friends that have young kids and are SAHMs have major debt and overspending issues to keep up appearances and husbands that look like they're going to take a heart attack any minute. The two income families we know seem to have a little extra cash, but they have such hectic schedules. Its hard to really think either is ideal.
I really believe if everyone(society) was happier with less stuff things would be better all the way around.
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Old 11-07-2011, 10:29 AM
 
Location: Suffolk County
803 posts, read 1,442,226 times
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I voted yes but I believe you only need 2 incomes if you brought your home after the year 2002 or 2003. I know many people who brought their homes in 2000 and earlier and the wives don't have to work and can stay home with the kids. I brought my house in 2009 and my husband works full time and I work part time now that we have a baby but it is still hard to afford the bills even with a part time salary ranging in the mid $30's per year.

I think if one person in the family makes $125,000 or above, then one income will be okay but you won't be able to live the lap of luxury or anything. That's just my opinion though.
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Old 11-07-2011, 10:30 AM
 
7,285 posts, read 7,723,030 times
Reputation: 2880
Quote:
Originally Posted by Crookhaven View Post
I agree on that number.Other than being a cop do we generate enough local jobs to absorb that or does it mean one parent sees a conductor more that their children?

Not to go wildly OT but maybe that's the number needed because we pay our cops 150k?

Perhaps "A Cops Salary" should be our new rule of thumb to afford to have a stay at home parent on LI?

Are we preparing our kids for LE careers in our blue ribbon schools or are we just flooding the market with teachers lol?


Crooks.

Of course that 150K number involves buying your house post 2002 on your own, not inheriting it or getting 20% from a relative..also providing your own day care as opposed to getting it free from a relative. Those things take a good chunk of the strain out of living here.

I know that 35K+ I shelled out for day care over the last few years could have gone a long way spent elsewhere.
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