What kind of salery would you need? (mortgage, how much)

[LocalX]

What kind of salery would you need to survive on LI? I'm married and have one child with a $98,000.00 mortgage with 11 years left. After working for the past 23 years I'm looking to step back and rexamine my life and maybe return to school. I'm crunching numbers today and trying to figure out how much we would neet ot survive for 4 years or so.
Thanks as usual,

[ncc1701]

need more info. Current expenses, savings, cost of school etc...

[Kbinspections]

Consider working of a university. The pay stinks but you get free tuition. Great way earn a degree or masters without strapping yourself. Worked great for us! Good luck!

[VTP]

Every situation is vastly different, as are people's needs. I would say that in the most general terms possible, without knowing specifics, and assuming there are no other sources of income such as trusts, etc., a family of three with a child who is college bound at some point would require an annual household income of at least $175,000. This has been discussed before, and posters will offer widly disparate figures, but this is one person's strong opinion...I would think that even this figure would offer you only a moderate lifestyle. The variables, such as choice of neighborhood & vehicle; recreational preferences; dependence on assistance from service providers such as landscapers, housekeepers, etc.; the need for costly home repairs; and even dining/nutritional choices would drive this figure up sharply. I think that you would need to go over the 200K figure to enjoy some nicer amenities and lead a relatively worry-free lifetsyle.

[LocalX]

Ok, that dream is shattered. Thanks for the reality check, I need that sometimes.

[VTP]

I certainly don't want to be a dream shatterer. You should continue to invite the opinions of others who may have creative ideas as to how to survive on a smaller income. They may be enlightened where I am not. It is just that I do not expect I'd be able to get by on less. What area of study are you considering, if you return to school?

[VillageOfWestbury]

Originally Posted by VTP

Every situation is vastly different, as are people's needs. I would say that in the most general terms possible, without knowing specifics, and assuming there are no other sources of income such as trusts, etc., a family of three with a child who is college bound at some point would require an annual household income of at least $175,000. This has been discussed before, and posters will offer widly disparate figures, but this is one person's strong opinion...I would think that even this figure would offer you only a moderate lifestyle. The variables, such as choice of neighborhood & vehicle; recreational preferences; dependence on assistance from service providers such as landscapers, housekeepers, etc.; the need for costly home repairs; and even dining/nutritional choices would drive this figure up sharply. I think that you would need to go over the 200K figure to enjoy some nicer amenities and lead a relatively worry-free lifetsyle.

Personally I think that $150K is the minimum for a decent life on L.I. w/ a family of three. I do agree that around $200K+ begins to afford folks some of the nicer things.....

[rocafeller05]

Well its all relative. Some people have $100,000 to throw down on a home. Some people have nothing. Some people get a deal from a relative on a home. Others have to pay todays full market price. All in all if your starting out with nothing you would need about $150,000 to live on LI.

[LocalX]

Originally Posted by VTP

I certainly don't want to be a dream shatterer. You should continue to invite the opinions of others who may have creative ideas as to how to survive on a smaller income. They may be enlightened where I am not. It is just that I do not expect I'd be able to get by on less. What area of study are you considering, if you return to school?

Your not at all. I was thinking environmental sience or teaching. I'm just tired of my present job.

[ncc1701]

Originally Posted by LocalX

Your not at all. I was thinking environmental sience or teaching. I'm just tired of my present job.

Yup mee too Localx. Thinking of leaving finance and go to teaching. I'd say you need at least $100k.