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Old 05-17-2012, 03:13 PM
 
Location: Miami
1,320 posts, read 896,657 times
Reputation: 555
You are living paycheck to paycheck on $145K a year?! Wow. I'd love to have that kind of money. We live on about $75K, sometimes less. Our house is appraised at $250K, we owe 75K on it. We put money in savings every month. We had 3 kids, only one at home now. We only have used cars that we don't make payments on. We don't have any debt besides the mortgage and orthodontic treatment right now. Our biggest expense is health insurance at $1000 a month since we're self-employed. Next biggest is the self-employment tax which is 15% - double what people who work for companies pay.

My son makes $85K, married, no children and that's plenty for them. He's also able to have money left over for savings. He has health insurance provided by his company so that's a huge savings. His only debt right now is his wife's tuition.

We live in West Kendall. I'm in Garden Hills. It's not quite Opa Locka or Liberty City.
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Old 05-17-2012, 04:16 PM
 
5,990 posts, read 3,755,013 times
Reputation: 7031
That is just plain poor financial management if someone is living paycheck to paycheck on $145k a year. My experience shows people like that are difficult to help as they think everything they spend on is a priority (not saying this is the case, speaking of generalities).
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Old 05-17-2012, 11:43 PM
 
Location: Hallandale Beach
34 posts, read 21,457 times
Reputation: 11
Quote:
Originally Posted by joeandmich View Post
I make $65,000 a year gross and my wife makes $80,000 and are living from paycheck to paycheck. Mind you we live in Biscayne Park and own a house that was appraised in 2011 over $350,000. My wife's friend just loss her job at University of Miami Medical Hospital when they laid off 800 people and she was making over $60,000 and her husband is making over $90,000 and they were living from paycheck to paycheck then and now are up the creek without a paddle. However they live in Miami Shores with a home worth more than $350,000.

Opa locka, and those type places are lower cost for a reason. They suck.

People living under $30,000 a year usually rent in low cost homes and have very little to show for themselves.

Have you tried visiting Miami and spending some time driving around. You will see why $65,000 a year won't get you much.

Good luck

Joe
Hi Joe,

OK... $145.000/year... how much is net $110.000? ($9.200/month). This is to much for a month, may be some things that you spend a lot?

Please write to me, how much money you spend a month
- groceries?
- traffic?
- insurance (car, house, others)?
- health insurance?
- taxes? (house, cars, others)
- other overheads? (internet, phone, security, etc..)

I respect, that you have a great payment and you are living in a good conditions, that don't tell me this is a real life in Miami!

have a great day

Mickey
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Old 05-18-2012, 07:53 AM
 
6,363 posts, read 12,500,315 times
Reputation: 2403
Anyone making $145,000 a year and just scratching by in Miami, is living well past their means. End of story.
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Old 05-18-2012, 07:57 AM
 
Location: Miami Florida
313 posts, read 362,195 times
Reputation: 134
Quote:
Originally Posted by vmickey View Post
Hi Joe,

OK... $145.000/year... how much is net $110.000? ($9.200/month). This is to much for a month, may be some things that you spend a lot?

Please write to me, how much money you spend a month
- groceries? $200
- traffic? $200
- insurance (car, house, others)? $4000 a year
- health insurance? $250
- taxes? (house, cars, others) $9000 a year
- other overheads? (internet, phone, security, etc..) alot more

I respect, that you have a great payment and you are living in a good conditions, that don't tell me this is a real life in Miami!

have a great day

Mickey
We live by the water so what kills us is taxes and insurance. In fact we pay more in insurance than we pay for the house.

Last edited by doggiebus; 05-18-2012 at 08:21 AM.. Reason: Please don't use red.
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Old 05-18-2012, 08:01 AM
 
Location: Miami Florida
313 posts, read 362,195 times
Reputation: 134
Quote:
Originally Posted by doggiebus View Post
Anyone making $145,000 a year and just scratching by in Miami, is living well past their means. End of story.
We did have a more than usual lifestyle before. We used to eat out almost every night, my son went to private school, we owned luxury vehicles and traveled every 3 months. Thats all changed now.

We eat in almost every day execpt we buy quality food at the Whole Foods Market. My sone now attends a charter school and we drive piece of crap Japanese cars. We still travel but only twice a year.

Unfortunately what kills us is the house insurance. And the paycuts we now received from where we work. We do contribute to a retirement fund which also takes up some money.
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Old 05-18-2012, 08:31 AM
 
6,363 posts, read 12,500,315 times
Reputation: 2403
Seems like you have changed your lifestyle. Home insurance rates in Miami are outrageous, and they aren't going to go down as long as Mr. Christ is in office. (I really wish people would stop voting for the party and look at the person they are electing, anyone that didn't see rates being raised under christ wasn't paying attention). The only thing you can do to lower your insurance rate would be to raise your deductible. I know someone that has a nice house not to far from the water in Boca and pays $1600 a year, but he carries a $22K deductible. Have you thought about selling your 350k home and downsizing to a smaller house or to another less expensive area? Or maybe selling and renting? Or renting out your house and moving your family to a cheaper place? Because you shouldn't be living pay check to pay check with a combined salary of $145k, unless you are living past your means.
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Last edited by doggiebus; 05-18-2012 at 08:43 AM..
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Old 05-18-2012, 09:22 AM
 
Location: Miami Florida
313 posts, read 362,195 times
Reputation: 134
Quote:
Originally Posted by doggiebus View Post
Seems like you have changed your lifestyle. Home insurance rates in Miami are outrageous, and they aren't going to go down as long as Mr. Christ is in office. (I really wish people would stop voting for the party and look at the person they are electing, anyone that didn't see rates being raised under christ wasn't paying attention). The only thing you can do to lower your insurance rate would be to raise your deductible. I know someone that has a nice house not to far from the water in Boca and pays $1600 a year, but he carries a $22K deductible. Have you thought about selling your 350k home and downsizing to a smaller house or to another less expensive area? Or maybe selling and renting? Or renting out your house and moving your family to a cheaper place? Because you shouldn't be living pay check to pay check with a combined salary of $145k, unless you are living past your means.
Charlie Crist hasn't been governor in a couple of years. The new Governor is Rick Scott or as I like to call him PRICK Scott. I have only 4 years to retire and I imagine the realstate market should improve by then. We're plannning on selling our other properties and moving to either central or northern Florida where the cost of living is much lower and slower. Eventually we're gonna move to Colorado with 2 pensions and the sale of 3 properties so we should do okay.

We're sick of Miami Dade County. We both work for the COunty so know where its going to and do not want any part of it.
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Old 05-18-2012, 01:59 PM
 
1,985 posts, read 1,473,338 times
Reputation: 1287
Quote:
Originally Posted by joeandmich View Post
We live by the water so what kills us is taxes and insurance. In fact we pay more in insurance than we pay for the house.
Unfortunately that is becoming the norm in South Florida especially with people that purchased their houses before the real estate spike.

Last edited by doggiebus; 05-18-2012 at 03:48 PM.. Reason: Please don't use red.
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Old 05-18-2012, 03:47 PM
 
6,363 posts, read 12,500,315 times
Reputation: 2403
Quote:
Originally Posted by joeandmich View Post
Charlie Crist hasn't been governor in a couple of years. The new Governor is Rick Scott or as I like to call him PRICK Scott. I have only 4 years to retire and I imagine the realstate market should improve by then. We're plannning on selling our other properties and moving to either central or northern Florida where the cost of living is much lower and slower. Eventually we're gonna move to Colorado with 2 pensions and the sale of 3 properties so we should do okay.

We're sick of Miami Dade County. We both work for the COunty so know where its going to and do not want any part of it.
Scott is what I meant, thanks for correcting me. I knew when I wrote that, it wasn't right. Central Florida rates I hear are getting higher. Citizens Property Insurance plan could send rates soaring for new customers - Florida - MiamiHerald.com
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