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Old 11-14-2011, 04:29 AM
 
Location: NJ
1,495 posts, read 4,436,796 times
Reputation: 951

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Quote:
Originally Posted by Marc Paolella View Post
I would not wallow in self-pity the way you are right now. If more money is your goal, figure out a logical path to get there and follow it. It's the same thing in my industry. The typical agent cannot afford a $150,000 home. The best agents have no trouble affording a $5,000,000 home. I would suspect the same thing is true of plumbers, and lawyers, and doctors. The key is to get good enough to command more income. Perhaps pursuing a teaching position in the private sector. Or making yourself a better teacher so that you are in high demand due to your enhanced skill set. Or doubling up on the jobs and saving money.

And anyway, the bottom line is this: If you don't have an appointment with an oncologist this week, life is good! Being broke is not unjust, it is simply a fact in time that can be changed. So get to work and change it!
Private sector pays less!
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Old 11-14-2011, 05:44 AM
 
Location: New Jersey/Florida
5,370 posts, read 10,126,849 times
Reputation: 3496
It is very sad to see that a teacher in NJ with 7 years experience unable to afford a 150K house. I don't have the answer. Myself and wife worked for years saving enough for a downpayment on a 167K home. BUT that was a long time ago. Good luck and thank you for educating OUR youth.
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Old 11-14-2011, 05:54 AM
 
1,787 posts, read 4,797,187 times
Reputation: 1276
Quote:
Originally Posted by Raven1976 View Post
That is crazy!

Well I'm all for taking tenure away because as a teacher I don't really see it working in my town.
I wish there wasn't so much time off in the summer because a lot of teachers don't get paid in the summer, it's only a ten month contract. So the check is bigger and therefore more tax taken out and then it's up to yourself to budget for 12 months on 10 month salary.
To increase your income, get a temporary job for two months instead of having summers off. You might tutor for those months, too.

I'm thinking some will feel having summers off is a nice problem to have.
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Old 11-14-2011, 06:15 AM
 
1,787 posts, read 4,797,187 times
Reputation: 1276
Quote:
Originally Posted by Raven1976 View Post
...NO matter how much I crunch the numbers, when I include property tax, ins., mortage, utilities, PMI, and all the basics it goes over my net income for the month. THe only debt I have is a school loan and a monthly car payment.

I saw a few houses that were under 100k, but they need an immense amount of work and are in horrible areas...
You have to reduce your debt. When your budget is as tight as yours, everything you pay off will help.

You can get rid of the PMI by saving 20% of the purchase price; it will take longer to buy, but you can do it.

I don't know how much your car payment is, but I know people with car payments around $500! That's a big payment...that can be your monthly real estate tax. Pay off your vehicle before buying your home.

Other than figuring it out yourself, how do you know how much house you can afford? Get pre-qualified by a lending institution (bank, etc.)

Also, how far are you willing to drive to be able to afford a home?

Good luck~
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Old 11-14-2011, 06:24 AM
 
Location: Central, NJ
2,310 posts, read 4,812,001 times
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How much have you saved for a down payment? If your clock is ticking you've had many years to save. Surely you are not thinking of buying a house with no money down and an unemployed spouse?
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Old 11-14-2011, 06:30 AM
 
13,460 posts, read 14,445,292 times
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Quote:
Originally Posted by Raven1976 View Post
can't even afford to buy a house that is 150k in NJ. We make so much don't we Gov Christie? NO matter how much I crunch the numbers, when I include property tax, ins., mortage, utilities, PMI, and all the basics it goes over my net income for the month. THe only debt I have is a school loan and a monthly car payment.

I saw a few houses that were under 100k, but they need an immense amount of work and are in horrible areas.

It's very frustrating to read about people who are not even satisfied with buying a house under 500k. They should be so lucky that they can even afford it.

I love my job and I wouldn't know what else to do. I will have to somehow try to earn a second income and hope that my husband can find a job soon. Maybe I'll have to go back to school and get in more debt to study something else. Ha! Forget about starting a family and the biological clock is ticking. The funny thing is that I work in a district that supposedly pays more and I have 7 years experience.

BEing a teacher is wonderful isn't it?

Thanks for reading... I am having a frustrating week.
Without knowing how much you earn, it's hard to offer good financial advice regarding a home purchase in NJ.

You did say that your husband isn't working. That being the case your situation is no different that many, many other single income families in NJ.

Public vs private sector has nothing to do with it.

Many families in NJ can't afford a home in NJ along with their huge property taxes on just one income.

No politician is going to "fix" that.

In short, your situation is nowhere close to being unique to the teaching profession.
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Old 11-14-2011, 06:50 AM
 
65 posts, read 159,477 times
Reputation: 77
Quote:
Originally Posted by jersey man;21705382[b
]it is very sad to see that a teacher in nj with 7 years experience unable to afford a 150k house. I don't have the answer[/b]. Myself and wife worked for years saving enough for a downpayment on a 167k home. But that was a long time ago. good luck and thank you for educating our youth.


+1
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Old 11-14-2011, 06:55 AM
Status: "Even better than okay" (set 7 days ago)
 
Location: Coastal New Jersey
51,195 posts, read 50,480,930 times
Reputation: 60090
Quote:
Originally Posted by lkb0714 View Post
And that is why this is my last year teaching. Signed my contract to go back to my old job already. More than 25% pay increase (including benefits), similar hours and I will miss my students every day. I am also not alone, of the 9 science and engineering teachers at my school all but 1 is leaving next year.
My neighbor is a first-grade teacher. She is 28 and has wanted to be a teacher since she was a little girl. She's giving it one more year, then will make the decision whether to go for her MBA and get out of teaching forever.
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Old 11-14-2011, 06:57 AM
Status: "Even better than okay" (set 7 days ago)
 
Location: Coastal New Jersey
51,195 posts, read 50,480,930 times
Reputation: 60090
Quote:
Originally Posted by Lady Rahrah View Post
Dissolution of tenor? How about sopranos and contraltos? (Sorry, couldn't resist, I know that you mean tenure)

Pay more for benefits for new teachers? Of course, that makes perfect sense. The ones who get paid the least will be thrilled to pay more.

Benefits? I don't know a single person who went into teaching for the benefits. They went into it because they love kids and are passionate about their work.

Actually, I was shocked by the original post. There are houses in New Jersey for $150,000??? Or even less?
I wondered about that, too.
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Old 11-14-2011, 07:01 AM
Status: "Even better than okay" (set 7 days ago)
 
Location: Coastal New Jersey
51,195 posts, read 50,480,930 times
Reputation: 60090
Quote:
Originally Posted by doc1 View Post
Without knowing how much you earn, it's hard to offer good financial advice regarding a home purchase in NJ.

You did say that your husband isn't working. That being the case your situation is no different that many, many other single income families in NJ.

Public vs private sector has nothing to do with it.

Many families in NJ can't afford a home in NJ along with their huge property taxes on just one income.

No politician is going to "fix" that.

In short, your situation is nowhere close to being unique to the teaching profession.
This is very true. I was 52 before I could afford a place of my own (divorced mother, one income) and when I did, it was a 2 br condo.

Doesn't mean you should put off having a family if your "biological clock is ticking". It may be considered the "right" way to do it--get a house, then have a kid, but really, being a slave to society's standards just doesn't always work out. You can rent and have a child, and if your husband still isn't working, you have a parent at home and therefore no need to pay for childcare. My daughter was born when my ex-husband and I lived in a one-bedroom apartment, moved to a 2 BR later, and eventually I rented a small house when I was raising her. It was better to continue to rent in a good town where I had family and the schools were decent.
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