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i read a great article in Money magazine a few years ago about a couple in North Dakota that was making $180,000/yr and had 6 kids and had more debt than you can imagine, and very little saved. the point of the article was that it doesn't matter what your income is, you need to have a budget based on your income. paying off $70k in debt is impressive, even on $140k in income. it would be like paying off 40k in debt on $80k in income, and so on. point is still the same!
There's the problem with their financial situation right there.
I wouldn't even consider having 6 kids unless I was a Fortune 100 CEO, hedge fund manager, or pro baseball player with an 8-figure per year contract.
I really doubt that you need an 8 figure income to raise 6 kids. What are you trying to do? Have a 20,000 sq foot home, 6 nannies, 6 Rolls Royces for each child w/ 6 drivers, 6 private tutors and 6 puppies to keep them happy?
You really need to rake in over 10,000,000/year for 6 kids??
It's depressing to those of us who make $50,000 after years of working...and can't put away much of anything because it takes every penny to raise a family of 3 on that...
It's depressing to those of us who make $50,000 after years of working...and can't put away much of anything because it takes every penny to raise a family of 3 on that...
Similarly, my decisions to start a family (and how many kids) would very much be based on how many I could afford to have. I would never have 3 kids on $50k.
Look at the after tax income though. For the first 3 months of the year we are at 43k gross but only 28k after tax. So we keep only 65% of what we make thru taxes and deductions. I remember after graduating college (I'm 29 now) I only paid <5% or so as taxes/deductions on my paycheck because I earned so little (around 12k that first year).
Look at the after tax income though. For the first 3 months of the year we are at 43k gross but only 28k after tax. So we keep only 65% of what we make thru taxes and deductions. I remember after graduating college (I'm 29 now) I only paid <5% or so as taxes/deductions on my paycheck because I earned so little (around 12k that first year).
How the heck (or why) do you pay so much in taxes? I pay less than 5% taxes. For 2010, I'll pay no taxes. And I make six figures.
Wow, I make 6 figures too and my effective tax rate was 15% for the year. How do you get away with paying 5% in taxes?
Various ways.... tax deductions... etc. The most effective thing I do is maxing out my 401k to $49,000. Tax deductions for car, medical, real estate taxes, etc.
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