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Old 02-11-2019, 12:25 PM
 
Location: Censorshipville...
2,694 posts, read 6,248,703 times
Reputation: 1557

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Quote:
Originally Posted by Cassy Fae View Post
I find the taxes to be the least of my problems. Maybe Iím just used it to it. Childcare, oil, electric, commuting expenses. I spend 5-600/min to go to work. Our house is not much larger than yours but obviously more expensive. I got a 340k mortgage after putting a100k down. Really not bad for the area/region. Taxes were raised right when we purchased so that did sting a bit. I am looking into a better cell phone plan. We donít have regular phone so we need cell coverage that works and our town is semi-rural so itís hit or miss. We also do not have more than one choice for cable/internet.

We donít vacation. One of us could have stayed home but then I worry-if something ever happened to one of us it would be trouble. Iíve seen that happen to friends (husband got colon cancer and she became a lunch lady at a school for minimum wage).

With all the expenses I do put away 20% for retirement between me and my husband. That will be increased for next year!
We're living in the house my wife bought when she was single working as a teacher. It wasn't too expensive when she bought it in 2010. I think around $160k but it is in a more fringe of suburbia going into rural. Moving there increased my commuting costs, so I ended up buying a more efficient car, and giving my SUV to my wife to replace her car that had higher repair costs.

Straight Talk Wireless can use either a Verizon or AT&T sim. Republic I think works on T-Mobile/Sprint so a bit more limited. I really like STW personally and saved a lot switching to them from AT&T. We have the basic cable/internet package, around $80 a month.

I've got term life insurance on myself and we're exploring getting a smaller policy on my wife to mitigate disaster. I've thought about getting disability insurance on myself too, but the price seems really expensive for the type of coverage. Currently we're just self insuring there by having about 6m of emergency fund.

Good job putting that high percentage away for retirement. We try to do the same as the added benefit is that it lowers your taxable income.
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Old 02-11-2019, 12:35 PM
 
Location: NC
885 posts, read 671,692 times
Reputation: 1122
Quote:
Originally Posted by Cassy Fae View Post
Thatís the thing. Iím in MA. Family is in MA. We cannot move across the country for lower COL and even if we did I donít know how we would make a living. We need to be near biotech hubs, which are always in high COL areas.
I live in Raleigh NC which has a decent biotech industry. Lots of other high paying jobs with low COL as well.
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Old 02-11-2019, 12:39 PM
 
Location: NC
885 posts, read 671,692 times
Reputation: 1122
Quote:
Originally Posted by Lowexpectations View Post
Your monthly cost a pretty damn low for someone making 330,000. Our incomes are similar and my monthly bills are 5700.00 a month, if you add in property tax, home insurance and car insurance our monthly totals move to 7200.00
That would be affordable for us until the economy crashes...and then what? Better to keep costs low and sleep well at night.

I'm 37, and saw first hand the recession post 9/11 and 2008-2010. I went to go apply at Pizza Hut making min wage and they had a stack of apps 3" high. They weren't even handing them out anymore. That was 2002ish.

I do want to buy a nicer house in a better neighborhood. But, I've always found that buying new things and spending money hasn't made me happier. I enjoy the simple things in life and enjoy my time off. I didn't work a day in November, had three weeks off in Jan, will get two off in March and another two off in April. I fully utilize my vacation.

Last edited by pipsters; 02-11-2019 at 12:52 PM..
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Old 02-11-2019, 12:48 PM
 
Location: NC
885 posts, read 671,692 times
Reputation: 1122
Quote:
Originally Posted by Cassy Fae View Post
Where are you? I cannot imagine those kinds of bills! I’ll use the same co’s in two shakes. We’re late starters and not that young, but behind you in the time line. Without a doubt our kids are the biggest expense. Otherwise everything would be paid with cash. Maybe that time will come but I am pessimistic.
Had you held off on kids for a few years you would've had your loans, cars, and CC (mostly?) paid for. You could've set yourself up for success.

I knew a guy with crushing student loan debt who bought an RV and lived in it for a couple years to pay off his loans completely. Extreme circumstances call for extreme measures.

"Nobody does that". Yep I get that a lot. Unless you are made of money and can live in a low COL area from the get go it sometimes takes living like you are poor for a few years to play catch up and really get ahead.

The thing is, once you do get ahead, it acts like a snowball as assets grow faster and faster. It's pretty incredible to look at. Have a look at this thread where I documented our successes:

What to do with our money, we are 32
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Old 02-11-2019, 12:49 PM
 
Location: NC
885 posts, read 671,692 times
Reputation: 1122
Quote:
Originally Posted by oneasterisk View Post
We're living in the house my wife bought when she was single working as a teacher. It wasn't too expensive when she bought it in 2010. I think around $160k but it is in a more fringe of suburbia going into rural. Moving there increased my commuting costs, so I ended up buying a more efficient car, and giving my SUV to my wife to replace her car that had higher repair costs.

Straight Talk Wireless can use either a Verizon or AT&T sim. Republic I think works on T-Mobile/Sprint so a bit more limited. I really like STW personally and saved a lot switching to them from AT&T. We have the basic cable/internet package, around $80 a month.

I've got term life insurance on myself and we're exploring getting a smaller policy on my wife to mitigate disaster. I've thought about getting disability insurance on myself too, but the price seems really expensive for the type of coverage. Currently we're just self insuring there by having about 6m of emergency fund.

Good job putting that high percentage away for retirement. We try to do the same as the added benefit is that it lowers your taxable income.
Total Wireless is a good Verizon only MVNO that is under the Straight Talk umbrella of Carlos Slim.

$62/month including taxes for two lines, with 15gb data shared. Unlimited talk/text of course.

I bought two new iPhone SE's last year for $99 each. Good deal.
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Old 02-11-2019, 01:31 PM
 
Location: Maryland
18,614 posts, read 16,397,164 times
Reputation: 6343
Quote:
Originally Posted by Tencent View Post
That is also an option. Most people don't have 5k just laying around. Just making them aware that it's not all due up front. Interest and fees? Either way you're getting hit if you don't have the liquidity. There are some sites saying use your credit card or a personal loan. Well that depends on your credit score and what interest rates you're getting through these methods. The minimum CC interest rate is currently higher than what the IRS would charge to my knowledge thanks to the QT.



And herein lies the problem. I cannot give him specific advice since all we know is his income. Just like any other poster on here usually critical info is left out leaving people to give the best guidance they can with the information they have. Nothing dangerous about it. If I owed 5k I'd be damn sure to check 100 different resources to find out why and who else it's happening to.



This sh** is an absolute mess...It's going to send us into the next recession guaranteed. Trump is not getting re-elected if this pans out how I think it will. Time to check the ballot to see whose next...
The tax law simplified tax returns at the federal level. That states had ample time to prepare.
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Old 02-11-2019, 01:38 PM
 
18,788 posts, read 13,534,175 times
Reputation: 14152
Quote:
Originally Posted by pipsters View Post
That would be affordable for us until the economy crashes...and then what? Better to keep costs low and sleep well at night.
Our incomes arenít really volatile but even with some volatility my monthly expenses are less than 22% of gross income your are 12% with travel 9% without

Quote:
I'm 37, and saw first hand the recession post 9/11 and 2008-2010. I went to go apply at Pizza Hut making min wage and they had a stack of apps 3" high. They weren't even handing them out anymore. That was 2002ish.
We are close in age and Iím in financial services so I got the dot com, 9/11 and the financial crisis


Quote:
I do want to buy a nicer house in a better neighborhood. But, I've always found that buying new things and spending money hasn't made me happier. I enjoy the simple things in life and enjoy my time off. I didn't work a day in November, had three weeks off in Jan, will get two off in March and another two off in April. I fully utilize my vacation.

I have 5 weeks vacation and I do take it all every year. Do what works for you have to realize that spending 10% of gross to live is pretty uncommon
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Old 02-11-2019, 03:47 PM
Status: "Excited to move to Vegas!" (set 13 days ago)
 
Location: Beaverton, OR
5,443 posts, read 5,866,116 times
Reputation: 6134
Quote:
Originally Posted by CypressHeat View Post
Wouldn't surprise me if they're in Texas. I am, and that looks like an almost mirror of my expenses except I have student loan payments still outstanding. I also spend about $200 a month on food just for myself though.
You guys are ultra frugal lol. I’m frugal in general, compared to almost everyone I know and given my means, but that just means I rarely buy clothes, don’t spend much on useless stuff, take advantage of the right CCs and deals, etc. I have no clue how you do it with food. $200?!? Even single I would easily spend $450/month on food and drinks (non-alcohol). That’s only $15/day, that’s nothing.

Now with my GF and including eating out I don’t actually know, or care, because food to me doesn’t add up to anything worth caring about but I’m guessing $750-900/month. My mortgage is $167 though so I really don’t care about a few bucks on food. Penny pinching over food for me is not productive as we don’t cook and I don’t have the same idea about food costs as some people. $3.50-4 for a frozen dinner and $2 for a protein bar is a cheap meal. Anything under $10 is a very cheap meal. But $200/month?! So $6 per day basically. I have no idea what you’d eat for that. I couldn’t buy 100 grams of protein for that cheap in any form. I guess raw protein powder that would cost me $5 but that would be like 600 calories so I’d starve to death.
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Old 02-11-2019, 04:21 PM
 
7,360 posts, read 4,200,598 times
Reputation: 5034
Quote:
Originally Posted by Grlzrl View Post
Sounds like you don't know the difference between tax amount and refund amount. they changed the withholding tables in 2018 so you need to compare the tax amounts, not the refund amounts.
I did compare the total tax amount. I paid a higher percentage this past year. Just for fun I even entered this years numbers into last years software. I would have gotten $3k more back, or paid $3k less in taxes...
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Old 02-11-2019, 04:23 PM
 
1,640 posts, read 542,116 times
Reputation: 813
Quote:
Originally Posted by pipsters View Post
I live in Raleigh NC which has a decent biotech industry. Lots of other high paying jobs with low COL as well.
I was actually down there looking around! Yes, it does have a nice little biotech hub. We had family there for a while.

Quote:
Originally Posted by pipsters View Post
Had you held off on kids for a few years you would've had your loans, cars, and CC (mostly?) paid for. You could've set yourself up for success.
Funny enough it wasn't until after our kids that we accrued the debt. And we did put them off. Although, we didn't know we would have two and while I theoretically understood how expensive daycare was it didn't sink in until it hit us. My plan for this year's bonus was to pay off the CC debt. Now I get to pay more taxes. It never seems to end.
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