A Tampa Family earning over 100K and feeling poor (middle-class, apartments)

[Maggi07]

Originally Posted by Tampa Homes

I read that earlier. A 1000/month for food???

We spend $1000/month on food, but we have a family of 8.

It's odd that the family in the article feels poor. I think it's more their attitude about it than anything else.

[cupper3]

That's crazy. My son lives in an area where the average cost of housing is over 300K. He makes around 70K. His wife stays at home with their son, they have two new vehicles, a car and a truck, paid cash for both, a used RV trailer, paid cash, and no debts other then the house. That family in the article doesn't know how to budget.

Oh, holidays are local with the RV; no Tonga or Bali or Mexico like their neighbors. Guess one chooses what is important.

[BucFan]

Parents need to be concerned about their own retirement years - I wonder how well this family is set up for theirs while they finance two kids' college education. If they're concerned about a poor standard of living off of $100k/yr, wait until they reach their retirement years without a pot to **** in.

As for paying for college: there becomes a time in an adult's life when they have to take responsibility for themselves. There are several ways to finance an education other than having mommy and daddy pay for it - that might include working during college, taking a loan, joining the military, finding scholarships, or obtaining grants.

[BucFan]

Retirement or College Savings

Raising Financially Savvy Children These Days Isn't Kid's Play

By Suze Orman

I don't have to tell you that raising kids presents an endless series of challenges, from getting your baby to sleep through the night to forking over the car keys to your teenager for the first time. But one of the most daunting challenges parents deal with is actually something they impose on themselves. I am talking about the notion that parents "ought" to finance 100 percent of their kid's college education, even if their ability to secure their own future takes a back seat.

As well-intentioned as I know all of you are, I would have to give an "F" to any parent who underfunds their future because they are busy saving up to send their kid to college.

Just think about this for a moment, my friends. There are plenty of financial aid options for a college student. Almost 60 percent of college students receive some aid. But there is absolutely no program I know of that will float you a loan or give you a grant so you can pay your own bills when you retire.

Since the available resources are pretty much all on one side here, might it not be possible, or should I say probable, that the best course of action for you and your children is to make sure your finances are on track before you start diverting money into a college account?


Retirement or College Savings: Money Matters - Yahoo! Finance

[clairegoad]

Originally Posted by Maggi07

We spend $1000/month on food, but we have a family of 8.

It's odd that the family in the article feels poor. I think it's more their attitude about it than anything else.

They feel poor.. they thought they'd have more disposable income, more confidence in their home, more saved in the retirement account.

With those parameters... I guess a lot of us feel poor.

But I've been poor... my version of poor... I realize others have been worse off... There are many good lessons in being less wealthy than we want.

You learn to make difficult decisions.. cut back on non-essentials.. and be grateful for what you have.

[crazynip]

Poster children for living beyond their means...

[FloridaKash]

Originally Posted by Tim Tim Tim

Your theory here is just very unwise.

So your saying they should not plan for retirement, not have full coverage auto insurance and not help there kids out with higher education?

Going to let you in on a little secret. If you are able to afford saving for retirement, carry full coverage and pay for kids' tuition... you are not poor.

First off, if you have a cash car that is worth less than $5K you should not carry full coverage (comp/coll). The numbers don;t make sense when you look at what you pay for it and what you would get paid if you total your car.

I'm not saying they shouldn't plan for their retirement. But you sure as heck shouldn't complain about it and state that you are poor because you are paying extra on your mortgage and putting money away for the future.

In my family the kids always had to pay for their own college. The trade here is, if you go to college you can stay living at home for free.

I think this guy needs to count his blessings on what he is able to do and realize he is in a much better position than the vast majority of America.

[TampaKaren]

I have similar feelings every year around April 15 when I look at last year's income and wonder where it all went. I want it back...in a lump sum! LOL

[gypsychic]

Originally Posted by Maggi07

We spend $1000/month on food, but we have a family of 8.

It's odd that the family in the article feels poor. I think it's more their attitude about it than anything else.

I agree, Maggi. Wealth is really a state of mind. Many people feel rich with half (or less) than that family. It's really all about being grateful for what you have and making smart choices. Some people have a poverty consciousness, and no amount of money would make them feel rich or content.

I agree with your post, too, FloridaKash!

[beachmouse]

If they really are in Tampa, tuition and fees at Hillsborough Community College ends up being about $100/credit hour. Figure 15 credit hours per semester for each kid and you're at about $6,000 a year. Even if you add in extra lab fees and overpriced textbooks, you should still be at half or less of the $15K they claimed it cost to send the kids to community college.

As for the $300/month car payment, unless there was a huge trade-in involved, that's the monthly payment for a five year note for a mid-sized sedan.

The $1000/month for food likely includes a fair amount of eating out.