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You forgot about taxes! If you're making $50K, you're not taking home $50k!! Plus, who put's 50% down on a house?? Most don't!
The thread is...Can you support a family of 4 on less then $100k, not if you are single! If you have a family your expenses are more than you specified. Food alone is ALOT more!
Yeah, in an income tax state 50k would become 40k. Property taxes are included in "home ownership". Actually, the thread isn't centered on 100k, that's just what many suggest. I may have underestimated on food but I over-estimated in other areas. People with savings put more than 20% down for a mortgage. 50% only sounds high because the house I want isn't 3000 sq'. I think that's big even for a family of four.
50k is tight, especially in today's society which is consumer driven. Single I easily made it on 30k in an expensive state. Making 50k I would need a higher paying job or to hold down an extra job. I believe a family should be able to save at least 1k per month. I will need a secondary income for that. If the wife works it'll mostly go for daycare and extra transportation, so whether she works or not frankly doesn't matter, unless she remains a career woman. A hard working man needs his woman to have time to cook daily.
$100K is not comfy in Denver or Chicago. Not in a good neighborhood with good schools. In the ghetto, sure. When one makes $100K, they don't bring home anywhere near $100K! Taxes suck! We're also talking about a whole family to support not one person.
$100K is not doable in Boston or NYC. Not for a family! For one person in a studio apartment the size of a closet, maybe.
I disagree. Having lived in Chicago and having family in Denver, $100K is plenty to raise a family on. One's not living in the lap of luxury, and needs to make smart, responsible decisions, but a family can have a perfectly wonderful middle-class lifestyle making $100K in those cites.
How much money should a man raising a family make?
The answer to your question cannot be made with a single simple quick response. There are so many things to consider such as what is this hypotheical man's education level, his certifications, what are his marketable skills, what sort of work does he do, what size is his family, where does he live, what is his lifestyle, how healthy is he and his family, what other things beyond his normal life can change his value on the job market, and so on until you talk yourself dizzy. It all depends on a million different things. Primarily though, this hypothetical man questioning his job market value should hope he doesn't use a greater amount than what his income is.
No. there are places in the us where you can make less than 100k and still have the stereotypical American life? Is called living in a lower COL state. Here in Texas, it's definitely doable especially since it's also a no income tax state. And what is this life that a woman and kids deserve anyway?
I have heard that texas is in a massive race to the bottom, the market is flooded with H1B and other forigner visa programs for engineering office and other higher paying jobs. I have heard its been going on so long there that alot of these once on H1B now have green cards or are even citizens now.
I have talked to some people that used to work there and said that they would be put under forigner managers (green card, H1B or now citizen but forigner none the less) and there was significant culture clashes due to the forigner now being in charge of citizens.
I am not sure how true this all is but I have heard very little good things about texas. Foul mouthed beligerant bosses who are living and managing in some sort of dystopian bad movie ...
The texas state govt is also working to activly water down professional licensure as well for various professions.
It is also hot polluted and dirty with a crap ton of people everywhere, from what I heard.
Yeah, in an income tax state 50k would become 40k. Property taxes are included in "home ownership". Actually, the thread isn't centered on 100k, that's just what many suggest. I may have underestimated on food but I over-estimated in other areas. People with savings put more than 20% down for a mortgage. 50% only sounds high because the house I want isn't 3000 sq'. I think that's big even for a family of four.
50k is tight, especially in today's society which is consumer driven. Single I easily made it on 30k in an expensive state. Making 50k I would need a higher paying job or to hold down an extra job. I believe a family should be able to save at least 1k per month. I will need a secondary income for that. If the wife works it'll mostly go for daycare and extra transportation, so whether she works or not frankly doesn't matter, unless she remains a career woman. A hard working man needs his woman to have time to cook daily.
Actually, people with a lot of money tend to get loans and invest the extra when interest rates are low unless they're retirees who are downsizing. If you are getting a mortgage at 4% and can make 6% investing with low risk, then why would you put your money toward the mortgage? That's especially the case now where it's unclear how much and if housing values are going to go up that much more.
IF the wife works, she MAY make more than her husband. That was the case for many of my friends at the time they had children. And when I say they made more than their husbands, they made significantly more- maybe 50-100% more. You are making a lot of ridiculous assumptions about women and their ability to make money in this thread. Women now are going to college at higher rates than their male counterparts. The income gap tends to happen after women have children and tend to cut back on their work hours or take maternity leave. It does not happen beforehand when both men and women are in the workplace working full-time. At that point, many women outearn men.
Likely with a significant family support network otherwise they would be living out of their car or in the slums.
Public assistance takes care of it. I know a woman who works min wage at the local 7 Eleven, 3 kids from 3 different guys. Two are in jail, the other is hiding out somewhere. Food stamps, section 8, WIC, etc. How do you think all the Walmart workers survive? They rely on being subsidized by the taxpayer. Otherwise they would not just be the working poor, but the working homeless.
The answer to your question cannot be made with a single simple quick response. There are so many things to consider such as what is this hypotheical man's education level, his certifications, what are his marketable skills, what sort of work does he do, what size is his family, where does he live, what is his lifestyle, how healthy is he and his family, what other things beyond his normal life can change his value on the job market, and so on until you talk yourself dizzy. It all depends on a million different things. Primarily though, this hypothetical man questioning his job market value should hope he doesn't use a greater amount than what his income is.
I want to hear what different people say according to their individual experience. I can't be very specific as I myself don't know my future situation. All I really know is I do my current job very well and won't buy an overpriced home.
I have heard that texas is in a massive race to the bottom, the market is flooded with H1B and other forigner visa programs for engineering office and other higher paying jobs. I have heard its been going on so long there that alot of these once on H1B now have green cards or are even citizens now.
I have talked to some people that used to work there and said that they would be put under forigner managers (green card, H1B or now citizen but forigner none the less) and there was significant culture clashes due to the forigner now being in charge of citizens.
I am not sure how true this all is but I have heard very little good things about texas. Foul mouthed beligerant bosses who are living and managing in some sort of dystopian bad movie ...
The texas state govt is also working to activly water down professional licensure as well for various professions.
It is also hot polluted and dirty with a crap ton of people everywhere, from what I heard.
I hope Trump cuts down on those visas. Many of those foreigners have no skills that can't be found in a pile of native resumes.
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