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I cant even believe Im talking about this but here it goes...
$165k/yr = about $115 take home. = $2200 per week. Yes per week. $8,800 per month.
...
$8,800-$2,920= $5,880 a month for all other living expenses.
Do you want a Lexus or Mercedes in the garage?
or both?
You call it "funny", but I don't believe you live on the same planet as I do. The problem is that you're simplifying it too much to try and make your point and ... Bottom line - if your mortgage payment is hovering at or more than a 1/3 of your take home (which it clearly is in this example that you think proves your point), you're not owning a luxury car - let alone 2.
Where does the $80k to put down on that $480k house come from? Because remember I was trying to point out that you're not in the market to sell anything... and the idea that a $400k house is "good" on LI is ludicrous. You're either sacrificing location, size, or rundown properties to get into that price point. At which point you're more than likely convincing yourself that you'll do the updating later - which we all know is not likely to happen when raising a family. The reality is that a decent home in a decent school district to raise multiple kids will be that 4/2 listed well over $500k in the "better" district - and you'll convince yourself you can afford it - because you know - you make ONE HUNDRED SIXTY FIVE a year!
It may seem like alot when you're making a fraction and getting by yourself, but 165k is not alot of money on LI today - it just isn't... unless like I said, you make it now and got into your house 10... 15 years ago... heck, over 100k at that point would be pretty good because you're talking floating something like a $100k mortgage refinanced into today's super low rates. Find someone making 165k who bought in 2007 and try to get them to be honest about it... while they rack up CC debt and lease fancy cars to pretend they are upper middle class...
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Apologies, was asking mongoose since his estimate was 6K/year Thanks for the info.
Threw out the $6k # thus:
Summer camp $4k: Cheapest aside from "Town of Islip" where I wouldn't send my kid even if I lived in Islip and probably has a waiting list at least 5 years long is Camps R Us at @ $3k. Most of the others that provide trans and lunch are approx. $4200+ for 8 weeks.
The other $2k was for family vacation (re-read the post). Just an estimate. We often pay less if we go away as I use my in laws time share points. Still, airfares and spending money usually being it to at least $2k, even for the plain old Orlando visit.
You'd be surprised what is out there nowadays Mongoose.
Not really. We've been looking. I feel much better about my own house when I see what people are still asking $400k for out there. Where I am, anything under $300k is still being completely rehabbed and flipped.
In fairness, move in ready by my standards and move in ready by my wife's standards are two completely different things. More or less the story of my life and misery!
Not really. We've been looking. I feel much better about my own house when I see what people are still asking $400k for out there. Where I am, anything under $300k is still being completely rehabbed and flipped.
In fairness, move in ready by my standards and move in ready by my wife's standards are two completely different things. More or less the story of my life and misery!
LOL! Not to say there arent tons of people out there still in LaLa land that list and expect to get 500k for something that is worth far far less now. You have to laugh at some of the listings.
But I guess you "need" that 3000 sq ft house, in ground pool on a half acre?
It sure doesn't hurt to have extra closest space and a place for my cars.
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