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Tell him to reach out to his mortgage lender asap and tell them of the hardship. More than likely they will work with him.
He is in banking. Mortgage company will not do anything until payments cannot be made. They won't do much after that except maybe a modification which won't matter anyway if he doesn't find work. I can only imagine not having the severance. I think he'll find something but I can guarantee it will be in Manhattan.
He is in banking. Mortgage company will not do anything until payments cannot be made. They won't do much after that except maybe a modification which won't matter anyway if he doesn't find work. I can only imagine not having the severance. I think he'll find something but I can guarantee it will be in Manhattan.
Was he laid off from a Long Island job or a Manhattan job?
The country not just LI will never learn. We have become a society of wants (and gets) first and foremost and leave little to nothing to "save" for. Before I get a lot of hate responses, I am speaking in very broad terms and I don't live under a rock. Why is a salary of $150 thousand not enough to live on? Because they have the "I've arrived" car in the driveway, maybe two, the I phone, I pad, Ipod, a cable bill of a gazillion dollars, designer clothes, vacation in exotic places etc. A family of 4 should be able to make it on LI on that salary, provided they did not over reach when they bought a home.
I am a child of the 50's. The very first time I was on a plane was when Dad was potentially going to be transferred and we were sent by the company to check out Syracuse N.Y. He wound up staying on LI. Our family vacations were to the Catskill Game Farm, Gaslight Village, & Freedom Land to name a few. We lived from paycheck to paycheck and mom didn't work. We had what they could afford to give us and loved all that we had.
Today is very different. I overheard a conversation in the store this past Christmas season, between a father and his two children, one boy and one girl, I am guessing to be 9 and 11 years of age respectively, and I am sure the look of horror on my face gave me away.
Dad: What you would like for Christmas?
Girl: Let's get this straight so you don't exhaust yourself shopping!!! I want the I phone 5, not the 4, got it!!! Followed by, If I don't get it, I am not going to be very pleasant to live with!!!!
Boy: If you are thinking about not getting it for me, you had better think twice, I tell you.
MIZZZZZ-RRRRRRRR-EEEEEEEEE will follow.
I know my mouth could have caught flies!!!
I have friends, who by their words are financially stable, not off the charts, but able to pay their bills on time and are above water. They planned to take the kids on a "real" vacation this spring break to the Islands. They were able to do it on frequent flier miles and a rewards program in addition to some smart spending. The kids were so excited and thankful at Christmas when the last present the both girls opened was a little suitcase for their trip. These kids have always only done "my '50's" vacations, like Hershey Park or Sesame Place. They are still going, despite the girls missing a little school. I am sure it will be a vacation not only appreciated but remembered and later on the kids will understand the sacrifice the parents made to make it possible.
Why is a salary of $150 thousand not enough to live on? Because they have the "I've arrived" car in the driveway, maybe two, the I phone, I pad, Ipod, a cable bill of a gazillion dollars, designer clothes, vacation in exotic places etc. A family of 4 should be able to make it on LI on that salary, provided they did not over reach when they bought a home.
We don't know the whole story. My guess is they were probably thinking about college costs and retirement.
It depends on what assumptions they make re. college while raising a family under LI's COL.
I know for myself that it doesn't have to cost so much to get a good college education; certainly not to the extent of having to transfer wealth. But many Americans (NYers in particular) are programmed to think they must spend top money for college.
The country not just LI will never learn. We have become a society of wants (and gets) first and foremost and leave little to nothing to "save" for. Before I get a lot of hate responses, I am speaking in very broad terms and I don't live under a rock. Why is a salary of $150 thousand not enough to live on? Because they have the "I've arrived" car in the driveway, maybe two, the I phone, I pad, Ipod, a cable bill of a gazillion dollars, designer clothes, vacation in exotic places etc. A family of 4 should be able to make it on LI on that salary, provided they did not over reach when they bought a home.
I am a child of the 50's. The very first time I was on a plane was when Dad was potentially going to be transferred and we were sent by the company to check out Syracuse N.Y. He wound up staying on LI. Our family vacations were to the Catskill Game Farm, Gaslight Village, & Freedom Land to name a few. We lived from paycheck to paycheck and mom didn't work. We had what they could afford to give us and loved all that we had.
Today is very different. I overheard a conversation in the store this past Christmas season, between a father and his two children, one boy and one girl, I am guessing to be 9 and 11 years of age respectively, and I am sure the look of horror on my face gave me away.
Dad: What you would like for Christmas?
Girl: Let's get this straight so you don't exhaust yourself shopping!!! I want the I phone 5, not the 4, got it!!! Followed by, If I don't get it, I am not going to be very pleasant to live with!!!!
Boy: If you are thinking about not getting it for me, you had better think twice, I tell you.
MIZZZZZ-RRRRRRRR-EEEEEEEEE will follow.
I know my mouth could have caught flies!!!
I have friends, who by their words are financially stable, not off the charts, but able to pay their bills on time and are above water. They planned to take the kids on a "real" vacation this spring break to the Islands. They were able to do it on frequent flier miles and a rewards program in addition to some smart spending. The kids were so excited and thankful at Christmas when the last present the both girls opened was a little suitcase for their trip. These kids have always only done "my '50's" vacations, like Hershey Park or Sesame Place. They are still going, despite the girls missing a little school. I am sure it will be a vacation not only appreciated but remembered and later on the kids will understand the sacrifice the parents made to make it possible.
... and the attitude of those two little animals is probably the same during the school day. Yes, I knock teachers occasionally but also know I would last a microsecond teaching a classroom
The country not just LI will never learn. We have become a society of wants (and gets) first and foremost and leave little to nothing to "save" for. Before I get a lot of hate responses, I am speaking in very broad terms and I don't live under a rock. Why is a salary of $150 thousand not enough to live on? Because they have the "I've arrived" car in the driveway, maybe two, the I phone, I pad, Ipod, a cable bill of a gazillion dollars, designer clothes, vacation in exotic places etc. A family of 4 should be able to make it on LI on that salary, provided they did not over reach when they bought a home.
I am a child of the 50's. The very first time I was on a plane was when Dad was potentially going to be transferred and we were sent by the company to check out Syracuse N.Y. He wound up staying on LI. Our family vacations were to the Catskill Game Farm, Gaslight Village, & Freedom Land to name a few. We lived from paycheck to paycheck and mom didn't work. We had what they could afford to give us and loved all that we had.
Today is very different. I overheard a conversation in the store this past Christmas season, between a father and his two children, one boy and one girl, I am guessing to be 9 and 11 years of age respectively, and I am sure the look of horror on my face gave me away.
Dad: What you would like for Christmas?
Girl: Let's get this straight so you don't exhaust yourself shopping!!! I want the I phone 5, not the 4, got it!!! Followed by, If I don't get it, I am not going to be very pleasant to live with!!!!
Boy: If you are thinking about not getting it for me, you had better think twice, I tell you.
MIZZZZZ-RRRRRRRR-EEEEEEEEE will follow.
I know my mouth could have caught flies!!!
I have friends, who by their words are financially stable, not off the charts, but able to pay their bills on time and are above water. They planned to take the kids on a "real" vacation this spring break to the Islands. They were able to do it on frequent flier miles and a rewards program in addition to some smart spending. The kids were so excited and thankful at Christmas when the last present the both girls opened was a little suitcase for their trip. These kids have always only done "my '50's" vacations, like Hershey Park or Sesame Place. They are still going, despite the girls missing a little school. I am sure it will be a vacation not only appreciated but remembered and later on the kids will understand the sacrifice the parents made to make it possible.
There are lot of variables that go into a family's budget these days. Just because someone 'needs' to make $150k doesn't necessarily mean they're living life large. Besides covering everyday expenses, huge property taxes, and some of the highest utility rates in the US, there are retirement funds (assuming you're not a public servant), insurance premiums, and safety fund savings, all of which really add up. With the regional economy what it is, 6 months of savings is probably underestimating. After taxes, there's not too much left.
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