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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.
I think it also heavily depends on if you own a house and, most importantly, WHEN you bought that house.
If you bought it pre-bubble, lots of breathing room.
If you bought it during the bubble, you could be upside-down on the mortgage.
If you bought it post-bubble, not much breathing room because prices stabilized higher than they should have (if you go by the historical appreciation rate of real estate in this country, LI jumped to way above average in the bubble and did not go back to average post-bubble).
nuts2uiam, think about when you bought your house. Also think about what you just sold it for. Could you comfortably buy your house today for what you sold it for in your present circumstances? If you/husband were in the same professions with the same amount of years of experience TODAY as you were back when you bought it, could you comfortably buy your house for what you sold it for?
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.
Someone created a FB parents page for our community. One woman posted about vacation suggestions and mentioned (yeah, right -- bragged) that they have no issue spending $20K on a weeks vacation; next question was suggestions for someplace family oriented. I was shocked at the number of replies and locales -- some of the people who answered I know aren't living all that large and 1 is actually in foreclosure. Gee, I wonder why?
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.
Yeah, there are 2 sides to this equation and I REALLY hate when people who don't have kids act like it's just more mouths to feed. I don't think there's been a month in the last 12 years that hasn't presented me with some unexpected expense relating to the kids. At the same time, I am also sick and tired of hearing people complain they aren't making it when they have "i" everything. The data plans alone on a family of smartphones are outrageous but everyone seems to have one - WHY?!? My husband has his own business and didn't have one till 2 years ago when I forced him into it because of all the traveling he was doing. But it's practically worthless for the amount he uses it on a day-to-day basis.
My sister's husband made a boatload of money on Wall St for over 20 years and now it's paycheck to paycheck for them. I mean you seriously can't make this stuff up. I can't even listen to her complain....just try to end the conversation as quickly as possible.
As pointed out there are huge variables in what people lay out every month. I have ongoing medical expenses not covered by insurance. We pay $1000 a month for coverage. $2500 deductible per person. DD needed an MRI a few weeks ago, $750 - cha ching. That's a mortgage payment to some people. Obviously if you are making nearly a million a year people can (and will) judge you - otherwise no one can say that someone is just too spendy and that's why they aren't making it.
I know a family that HAS to take their kids to Disney in April. Family of 5....$7500. And they are living month to month. Some people never learn.
Anyone who goes to Disney every year has a screw loose. They should start their self examination there, LOL.
$7500 for a week in Disney is a bargain - bet they are spending more and don't want to own up to it. Speaking of which, that's another thing people do "oh, we're just away for a few nights - got a good deal on the hotel/using points/whatever"...uh huh - gas and tolls, food, entertainment - it all adds up. People delude themselves.
Anyone who goes to Disney every year has a screw loose. They should start their self examination there, LOL.
$7500 for a week in Disney is a bargain - bet they are spending more and don't want to own up to it. Speaking of which, that's another thing people do "oh, we're just away for a few nights - got a good deal on the hotel/using points/whatever"...uh huh - gas and tolls, food, entertainment - it all adds up. People delude themselves.
$8,744. PLUS tax for my family (3 adult, 1 child) to spend a week at Disney, meals, 5 days worth of passes, airfare and rental car.
I cant afford Disney for a week, I know that. But its fine. Kiddos find Hershey, Busch Gardens and water parks just as fun and at 1/8th the cost.
The problem with Disney is that everyone pays so freaking much to go they are going to get their money's worth dammit - and you're not gonna stand in their way. I'd rather deal with an Al Queda threat in Times Square than brave the Magic Kingdom again.
The problem with Disney is that everyone pays so freaking much to go they are going to get their money's worth dammit - and you're not gonna stand in their way. I'd rather deal with an Al Queda threat in Times Square than brave the Magic Kingdom again.
The best time I ever had there was in January right after New Year's.
The weather was great! Not SO HOT like it is in the summer.
It wasn't so crowded. There were families with children there, but not so many. They were overwhelmingly people from the southern hemisphere (South America, Australia, etc.) where it is "summer" instead of "winter" and the kids are off.
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