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Old 10-25-2022, 07:09 AM
 
16,412 posts, read 8,198,277 times
Reputation: 11403

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Quote:
Originally Posted by robr2 View Post
It's very strange as the house was taken by the US Marshall's from Richard Hajjar in 2021. He was the CFO of Alden Shoes who was financing Bianca Delargarza's lifestyle by embezzling from Alden.

It's possible the first sale was done as a courtesy for the second. We'll never know.
Yeah i knew that but didn't feel like mentioning it here. It still seems weird that it was sold twice the way it was so close together like that.
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Old 10-25-2022, 07:17 AM
 
16,412 posts, read 8,198,277 times
Reputation: 11403
It seems like some people here refuse to believe that people in MA could possibly get over their heads in expenses. I know of a family last year who had to sell their home and is still renting I believe. Wife is a nurse at a Boston hospital so that's a good salary right there. Husband was/is making over 100k. They didn't have a newly purchased home or anything but I think they just lost track of spending or something. They had 3 kids who they sent to private schools when they probably shouldn't have.

There's a lot of shame in these types of situations and when they happen i don't think folks share it with the neighborhood or on social media or with many people at all.

I also think people try to be more careful today to not end up in these situations...but they still happen
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Old 10-25-2022, 07:22 AM
 
1,541 posts, read 1,125,554 times
Reputation: 740
Of course people can overspend. It doesn't mean a $1M house is unaffordable for a household with $300k income, which was the original point. We can revisit if mortgage rates go even higher.
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Old 10-25-2022, 07:31 AM
 
16,412 posts, read 8,198,277 times
Reputation: 11403
Default re

Quote:
Originally Posted by simplexsimon View Post
Of course people can overspend. It doesn't mean a $1M house is unaffordable for a household with $300k income, which was the original point. We can revisit if mortgage rates go even higher.
That's interesting because I know people making 400k+ HHI who do not live in 1M dollar homes. Their homes were less than that.

To me living in a 1M home on 300k with kids etc seems like stretching it.
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Old 10-25-2022, 07:50 AM
 
3,626 posts, read 1,844,995 times
Reputation: 1512
Quote:
Originally Posted by matrix5k View Post
You know a lot about your family's neighbors.
I only know because my family member told me about. She was in shock that the wife of the husband who had the affair posted about it on the neighborhood's facebook group to shame the husband and the neighbor he was having the affair with.
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Old 10-25-2022, 07:53 AM
 
1,541 posts, read 1,125,554 times
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Quote:
Originally Posted by msRB311 View Post
That's interesting because I know people making 400k+ HHI who do not live in 1M dollar homes. Their homes were less than that.

To me living in a 1M home on 300k with kids etc seems like stretching it.
We can run the numbers...

$300,000 income
-$45,000 maxing out 401K retirement savings
-$6,000 healthcare benefits through work
-$75,000 taxes (assumed about 25% combined federal and state after deductions and credits)
-$72,000 the previously mentioned cost of PITI on a $800k mortgage for a $1M home

$102,000 leftover for the year, or about $8,500/month, to spend on car payments, daycare, food, utilities, etc.

Choose however you want to spend that. What is considered a stretch? What is money for?
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Old 10-25-2022, 08:04 AM
 
3,626 posts, read 1,844,995 times
Reputation: 1512
Quote:
Originally Posted by simplexsimon View Post
We can run the numbers...

$300,000 income
-$45,000 maxing out 401K retirement savings
-$6,000 healthcare benefits through work
-$75,000 taxes (assumed about 25% combined federal and state after deductions and credits)
-$72,000 the previously mentioned cost of PITI on a $800k mortgage for a $1M home

$102,000 leftover for the year, or about $8,500/month, to spend on car payments, daycare, food, utilities, etc.

Choose however you want to spend that. What is considered a stretch? What is money for?
All those other things you listed could easily eat up that family's $8,500/month. This doesn't take into account fuel costs, child sports enrollment costs, hair salon visits, any medical bills that insurance doesn't cover and other expenditures that all add up.
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Old 10-25-2022, 08:07 AM
 
852 posts, read 554,706 times
Reputation: 487
Quote:
Originally Posted by simplexsimon View Post
We can run the numbers...

-$75,000 taxes (assumed about 25% combined federal and state after deductions and credits)
I paid about 25% combined federal and state taxes and my income is far from $300k.
With $300k it is probably over 30%.
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Old 10-25-2022, 08:08 AM
 
1,541 posts, read 1,125,554 times
Reputation: 740
Quote:
Originally Posted by newenglandgal123 View Post
All those other things you listed could easily eat up that family's $8,500/month. This doesn't take into account fuel costs, child sports enrollment costs, hair salon visits, any medical bills that insurance doesn't cover and other expenditures that all add up.
If the family isn't going into debt by spending more than is available, what is the problem?
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Old 10-25-2022, 08:14 AM
 
852 posts, read 554,706 times
Reputation: 487
Quote:
Originally Posted by MtPleasantDream View Post
I paid about 25% combined federal and state taxes and my income is far from $300k.
With $300k it is probably over 30%.
Withholding
Salary
$300,000
Federal Income Tax
- $74,221
State Income Tax
- $14,900
Social Security
- $9,114
Medicare
- $5,250
FLI (Family Leave Insurance)
- $506
Total tax
- $103,990
Net pay
* $196,010
Marginal tax rate
42.4%
Average tax rate
34.7%
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