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Will you be taking ferry downtown to wall st? Do you have Finance style compensation where a chunk of that 150-200 is in bonus? Or maybe you’re in sales with commissions...if so, it makes the real world budgeting much less.
I know some couples where they are in the red or breakeven during the year and they rely on bonus for savings. Just using very round numbers as an example. 100k her salary, 100k his base salary, 100k his bonus. They breakeven all year round on 200k and then save all of the bonus post tax. It relates to a high savings per year, but you’re effectivly budgeting a lifestyle off only 2/3s of family income.
$150K before taxes. could a family of 4 live at least somewhat comfortably in the better parts (various shore points and nicer inland areas) of Monmouth County?
I cut my own hair. I was cutting it every two weeks so I saved 30 bucks a month. Now I decided to cut it once a week so I can save 60 bucks a month. That’s hard �� cash.
So that's the secret! Holy $h!t if you cut it every day you could retire early!
So that's the secret! Holy $h!t if you cut it every day you could retire early!
I’ll let you in on another secret. When I go downtown I follow the bus on my bicycle. That saves me about 2 bucks. Sometimes I get lucky and a cab is going in the same direction and I follow that increasing my savings to roughly 20 bucks. (If you figure for a tip)
Just out of curiosity, what do ppl think is a comfortable family income to have a 1mm house, 25k prop tax, decent cars, two kids nanny care, savings, 529a. High end family of four. 400? 500? 600?
Just out of curiosity, what do ppl think is a comfortable family income to have a 1mm house, 25k prop tax, decent cars, two kids nanny care, savings, 529a. High end family of four. 400? 500? 600?
One would stil need more details. The home could be mortgage free or 95 percent financed. Is there a pension involved or would a significant amount need to be saved to maintain that life style in retirement? Is there a mandatory retirement age for the bread winner?
Just out of curiosity, what do ppl think is a comfortable family income to have a 1mm house, 25k prop tax, decent cars, two kids nanny care, savings, 529a. High end family of four. 400? 500? 600?
That’s even more difficult to answer than the OP’s question. People in the 400-600k income range live vastly different lifestyles from one another. I would like to think that 400k would be enough to support what you describe and live comfortably, but not if everything about your life needs to be luxury (multiple overseas vacations per year first class, new luxury cars every 3 years, high end designer clothing, fine dining multiple times per week, country clubs, golf, and whatever else folks at that income level I know nothing about throw their money at). I deal with personal finance for work. I’ve found that people who have million dollar homes seem to have different definitions for comfort. I think that has to do a lot with your social circles. For instance, a plumber who makes 150k per year will probably lead a simpler life (and likely have more saved) than someone who works on Wall Street with the same salary.
Yeah, defining comfort is like setting a thermostat in the office. Unfortunately, people don't like defining specifics with these questions. Then we wonder why someone making 200k+ "feels" middle class.
Yeah, defining comfort is like setting a thermostat in the office. Unfortunately, people don't like defining specifics with these questions. Then we wonder why someone making 200k+ "feels" middle class.
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