You must first be logged in to post a new topic.
If you are not registered, please click "Create Account".
| Posted By |
Message |
| Pages: << 3 4 5 [6] 7 8 9 |
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Does anyone think a teacher and a cop are wealthy? Do you realize that a LI teacher and a LI cop would gross close to 300K a year,? That adds nothing to this conversation but put a little prespective on those on LI that make between 200k and 300k.
|
Posted 12/30/12 7:13 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by CookiePuss
Does anyone think a teacher and a cop are wealthy? Do you realize that a LI teacher and a LI cop would gross close to 300K a year,? That adds nothing to this conversation but put a little prespective on those on LI that make between 200k and 300k.
Yes if they earn $300K combined I would consider them wealthy. They deserve every penny though
|
| Posted 12/30/12 7:17 PM |
| |
|
Jugglemom
LIF Adolescent
Member since 3/12 809 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by jacquig
Posted by Jugglemom
Posted by jacquig
Posted by JenniferEver
$300K is wealthy. Wherever you choose to live is your choice. Wealth is all about choices. If you make the $150K a year everyone is saying is average, you can choose to live in a less expensive town in an apartment and live a very comfortable life, or you can be house poor in a 4 bedroom colonial on the right side of the tracks. Saying that the fact that you have student loan debt, college savings and a mortgage makes you not wealthy is ridiculous. It just means you have rich people problems. Having to give up a latte to make the payment on your Mercedes is not the same as struggling to make a $200 repair to your 1995 Oldsmobile no matter how you slice it.
 Sorry $300K is wealthy even in NY. It may not get you as far as it does in the mid-West but it's definitely wealthy. Why, how and where you choose to spend your money is up to you. You don't need the big house, housekeeper, fancy car, private schools, etc. Those are choices.
I agree with your general premise, however, those things that are being mentioned are synonymous with wealth. If one cannot afford the big house, private schools etc. comfortably, and take nice vacations and still save then you may be well off but you are not wealthy. And by wealthy I am going with Chris Rocks definition of wealth. To me that may be upper middle class but certainly not wealthy. Obviously, it is all subjective, to someone making 30k, 100k is rich.
If you can't figure out how to live within your means on a $300K salary then you have a problem.
Who said anything of the sort? Saying that 300k is not wealthy does not mean that they are struggling either. Wealthy and struggling are not the only 2 options there are many financial states in between. The fact that anyone us doing ok does not mean they should be paying more than everyone else - especially because they do not have the advantages that the wealthy do in sheltering their money.
|
| Posted 12/30/12 7:18 PM |
| |
|
BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by Jugglemom
Posted by jacquig
Posted by Jugglemom
Posted by jacquig
Posted by JenniferEver
$300K is wealthy. Wherever you choose to live is your choice. Wealth is all about choices. If you make the $150K a year everyone is saying is average, you can choose to live in a less expensive town in an apartment and live a very comfortable life, or you can be house poor in a 4 bedroom colonial on the right side of the tracks. Saying that the fact that you have student loan debt, college savings and a mortgage makes you not wealthy is ridiculous. It just means you have rich people problems. Having to give up a latte to make the payment on your Mercedes is not the same as struggling to make a $200 repair to your 1995 Oldsmobile no matter how you slice it.
Sorry $300K is wealthy even in NY. It may not get you as far as it does in the mid-West but it's definitely wealthy. Why, how and where you choose to spend your money is up to you. You don't need the big house, housekeeper, fancy car, private schools, etc. Those are choices.
I agree with your general premise, however, those things that are being mentioned are synonymous with wealth. If one cannot afford the big house, private schools etc. comfortably, and take nice vacations and still save then you may be well off but you are not wealthy. And by wealthy I am going with Chris Rocks definition of wealth. To me that may be upper middle class but certainly not wealthy. Obviously, it is all subjective, to someone making 30k, 100k is rich.
If you can't figure out how to live within your means on a $300K salary then you have a problem.
Who said anything of the sort? Saying that 300k is not wealthy does not mean that they are struggling either. Wealthy and struggling are not the only 2 options there are many financial states in between. The fact that anyone us doing ok does not mean they should be paying more than everyone else - especially because they do not have the advantages that the wealthy do in sheltering their money.
ITA :)
|
| Posted 12/30/12 7:21 PM |
| |
|
hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by Jugglemom
I swear people want to have an argument about something that no one is arguing about.
No one is saying that 300k is not well off
We are discussing tax rates. Generally, a family who earns 300k is drawing a salary so they are taxed at the marginal tax rate. Most wealthy people live off of investments versus a salary and thus most of their income is not taxed at the marginal tax rate but rather as a capital gain. Capital gains are taxed at much lower rate and that is why people say that the wealthy do not pay their fair share.
What I am saying is in line with that. I am saying that those in the 300k tax bracket because they are not "wealthy" as they do not live off of their investments, already pay their share and are not and should not be the targets.
I swear this conversation is dizzying and is irrelevant to the point at hand.
The point is that people's capital gains on investments are taxed at a lower rate and so those with investments, especially those with much of their wealth tied up in investments are not paying the same tax rates as a family that earns the same amount through their salaried job.
not everyone understands tax rates and not many people understands every aspect of what the fiscal cliff means so they are just commenting on the comment about 300k not being "wealthy". I understand what you are saying though and that makes perfect sense.
|
| Posted 12/30/12 7:23 PM |
| |
|
SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by Onemoretime
Posted by Jugglemom
I swear people want to have an argument about something that no one is arguing about.
No one is saying that 300k is not well off
We are discussing tax rates. Generally, a family who earns 300k is drawing a salary so they are taxed at the marginal tax rate. Most wealthy people live off of investments versus a salary and thus most of their income is not taxed at the marginal tax rate but rather as a capital gain. Capital gains are taxed at much lower rate and that is why people say that the wealthy do not pay their fair share.
What I am saying is in line with that. I am saying that those in the 300k tax bracket because they are not "wealthy" as they do not live off of their investments, already pay their share and are not and should not be the targets.
I swear this conversation is dizzying and is irrelevant to the point at hand.
I agree. 300k is well off, but it is not wealthy. Not in this area. I feel like this income figure of 250k is clearly targeting us in the NE and the west coast. 250k for people in mid career is common and the higher tax rates will hurt that population. The cost of housing and having a family is tremendous in this area, and that is not being considered. Wealthy people will remain not paying there fair share bc of the cap gains tax rates and other loop holes. Wealthy will continue to be able to Keep their money within their families. The 250+ families will be losing out, and I have a feeling this figure is going to drop steadily over the next few years until MOST of us have to pay up.
I love the term "Fair Share." When you go to the accountant or do your taxes, do you try to pay your "Fair Share" or do you try to pay as little as possible? Oh, I get it, it is ok for you to pay less, but the people that already pay the MAJORITY of tax money in the country shouldn't be allowed to pay as little as possible.
Hopefully Congress can figure out something to avoid the Fiscal Cliff. This may define Obama, and as someone that didn't vote for him, I hope he and congress do a fantastic job here.
And for the people that think $300k isn't wealthy, you are kidding yourselves. You just don't want to be considered wealthy so you aren't paying the "higher tax rate" you want wealthy people to pay.
|
| Posted 12/30/12 7:25 PM |
| |
|
SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by CookiePuss
Does anyone think a teacher and a cop are wealthy? Do you realize that a LI teacher and a LI cop would gross close to 300K a year,? That adds nothing to this conversation but put a little prespective on those on LI that make between 200k and 300k.
Yes, I think teachers and cops that gross 300K a year are wealthy. I know they want to pull the poverty card, but ANYONE that makes 300k combined is wealthy.
|
| Posted 12/30/12 7:26 PM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by MrsMeloyellow
The point is that people's capital gains on investments are taxed at a lower rate and so those with investments, especially those with much of their wealth tied up in investments are not paying the same tax rates as a family that earns the same amount through their salaried job.
not everyone understands tax rates and not many people understands every aspect of what the fiscal cliff means so they are just commenting on the comment about 300k not being "wealthy". I understand what you are saying though and that makes perfect sense.
^^^ This!
|
| Posted 12/30/12 7:32 PM |
| |
|
jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by Jugglemom
Posted by jacquig
Posted by Jugglemom
Posted by jacquig
Posted by JenniferEver
$300K is wealthy. Wherever you choose to live is your choice. Wealth is all about choices. If you make the $150K a year everyone is saying is average, you can choose to live in a less expensive town in an apartment and live a very comfortable life, or you can be house poor in a 4 bedroom colonial on the right side of the tracks. Saying that the fact that you have student loan debt, college savings and a mortgage makes you not wealthy is ridiculous. It just means you have rich people problems. Having to give up a latte to make the payment on your Mercedes is not the same as struggling to make a $200 repair to your 1995 Oldsmobile no matter how you slice it.
Sorry $300K is wealthy even in NY. It may not get you as far as it does in the mid-West but it's definitely wealthy. Why, how and where you choose to spend your money is up to you. You don't need the big house, housekeeper, fancy car, private schools, etc. Those are choices.
I agree with your general premise, however, those things that are being mentioned are synonymous with wealth. If one cannot afford the big house, private schools etc. comfortably, and take nice vacations and still save then you may be well off but you are not wealthy. And by wealthy I am going with Chris Rocks definition of wealth. To me that may be upper middle class but certainly not wealthy. Obviously, it is all subjective, to someone making 30k, 100k is rich.
If you can't figure out how to live within your means on a $300K salary then you have a problem.
Who said anything of the sort? Saying that 300k is not wealthy does not mean that they are struggling either. Wealthy and struggling are not the only 2 options there are many financial states in between. The fact that anyone us doing ok does not mean they should be paying more than everyone else - especially because they do not have the advantages that the wealthy do in sheltering their money.
I was responding to the post above mine where it was mentioned not being able to afford a big house, private schools etc.
I get that their are various forms of finances. You can be drowning, floating, sailing on a row boat or yacht, but the fact of the matter is that your income contributes to that. You are surely able to afford more luxuries on $300K salary than on a $60K salary.
Like I said before I don't think $300K is uber rich but it certainly is wealthy. What you choose to do with your $$ is your business and like I said before I frequent another board where posters making that salary and more complain about making ends meet. Sorry if you can't figure how to make ends meet on a $300K salary then you have a problem.
ETA: Just to clarify I absolutely do not think it's OK for a hardworking couple making $300K a year to be taxed more than a millionaire that is able to get through loopholes nor is it fair that a good majority of taxes are paid by hardworking Americans making far less than $250K. It's just not.
Message edited 12/30/2012 7:42:45 PM.
|
| Posted 12/30/12 7:32 PM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by SlurpeeDad
Posted by CookiePuss
Does anyone think a teacher and a cop are wealthy? Do you realize that a LI teacher and a LI cop would gross close to 300K a year,? That adds nothing to this conversation but put a little prespective on those on LI that make between 200k and 300k.
Yes, I think teachers and cops that gross 300K a year are wealthy. I know they want to pull the poverty card, but ANYONE that makes 300k combined is wealthy.
And they will probably pay more tax as a percentage then Warren Buffet and that is what is one reason our tax system is so wrong.
|
| Posted 12/30/12 7:33 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by ap123
Do you really think 300k gets you a big house, housekeeper and fancy car if you are living close to NYC in one of the better school districts? Not when you are
maxing out your 401k, saving for retirement, living debt free just in case some loses a job and saving for you kids college to secure their future.
For a 40 year old couple with 300k income I would expect you to be able to afford:
A home worth 800k in a good school district (and I would expect you to put down at least 200,000 as a down payment before you purchased the home.)
A person to come in to clean your home once a week. I don't think you can afford live in full time help like a chef.
2 cars paid for in full.
2 nice 5k vacations a year.
A healthy savings account where you can have income/interest/dividends where you likely have at least 500k+ in liquid savings.
Retirement savings
College savings for your kids.
If you choose to have your children in private school then I think you would need to scale back the vacations and possibly reduce the cleaning to every other week.
If you are earning 300k I would expect the person to be smart enough not to purchase the above all at once, to save for the down payment, and to get rid of student loan payments first. If they are not doing that they need to scale back the above until they can live within their means.
But this is the thing. You don't need an 800k home. A less expensive one is fine. You don't need the latest car or a new one every 3 years. You don't need an ipad. We all choose to spend our money differently. But to say that 300k salary is not a lot is disingenuous.
|
| Posted 12/30/12 7:37 PM |
| |
|
Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by CookiePuss
Does anyone think a teacher and a cop are wealthy? Do you realize that a LI teacher and a LI cop would gross close to 300K a year,? That adds nothing to this conversation but put a little prespective on those on LI that make between 200k and 300k.
I would say they are close enough to wealthy because they both have pension. If you have an avg couple in the private sector making the same 300k, it's not the same. They have to save an enormous amount of money in order to have what these people get in pension $$.
|
| Posted 12/30/12 8:08 PM |
| |
|
BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by LSP2005
Posted by ap123
Do you really think 300k gets you a big house, housekeeper and fancy car if you are living close to NYC in one of the better school districts? Not when you are
maxing out your 401k, saving for retirement, living debt free just in case some loses a job and saving for you kids college to secure their future.
For a 40 year old couple with 300k income I would expect you to be able to afford:
A home worth 800k in a good school district (and I would expect you to put down at least 200,000 as a down payment before you purchased the home.)
A person to come in to clean your home once a week. I don't think you can afford live in full time help like a chef.
2 cars paid for in full.
2 nice 5k vacations a year.
A healthy savings account where you can have income/interest/dividends where you likely have at least 500k+ in liquid savings.
Retirement savings
College savings for your kids.
If you choose to have your children in private school then I think you would need to scale back the vacations and possibly reduce the cleaning to every other week.
If you are earning 300k I would expect the person to be smart enough not to purchase the above all at once, to save for the down payment, and to get rid of student loan payments first. If they are not doing that they need to scale back the above until they can live within their means.
But this is the thing. You don't need an 800k home. A less expensive one is fine. You don't need the latest car or a new one every 3 years. You don't need an ipad. We all choose to spend our money differently. But to say that 300k salary is not a lot is disingenuous.
If this couple bought when they were 25 years old when houses were dirt cheap and they put down $200k they would be very comfortable I agree. If they had a 600k mortgage plus childcare, they would not be rolling in it. Everyone interprets wealthy differently.
|
| Posted 12/30/12 8:12 PM |
| |
|
ap123
LIF Infant
Member since 10/10 268 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by LSP2005
Posted by ap123
Do you really think 300k gets you a big house, housekeeper and fancy car if you are living close to NYC in one of the better school districts? Not when you are
maxing out your 401k, saving for retirement, living debt free just in case some loses a job and saving for you kids college to secure their future.
For a 40 year old couple with 300k income I would expect you to be able to afford:
A home worth 800k in a good school district (and I would expect you to put down at least 200,000 as a down payment before you purchased the home.)
A person to come in to clean your home once a week. I don't think you can afford live in full time help like a chef.
2 cars paid for in full.
2 nice 5k vacations a year.
A healthy savings account where you can have income/interest/dividends where you likely have at least 500k+ in liquid savings.
Retirement savings
College savings for your kids.
If you choose to have your children in private school then I think you would need to scale back the vacations and possibly reduce the cleaning to every other week.
If you are earning 300k I would expect the person to be smart enough not to purchase the above all at once, to save for the down payment, and to get rid of student loan payments first. If they are not doing that they need to scale back the above until they can live within their means.
But this is the thing. You don't need an 800k home. A less expensive one is fine. You don't need the latest car or a new one every 3 years. You don't need an ipad. We all choose to spend our money differently. But to say that 300k salary is not a lot is disingenuous.
Agree on all points except the 500k in liquid savings. But I don't consider any of that to be extreme wealth, living comfortably and responsibly, yes.
Housing is the bulk of the cost of living, so a couple making 150k living in a 400k house....are they so much worse off? Why not increase the tax on that population too?
Message edited 12/30/2012 8:25:42 PM.
|
| Posted 12/30/12 8:25 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
|
Re: Fiscal Cliff.. is anyone worried about this?
Well going off of the cliff will increase taxes on everyone so unless the elected officials can get their acts together everyone will be in for a world of hurt. Even still I thought the numbers the reps are bantering about were 500k, so at 300k people would be "safe." On a 600k mortgage and with a 300k salary you would have about 4000k disposable income per month after taxes and mortgage. You can live perfectly fine on that amount. Is it a level of I can buy anything I want and not look at prices, no, but you can get a lot. As for why not raise taxes on 150k or more, I think that a lot more state reps would be up in arms which is why it is only at 250/500 now because realistically it is only the east and west coasts who have people make that much. States in the middle are balking at helping to pay for Sandy.  It has yet to pass the house. If it does not pass tomorrow, well then our leaders need to redo everything for that too. But yeah, I know my taxes are going up but I believe that EVERYONE deserves healthcare and that NY/NJ needs money to rebuild.
|
| Posted 12/30/12 8:32 PM |
| |
|
|
|
Fiscal Cliff.. is anyone worried about this?
None of if even matters. You can make 300k , 200k, etc - set yourself up for that lifestyle- have a years worth of savings to have as a safety net, and still lose your job due to the economy.
All you can do is try to be wise, buy maybe a little lower than your means just in case - and hope for the best.
I still think people at 250k shouldn't be taxed more.
|
| Posted 12/30/12 8:35 PM |
| |
|
Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
A couple making 300k paying 40 percent interest takes home about 180k that is before paying medical or giving to 401ks ( in the private sector you have to contribute as much as you can since most companies don't have pensions) I don't know many making that without 2 incomes so factor in childcare ( I pay 2500 a month for my 3 kids) add in regular house hold bills and as noted above a 600k mortgage a month you wouldn't have much left for savings or college or vacations and a ton of extras.
Living on LI is insane. And yes you choose the neighborhood you live in. But for the most part the taxes in any neighborhood that I would consider living in are about 10k minimum.
Honestly LI'ers get killed because salaries are not keeping up with the inflation of our takes, price of commuting, LIPA, and Keyspan. So even if you bought where you could afford a few years ago you may now be upside down in your mortgage and not making ends meet be uase your salary has stayed the same and everything went up.
300k is a good income but no means rich if living on LI.
Message edited 12/30/2012 8:54:47 PM.
|
| Posted 12/30/12 8:39 PM |
| |
|
SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
|
Re: Fiscal Cliff.. is anyone worried about this?
Posted by Jenhos
A couple making 300k paying 40 percent interest takes home about 180k that is before paying medical or giving to 401ks ( in the private sector you have to contribute as much as you can since most companies don't have pensions) I don't know many making that without 2 incomes so factor in childcare ( I pay 2500 a month for my 3 kids) add in regular house hold bills and as noted above a 600k mortgage a month you wouldn't have much left for savings or college or vacations and a ton of extras.
Living on LI is insane. And yes you choose the neighborhood you live in. But for the most part the taxes in any neighborhood that I would consider living in are about 10k minimum.
Honestly LI'ers get killed because salaries are not keeping up with the inflation of our takes, price of commuting, LIPA, and Keyspan. So even if you bought where you could afford a few years ago you may now be upside down in your mortgage and not making ends meet be uase your salary has stayed the same and everything went up.
300k is a good income but no means rich if living on LI.
Wow...you can almost make someone feel bad about a couple having 300k salaries. If you aren't able to save money, then you aren't living within or below your means.
|
| Posted 12/30/12 8:45 PM |
| |
|
Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
I was basing on a op who said someone making that should be able to own an 800k house with 600k mortgage, have 500k in savings spend 5k on vacations and pay all their bills. when you do the numbers it isn't possible. I didn't even add in student loans.
Personally I would never have a mortgage that big. But when you add in things like childcare ( which on LI is crazy compared to other places) 300k doesn't go as far as some people think. It is super comfortable but in no means are these people rich.
To me a rich person can spend money without thinking about. And as another op said live off their investments. The salary is gravy.
|
| Posted 12/30/12 8:53 PM |
| |
|
KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
|
Re: Fiscal Cliff.. is anyone worried about this?
A tax increase of $1500 - $3500 a year is likely to have an impact on more than just the individual or family paying the tax.
Obviously it will have a big impact on those just getting by in terms of necessities but even those that are doing OK or even comfortable will end up making decisions to cut spending that will have an impact in the bigger picture.
Personal spending will likely be cut in one way or another and that trickles down whether it's small cuts or bigger cuts. Will the neighborhood pizza parlor close because less people are spending, resulting in job loss? Or maybe it's that higher end restaurant that see's a big drop in business as those that splurged once a month no longer go out to eat. How about that small toy store or gift shop in town? Will landscapers be unemployed because that's an area to cut costs? What about laying off the dental hygenist because people elect to forego a dental exam. Decide you can't afford to replace your washer/dryer so you go to the laundramat, or you decide to skip reseeding the lawn - oops, the local Sears store can't afford to stay open - more jobs lost.
When you cut back on your personal spending for whatever reason it affects the profitibility of those businesses where you'd be spending. I'd like to see those businesses prosper and hire more workers rather than see them close and have to support those workers with unemployment or welfare.
What scares me is the slippery slope that we're creating.
Message edited 12/30/2012 9:01:10 PM.
|
| Posted 12/30/12 8:57 PM |
| |
|
hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
|
Re: Fiscal Cliff.. is anyone worried about this?
just saw this image...this is pretty eye opening
|
| Posted 12/30/12 10:15 PM |
| |
|
|
|
Re: Fiscal Cliff.. is anyone worried about this?
census data 2011 median family income for New York. Half of all families will fall below this. From the discussion on LIF we would think the numbers are much higher but trust me, they are not.
2-person families 58,342 +/-425
3-person families 69,062 +/-672
4-person families 83,648 +/-762
5-person families 81,680 +/-1,157
6-person families 76,355 +/-2,076
7-or-more-person families 78,000 +/-2,333
|
| Posted 12/31/12 1:19 AM |
| |
|
JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
|
Re: Fiscal Cliff.. is anyone worried about this?
So the $150K figure people are throwing around is NOT average, even for LI. MANY people own homes and raise families on MUCH less.
I'll come out and say that we make around that figure we're calling average and I *do* consider us rich. I grew up in a family making MUCH less, so I have perspective I think some people lack.
On that salary we live in a decent (not big, not tiny) apartment in Queens. We are working to pay down our debt, which is a fair amount since DH got laid off several times during the "great recession" and yet we CHOSE (read:a choice) to have a big, fancy wedding instead of something smaller that would allow us to us some of the money we were saving to pay debt. We drive a fully paid off car from 2005.
We don't max our 401K contributions. We don't have kids or college savings.
BUT on our money we are able to partially support my mom, we're able to take vacations (3 big ones last year), we're able to go out to dinner without worrying about it. I grocery shop and while I try to stick to a budget, I don't have to mentally calculate what I'm buying. I can choose a name brand without blinking an eye. If we chose to spend bonuses and tax returns on paying down debt instead of on vacations and large purchases of things we need for our home (Still newlyweds), we could be out of debt, but these are our CHOICES. I feel like the fact that I DON'T have to worry about these things makes us rich. We don't have much money between paychecks sometimes, but the fact that we can do all of these things and not worry about them makes me feel like we're rich.
We COULD have chosen to have a small wedding, no vacations and be debt free. We could ALSO have chosen to buy a house around the time we got married and then we'd have a mortgage and no vacations. We COULD trade in our '05 and get a brand new car (something I'm sorely tempted to do). We COULD get a bigger apartment in a more desirable area (I live in the same town I grew up in, but it's a place many of you would not want to live..in fact it's been insulted on LIF more than once). If we made $300K we'd probably be able to pay our debt off in one year, and buy a house. After we bought a new house and a new car, we'd have more debt and maybe be tighter on a higher salary, but more bills don't make you not rich. I'm sure some people would LOVE to have bills for a nice house, a new car, or private school for their kids.
|
| Posted 12/31/12 8:01 AM |
| |
|
Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
|
Re: Fiscal Cliff.. is anyone worried about this?
Will you still feel rich if you continue to make that salary and turn rent into a mortgage an pay property taxes and then decide to have a baby or 2 and add childcare to that? And start saving for their college? Bills for a house can be a lot more fir a house than an apt.
You said you don't max out your 401 so unless you both have great pensions you are shorting yourselves for retirement.
You also say some months you don't have much money between paychecks. you are paying down debt which is great but are you saving? Do you have a fusion if either of you lose a job yet?
To me that doesn't sound rich. You are making ends meet and are comfortable.
|
| Posted 12/31/12 8:19 AM |
| |
|
JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
|
Re: Fiscal Cliff.. is anyone worried about this?
A house/mortgage/property taxes are a choice. If I'm giving up my liquid cash to do that I'm making a choice. People feel like they are entitled to own a home, like a large home in a good neighborhood is the baseline and you just deserve it. Yes, bills for a house are a lot more, but you don't HAVE to own a home. You're making a choice to own a home over having more liquid cash and using that to spend on other things that can make you feel rich
As if this HUGE asset in a home doesn't make your rich. Ridiculous. I know first hand from my mom's that homes can be a liability, but it's still something you have equity in.
All of my bills are paid every month. I don't ever have to worry about the electricity being turned off, or explaining to the landlord why the rent is late. On top of that I have money I can use to save, pay debt, or spend on something. That's pretty damn good and I think God every day for it.
if we CHOOSE to have a child, we can also choose to stay in this apartment and be cramped and keep our liquid cash, or we can CHOOSE to buy a big house. Making up-lifestyle choices is pretty much the definition of rich, but people here make it sound like it makes you not rich.
Message edited 12/31/2012 8:35:53 AM.
|
| Posted 12/31/12 8:34 AM |
| |
|
| Pages: << 3 4 5 [6] 7 8 9 |
