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Chatham-Chick
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Member since 5/05 10311 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Too many subjective variables. My idea of "well off" or "expensive" might be different than others.
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Posted 11/30/10 9:55 AM  |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: What family income would you consider "well off" for Long Island?
Posted by Chatham-Chick
Too many subjective variables. My idea of "well off" or "expensive" might be different than others.
exactly....
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| Posted 11/30/10 9:56 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What family income would you consider "well off" for Long Island?
to me it means
family vacations
retirmenet savings
college funds for kids
no debt
camp and sports for kids with no issues
kids get cars for their 16th bday
more of a lifestyle then an income bracket
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| Posted 11/30/10 9:57 AM |
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Re: What family income would you consider "well off" for Long Island?
It's weird, I feel "well off" but we don't make near 250k.
I also think it has to do with your personality or tastes, too..not just spending habits.
For example, DH gave up Brooks Brothers years ago, and I never got big into spending a lot on designer bags. I go to a salon once a year.
I'm not saying those who are into those things are bad or spend unwisely, but I think I'm just cheap. 
So, I feel satisfied and "wealthy" in a way...but I don't have much to show for it...at least by most people's standards. I don't think I require much, but it's how I grew up and I don't know any different, if that makes sense.
Message edited 11/30/2010 10:01:18 AM.
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| Posted 11/30/10 9:59 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
Posted by Blu-ize
Well off...
2 years of savings, retirement well on the way to being completely funded, minimal debt and being able to buy luxury items without having to consult a budget.
i would add...money banked for college for kids...
yes, if there were kids.
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| Posted 11/30/10 10:02 AM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: What family income would you consider "well off" for Long Island?
Posted by Nifheim
sorry if you are making $150K plus you are well off just didn't buy wisely (expensive car payments, expensive house, excessive cc debt) the only debt i won't say is excessive is student loans.
If you live on LI and bought a house in the past 5 years or so, any house is expensive, IMO.
I think if the only debt you have is your mortgage payment, you can still not be considered well off if you have a couple of kids and bought a house recently if your family income is 150k.
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| Posted 11/30/10 10:04 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: What family income would you consider "well off" for Long Island?
I just have to say that we have a good income but I always find myself stressing over stuff.
We have some cc debt, two mortgages (long story) and we were audited by the IRS! Nightmare.
So it's not about the income.
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| Posted 11/30/10 10:07 AM |
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NeedtoHide
LIF Adolescent
Member since 3/10 551 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
i dont think 250k is that well off.
It can buy you the:
ability to save a bit each month
afford a vacation each year
have a home worth about 600k
ability to shop (within reason)
pay student loans
have a nice car (within reason)
its not by any means well off.
Well off to me is over $500k where money is not really an object and you are VERY comfortable
i guess it depends on the definition of well off though...
Message edited 11/30/2010 10:18:28 AM.
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| Posted 11/30/10 10:12 AM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Depends on if you own a home or not and where that home is located.
$250k goes further if one owns a home in Brentwood or Patchogue vesus Glen Head or Amagansett.
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| Posted 11/30/10 10:19 AM |
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Re: What family income would you consider "well off" for Long Island?
Posted by NeedtoHide
i dont think 250k is that well off.
It can buy you the:
ability to save a bit each month
afford a vacation each year
have a home worth about 600k
ability to shop (within reason)
pay student loans
have a nice car (within reason)
its not by any means well off.
Well off to me is over $500k where money is not really an object and you are VERY comfortable
i guess it depends on the definition of well off though...
But isn't any amount of money - be it 250k or 500k, worth nothing if you OWE more than you earn? KWIM?
We can assume that with good & responsible spending (and a great credit score) that living comfy would be relatively easy....but some make 500 and owe a ton, have high interest rates, and have a low credit score, can't consolidate, can't refinance, can't take out a loan, etc.
Message edited 11/30/2010 10:21:19 AM.
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| Posted 11/30/10 10:20 AM |
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sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
I consider $150K about average on LI.
I consider $250k to be a well off salary.
Sure, that person can blow that $250k on expensive house, clothes, cars, cc debt etc. But to me they should be well off at that point.
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| Posted 11/30/10 10:21 AM |
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jasmine
little boy blue <3
Member since 10/10 1475 total posts
Name:
x
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Re: What family income would you consider "well off" for Long Island?
I think it would be interesting to see this post re "well off" for NYC, and "well off" for Charlotte
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| Posted 11/30/10 10:23 AM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by sleepie76
I consider $150K about average on LI.
I consider $250k to be a well off salary.
Sure, that person can blow that $250k on expensive house, clothes, cars, cc debt etc. But to me they should be well off at that point.
What if they are a doctor with $100k in student loan debt? Add in some crazy insurance premiums and their own cost of living expenses and suddenly they aren't too well off.
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| Posted 11/30/10 10:24 AM |
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Sunday
In love with a boy named Luca
Member since 6/09 1799 total posts
Name:
`
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Re: What family income would you consider "well off" for Long Island?
Posted by brownie
To answer the question: 500k+
ITA and without much debt or w/ manageable debt.
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| Posted 11/30/10 10:25 AM |
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
Posted by sleepie76
I consider $150K about average on LI.
I consider $250k to be a well off salary.
Sure, that person can blow that $250k on expensive house, clothes, cars, cc debt etc. But to me they should be well off at that point.
What if they are a doctor with $100k in student loan debt? Add in some crazy insurance premiums and their own cost of living expenses and suddenly they aren't too well off.
Very true. I had no idea how much OBGYNs pay into malpractice....it's insanity.
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| Posted 11/30/10 10:25 AM |
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MrsPenthouse
LIF Adult
Member since 11/10 924 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Over $250,000 and with that I would add being able to save a good portion and having a manageable debt burden.
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| Posted 11/30/10 10:27 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: What family income would you consider "well off" for Long Island?
Posted by speakthetruth
Posted by NeedtoHide
i dont think 250k is that well off.
It can buy you the:
ability to save a bit each month
afford a vacation each year
have a home worth about 600k
ability to shop (within reason)
pay student loans
have a nice car (within reason)
its not by any means well off.
Well off to me is over $500k where money is not really an object and you are VERY comfortable
i guess it depends on the definition of well off though...
But isn't any amount of money - be it 250k or 500k, worth nothing if you OWE more than you earn? KWIM?
We can assume that with good & responsible spending (and a great credit score) that living comfy would be relatively easy....but some make 500 and owe a ton, have high interest rates, and have a low credit score, can't consolidate, can't refinance, can't take out a loan, etc.
Perosnally I think if you are not well off with $500K... you have issues or made some serious lack of judgment in your purchases/investments. 
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| Posted 11/30/10 10:32 AM |
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NeedtoHide
LIF Adolescent
Member since 3/10 551 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by speakthetruth
Posted by NeedtoHide
i dont think 250k is that well off.
It can buy you the:
ability to save a bit each month
afford a vacation each year
have a home worth about 600k
ability to shop (within reason)
pay student loans
have a nice car (within reason)
its not by any means well off.
Well off to me is over $500k where money is not really an object and you are VERY comfortable
i guess it depends on the definition of well off though...
But isn't any amount of money - be it 250k or 500k, worth nothing if you OWE more than you earn? KWIM?
We can assume that with good & responsible spending (and a great credit score) that living comfy would be relatively easy....but some make 500 and owe a ton, have high interest rates, and have a low credit score, can't consolidate, can't refinance, can't take out a loan, etc.
absolutely
hell if we had no student loans, no upsidedown mortgage we would be well off at 150k honestly.
i totally agree with what you are saying
that is why i think 500k should cover that and then some
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| Posted 11/30/10 10:35 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
Posted by Nifheim
sorry if you are making $150K plus you are well off just didn't buy wisely (expensive car payments, expensive house, excessive cc debt) the only debt i won't say is excessive is student loans.
This is rather presumptuos and rude don't you think? You have no idea what other expenses people have i.e helping out family members who are sick or on disability. Circumstances are different for everyone. Let's not fool ourselves. The cost of living on Long Island is very expensive, daycare costs more than a mortage payment for some, taxes are through the roof, and commuting costs are several hundred a month for many commuting to work everyday. Maybe for some 150,000 would be well off...but not to my family.
And to assume that we are not "spending wisely" because our family could not live on 150,000 is just
ITA!
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| Posted 11/30/10 10:48 AM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: What family income would you consider "well off" for Long Island?
I'd say $500k+ would be well off for income.
Then there are the people who have family money. They were born well off.
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| Posted 11/30/10 11:04 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
Posted by smdl
Now when we mean "well off", I personally think it's lots of money in the bank, not a care in the World to have to buy a new washer or a car tomorrow if one breaks the next day. Shopping at expensive store like money is no object and the CC balance is paid in full every month. Vacations planned for the year and again, like buying a bagel at the local store. That's well off! Regardless of the income.
and what she said....
YES!
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| Posted 11/30/10 11:47 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
Posted by Nifheim
sorry if you are making $150K plus you are well off just didn't buy wisely (expensive car payments, expensive house, excessive cc debt) the only debt i won't say is excessive is student loans.
This is rather presumptuos and rude don't you think? You have no idea what other expenses people have i.e helping out family members who are sick or on disability. Circumstances are different for everyone. Let's not fool ourselves. The cost of living on Long Island is very expensive, daycare costs more than a mortage payment for some, taxes are through the roof, and commuting costs are several hundred a month for many commuting to work everyday. Maybe for some 150,000 would be well off...but not to my family.
And to assume that we are not "spending wisely" because our family could not live on 150,000 is just
Seriously! ITA with everything you said Jaime.
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| Posted 11/30/10 11:52 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: What family income would you consider "well off" for Long Island?
Posted by jasmine
Posted by speakthetruth
you can be making 100k in my book and be well-off, as long as you have no debt.
you can make 250k a year and have tons in debt, and then you wouldn't be well-off, KWIM?
to me, well-off = little to no debt, living comfy, money saved up for retirement.
I agree!
ita
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| Posted 11/30/10 12:20 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
There are too many factors to put a finger on well off, but when I think of a comfortable income level here, the 250K number is the one that pops into my mind.
In my head it means:
-you can pay your mortgage, taxes and utilities on a 500Kish house + other HH expenses
-you can take a vacation once a year (i'm not talking Tahiti, i'm talking somewhere normal, haha)
-you can spend semi freely (food shopping without coupons, get your hair done as needed, etc)
-you're not in CC debt
-you're REASONABLE (for instance, i have the money to buy a new car, but I bought a used one because it afforded me a nicer car for less money per month)
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| Posted 11/30/10 12:21 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: What family income would you consider "well off" for Long Island?
i changed my answer so i wasn't so insensitive.
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| Posted 11/30/10 12:21 PM |
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