Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
150k come on, get serious. We are looking to move and have been crunching numbers lately and it seems 150k would be more than enough. Let me break this down and see if anyone cares to dispute my math.
Rent or Mortgage/Utilities/Monthlies(internet, gas, grocery, ect.) $4000-$5000
Other expenses (lirr, car payment, entertainment, etc.) $2000-overestimation in my book, but some people can't live without a car that is way beyond their means.
Expanded Other/Unpredictables $1000 That comes to a total of $8000 a month for a total of $96,000 a year. Giving over $54,000 dollars a year to save. Mind you, these are all over estimates and I believe you should be able to live on a $6,000 a month budget, and could probably do it with a little less if you keep disciplined. Stay off the plastic, limit your monthly expenditures, and you should have no problem supporting a family of 4 under $100k. I wouldn't personally want to do it under 100k but it is possible.
Don't forget that $150K salary does not mean taking home $150K--you're forgetting tax, FICA, and so on. You won't have $54K just sitting there to save. That's going to go to Uncle Sam, New York, your county, etc.
I was thinking of the 150k as take home pay. I will have to admit that I am waiter, and that I often forget about income tax as it is taken from the small base wage I earn. I do however have to make those taxes up at the end of the year, but I have never had to pay more than $500 on a reported $40,000 w-2. As for property taxes, this is true, I have left them out and it looks like you can be paying as much as $1500 a month but a more reasonable estimate would be in the $800-$900 range.
But still, a would think that a young family of 4 making 100k take home would have little problem living a nice life in LI. Now making 100k and never getting a raise would make retirement more difficult, but retirement planning is a whole other topic.
I was thinking of the 150k as take home pay. I will have to admit that I am waiter, and that I often forget about income tax as it is taken from the small base wage I earn. I do however have to make those taxes up at the end of the year, but I have never had to pay more than $500 on a reported $40,000 w-2. As for property taxes, this is true, I have left them out and it looks like you can be paying as much as $1500 a month but a more reasonable estimate would be in the $800-$900 range.
But still, a would think that a young family of 4 making 100k take home would have little problem living a nice life in LI. Now making 100k and never getting a raise would make retirement more difficult, but retirement planning is a whole other topic.
Ah, I see.
I would tend to agree with you on the 100K take-home. But I'm not the kind of person who has to have a new or expensive car, a big house, a lot of clothes, a lot of gadgets, or a lot of stuff.
I would tend to agree with you on the 100K take-home. But I'm not the kind of person who has to have a new or expensive car, a big house, a lot of clothes, a lot of gadgets, or a lot of stuff.
Thats the problem with too many people from all over the country. SPEND SPEND SPEND, then when the cards are maxed, the payments for the stuff you bought leaves nothing left over. Live without the cards and save to buy the things you need and you will be surprised at how little you can live off of. If we start figuring in the 2 BMW payments and the need for 55 inch flat panels in each room, you will definitely need to be making 150k+.
Thats the problem with too many people from all over the country. SPEND SPEND SPEND, then when the cards are maxed, the payments for the stuff you bought leaves nothing left over. Live without the cards and save to buy the things you need and you will be surprised at how little you can live off of. If we start figuring in the 2 BMW payments and the need for 55 inch flat panels in each room, you will definitely need to be making 150k+.
I'm confused... I thought the entire Govt plan is for us all to spend our way out of this recession!
I would tend to agree with you on the 100K take-home.
100K Take Home? Is that right? Looking at the folks I know, they aren't making anything close to 100K take home and they still enjoy life. The average LI person does not make anything close to 100k take-home. You'd need to be making 175k and up to be bringing that home, most folks are making two-thirds less. Okay, combine two teachers and you get to 175k +, or two professionals, but the whole island is not made up of teachers, cops and professionals - so where are they living? Not on the beach?
I was thinking of the 150k as take home pay. I will have to admit that I am waiter, and that I often forget about income tax as it is taken from the small base wage I earn. I do however have to make those taxes up at the end of the year, but I have never had to pay more than $500 on a reported $40,000 w-2. As for property taxes, this is true, I have left them out and it looks like you can be paying as much as $1500 a month but a more reasonable estimate would be in the $800-$900 range.
But still, a would think that a young family of 4 making 100k take home would have little problem living a nice life in LI. Now making 100k and never getting a raise would make retirement more difficult, but retirement planning is a whole other topic.
You don't take taxes into account and then tell me to get serious?
If you want to have a house that is decent sized and not falling down, in the top 50% of school districts, be able to eat a pizza on Friday night, have 2 decent cars (which you need), let the kid play sports, have cable phone and internet, go on a vacation that costs a few thousand every couple of years, you are not going to live comfortably on LI on 100K in most instances.
Are you selling a home in Arizona? Because if you want to buy a home in a few years I'm wondering where you'll come up with the down payment. Especially if you're a waiter, that's a no-income-check loan and I believe that requires more than 20% down.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Is that right? Looking at the folks I know, they aren't making anything close to 100K take home and they still enjoy life. The average LI person does not make anything close to 100k take-home. You'd need to be making 175k and up to be bringing that home, most folks are making two-thirds less. Okay, combine two teachers and you get to 175k +, or two professionals, but the whole island is not made up of teachers, cops and professionals - so where are they living? Not on the beach?
