Singel parent on $228K income

[Anonymous]

And every day some other expense doubles or increases by 10-20%. WWYD? I am 50 and don't own a home.

[Anonymous]

You're doing something wrong if you're trying to say you're struggling with this income

[Anonymous]

Do you have 47 kids or something? Or is this a humble brag?

[Anonymous]

I'm at $165K and own a home, send one of my kids to private school, and am on tract to retire with $180K a year. Pull yourself together.

[Anonymous]

If you can't figure out a budget on this amount of income I think you need to pull in professional help - hire an accountant to get your money in order and see what you're spending on and get you organized..

[Anonymous]

Anonymous wrote:I'm at $165K and own a home, send one of my kids to private school, and am on tract to retire with $180K a year. Pull yourself together.

+1.

[Anonymous]

I'm a single parent on a $77K income. What's your question?

[Anonymous]

We are a family with two adults, making less that that and are doing well. You have a spending issue.

[Anonymous]

Anonymous wrote:You're doing something wrong if you're trying to say you're struggling with this income

I agree. This is plenty of money. Do you have high debt?

[Anonymous]

Everything has gone up except customer service. 200k is alot of money. No need to keep buying stuff if you don't need it. I hope you save some for retirement.

[Anonymous]

We earn less, own three properties (with paid off mortgages), and have two teens (one at an $80k+/year college). And we're doing just fine financially.

If you're struggling on that income, OP, you're doing something wrong.

[Anonymous]

Anonymous wrote:And every day some other expense doubles or increases by 10-20%. WWYD? I am 50 and don't own a home.

Our married income is less than that.

[Anonymous]

Anonymous wrote:And every day some other expense doubles or increases by 10-20%. WWYD? I am 50 and don't own a home.

I’ll bite. I’m a single parent and I make $230. I understand what you’re saying about the constant increases. Everyone is feeling that. But I’m choosing to stuff money into my retirement accounts. I know where my money is going. I wish I had enough to have the amount of disposable income I think I should have in my brain. But as long as I make the choice to save it, I don’t get to spend it today. So Op—where are you spending your money?

[Anonymous]

If OP is 50 years old with this income and doesn't own a home, I think that is telling about his or her priorities and spending habits. Its likely his or her rent has increased dramatically over the past few years. Prices have increased a lot - I get it! But the time to start prioritize saving and building wealth through savings and homeownership was years ago. Sadly if OP buys a home now, her or she won't own it outright until he is 80.

As I've read often on DCUM - you have to pay yourself first. When that paycheck comes in, you have to figure out a way to curb your spending so you routinely save at least 20% of your savings, on top of other savings like retirement savings.

If OP hasn't started a budget, the time is now.

[Anonymous]

OP, it doesn’t matter what your income is. If your income stays the same, you have to adjust your budget as costs go up. We had really low inflation for a long time. You should have more than enough slack to adjust for these increases. If you don’t, that’s more of a planning and budgeting failure than an income or inflation problem.