I am the squeezed middle class.

[Anonymous]

First, I think you probably take home more than $129k on a salary of $255k. YOu are not taxed at 50%. Sorry, nobody in the U.S. is taxed at that high of a rate. You say retirement is taken out of this. So...at least $16k is pre-tax. I make $250k so I can guess what your are roughly being taxed at. I also know that - based on a $250k salary - what my take home is. I take home about $30k more a year than you say you are taking home AND that is after 401(k), parking and my flex accounts (for both health care and child care).

I am sorry - but you should be able to save very aggressively now for college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How about applying for a government job and then see if your kids can qualify for financial aid? Or maybe try home schooling? I understand that there are many who might be considered near or below poverty level who do home schooling.

You are kidding right? You're asking OP to take a pay cut just to try to qualify for financial aid, or maybe quit his/her job to home school?? Does that make sense?

Yeah! It makes perfect sense to me. OP is upset that she has to pay taxes and that her BIL's kids are going to get a free ride at college. So shw should reduce income to a lower level, and guess what -- she'll pay less in taxes. AND she'll get that cushy free ride for her kids to college. (Well, it turns out to be more like about $8,000 maybe... but still!!)

Even better is to cut back to $20,000 a year income. Then you get all sorts of perks like FREE FOOD COUPONS and sometimes there are dental clinics that will give you FREE DENTAL CARE!

I like the way you think, PP.

[Anonymous]

Call me crazy but if OP's kids had good grades couldn't they qualify for academic scholarships?

If OP isn't "paying attention" to what she spends maybe she should hire an accountant?

[Anonymous]

With people like this, the tax code doesn't matter. Even if taxes were cut in half, she still would have spent herself into the same financial hole, and she'd still be blaming her situation on someone else. It would just be a bigger house in Florida that she was still underwater on, a bigger house to rent here, etc. Hopefully the huge kids would not be huger, but that's about it. People who don't know how to save do just as bad when they have more money to squander.

Poor OP, she makes a quarter of a million bucks and has nothing to show for it after twenty years of work.

[Anonymous]

People always tend to spend what they earn. So when someone earns $255K a year, they may indeed feel squeezed because they spend more on the house, more on the school, etc.

What doesn't make sense is for people to be irate that this woman isn't living in a more economical house, or sending her kids to public. I would ask the person making $90K per year, why aren't you living in a trailer? You could save a fortune if you did. So stop complaining about making ends meet.

I'm playing the devil's advocate, of course, by why do people think that everything people spend on above their own spending level is extravagant?

[Anonymous]

Anonymous wrote:People always tend to spend what they earn. So when someone earns $255K a year, they may indeed feel squeezed because they spend more on the house, more on the school, etc.

What doesn't make sense is for people to be irate that this woman isn't living in a more economical house, or sending her kids to public. I would ask the person making $90K per year, why aren't you living in a trailer? You could save a fortune if you did. So stop complaining about making ends meet.

I'm playing the devil's advocate, of course, by why do people think that everything people spend on above their own spending level is extravagant?

Um, the OP is complaining about barely being able to afford her lifestyle and feeling squeezed.

In this case, it makes sense that people would advise her to look at her expenses and cut back, and perhaps live in more affordable housing.

[Anonymous]

Anonymous wrote:People always tend to spend what they earn. So when someone earns $255K a year, they may indeed feel squeezed because they spend more on the house, more on the school, etc.

What doesn't make sense is for people to be irate that this woman isn't living in a more economical house, or sending her kids to public. I would ask the person making $90K per year, why aren't you living in a trailer? You could save a fortune if you did. So stop complaining about making ends meet.

I'm playing the devil's advocate, of course, by why do people think that everything people spend on above their own spending level is extravagant?

When they spend and then they complain on DCUM about how they can't afford college and blame it on the government, it makes sense then.

[Anonymous]

Anonymous wrote:I am considered to be middle class since my income is $255K. I work 70-85 hour weeks ( hard hours, no breaks, quick runs to the bathroom).
I am taxed heavily, my kids do not qualify for any financial aid, so college tuition is my problem. For two kids, a private school would be about 90 K per year. The schools really expect us to come up with that money.

Something seems off to me. How much more can the middle class give?
Do you have to be rich or poor to afford the private colleges?

Sorry, no sympathy here. I think you need a reality check - either you need to reevaluate your lifestyle (where you live, what you drive, where you shop, etc.) or else reconsider college plans for you kids. If you can't afford private school, then maybe they need to go to state school. If they (or you) are hell-bent on private school, then maybe you need to find a way to save some $$ since in my opinion, you make quite a bit. Even if you are spending 90k a year on private tuition, that would leave you with more annual income than my household earns.....

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am considered to be middle class since my income is $255K. I work 70-85 hour weeks ( hard hours, no breaks, quick runs to the bathroom).
I am taxed heavily, my kids do not qualify for any financial aid, so college tuition is my problem. For two kids, a private school would be about 90 K per year. The schools really expect us to come up with that money.

Something seems off to me. How much more can the middle class give?
Do you have to be rich or poor to afford the private colleges?

Sorry, no sympathy here. I think you need a reality check - either you need to reevaluate your lifestyle (where you live, what you drive, where you shop, etc.) or else reconsider college plans for you kids. If you can't afford private school, then maybe they need to go to state school. If they (or you) are hell-bent on private school, then maybe you need to find a way to save some $$ since in my opinion, you make quite a bit. Even if you are spending 90k a year on private tuition, that would leave you with more annual income than my household earns.....

In any other part of the country (except maybe California), you would be doing well enough to save for college on your salary. But the cost of living is high here, which makes it difficult. We all have our priorities (mine is to have a reduced commute, but live in a good school district) and have to live with our decisions. We're saving for college via the 529 plan and hoping that our kids will go to state schools. If they do well enough in high school, maybe they'll go to private schools, or they can go to private schools for graduate school. FWIW, a full ride to Stanford or Harvard is NOT dependent on your parents' income -- if your kids do well enough academically, they can earn a scholarship. (My mom teaches at a math and science school in another state, and I've seen wealthy kids get scholarships left and right based solely on their academic qualifications.)

[Anonymous]

Anonymous wrote:First, I think you probably take home more than $129k on a salary of $255k. YOu are not taxed at 50%. Sorry, nobody in the U.S. is taxed at that high of a rate. You say retirement is taken out of this. So...at least $16k is pre-tax. I make $250k so I can guess what your are roughly being taxed at. I also know that - based on a $250k salary - what my take home is. I take home about $30k more a year than you say you are taking home AND that is after 401(k), parking and my flex accounts (for both health care and child care).

I am sorry - but you should be able to save very aggressively now for college.

I completely agree with the OP (even though I am a huge DEMOCRAT) and I salute you for being brave enough to post this. It is true that if you make around $250k your take home pay can be between $10-12k per month after 401k, helath insurance, flexible spending account, parking, SS, medicare, etc.

[Anonymous]

401K, flex spend, health insurance, parking... none of those are taxes. They are voluntary. Pumping up your 401K so you can retire is a burden taken on voluntarily. Health insurance is a luxury many people STILL don't have access to. Parking? Take the metro. Or park farther away and walk.

Ya know, if I wasn't paying for HD TV, I'd have a lot more money, too. Should I bitch about that here, too?

[Anonymous]

There is also something called student loans. Ever here of it?

[Anonymous]

We make $400 K and pay over $110K just in federal income taxes (excluding medicare, OASDI) and state income taxes.

75% of my net income goes to taxes. I'm sure not working for the money.

[Anonymous]

LOL, why is this funny post back again?

[Anonymous]

Anonymous wrote:We make $400 K and pay over $110K just in federal income taxes (excluding medicare, OASDI) and state income taxes.

75% of my net income goes to taxes. I'm sure not working for the money.

1. That last sentence doesn't make any sense. 75% of your NET income? I think you mean gross.

2. That is utter and complete BS. You do not make $400,000, and pay $300,000 in taxes, unless you're including sales, property, personal property, etc. tax. And even then, I would doubt your math.