Being lower middle class and living well
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Anonymous
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OP, I generally agree with you, as I'm raising a child, now a teen, on a solid five-figure income, but I'm going to comment about how parenthood turns everything upside down, because I am old and snarky and have BTDT: Things that wouldn't change if I got married and had kids: - Would still eat 99% home-cooked food and generic brands. - Probably, unless you found yourself completely pressed for time because you still have that swell job that pays for health and dental. - Would still not buy alcohol. - Talk to me after your imaginary kid turns two. - If my old car doesn't last then I'll buy a used car and use it the same way - Solid plan - Same cheap $20/month phone plan - Until your kid needs a phone because there aren't payphones anywhere anymore and you need to be able to reach your kid when they are out and about. - Would still not pay for TV/cable. - Also a solid plan. Netflix is cheap. - Would still hopefully have a job that pays all health and dental insurance for family. - Motherhood tends to shitcan your earning ability. Numerous studies back this sentiment up in assorted ways. Good luck with this one. I'm on job #5 since my child was born, and count myself lucky that I have aforementioned benefits. |
Anonymous
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OP, I was you 20 years ago, down to 4 roommates, no student loands and no cell phone or netflix back then. Lived in the city so no car either.
Guess what. Being healthy as a horse in your early 20s is a norm, not a newsworthy item. But it may not be like that for the rest of your life. By all means save aggresively, but know that things can change. One thing that you can do to ensure a better future is to carefully plan your career growth. In 10 years you will not want to live with 4 roommates. You'll need a downpayment on the house and emergency fund for your family. So the same energy you apply to being frugal will also be well spent on figuring out how to maximize your earning potential going forward. In the long run it will make a lot more difference than paying $2 for Netflix instead of $8 and strategizing of what to upgrade on a clunker car. Also, marry someone who shares your spending philosophy and approach to savings. PS: I have yet to hear of a US employer who pays all dental expenses. Sorry. |
Anonymous
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Reviving this to say....
"no debt (parents paid for my undergraduate education at a small, cheap state university, and then I went to a third tier law school at around 90% scholarship and my grandparents chipping in for the rest + living expenses)." STFU. |
Anonymous
For you, it doesn't. But you do not seem to have any empathy towards other people. Could it be possible that others are wired differently than you? That they are hardwired to enjoy pretty things, novelty, travel, etc? Or do you really think everybody can force themselves to enjoy the things you enjoy? |
Fun and happiness does not come from spending money.
Anonymous
| WHERE DO YOU LIVE IN DC THAT COSTS 1200/month???!!! Must be a house share.... |
Anonymous
I have to agree. You know why I never went to graduate school? I had to work and pay rent. And my student loans which... actually mostly I didn't pay them. Oops. Bad call, but it was really a choice of, "do I pay my rent, or my loans?" I married a lawyer and now we have his student loans--about 800/month--until the end of time. We are very fortunate, but I don't scrimp and save anymore because frankly, after twenty years of doing so I have decided that life is too damn short and precious to be entirely focused on saving, saving saving for the future you can't predict. You know the problem with savings? A lay off and cobra eats them. The market fluctuates and your 401K is down 30%. It's all a shell game. If you enjoy living carefully, go for it. But realize that at some point, roommates get really fucking old, and a diet of lentils and pasta and kale even more so. |
Anonymous
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OP look into childcare expenses, all the rest is fluff, we have a 180HHI and I am not complaining at all but right now with :
- a 15 months who didn't get a spot in daycare and is in nanny share intstead (11$ an hour, 2000$ a month) and - a 3 year old in day care (1450$ a month, the cheapest daycare accessible was 1000$, the most expensive around our streets 1800$, to give you a range). We reach 3450$ And that's without the extra babysitting hours we end up regularly taking because we work long hours and have to commute 40 min (which is already very nice) as we wanted to limit our mortgage to max 2000$ (for a 1200sqft house close to metro in an area that enables us to send kids to public instead of private). Again, not complaining, we save money, could def do with less and find solutions. But having a family implies major changes/choices. We are frugal, don't have cable, don't buy cars etc.. But looking at my mint account there are only 2 big expenses that take out most of my pie: mortgage and childcare. Sure you can buy in a less good school district, but you will quickly see that as a parent you don't want to risk too much for your children ... |
Anonymous
| You all that just started posting today do realize that this post if from January 2015 right? |
Anonymous
I third that. Her parents paid for her undergrad. She got her law school paid for 100%. Yet does she plan to do the same for her children? Or will she just brag about how she can live on $2600 a month - even with kids - and not save anything for her child's education, ensuring they will be burdened with debt? |
Anonymous
What do you mean? I'm renting my condo out in 20007- warm, clean, bright, quiet, pool, front desk, grocery store, cleaners, plenty of parking,view of Cathedral for $1150 a month. |
Anonymous
Or worse: you don't buy yourself new clothes for 10 years to save money for your children, then you die of cancer young and the second wife gets all the money, so you sacrificed for no reason at all. |
Anonymous
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OP --I grew up like you but we had to pay 100% of our own college and law school. Dad wouldn't pay a dime even though he was a lawyer and we couldn't get loans because he made to much for us to qualify for any aid/loans.
You sound really holier than thou -- you may not realize it. Stuff happens to people..."best laid plans of mice and men oft goes astray". Maybe lighten up a little Try to enjoy life a little. Never have a kid. They will mess up your plans. My DH and I both were pretty broke growing up. We've made a ton together. We enjoy life and save on the bigger ticket items. You should really be making more money. You'd be able to spend a little then. Your law degree has done nothing for your earning potential. Instead of preaching...spend time on getting a new job. |
Anonymous
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Single Guy here early 30s
Expenses Group House Rent 600 Gas 100 Car Fund 100 Groceries 200 Insurance 100 Phone/Internet/Netflix 100 Weekend 400 (100 per weekend) Total expenses roughly 1500 a month Retirement 1,600 a month Total roughly 3,000 per month can get by on around 50k a year after taxes Income much more than that but thats beside the point Once married Mort age 3000 +2500 Daycare +2500 (peak with 2 kids) Food 600 +400 Weekend fun 800 +400 Car 200 +100 Gas 100 +100 New Total Expense 4,000 up to 6500 with kids Retirement 3,000 Total 7,000 to 10,500 = HHI of 100 to 150k after taxes Feel free to chime in on what I am missing |
Anonymous
increased health insurance costs and copays and deductibles increased dental costs sports fees and equipment music lessons and instruments rentals OP for god's sake spend money now and TRAVEL. Believe me, when you are older you may have commitments and time constraints which make this impossible, even if you do have more money. |
Anonymous
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