Singel parent on $228K income

[Anonymous]

? 200/month is about one tank a week.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think the point is someone making $228K should not be living paycheck to paycheck and OP basically is, just bc of the housing timing, student loans, and inflation.

Not sure what housing has to do with it. Her rent is 3K. That's what her mortgage would be if she owned a house. Owning a home wouldn't increase her cash flow. She would build equity, yes. But that's not her problem right now.

Bc rent will continue to increase.

[Anonymous]

But it’s kind of crazy to say “you had years to find a house.” What about all the people who don’t have houses yet and their wages don’t allow them to buy and don’t keep up with the massive increase in prices?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think the point is someone making $228K should not be living paycheck to paycheck and OP basically is, just bc of the housing timing, student loans, and inflation.

Not sure what housing has to do with it. Her rent is 3K. That's what her mortgage would be if she owned a house. Owning a home wouldn't increase her cash flow. She would build equity, yes. But that's not her problem right now.

Bc rent will continue to increase.

So will the cost of home repairs and upkeep though.

[Anonymous]

Anonymous wrote:OP- you are super fortunate. 228K is a ton of money. And for the most part, it seems like you are doing really well. Car thats paid off, 30K to retirement. I would get rid of the disability insurance and put it in to savings bonds if you are risk averse or a brokerage account if you are not. I assume at your age, you have a fair amount in your retirement account. I also think you could/should cut down on gas. Seems like you are driving a lot.

A single parent who needs income to live should not give up disability insurance. Who's going to pay rent and food if he or she becomes disabled and can't earn an income?

[Anonymous]

Anonymous wrote:I think the point is someone making $228K should not be living paycheck to paycheck and OP basically is, just bc of the housing timing, student loans, and inflation.

No, not really! It depends what you mean by paycheck to paycheck, but c'mon.

OP can pay all the necessary expenses for survival, AND put away money for retirement AND for summer camps (probably counts as daycare so not optional) and annual vacations (optional).

AND STILL has $2000 a MONTH for variable expenses like gifts, clothing, sports and entertainment. That is not living paycheck to paycheck by most people's definition.

it's just not complete comfortable.

[Anonymous]

To the PP, she'd be eligible for SSDI, plus she must have some retirement savings and she is already 50 (and can withdraw at 55 from her employer account if she leaves at 55). $400 a month is almost $5000 a year, not to mention the interest ,for something she probably won't need.

[Anonymous]

Do you have your kid 24/7? If not, can you pick up a side gig when they aren’t t with you? I have my kid 24/7 but once he got old enough to leave alone for a few hours, I started tutoring (I’m a teacher). Now I tutor and work as a driver for a busy family who has lots of kids and needs help getting kids to/from activities.

[Anonymous]

Anonymous wrote:Do you have your kid 24/7? If not, can you pick up a side gig when they aren’t t with you? I have my kid 24/7 but once he got old enough to leave alone for a few hours, I started tutoring (I’m a teacher). Now I tutor and work as a driver for a busy family who has lots of kids and needs help getting kids to/from activities.

Yes I have full custody. I am looking into second jobs bc I have a flexible schedule but it's hard bc it requires clearance/permission and I still can't double dip with a fed job.

[Anonymous]

OP, this is more than our two-parent household made for the first six years we had kids. There is a lot that is definitely much harder for single parents, but in this case, I'm not sure that your income is the main problem.

[Anonymous]

Anonymous wrote:OP, this is more than our two-parent household made for the first six years we had kids. There is a lot that is definitely much harder for single parents, but in this case, I'm not sure that your income is the main problem.

Okay what do you think is the main problem?

[Anonymous]

Also, if your child's other parent is alive, they should be paying child support.

[Anonymous]

Anonymous wrote:Do you have your kid 24/7? If not, can you pick up a side gig when they aren’t t with you? I have my kid 24/7 but once he got old enough to leave alone for a few hours, I started tutoring (I’m a teacher). Now I tutor and work as a driver for a busy family who has lots of kids and needs help getting kids to/from activities.

See isn't living paycheck to paycheck, she is living very comfortably by any reasonable standard. I don't see how consuming her free time (which is probably little given she is a single parent) with a side gig would improve her quality of life unless the side gig was something she'd really enjoy as a hobby.

[Anonymous]

Anonymous wrote: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.

This is absolute BS unless you have an inheritance or help.

[Anonymous]

LOL. DH and I make just over $200k and have kids in private school. What is the issue here?