Singel parent on $228K income
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Anonymous
I don't know, and I don't really care to read through this whole thread to develop an opinion. I just know that having raised kids for six years earning less money than $228,000 a year, it is definitely possible to do on that income. |
Anonymous
She's doing just fine with $3k a month rent. She also doesn't have to pay RE taxes, saving $5-15k a year. |
Anonymous
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DH and I make the exact same income as OP together (split fairly evenly) and 1) I am not complaining but 2) it certainly doesn’t feel *easy*. We are putting closer to 60k/year into retirement, since there are two of us and I get a good employer match. So that’s a bigger minus from our bottom line. On the plus side, our kids are teens so we are done with childcare.
The biggest difference is that I look at your what you’re spending and saving and I think you’re doing pretty well. You seem to think you’re not. I think it’s more a matter of looking at what it is about your life—stress level, free time, etc—that’s making you feel discontented. I bet it’s not really the money, exactly. |
Anonymous
Teacher again. The side gig isn’t meant to improve the quality of her life. Lol. It’s meant to pay the bills which she says she is struggling with. Whether she is or isn’t is beside the point. She either needs to make more money or needs to cut her spending. |
Anonymous
No one cares about your parochial school. Oh, and you forgot to mention your parents or in-laws subsidizing the rest of your existence. |
Anonymous
So why even comment if you’re not going to read the thread replies or add anything of value? |
Anonymous
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I get it. A part of you feels like at $230k you should be able to live large. But in reality, you are just living.
If I were you I'd dump the long-term care insurance. I don't have it because I feel like if I'm need that kind of care, I don't really want to be alive. I know other folks think differently. I'd also take a hard look at expenses and see where I want to spend more and where I can spend less, and I'd spend on my priorities and cut back on other things. And I'd accept that I'm not wildly rich, even though when I was 20 I thought anyone making that much must be rich. And then I'd think about all of the wonderful things I do have in my life, and go hug my kids. Those are the things I'd do. Good luck. |
Anonymous
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12K a year spent on vacations. You are living a good life. Why are you complaining?
$4660 biweekly is 10K a month not 9K as you calculated. That's another 12K a year that you have available. You have 2K + 1K every month left after covering your necessary expenses + vacation & travel. That's 36K a year. That's plenty for entertainment, clothes, etc... |
Anonymous
Well, as someone whose husband gets SSDI I can tell you that it isn't very much money. The MAXIMUM benefit is $3600 a month. And it is also hard to qualify for. If you are so disabled you cannot work, your expenses go UP not DOWN unfortunately. But yes, $400 a month is very high for disability insurance. If OP is a fed, there's actually FERS Disability retirement which is easier to get than SSDI. |
Anonymous
LOL WHAT |
Anonymous
Two issues: 1) The "I can't save much after saving $30K for retirement" line is a little trite. $30K per year growing at 8% per year for 35 years becomes $5.8M (or $2M+ in present-day dollars). That's a lot of savings. If you want access to some of it now, reduce pre-tax contributions and contribute instead to a Roth IRA or taxable account. 2) How do you go from $198K left after retirement contributions to a take-home pay of $108K? Assuming an effective tax rate of 30%, you're paying $60K in taxes. Where's the other $30K going? Health insurance isn't that expensive. |
Anonymous
I commented on the first page of what, by the time I went back to see someone answering my post, had become 4 pages. |
Anonymous
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Yeah, I don't get "I'm living paycheck to paycheck" when you are saving 30k/year on retirement. If you want more spending money, you can save less for retirement. But lots of people choose to maximize their retirement savings instead. It's a sacrifice now in order to not have to worry later.
Are you worried about retirement? It honestly sounds like you are in good shape. If you work for another 12-15 years, you are golden. You have enough money now to take vacations, spend well on food and housing for you and your kids. Who needs cable? I'm sure if you decided you really wanted cable or something else in that range, you could adjust your spending a bit to make it work. You actually have tons of wiggle room in your budget (like just take cheaper vacations one year and you can spend that money however you want without changing your retirement contributions, this isn't rocket science). Are you worried about college costs? That's reasonable, although your kids are actually more likely to get need-based aid with a single parent who doesn't own a home, even though your income is high. How many kids do you have? Are you in DC or MD/VA? Lots of state school options in MD/VA and DC Tag will help if in DC. And, again, that's a one time cost. It's a big one, but you just have to figure it out and then it's over. How many kids do you have? When will they be in college? I just don't see what the issue is. You have disposable income. You have allocated it according to your priorities. You are well off but not rich. |
Anonymous
Sorry, that should be, commented WHILE READING the first page. |
Anonymous
OP miscalculated. Take home is actually $121K Still, she's paying more than she should in taxes and probably getting a refund. |