Reply to How do people live on 160k?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We have 20+ year old cars we drive until they fall apart. Also, don't eat out at all and [b]don't have pets. [/b][/quote]

I am a SAHW.   I have been running the house on 10K monthly for past 20 years (post tax).  He pays  all the  taxes, Social security, IRA, pension plan, investments and medical coverage.  Of course, earlier I had kids living with us too but now we are mostly empty nesters.  We are living quite lavishly

-Mortgage - 2300
-Food  - 1500
-Utilities, internet, subscriptions, insurance, gas, office parking, cleaner, lawn person, co-pay, office lunch,  - 2500
-Socializing and entertaining (including catering help) - 1000
-My kid needs room and board in college so that is usually - 1500
I still have around 1-2K left with me each month.

When kids were younger, I paid for tutors and other needs of the kids too.  I always had money left.  So, I saved for college, weddings, travel, gifts etc.

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[b]Catering help?   Lawn, cleaner…do it  yourself.  [/b]

Our big expense is tutoring and sports-music lessons and activities.   We make slightly less, paid off the house, no debt and will pay cash for our next car.[/quote]

Sure. You can and we actually did it ourselves when we had less income, more expenses and wanted to also save for future.  Compounding is magic.  Keeping costs down and paying ourselves first was something we always did.

Having a low mortgage, driving reliable mid-price Japanese cars, no student debt, no childcare cost, no private schools, cooking from scratch, only 2 kids and no pets  - all of these allowed us the luxury to grow our wealth, so that we are in a position to help our kids  and grandkids too.

[/quote]

That seems silly if you are not working.  I'd rather do those things to pay for more things for my kids.[/quote]

I think it is a cultural difference in how you and I think.    I am highly educated and being a SAHM was a strategic decision once my DH's salary reached a level where we knew we could do with his earnings.

We had a vision for what lifestyle we wanted and how we wanted to raise our kids.  We were successful in that. [/quote]

I make $250K ($11K/m take home after retirement/deductions) and wouldn’t describe myself as living richly nor would I want to support a spouse and two kids alone on this salary.[/quote]

Why not?[/quote]

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