Anonymous
02/04/2023 08:12
Subject: Re:Singel parent on $228K income
Your spendings are very high for a single parent with 1 kid. You have more than enough.
Anonymous
02/03/2023 23:50
Subject: Singel parent on $228K income
Anonymous wrote: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.
Well I don’t have long term care insurance in the first place, so that is easy.
Anonymous
02/03/2023 23:48
Subject: Singel parent on $228K income
Anonymous wrote:Anonymous wrote:
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.
My guess is, much is going to groceries, take out and dining out.
I mean this with no criticism! -But I didn't see takeout or restaurants listed in OP's expenses, and while $800 for groceries sounds fine to me (and I know people can spend a lot less) I think most people vastly underestimate how much they spend on groceries.
You didn’t see takeout or restaurants listed bc I have no budget for them and as much as possible avoid them now bc they have become SO expensive! This would have to come out if that $2K/m that covers “everything else” and really there are entire months I don’t spend anything on this. I hardly ever eat out anymore and only do it to maintain friendships with people who host my kid on sleepovers.
Anonymous
02/03/2023 23:42
Subject: Singel parent on $228K income
Anonymous wrote:And every day some other expense doubles or increases by 10-20%. WWYD? I am 50 and don't own a home.
I’m a nanny who earns $60k a year and my condo is paid off. If you can’t get your life together on a quarter of a million dollars, we can’t help you.
Anonymous
02/03/2023 23:39
Subject: Singel parent on $228K income
Anonymous wrote:Anonymous wrote: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.
We have neither of those things. My husband is just scary good with money/budgeting and we live well below our means (no big vacations/travel, used cars, lots of DIY projects, etc.), which I get is not for everyone. But it is doable.
That doesn't track with an $80,000/year college, though. Are you paying that much out of pocket? People who spend 18 years raising kids, living below their means, doing frugal DIY projects and driving beater cars IME don't suddenly start shelling out $80K a year of college when perfectly acceptable State College + Scholarship is $23K (or Community College is $4k)
Anonymous
02/03/2023 23:37
Subject: Singel parent on $228K income
Anonymous wrote:
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.
My guess is, much is going to groceries, take out and dining out.
I mean this with no criticism! -But I didn't see takeout or restaurants listed in OP's expenses, and while $800 for groceries sounds fine to me (and I know people can spend a lot less) I think most people vastly underestimate how much they spend on groceries.
Anonymous
02/03/2023 21:06
Subject: Singel parent on $228K income
Anonymous wrote: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.
We have neither of those things. My husband is just scary good with money/budgeting and we live well below our means (no big vacations/travel, used cars, lots of DIY projects, etc.), which I get is not for everyone. But it is doable.