I know it sounds crazy, but anybody making 100k combined w/spouse

[Gay Focker 0]

child care, high home mortgages, energy costs, etc make 100k not what it used to be.

[Portis26 0]

Grossing 100K a year means you NET roughly $5,500 a month.

 

Just make a plan to lower your monthly costs, ---> or make a drastic chanve by considering selling the home and looking to something slightly more convenient with regards to pricing, and a monthly mortgage amount.

 

just map out you current expenses; like this

Mortgage - $3,000

Gas/Electric/Water/Cable - $800

Phone (with Cell) $200 month ( get vonage if you have land line - only $20 bucks a month)

Child care - $500

Food - $500

 

then try to pinch those numbers that can be pinched.

[JT 137]

Grossing 100K a year means you NET roughly $5,500 a month.

 

Just make a plan to lower your monthly costs, ---> or make a drastic chanve by considering selling the home and looking to something slightly more convenient with regards to pricing, and a monthly mortgage amount.

 

just map out you current expenses; like this

Mortgage - $3,000

Gas/Electric/Water/Cable - $800

Phone (with Cell) $200 month ( get vonage if you have land line - only $20 bucks a month)

Child care - $500

Food - $500

 

then try to pinch those numbers that can be pinched.

 

$500 for child care and $500 for food? Apparently you're keeping the kids in a storage facility until you eat them.

 

Depending on where you live and work, the size of your family, etc, $100,000 is not that big a gross number anymore.

 

I will agree with Portis26 on this: a real, workable budget is imperative. But don't focus on trimming core expenses until you figure out where your money actually goes.

 

Most people can tell you exactly how they got their money, but have little clue as to what happens to it. Sit down and itemize all your expenses. Include a couple generic categories, like gifts and entertainment . Don't forget those unexpected expenses, like doctor visits, or car repair if your vehicles are out of warranty. Don't scrimp; the idea is to have a realistic breakdown of what you spend.

 

If you're like most people, when you're done, you'll find that a big chunk of your take home pay just disappears every month. That's the money to focus on. Sure, you could cut off HBO and save $15, but just like dieting, denying yourslef things you really enjoy doesn't usually work for long. But figure out how much money you're wasting, and commit to cutting that in half, with definitive plans for where that money is going (life insurance if you don't have it, IRA, college fund, etc). You'll find that the more smart money moves you make, the more you'll be motivated to save/invest even more.

[Force of Two 0]

Try nearly 140K...and still living paycheck to paycheck....(I cant wait for my youngest to start school)

[swirvenirvin 25]

Try nearly 140K...and still living paycheck to paycheck....(I cant wait for my youngest to start school)

 

 

Either you live in a very high priced area or you are wasting money on expensive cars and a house you can't afford

[Portis26 0]

$500 for child care and $500 for food? Apparently you're keeping the kids in a storage facility until you eat them.

 

I dont have Kids, so it was a good faith guestimate so I thought

[George Carlin 1]

my GF and I make over 100k combined and we have no kids.

[NewbieJr 540]

A lot of it is how you live.

 

Some people who earn 100k drive around in Lexus SUV's and have $000 mortgages, but they can't afford a pizza until payday.

 

By living within your means, 100k is plenty of money.

Of course, it depends on the area you live, too.

 

My wife and I live comfortably on around 90k, plus 20k cash from DJing. If we moved just one hour and forty-five minutes to New York City and still made the same, we'd be poor.

[pingpong 0]

It all goes back to lifestyle. 100k sounds like a lot, but paying a mortgage, feeding a family, sending them to school and other programs, taking vacations...all adds up. Unserstanding where your money is being spent is half the battle to controlling spending.

[DauntesInferno 0]

Grossing 100K a year means you NET roughly $5,500 a month.

 

Just make a plan to lower your monthly costs, ---> or make a drastic chanve by considering selling the home and looking to something slightly more convenient with regards to pricing, and a monthly mortgage amount.

 

just map out you current expenses; like this

Mortgage - $3,000

Gas/Electric/Water/Cable - $800

Phone (with Cell) $200 month ( get vonage if you have land line - only $20 bucks a month)

Child care - $500

Food - $500

 

then try to pinch those numbers that can be pinched.

 

$3k a month Mortgage??

 

$200 a month phone??

 

Gas/Electric/Water/Cable - $800

[Thornton Melon 544]

Not 100K, but about 90K combined (almost all of that from me), 4 kids - all in public school, mortgage+real estate taxes+home insurance only about $1200/month, no car payments. I don't know where all the money goes.

 

I'm tellin' ya, don't have more than 2 kids. They're an exponential drain on the wallet.

[TheNewGirl 1,031]

Not 100K, but about 90K combined (almost all of that from me), 4 kids - all in public school, mortgage+real estate taxes+home insurance only about $1200/month, no car payments. I don't know where all the money goes.

 

I'm tellin' ya, don't have more than 2 kids. They're an exponential drain on the wallet.

 

Seriously, just deciding to have TWO was a big thing for us until we finally said, "FOCK IT." The first YEAR of a child's life costs around 10K, or so I read. I wouldn't doubt it with diapers, and the rate that they grow - clothing, etc. Breastfeeding is FREE, so that's a good thing.

 

Combined, we make close to 100K. Our mortgage is around $2200, gas/electric around $300, and phone (combines land-line, DSL, and satelite TV) is around $100. Could we cut back a little, sure. We don't need to have the satelite TV, and I could MAYBE do without my cell phone (around $35 a month), but we are doing okay. We do have car payments, but no credit card debt right now.

 

Our son is starting pre-school this year, and he's going to a 'private' pre-school. The bill for that is around $600 a month, and infant care for my daughter will be around $600, so the $500 estimate for childcare is pretty funny. Kids ain't cheap.

[NewbieJr 540]

Another expense that we never figured in is birthday parties.

Family members birthdays were obvious, but when your kids start going to school, it seems that they are invited to classmates' and neighbors' birthday parties every weekend. twenty to thirty bucks per party adds up.

[Murphys Law 0]

Either you live in a very high priced area or you are wasting money on expensive cars and a house you can't afford

 

My wife and I also make 140-150k a year combined and find we just break even every month. 2 kids, one car payment, modest mortgage ($1,700). We do however contribute $650 a month to our deferred comp plans. 150k is very middle class in Connecticut. If we move to a bigger home in the next few years things will be really tight.

[TheNewGirl 1,031]

Another expense that we never figured in is birthday parties.

Family members birthdays were obvious, but when your kids start going to school, it seems that they are invited to classmates' and neighbors' birthday parties every weekend. twenty to thirty bucks per party adds up.

 

Heck, when they start school? My son isn't even four years old and the b-day parties have been just amazing.

[Ilov80s 0]

Heck, when they start school? My son isn't even four years old and the b-day parties have been just amazing.

 

spoiled

[cmh6476 757]

live within your means?

[Badmojo1006 0]

Currently I am making 30K, single dad with two kids and I am doing OK. Living in an apartment, driving a 10 year old van and the only debt I have is $150 on my credit card which I will pay off next week.

 

I my not have the latest toys, but I am doing OK

[Churchill610 0]

Mrs. Churchill610 & I make $130k combined.

No kids yet.

No cc debt.

Gigantor mortgage.

One car note that's not too bad. Another car paid off.

$20k in available cash.

We are both pretty good at not spending money carelessly.

 

 

All in all, we're doing pretty freakin' well.

[Lionsjunkie 1]

Were at about 110K but still living paycheck to paycheck. Living in SW FLA can be really straining.

 

Our 315K house is about 200K in most parts of the USA.

 

A 7 day cruise and a trip back to Detroit for the Super Bowl really have slowed us down this year

 

All in all, can't really complain.

[CantTouchThis 23]

Yep, all depends on where you live. 100K round here you can get yourself a very nice house, a couple nice 35-40grand cars, some great assets in your house, even with a couple kids, be able to save up plenty of money as long as you don't go nuts. My parents always made between about 65 and 75K, and are ususally always in debt because they always went nuts on their credit cards, at the grocery story, ect. If they were somewhat smart finacially(they admit) they could have a lot saved up. But, i would say we made more than most around here, and always had money to go on vacations, buy cars, ect, even with 4 kids.

 

However, 100K on either of the coasts ain't nothing, in NJ, my sister and her BF pull in about 200K a year. They have no kids, yet, they are just upper-middle class. Mainly cause they just bought a 600K house, which they truly can BARELY afford with the crazy taxes out there, they pay approx. 15,000 dollars in taxes per year for their house, freakin INSANE. They are actually in debt, but, they should be out of debt pretty soon because of the income they pull in.

 

Like in San Diego, the house i live in now, which is valued at about 150K, would go for about 500K in Diego. Seriosuly, we seen houses for sale that were actually smaller than our house, and weren't as nice going for like 6-700K.

[Force of Two 0]

Either you live in a very high priced area or you are wasting money on expensive cars and a house you can't afford

 

Thats pretty presumptious....I live in South Jersey but in one of the higher end areas.....and I have a Honda Civic and Mini Van..

 

Daycare....1000 dollars per month plus After School Program another 215 a month

Car Insurance....nearly 300 a month

Various Credit Card Debt Total....350 a month

 

I pay exorbitant Taxes so my kids can go to good schools. HTH

 

but I guess I could live in NASCAR country and live like a king

 

My wife and I also make 140-150k a year combined and find we just break even every month. 2 kids, one car payment, modest mortgage ($1,700). We do however contribute $650 a month to our deferred comp plans. 150k is very middle class in Connecticut. If we move to a bigger home in the next few years things will be really tight.

 

I with you...We do the deferred comp thing as well and we have a bit higher mortgage (about 2200)

 

Taxes are killer in this area and we have two car payments (we only had one until a few months ago and a car accidnet later)

[fatsean 0]

My wife & I will make about $42,000 this year. One child (8 years old). No mortgage. No debt. $50,000 in savings.

Our biggest expense, after groceries is fock job we get from the State of Indiana - $2,000 a year in property taxes for a little duplex on a 3/4 acre lot.

 

Pay yourself first! Put everything you can into savings and don't trade cars or houses until necessary.

[George Carlin 1]

My wife & I will make about $42,000 this year.

 

[swamp dog 0]

we've all been duped by corporate america to believe we HAVE TO HAVE two new cars, a pricey new home, cell phones for every member of the family including the pets, 2 vacations a year out-of-country, etc etc etc.

 

and we all line up and say "yes, you're right--here's my credit card."

[Force of Two 0]

we've all been duped by corporate america to believe we HAVE TO HAVE two new cars, a pricey new home, cell phones for every member of the family including the pets, 2 vacations a year out-of-country, etc etc etc.

 

and we all line up and say "yes, you're right--here's my credit card."

 

I havent taken a vacation anywhere in nearly 4 years and I make 140K (with my wife). Only me and my wife have cell phones. I have two low priced new cars (not by choice) because some jerk made an illegal left turn in front of me. I think the only thing that I have that is pricey is the house and thats because I dont want my kids going to sorry schools...and the house is 35 years old so its not new...

 

Its difficult living in the civilized section of the country

[JT 137]

Yep, all depends on where you live. 100K round here you can get yourself a very nice house, a couple nice 35-40grand cars, some great assets in your house, even with a couple kids, be able to save up plenty of money as long as you don't go nuts. My parents always made between about 65 and 75K, and are ususally always in debt because they always went nuts on their credit cards, at the grocery story, ect. If they were somewhat smart finacially(they admit) they could have a lot saved up. But, i would say we made more than most around here, and always had money to go on vacations, buy cars, ect, even with 4 kids.

 

Welcome to American debt-ridden-for-life economics. Sure, what everyone that makes $100K needs is a couple $35-40,000 cars to go with their mortgage! I don't care where you live, if your household income is $100,00, you have kids and you're saving for the future, you can't afford the expenditures you toss off so blithely. Not that you can't get them...someone will sell them to you, and someone will lend you the money...but that's not the same as being able to afford them.

[Cdub100 3,384]

The things you own, end up owning you.

[p.man 7]

In March of 2005 my residual monthly check tripled in volume and my wife and I now make roughly 32k per month. Yes a month. Our monthly Mortgage on our primary home is just under 7k per month. We recently bought a summer home on Long Beach Island in Beach Haven NJ for just under 850K. We are now deciding where we would like to spend time going on vacations. This past February we were able to take a trip to Italy together without the kids. Her Mom and Dad watched them. After that we took our kids and my in-laws to Disney. My wife is a corporate accountant and I'm a stay at home Dad and own my own in home business. In June of 2005 we sold our home in Roseland NJ which is in Essex County and bought a beautiful home in Randolph which is in Morris County NJ. Randolph is an unbelievable town. We love it here! The schools are top rated and Randolph High School recently won the 2006 State Championship in Ice Hockey. I went to 1 of the High School Football games and about 4000 people showed up. They love their sports up here. Even the band was great.

[TheNewGirl 1,031]

we've all been duped by corporate america to believe we HAVE TO HAVE two new cars, a pricey new home, cell phones for every member of the family including the pets, 2 vacations a year out-of-country, etc etc etc.

 

and we all line up and say "yes, you're right--here's my credit card."

 

I have to disagree.

 

Vacations for hubby and I and the fam. are maybe taking a trip to Monterey (four hours away), or to Disneyland via car (about six hours away). And we only go during "off" seasons, etc. It's going to kill us going this year, as we will have to pay around $120 for my four year old son to get into Disneyland and NOT go on half the rides because he's too small.

 

We have one cat. I hardly doubt that she's the one that "breaks" us. We have considered getting other animals, but right now isn't the time. Oh, and we have fish.

 

My husband's work pays for his phone, we pay for mine. We have one "new" car, a Hyundai Elantra. We did have my Cabrio that was paid off, but wouldn't fit two kids in the back. He did have a Chevy pick up with the extended cab, however, that wasn't conducive to two kids, either. He's very tall, and literally cannot fit in most cars. We did end up buying a used Ford Expedition, about a month before our newest baby arrived.

 

Our home isn't the fanciest, is not brand new. However, it is in one of the more $$ areas of Sacramento. Our home isn't that big (around 1700 sq ft) and we are currently outgrowing it.

 

We also have no credit card debt at this time.

 

So, I think that your assumption is wrong in my case.

[Apu Nahasapeemapetilon 0]

Depends on where you live.

 

My wife and I do fine here in DC. But if you are a family of 4 and make less than 120K, you're very lucky to break even. In Conn, I expect its even worse.

 

I can't stand our relatives in Southern Georgia. They hear how much we make and think we're loaded. They don't realize its the equivilent of making 35K in Georgia. Then they ask us for money.

 

Get your lazy asses to a place that has something more than chicken houses, and join the rat race if you need more money. It ain't a glamourous life...we don't have fancy cars or get to go fishing every afternoon like you do in the country...but our kids go to good schools and in the end we'll save up enough to enjoy our retirement years in style while they are still bitchin about being kept down by the man (which in white lingo means management).

[Cdub100 3,384]

Rich people sure do complain alot

[EndGame 0]

I remember my father saying to me when he was a consultant, "You know, I'm making more now than I've ever made in my entire life, but somehow we still manage to have money problems." Shortly after that, he was diagnosed with the brain cancer that killed him.

 

From this I take the following:

1) Your spending will expand to fit the money you have.

Before I got laid off from my fulltime job last spring, we were making a pretty decent living for the area in which we live. However, we never seemed to have any money. Then, we had to live on a lot less when I lost my job. We're now getting back to the level we were at before, and it seems like we're freakin rich. The difference is that now we're used to living on less, and know we don't have to have some of the luxuries we had before.

 

2) Money is just not that important.

As long as you have enough to get by, don't worry about it so much.

[lagarzlebrew 0]

Wife and I make about 97K in a Minneapolis Suburb. For that, we have decent, not great, house that costs us about $1450/month. We have one car payment, $470, and $320 a month in day care. I do not feel rich at all. We each save about $120 per check and put it is savings, and the rest is out the door.

[Electric Mayhem 35]

I suck at money. Hopefully it doesn't bite me in the ass when I'm older.

[Call me...Tim? 0]

Its a tip that most of you are living check to check because that's what the gov't wants you to do. The tax system is structured to result in your having little or no savings. Your constant consumption is the only thing keeping the economy afloat.

 

GET OUT THERE AND SPEND DEBT IS GOOD TERRORISTS HAT CREDIT CARDS@#$

[Joe Carcuss 0]

I make about 50K and my wife has been staying home with the kids for the last 5+ years and most likely won't go back for another 3-4 years and we are doing great. We own in a very nice 3 bedroom, 2 bath with about a half acre that we got right before the real estate boom while many of our friends are maxed out in McMansions in devolpments that don't even have a yard. We own 2002 and 2005 autos that are paid in full and have about 30K in money markets and mutual funds to hold us over.

 

Bottom line, if you don't waste time and money trying to keep up with the Jones' , you should be fine. No excuse for someone making over a 100K to be struggling unless they are wasting money on stuff they don't need.

[KSB2424 3,083]

Coffin's don't have pockets

[Electric Mayhem 35]

I make about 50K and my wife has been staying home with the kids for the last 5+ years and most likely won't go back for another 3-4 years and we are doing great. We own in a very nice 3 bedroom, 2 bath with about a half acre that we got right before the real estate boom while many of our friends are maxed out in McMansions in devolpments that don't even have a yard. We own 2002 and 2005 autos that are paid in full and have about 30K in money markets and mutual funds to hold us over.

 

Bottom line, if you don't waste time and money trying to keep up with the Jones' , you should be fine. No excuse for someone making over a 100K to be struggling unless they are wasting money on stuff they don't need.

 

I think the reall issue is need vs. want. Since you have a family, you can find enjoyment staying at home with the kids and the wifey. Being single, staying at home watching TV / playing guitar / etc gets BORING. And going out to do stuff costs $$$. And when you ARE home alone, things like a nice TV/stereo/apartment are worth it (to me anyway). It's all about quality of life I guess.

 

Not to say you should max out your credit cards to get a new home theatre, but you can easily find ways to blow your disposable income on fun 'me' stuff when you are single and don't really think twice about where that money would be better used. Hell, I spend more on sushi in a given month than some families of four spend on their entire food budget I'm sure. But I enjoy that raw fish, dambit, especially when i know it's going to be me, my dinner and the TV keeping each other company on a weeknight. Same with my decision in buying a car. I could have bought the Mazda 3 and had a nice reliable ride, but since I LIKE to drive and derive ENJOYMENT from driving a car that's fun, i dumped $$$ into a sportier car that I knew I would have fun in. Sure it was an incredible waste of $$$, but I'm happy I made that decision every time I get in my car.

[Joe Carcuss 0]

Coffin's don't have pockets

 

But my kids do....I want to leave them more then memories and debt!