Are we poor? What’s the average income

amother

Sat, Mar 30 2024, 11:20 pm

We’re a family of 4 making around 79k in the tristate area.

We pay around 2300 mortgage
Around 1k tuition
1500 for both our cars insurance gas and tolls included

I never felt we’re missing anything.
Maybe it helps that both me and my husband don’t spend a lot.
But we do travel and take the kids on outings every once in a while, and I buy my sourdough bread for $15 every week.
I feel rich!

Are we really poor?

amother

Gardenia

Sat, Mar 30 2024, 11:23 pm

You're making less than many frum families.
You're making more than others.

If you are living within your means and don't feel overly stifled, you are definitely not poor.

You probably are poor according to the government (I'm assuming you're on Medicaid or similar and probably don't pay that much in taxes). But that's not a good indicator.

IYH as tuition goes up your income will as well.

But you are rich because you are happy with what you have. May you always be!

amother

Junglegreen

Sat, Mar 30 2024, 11:27 pm

Who is rich? The one who is happy with what they have. Says the Torah.
You see here people making 200,000 + a year and can't make it. If you finish the month with no worries, no debt, when we spend less than we earn, yes we are rich.

amother

IndianRed

Sat, Mar 30 2024, 11:29 pm

Those are only some expenses. Clothes, food, insurance, phones/Internet? Are you able to pay all your bills? Savings for the future?

I also felt pretty comfortable with that income and family size, bit our costs were very different. Mortgage under 1000, tuition was around 800. Cars were paid off.

But, I also realized we weren't really saving anything.

amother

Hunter

Sat, Mar 30 2024, 11:29 pm

Idk about poor, but did you buy your home or did somebody else give you the down-payment? Did you get any financial help early on marriage that enabled you to save? It's not only about what you're making, but if you have other little things like a mom sponsored Costco order once a month etc.

amother

DarkGray

Sat, Mar 30 2024, 11:38 pm

amother OP wrote:

What about medical insurance? Are you on any government programs?

amother

Junglegreen

Sat, Mar 30 2024, 11:39 pm

amother OP wrote:

What’s the average income then?

What if we both aren’t entrepreneurs?
Do we have any hope?

Hashem determines the income, so, yes you have lots of hope. We and others we know got good jobs in very unexpected ways. We knew its straight from Hashem because He determined so.

amother

DarkGray

Sat, Mar 30 2024, 11:43 pm

amother OP wrote:

I don't understand how you can afford to travel plus all expenses on this income, unless you're on government programs or get financial support from family.

We make over 200K bh bh family of five.
We don't own our home & don't have much to put in savings after all our expenses. Bh bh we cover ourselves but we live a frugal lifestyle.
Rent, utilities, medical insurance, tuition, car & insurance, groceries, life insurance, dental (paid with cash) add up to a ton a month. We never travel as a family, rarely vacation, shop on sale. We're home for all yomim tovim, which also adds up to a lot.

amother

Sat, Mar 30 2024, 11:48 pm

My grandfather gifted us with a down payment for a beautiful house.
So we look rich living in a beautiful nice sized home.

Me and my husband are minimalists.
We have Medicaid.

Once tax return season comes around we buy clothes with the money but for the winter season money is tight indeed.

I feel like I have what I need but maybe that’s because I grew up not having what I needed.

All the financial threads recently got me thinking and realizing that we are probably poor. No savings and investments.

Not sure how to get out of it.

amother

Mintgreen

Sat, Mar 30 2024, 11:50 pm

You didn’t include any medical expenses or food expenses and you’re missing lots more expenses besides.

If you can cover all your expenses easily then you’re rich but I’m not totally sure how you’re doing that. I pay a fortune on medical stuff and I’m on Medicaid! It’s all the stuff that Medicaid doesn’t cover.

amother

Mintgreen

Sat, Mar 30 2024, 11:52 pm

amother OP wrote:

Sorry I didn’t see this when I posted. It sounds like you do have what you need! Medicaid covers medical expenses as long as you don’t need anything out of the ordinary.

Can you stretch yourself so you can put your tax refund into savings?

amother

NeonGreen

Sat, Mar 30 2024, 11:53 pm

amother OP wrote:

Why should you let other people's income effect how you perceive yourself?
You sound very blessed. Down payment and health insurance are biggies.