Annual income and does it cover

amother

Salmon ↓

Fri, Jan 05 2024, 2:20 am

amother Darkblue wrote:

5 kids. 180k
Covers all of our expenses

180k gross or net? We make 180k gross with 4 kids and we are always in the red. I wish I knew how to properly budget so we can also cover our expenses. Where do you live ? We Live OOT. So happy it covers your expenses and would love if you would be able to give a quick breakdown so I can see where you’re he differences are and perhaps learn a thing or 2!

amother

↑ Salmon

Fri, Jan 05 2024, 2:25 am

amother Petunia wrote:

About $500,000. We live comfortable lives but we are from “rich”. We have 3 kids bh.

You don’t feel rich making 500k with three kids ? Where do you live ?

amother

↑ Tiffanyblue

Fri, Jan 05 2024, 5:29 am

amother Firethorn wrote:

No, what I meant is I noticed that the money goes further here compared to an identical salary in America. Yet people go on and on about how expensive it is here.

Yup, that is exactly it. Money goes much farther here. But I also think that standards are different in israel in general. And that helps.

amother

Nemesia

Fri, Jan 05 2024, 5:35 am

Just under 500k gross.
Half to taxes, and another huge chunk to the accountant/bookkeeper.
A percentage to the mandatory retirement/savings/pension accounts.
BH were left with enough.

amother

Floralwhite

Sat, Jan 06 2024, 8:42 pm

Our combined income is about 200k. We have 4 kids.

Due to financial trauma dh experienced as a child, dh is an aggressive saver. We max out both of our 401k and Roth Ira. Due to this aggressive savings, we dont have enough funds to pay our bills. Dh decided to dip into our heloc when we are short.

Dh also doesn't believe in life insurance. I was able to get him to purchase something years ago. It recently expired and we still have kids in grade school.

amother

Daisy

Sun, Jan 07 2024, 12:23 am

We make about 100k net, 4 kids. Covers, and the rest goes to pay back old debt. We have a lot of debt to pay down.

amother

Bisque ↓

Sun, Jan 07 2024, 12:44 am

5 kids and we bring in about $50K plus live in a multifamily and rent out the rest for another $35K but not sure how much to count as income because I also have higher utilities and mortgage expenses because of that

We're surviving but no extras and wouldn't be without SNAP and medicaid. But I live in a high cost of living area.

↑ aria3578 ↓

Mon, Jan 08 2024, 12:27 pm

amother Marigold wrote:

In a house I assume

If you're paying rent in an apartment then why are your expenses so high?

Nope not a house
Can’t afford one

I eat healthy. Which makes our grocery bills higher than usual
Gluten free and sugar free … and I love to bake. Baking ingredients are expensive

I hv cleaning help weekly
And get manicures bi weekly

Two leases
Rent
It all adds up…

amother

↑ Mocha ↓

Mon, Jan 08 2024, 1:53 pm

aria3578 wrote:

I don't know if you're looking for tips but..

- I do my own gel manicures and save a lot of $$
There are nail education videos on YouTube if you're interested.

-There are also other things you can learn to do if you'd like to save money. Like washing and setting - if your wigs airdry nicely it's super easy.

↑ aria3578

Mon, Jan 08 2024, 2:33 pm

amother Mocha wrote:

Thank u
Manicures are my self care twice a month. It’s $100 for me to feel pampered. Bh my husband agrees tht it’s worth the expense

Wash and sets I do max three times a year. For Yom tov

amother

Aubergine ↓

Mon, Jan 08 2024, 9:17 pm

Around 240 k, one kid. No home yet. One car that is ten years old. It covers and we put away around half our monthly income. I have very high student loans which is a pain. Our car insurance is also a fortune. We wouldn’t strike you as the frugal types just by looking at us but we really try to stay away from needing to keep up.

amother

↑ Mocha

Mon, Jan 08 2024, 9:27 pm

amother Aubergine wrote:

That's amazing! You sound like a smart and financially savvy couple

amother

↑ Aubergine

Mon, Jan 08 2024, 9:52 pm

amother Mocha wrote:

That's amazing! You sound like a smart and financially savvy couple

Honestly I’m just anxious about money…

amother

Royalblue

Mon, Jan 08 2024, 11:29 pm

amother Bisque wrote:

how did you manage to buy a house on that income?

amother

↑ Petunia

Tue, Jan 09 2024, 12:04 am

amother Salmon wrote:

You don’t feel rich making 500k with three kids ? Where do you live ?

In NYC. We have lots of expenses . And we don’t live extremely frugal lives . But we don’t live super frivolous lives either . Life costs a lot of money .

amother

↑ Bisque

Tue, Jan 09 2024, 12:11 pm

amother Royalblue wrote:

how did you manage to buy a house on that income?

1. I saved for 10 years for an outsize downpayment.
2. We bought in 2016 with a low interest rate
3. If you buy multifamily, you can use the rent as income to qualify for a mortgage
4. We bought outside the Jewish neighborhood on the edge of the eruv. A mile from the shul on the edge. But the community was growing. Then we told everyone about it. We rented to people from the community. Some stayed in our neighborhood. Then my husband helped start a shul that was closer. Then more people moved. We campaigned different Rabbis to expand the eruv. Long story short, things grew and we did everything we could to be good pioneers and now there are 4 shuls in half a mile.

mig100

Tue, Jan 09 2024, 1:49 pm

amother Bisque wrote:

wow thats awesome!