S/O Our income of 300k is barely enough AMA

amother

↑ Pear ↓

Wed, Aug 21 2024, 4:52 pm

amother Eggshell wrote:

We pay an accountant monthly, & everything is 100% kosher.

As I mentioned we give a lot of charity and that comes with a rebate. Many states have a cap on the percent that they take regardless of your income.

Ok, so someone with your income can afford massive amounts of charity and paying an account monthly but I'm sure your realize that someone making 300k is not necessarily able to do that, and her tax amount sound very realistic.

amother

↑ Eggshell ↓

Wed, Aug 21 2024, 4:53 pm

amother Pear wrote:

As I mentioned up thread, I did not realize that she was talking about per pay period and not per month!

Moving on, lol.

amother

↑ Grape ↓

Wed, Aug 21 2024, 5:17 pm

amother Firethorn wrote:

What is your total tuition, annually or monthly?

About 50k per year - going up next year. Not sure how much. They told us 10k more for dorming. But I’m hoping not that much.

Regarding the taxes discussion it makes a huge difference if you gave your own company or employed how much you pay in taxes. My dh has his own company now and do much can come off our taxes that couldn’t have in the past it changed things a lot.
Also if you invest in real estate that depreciates it also helps.

So 2 families can make similar amounts and pay ver diff taxes based on how their jobs snd businesses are setup and how their investments are setup.

amother

↑ Firethorn

Wed, Aug 21 2024, 5:42 pm

amother Grape wrote:

Thanks for explaining this. Our situation is very similar to yours but we are employees and taxes and other pre-tax deductions are quite high. Also full tuition, which we are not paying, is higher. Jooc what types of deductions can you take to reduce taxes as a business owner?

amother

↑ OP ↓

Wed, Aug 21 2024, 5:48 pm

chestnut wrote:

Did you make bar mitzvahs? How did you manage, with no savings?
How are you planning on making weddings?
Are you from the circles that support young couples?
If Hashem will provide once you're retired without savings, why wouldn't He provide now if you save for retirement?

I made one bar mitzvah. It's a good question how we did it with no savings. Same question how we sent DD to sem last year (30 grand.) I wonder this myself- if we never have extra, how did we afford these huge expenses? I have no answer except that somehow, it works out. I used to worry about it, but have stopped when I see that Hashem makes it work out even if I can't explain it.

I definitely plan on making weddings iyH!!!! As far as support - I think it depends on the couple's needs. But I'm not worrying about it.

In the back of my head I know that my house has gone up tremendously in value so if need be I can take a HELOC to pay for weddings.

amother

Blush

Wed, Aug 21 2024, 5:49 pm

amother Eggshell wrote:

As I mentioned up thread, I did not realize that she was talking about per pay period and not per month!

Moving on, lol.

You're a really rude person.

amother

↑ NeonPink

Wed, Aug 21 2024, 6:12 pm

amother Eggshell wrote:

As I mentioned up thread, I did not realize that she was talking about per pay period and not per month!

Moving on, lol.

She actually did say pay period. You assumed her pay period is monthly...

amother

Nectarine

Wed, Aug 21 2024, 6:12 pm

amother OP wrote:

Not trying to be rude, but its so annoying when people say this.

What do you mean; it just worked out? Did money fall from the sky?

You have access to all your financials; what does it mean that you have no idea how you paid $30k ?Where did the money come from?

amother

↑ OP ↓

Wed, Aug 21 2024, 6:22 pm

amother Narcissus wrote:

I'm sorry that you find it annoying. And that I don't have a better answer. Money did not fall from the sky. Our income is salaried, so no windfall. But somehow the bills were paid. Even if the prior year there was no excess. I know this sounds cliche but Hashem can do anything...

amother

Almond

Wed, Aug 21 2024, 6:41 pm

amother OP wrote:

I have to agree with you! Hashem can do anything. On paper if we were to add up our expenses and our income it would not make sense at all. Somehow bh everything gets paid. No we don’t go on luxury vacations or make crazy simchas or wear expensive clothing but bh bills can be paid. I’ve also heard numerous times know that you can pay 80% of your bills you have to give hashem the opportunity for the rest.

amother

Bottlebrush ↓

Wed, Aug 21 2024, 6:42 pm

Op - thanks for this thread. If your other thread was the one I am thinking of last summer- thanks for that one also. I found it extremely eye-opening.

Here are my questions

1) at what stage ( how many kids/ ages ) did finances start to get tight.

I am asking since I find this thread fascinating how much people are struggling, even with really good incomes. so far I feel I am able to make ends meet. my kids are still young. I want to prepare myself for the future

2) if you can go back to your 19 year old self- what financial advise would you give yourself. what could you have done differently, to improve your situation now.

amother

Chestnut

Thu, Aug 22 2024, 4:20 am

amother OP wrote:

Are you able to look back in you Quickbooks and try to see where you had extra income/lowered regular expenses from that allowed you to pay the extra $30k?

amother

Periwinkle

Thu, Aug 22 2024, 5:23 am

amother OP wrote:

If hashem can do anything why can't he give you enough money to save a bit?

If he can give you 30k for seminary why can't he give you 30k to save?

I don't think saving a reasonable amount of money is a lack of bitachon. I think it's being realistic.

amother

↑ Eggshell ↓

Thu, Aug 22 2024, 7:07 am

amother NeonPink wrote:

She actually did say pay period. You assumed her pay period is monthly...

Yes & that is on me.

As I said before, I am trying not to have this thread become about me and my reading comprehension, and I already said that I misunderstood, so let us move on.

amother

↑ Eggshell

Thu, Aug 22 2024, 7:09 am

amother Blush wrote:

You're a really rude person.

I'm not quite sure how you read that in my response to saying that we should move on, from my reading comprehension issues because this thread is about op, but you do you.

amother

Chocolate ↓

Thu, Aug 22 2024, 7:43 am

amother Eggshell wrote:

I'm not quite sure how you read that in my response to saying that we should move on, from my reading comprehension issues because this thread is about op, but you do you.

On a side note, how are you earning such a beautiful salary on a payroll?
Inquiring minds would like to know...

amother

↑ Chocolate

Thu, Aug 22 2024, 7:43 am

amother Blush wrote:

You're a really rude person.

She admitted she misread OPs post.
Are you perhaps jealous so you're calling her rude?

amother

Mayflower

Thu, Aug 22 2024, 8:45 am

amother Chocolate wrote:

On a side note, how are you earning such a beautiful salary on a payroll?
Inquiring minds would like to know...

Didn't she say she and/or her husband are business owners? That's not a salary on a payroll.