$300k IS NOT ENOUGH!!

amother

↑ OP ↓

Wed, Dec 18 2024, 3:40 pm

amother Daphne wrote:

If it’s coming out of her paycheck, she’s not being taxed on it (and savings are minimal- you’re talking about whatever taxes she’d get back on 24k, that’s really a minimal amount)

You’re proving her point: 300k is tight. Buckling and diming taxes on health insurance, or maaser, shouldn’t be happening at 300k but reality check, it is happening bec 300k is tight if you have over 4 kids.

Yes this is my exact point, thank you. A frum family making $300k and not living a luxurious life should be able to at least cover their basic expenses and bills. You can see from my expense breakdown that that’s nearly impossible these days.

amother

Bluebell

Wed, Dec 18 2024, 3:40 pm

amother Chestnut wrote:

You bought a 2 million dollar house and think that's average? Sorry it's not. Even in Brooklyn.

This. You put down about 1ml, only someone wealthy can do that.

amother

↑ Chestnut ↓

Wed, Dec 18 2024, 3:41 pm

amother Oldlace wrote:

Not sure what you mean by average.

I checked my childhood neighborhood in Midwood and the least expensive listing is $1,700,000. These are not "fancy" homes but are the homes that middle class people lived in when I was a child. Single family homes built before WW II although many were built prior to WW I.

That doesn't mean that you need to buy that exact neighborhood or size home. Marine park has plenty of houses for way less than that. My childhood neighborhood is more expensive than I can afford so I don't live there.

amother

↑ Cerulean ↓

Wed, Dec 18 2024, 3:43 pm

cupcake123 wrote:

This is not personal to you OP because you didn't say it but can't beleive anyone earning 300k would chop maaser.
You spend on food a nice amount as well as cars and camp....

l
2K a month on food is NOT alot.

amother

Lime

Wed, Dec 18 2024, 3:44 pm

All these numbers make sense but they are crazy scary. We won't ever make this kind of money, how will we survive?
This is why we can't get off government programs because we literally wouldn't survive.

amother

Stone

Wed, Dec 18 2024, 3:46 pm

RM3 wrote:

Not disagreeing with anything you’re saying but if you have $24k in medical expenses then you shouldn’t get taxed on the full $300k. You should have an HSA account so $24k is spent pre-tax.

I don't know where you live, but I'm in NYC and my premiums for insurance for just myself and my husband are approximately $2000 a month. Then aside from that I have an HSA account for the deductibles that we need to pay out of pocket.
This is the cheapest plan offered by my husband's employer (but they don't pay for it, they just have the group), mine doesn't offer insurance.
We looked into cheaper marketplace and healthshares but my high risk OB doesn't take those plans.
Just saying 24,000 is not so crazy!

amother

Cappuccino

Wed, Dec 18 2024, 3:46 pm

Bh I’m in the same postion as you. It’s so so hard. At this income bracket we should be able to go on vacation, buy makeup when I need, go out to eat with dh monthly.. I truly hope under the trump administration the economy changes for the better

amother

↑ Daphne ↓

Wed, Dec 18 2024, 3:47 pm

amother OP wrote:

Dh and I were discussing it

I think 300 k with 4 kids should be comfortable. Every additional kid probably another 50k to feel comfortable.

That’s not to say it’s not doable with less- it is doable. But it’s tight.

I read somewhere that often times kids come at the expense of our own financial and spiritual success but you and I both know it’s the biggest blessing to have kids.

amother

↑ Blueberry

Wed, Dec 18 2024, 3:47 pm

amother Stone wrote:

you can't pay premiums using an hsa

↑ cupcake123 ↓

Wed, Dec 18 2024, 3:48 pm

amother OP wrote:

We dont chop maaser at all. We don’t spend a lot on camp, $2k per kid is literally the bare minimum when you have 2 working parents.

We also don’t spend a lot on cars! We own them outright, bought used. $300/month for gas (one of us commutes), $200/insurnace. The $500/month barely covers repairs and maintenance.

$2k/ month on food is definitely more than just rice and beans yes, but for a family of 8, I have to be very careful in the grocery when I shop.

Also, did you read the list of all the very real annd necessary expenses I DIDN’T cover in my expense list??

I'm sorry that sounds super hard

amother

↑ Oldlace

Wed, Dec 18 2024, 3:48 pm

amother Chestnut wrote:

My point is that a $2 million dollar home in Brooklyn isn't extraordinarily expensive.

And OP doesn't live in a $2 million dollar home as $5000 for mortgage and property tax is fairly low.

Many rentals are $3500 to $4000

FWIW according to Zillow the median home price in Marine Park is $ 1million which means half of them are over that amount and I would suspect the less expensive homes are either condos or in less desirable areas.

$5000 is actually considered to be a relatively prudent amount for someone making $250,000 lest alone $300,000. 25% of gross income is prudent in terms of a mortgage and some people do closer to 1/3 although that is stretching affordability.

The issue is not the cost of the home but $60,000 for tuition.

↑ cupcake123 ↓

Wed, Dec 18 2024, 3:50 pm

amother Cerulean wrote:

l
2K a month on food is NOT alot.

For me it is. But OP probably has big kids assuming bec seems they all go to camp

imaima ↓

Wed, Dec 18 2024, 3:50 pm

amother Coral wrote:

Don't buy an $800K house
Why the heck should that be the norm?
OOT you can get a nice house for half that amount.

What should one buy in a major city, for a family of 8?

amother

↑ Daphne ↓

Wed, Dec 18 2024, 3:52 pm

cupcake123 wrote:

For me it is. But OP probably has big kids assuming bec seems they all go to camp

I have 3 kids and we have been spending $350/400 a week lately with the crazy food price increases. That’s $1600/month with half the amount of kids as op. My oldest is 10. Chicken on Shabbos, not meat, other than cholent. The red meat we have if we have sharing the week once a week is usually ground beef, nothing fancy.

↑ cupcake123 ↓

Wed, Dec 18 2024, 4:14 pm

amother Daphne wrote:

Wow where do you live ?I have more kids but similar ages. Eat meat Friday night and cholent. Probably spend around 1000 a month but now I want to calculate exactly.

amother

↑ Daphne ↓

Wed, Dec 18 2024, 4:18 pm

cupcake123 wrote:

Wow where do you live ?I have more kids but similar ages. Eat meat Friday night and cholent. Probably spend around 1000 a month but now I want to calculate exactly.

Lakewood

amother

↑ Acacia ↓

Wed, Dec 18 2024, 4:25 pm

amother OP wrote:

A significant portion of our maaser goes toward paying a crucial therapy for one of our children. Also, not every rav agrees that maaser should only be taken from what’s left over. Regardless, we personally have no reason to reduce our maaser because our income is significantly growing BH.

$2k month for medical expenses is not high at all. Do you have any idea how much premiums and deductibles are? Are you aware that dental check ups, cavities, braces, eyeglasses , and more are not covered by medical insurance?

Are you aware that not every employer offers HSA accounts?

Regarding deductions, we do usually receive a tax refund of about $8k - $10k.

I can tell by the tone of this response that you weren’t looking for constructive ideas. I realize now that you must have been looking to make a point or vent. My mistake.

amother

Holly ↓

Wed, Dec 18 2024, 4:31 pm

Ok I've kept quiet till now but I've had enough of these threads.
Some of us are scraping by on a fraction of that.
So just stop!
I'd be over the moon if I earned that amount.

Your expenses sound crazy high maybe you need to rethink your lifestyle. Move to a cheaper place or something if that's what you are paying a year.

I don't know, just stop complaining how your higher end wage (compared to many) isn't enough.

We get it, the rest of us are destitute in comparison. Thanks for rubbing it in