Diesel Hog Posted August 2, 2015 Share Posted August 2, 2015 70k is more than enough for the DC area. Start with not having kids and go from there. Sure, I'll just get rid of my child. Link to comment Share on other sites More sharing options...
Slateman Posted August 2, 2015 Share Posted August 2, 2015 Sure, I'll just get rid of my child. Well thats a different story all together. But in an era of birth control and family planning ... Link to comment Share on other sites More sharing options...
MrSilverMaC Posted August 2, 2015 Share Posted August 2, 2015 You guys saying someone can't live on 70k a year is appalling to me. I realize Arizona is a different place than the east coast but I know single moms making less than 20k a year. And yeah they get food stamps but that's only an extra 3 to 4k in assistance yearly. Link to comment Share on other sites More sharing options...
Kosher Ham Posted August 2, 2015 Share Posted August 2, 2015 Mind blown. Link to comment Share on other sites More sharing options...
mistertim Posted August 2, 2015 Share Posted August 2, 2015 You guys saying someone can't live on 70k a year is appalling to me. I realize Arizona is a different place than the east coast but I know single moms making less than 20k a year. And yeah they get food stamps but that's only an extra 3 to 4k in assistance yearly. Where you live has a huge impact as well as how close you want/need to live to your job. The NoVA area is extremely expensive. Also, I haven't seen anyone saying you can't live on 70k a year in the DMV. They're talking about buying a home. If you have kids or not plays a huge role as well. Link to comment Share on other sites More sharing options...
Slateman Posted August 2, 2015 Share Posted August 2, 2015 You guys saying someone can't live on 70k a year is appalling to me. I realize Arizona is a different place than the east coast but I know single moms making less than 20k a year. And yeah they get food stamps but that's only an extra 3 to 4k in assistance yearly. Different places. My two bedroom condo is 200k and it was a great deal. Link to comment Share on other sites More sharing options...
Vilandil Tasardur Posted August 3, 2015 Share Posted August 3, 2015 Different places. My two bedroom condo is 200k and it was a great deal. Agreed. I got a 3 bedroom condo in Laurel at 145k. I think it was a good deal. My wife and I are 24 and 25. By far the biggest problem facing our generation is actually finding full time employment. So many of us are trapped jumping from one job to the next. But for those of us that manage to find full time work, the two biggest expenses are children and vehicles. We were smart with our savings and bought our vehicles outright, and we don't have children. Hell, at our age, if we wanted, we could still be riding our parents' insurance. Link to comment Share on other sites More sharing options...
steve09ru Posted August 3, 2015 Share Posted August 3, 2015 Slates is extremely reasonable. You have to figure living by yourself and in a smaller place is going to cut down on bills substantially. Probably 3000 take home after 401k and health. The 1000 mortgage, 115 electric (if that), 100 cell, 100 car insurance, 300 food, 125 tv/internet. That's around 1800 expenses with 1200 wiggle room. If there are student loans then that still gives 800+. If a kid was involved with daycare then your sitting on the 0 but without a kid it's more than possible Also, renting is more expensive than a mortgage unless you have roommates Link to comment Share on other sites More sharing options...
Slateman Posted August 3, 2015 Share Posted August 3, 2015 Agreed. I got a 3 bedroom condo in Laurel at 145k. I think it was a good deal. My wife and I are 24 and 25. By far the biggest problem facing our generation is actually finding full time employment. So many of us are trapped jumping from one job to the next. But for those of us that manage to find full time work, the two biggest expenses are children and vehicles. We were smart with our savings and bought our vehicles outright, and we don't have children. Hell, at our age, if we wanted, we could still be riding our parents' insurance. The employment thing is huge in the DMV. So many contract companies that will dump an employee as soon as the contract is up, but get mad at you if you leave the contract early. Link to comment Share on other sites More sharing options...
Vilandil Tasardur Posted August 3, 2015 Share Posted August 3, 2015 The employment thing is huge in the DMV. So many contract companies that will dump an employee as soon as the contract is up, but get mad at you if you leave the contract early. Yeah, the struggle for our age bracket is absolutely real. I know that a TON of people in my age group are lazy and poorly adjusted. But there are also a whole ton of people I graduated with that are genuinely suffering from the combination of tuition being the most expensive it has ever been and the job market being the worst it's been in decades. We were very, very fortunate to buy the place when we did. My wife has since lost her job, and has really struggled finding new employment (it's been about 3 months or so). Thankfully, my job allows me a great deal of wiggle room, so I've been able to pick up a second and an occasional third job here or there. But an 800 dollar mortgage is WAY easier to handle than a 1400 rent, and we have double the space to boot. Link to comment Share on other sites More sharing options...
zoony Posted August 3, 2015 Share Posted August 3, 2015 On the flip side, I see a whole lot of young people who want the job they see on TV and feel their college education entitles them to said job The job market is not as bad as it's been. I know several companies who are desperate for hard working, competent employees who can work in the $40-$50k range What you end up with is a kid with no work ethic who thinks he is worth $65k The concept of starting out at the bottom and working up is lost on them Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted August 3, 2015 Share Posted August 3, 2015 On the flip side, I see a whole lot of young people who want the job they see on TV and feel their college education entitles them to said job The job market is not as bad as it's been. I know several companies who are desperate for hard working, competent employees who can work in the $40-$50k range What you end up with is a kid with no work ethic who thinks he is worth $65k The concept of starting out at the bottom and working up is lost on them This. My wife works in HR and is part of a hiring firm and tells me about these issues all the time. Says someone thinks just because they have a degree they think that means they are above "entry level" jobs. And not talking about flipping burgers entry level. She did point out to me that most degrees don't set you up to do an actual job like people seem to think. She uses the example of lawyers all the time. I'm in the military so I don't know as much about the college part but I can tell from what I see of the young kids joining nowadays. Some E-2 (I'm and E-7) gets offended when I tell them to take out the trash or work a little late. And many of them love to run out and buy a brand new Mustang or something with that E-2 paycheck. It's like they see their parents with nice things and don't realize they had to work most their lives to get those things. You don't get that stuff with your first paycheck. Link to comment Share on other sites More sharing options...
Elessar78 Posted August 3, 2015 Author Share Posted August 3, 2015 It's like they see their parents with nice things and don't realize they had to work most their lives to get those things. You don't get that stuff with your first paycheck. Yes! This is something that is not lost and my wife and I. We've talked about it several times about how, 7 years into our marriage we are so much "further along" than our parents. At the same age, our parents were still struggling. Link to comment Share on other sites More sharing options...
tshile Posted August 3, 2015 Share Posted August 3, 2015 So slate's living by himself with no kids? Yeah, that makes living significantly cheaper. Also, just want to point out... Two of Mr. Price’s most valued employees quit, spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises. There are people who mention that as a potential issue when you start suggesting radical changes to the bottom end of the income totem pole, but they get mocked and laughed at by the left. Something about how those types of people are doing fine and won't actually do anything. Obviously they may, so long as they have a choice. I don't know why so many people refuse to understand that. Link to comment Share on other sites More sharing options...
DaGoonie55 Posted August 3, 2015 Share Posted August 3, 2015 Washington state taxes everything it can to the fullest it can. A pack of smokes is $8. Beer, liquor get a luxury tax. When the state stopped running the alcohol stores, prices jumped almost 25%. $5 footlong? $7. HOV lanes on I-5? $5 for 12 miles. $3.48 a gallon for regular gas. makes my $53k a year not go very far after everything is considered. Its ridiculous out here and I can't wait to move back east. Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted August 3, 2015 Share Posted August 3, 2015 Yes! This is something that is not lost and my wife and I. We've talked about it several times about how, 7 years into our marriage we are so much "further along" than our parents. At the same age, our parents were still struggling. My wife and I are in the same boat. Of course we don't have children and don't ever want to so that frees up a lot of disposable income for us. Link to comment Share on other sites More sharing options...
zoony Posted August 3, 2015 Share Posted August 3, 2015 On a related topic, just speaking as someone who started off in 1998 making $30k annual and steadily rising over the years to a very healthy salary, it's crazy how your bills rise along with your income I have no debt and no car payments, and there are some months that I struggle to put money back. It's crazy. Kids back to school, medical bills, car repair, house maintenance, birthday parties, clothes, on and on... I mean, even if minimum wage were $70k I dont see how a family of 4 could live on that. And I'm talking about middle America... DC forget it. Then I remind myself that my wife and I lived off $45k when we first got married. So I guess I'm wrong lol My wife and I are in the same boat. Of course we don't have children and don't ever want to so that frees up a lot of disposable income for us. You have no idea. it's like someone dug a hole in our checking account But worth it. I guess. Link to comment Share on other sites More sharing options...
tshile Posted August 3, 2015 Share Posted August 3, 2015 Thanks Zoony, I have a lot to look forward to with my new kid. Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted August 3, 2015 Share Posted August 3, 2015 You have no idea. it's like someone dug a hole in our checking account But worth it. I guess. People often ask me "how can you never want children?" I usually respond by showing pictures of my boat. And pictures from wherever our latest vacation was. Link to comment Share on other sites More sharing options...
Elessar78 Posted August 3, 2015 Author Share Posted August 3, 2015 I have two awesome daughters and my wife wants a third. I get a little depressed when she gets on that kick and I feel like that hole zoony talks about in the checking account is getting bigger. And I'm doing the digging. . On a related topic, just speaking as someone who started off in 1998 making $30k annual and steadily rising over the years to a very healthy salary, it's crazy how your bills rise along with your incomeI have no debt and no car payments, and there are some months that I struggle to put money back. It's crazy. Kids back to school, medical bills, car repair, house maintenance, birthday parties, clothes, on and on...I mean, even if minimum wage were $70k I dont see how a family of 4 could live on that. And I'm talking about middle America... DC forget it. Then I remind myself that my wife and I lived off $45k when we first got married. So I guess I'm wrong lolYou have no idea. it's like someone dug a hole in our checking accountBut worth it. I guess. It's true. I'm like a budget nazi, spreadsheets and all that. In fact, I recently started one to track where all our discretionary spending goes toward. It's like the adage about time management: work expands to fill time. Except this is spending expands to fill budget. My best, and difficultly self-followed advice, is to treat savings like a budget line-item and "spend" that money into savings. Link to comment Share on other sites More sharing options...
PokerPacker Posted August 3, 2015 Share Posted August 3, 2015 My best, and difficultly self-followed advice, is to treat savings like a budget line-item and "spend" that money into savings. But then the wife comes in with the line-item veto! Link to comment Share on other sites More sharing options...
Elessar78 Posted August 3, 2015 Author Share Posted August 3, 2015 But then the wife comes in with the line-item veto! So true. Hard to argue though that if we don't get that new Martha Stewart shower curtain that Western Civilization will collapse. Link to comment Share on other sites More sharing options...
Vilandil Tasardur Posted August 3, 2015 Share Posted August 3, 2015 On the flip side, I see a whole lot of young people who want the job they see on TV and feel their college education entitles them to said job The job market is not as bad as it's been. I know several companies who are desperate for hard working, competent employees who can work in the $40-$50k range What you end up with is a kid with no work ethic who thinks he is worth $65k The concept of starting out at the bottom and working up is lost on them This. My wife works in HR and is part of a hiring firm and tells me about these issues all the time. Says someone thinks just because they have a degree they think that means they are above "entry level" jobs. And not talking about flipping burgers entry level. She did point out to me that most degrees don't set you up to do an actual job like people seem to think. She uses the example of lawyers all the time. I'm in the military so I don't know as much about the college part but I can tell from what I see of the young kids joining nowadays. Some E-2 (I'm and E-7) gets offended when I tell them to take out the trash or work a little late. And many of them love to run out and buy a brand new Mustang or something with that E-2 paycheck. It's like they see their parents with nice things and don't realize they had to work most their lives to get those things. You don't get that stuff with your first paycheck. Certainly won't deny it. There's an awful lot of "us" out there with entitlement issues. Combine that with the fact that a ton of us have useless degrees, and we really are struggling. That said, if these jobs you guys are talking about are in the DMV area, don't skimp on the details! I know quite a few people I graduated with who would trip over themselves to apply for a job in the 40-50 range. Link to comment Share on other sites More sharing options...
zoony Posted August 3, 2015 Share Posted August 3, 2015 My best, and difficultly self-followed advice, is to treat savings like a budget line-item and "spend" that money into savings. This is of course correct! Toughest thing is to get started. Because all of that sacrifice sucks when you look at your savings balance and realize you only saved $1200. The trick is to be disciplined month in and month out for years... Link to comment Share on other sites More sharing options...
The Evil Genius Posted August 3, 2015 Share Posted August 3, 2015 **** savings. That's like 1% return at best right now (that is if it's an online bank), right??? Put that money into a 457/401k or at least a high yield 2-3% CD. Especially if you are saving for retirement. Also - I'm convinced the single best thing I did was play with the IRS withholdings calculator and project/come as close to owing/getting back $0 as I could. Why give the IRS a free loan? Wouldn't I have a better use for that $75-100 each month? Of course..that's a 40yo DINK talking who doesn't have debt other than about half of what he paid on his house 11 years ago. Also...there is a lot of get off my lawn talk in this thread. I'm not convinced this millenial generation is as bad as the gen x'ers and boomers here are making them sound. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.