Those of you that make over 200,000 combined . . .
Original post by BriBri529
How old are you?
if your ages are far apart, vote for the age of the person that makes the larger salary
nov04LIbride
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Re: Those of you that make over 200,000 combined . . .
Posted by FTRBRIDE
Perhaps they're not telling you the truth about their transcripts from while they were at Touro. I am graduating from Touro in 2 months, and all of my friends who graduated from there in the past 2 years are all working and doing well for themselves. Not to mention, if your friends were working in the mall they would be able to defer their loans until they got a good paying job...sorry, but that's the truth.
Didn't mean to offend--the students I referred to are students I worked with while they were undergrads., and none did exceptionally well then so I am sure their law school transcripts are not stunning either. I'm sure there are graduates from every law school doing well for themselves; I just meant to say some school placement rates are better than others.
FTRBRIDE
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Re: Those of you that make over 200,000 combined . . .
Annieb
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Re: Those of you that make over 200,000 combined . . .
In those cases where there are astronomical student loans to pay back, then I can understand why it may feel like its not enough..... But where there are no loans to pay back, and you STILL can't afford to buy a house, PLUS you make over $200k, then I say in those cases, maybe a financial planner is needed!
----------------------------------- Hmmm...I find this comment to be a little misguided. I guess I should clarify, I can afford to by a house/co-op/condo, just not in the area I would want to live. My husband and I each make over $100K and we live on one salary and save the other - I actually consider that to be pretty good financial planning I think its difficult to make comparisons like this because different people live different lifestyles. I am not 'complaining' but, just pointing out that $200,000 is not even CLOSE to enough money to live an upscale lifestyle. I think in the city, it takes upwards of $300,000 or more if you want to live in a nice building, save for a home, and live a nice lifestyle. Everything is just a lot more expensive... PLUS - the taxes at this level kill you. I think I pay close to $70K a year in taxes alone!!!
Annieb
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Re: Those of you that make over 200,000 combined . . .
I should clarify that while it may be enough over time, it is not enough when you look at just one year. If that is what you mean - that it is enough over time, I agree. Except, if you have kids, which changes the story.
Like I said, its all a matter of perspective. Is $200,000 a year enough to buy in an upscale area on the north shore, vacation/dine at upscale resorts/restaurants, wear designer clothes/bags etc. and save - no, I don't think so but, that is just my opinion.
I'm not complaining by any means - I love my life and don't want for anything. But - that being said - I was just offering my perspective that a combined income of $200,000/year does not make you 'rich' in the NY metro area.
Jenny5150
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Re: Those of you that make over 200,000 combined . . .
Posted by Annieb Like I said, its all a matter of perspective. Is $200,000 a year enough to buy in an upscale area on the north shore, vacation/dine at upscale resorts/restaurants, wear designer clothes/bags etc. and save - no, I don't think so but, that is just my opinion.
I'm not complaining by any means - I love my life and don't want for anything. But - that being said - I was just offering my perspective that a combined income of $200,000/year does not make you 'rich' in the NY metro area.
I have to agree with Annie. 200K doesn't get you far in the NY metro area. I'd say we're comfortable, but far from rich.
shawl
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Re: Those of you that make over 200,000 combined . . .
I'd be interested in any names/recommendations of financial planners. We are saving tons of money and are comfortable, but it would be really helpful to be able to talk to someone about how best to save for a house, kids, college, etc. Seems like all the financial planning services we've come across focus almost exclusively on retirement and, while we're also saving for retirement, there's a lot that's going to happen (we hope!) between now and then.
Also, as sort of an aside, there was an interesting article in the New York Times, probably about a month ago, about how $200,000/year is the 'new' $100,000/year.
kpny622
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Re: Those of you that make over 200,000 combined . . .
Just my 2 cents...for our friends/family who make 200 or slightly less than that, bringing in 8K or 9K/month after taxes, it's still a bit of a struggle living on Long Island. Living in NYC - forget about it! Never happening - if you want to own something there now you need way more than that.
We are all careful financial planners and do put money away in various investments but if you bought a house within the past couple of years, in a good area, then between the mortgage, taxes, utility bills, car payments and insurance, commuting costs, food, and all these other hidden expenses, you could end up easily spending 7K-8K/month on bills alone. That is just my experience and the experiences of those I know.
I think it would be much different (easier) if you already owned a house a few years ago before prices became unreasonably psycho.
sophie78
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Re: Those of you that make over 200,000 combined . . .
Ok...I was not going to respond because frankly, I thought it was a bad idea to publicize how much income we have. But I have to say this:
There is a difference between owning a home in a decent area, such as Salisbury and owning a home in a great area like Manhasset, Old Brookville, and Roslyn. Can $200,000 buy you a home in a decent area? Yes. Can it buy you a home in a great area? No. Homes in the great area are 1 million +. $200,000 won't buy you that. $350,000 will. I am by no means putting Salisbury down, but it is not anywhere compared to those other areas I mentioned.
dengal
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Re: Those of you that make over 200,000 combined . . .
31 & 31
MrsERod
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Re: Those of you that make over 200,000 combined . . .
the map wouldn't come up for me, so I don't know if it's on a main road or not..
This house is directly on Northern Blvd right before the viaduct across from Rallye. Sometimes you can find cheaper houses in Roslyn, but you would never want to live in one. They are usually on the main roads.
sophie78
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Re: Those of you that make over 200,000 combined . . .
I am not saying east meadow is a bad district....just not comparable to the others. I checked the rankings.
According to Newsweek who ranked the top 100 national high schools:
Manhasset was 11 North Shore was 71 Roslyn was 77
East Meadow was not listed. There were a bunch of other districts from LI listed if anyone is interested. Lots of students from those school districts have tutors because the parents have really high expectations of them. Its kind of the chic thing to do....to get your AP student a tutor to get ahead. I know. I graduated from one of those schools and I tutor in the area.
I really don't have anything else to say on this topic. But I hear you. I just disagree.
Annieb
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Re: Those of you that make over 200,000 combined . . .
AM470 - I am with you on this. I think we both know where we are coming from and its not from our lack of financial planning
MrsERod
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Re: Those of you that make over 200,000 combined . . .
Posted by Annieb
AM470 - I am with you on this. I think we both know where we are coming from and its not from our lack of financial planning
The Original 2nd-time-around
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Re: Those of you that make over 200,000 combined . . .
I really think it depends what your situation is. As someone had posted previously, if you're living off of one salary and saving the other 100k salary, and you've been saving for 4 or 5 years, that is a NICE down payment, so you CAN afford a house thats 1 million, with a 500k mortgage. Believe me, I'm not in that situation, but I think that it CAN be done depending on the situation.
Monkeybride
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Re: Those of you that make over 200,000 combined . . .
. we do have credit card debt too but over 200k a year alone or together IS enough to live and buy on LI- it just depends on your spending habits. and we spend he buys breitlings, I buy collector louis vuitons so how can you say you cant live upscale? with making over 200k? and we also have money in the bank? i just bought a 2000 louis vuitton? so I dont understand how you both make over 100k and you save 1 salary and its not enough? I dont understand it?
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I'm sorry but I think that's the key right there. You make 200K and have debt, specifically credit card debt so obviously it's not enough to live on and you live above what you make.
Not judging you for that but if you have debt then you aren't making enough to support your lifestyle.
JimmysBride
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Re: Those of you that make over 200,000 combined . . .
Posted by Monkeybride
Posted by JimmysBride
Posted by Monkeybride
I voted 30's since I am 29 about to be 30 and DH is 35.
A lot depends on career choice. At 23 out of college my first job paid $75K a year plus bonus that is now at $105K plus bonus.
You can't really take a job for money though you have ot be happy with what you do. If you get to have both even better. Like my DH loves his work and makes great money.
Can I ask what you started out doing out of college?
I'm a pharmacist and fortunately we're in high demand so we get large raises every year and the company I work for gives bonuses as well so it works out well. We will fall out of the 200K category after the baby because I only plan to work PT, maybe 2-3 days a week not 5 and I will lose my bonus as well when I do that.
I guessed right! I was trying to figure out what careers can start at that much out of college and a friend of mine is also a pharmacist...so I was thinking along those lines.
That's great that you'll be able to work PT, though.
Jordan
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Re: Those of you that make over 200,000 combined . . .
Posted by Jenny5150
More power to your friends, but are you sure they live in Huntington Bay? When we were looking in 2001, even the smallest shack was over $700K. And now I don't think you can touch a home for under a mill in the Bay. $200K is not going to get you a million dollar home...and I don't care how many financial planners you have.
I looked at a house in the bay - 2br, 1 bath, zero property for under $500k...it was s cute...but impractical in the long run.
August2004
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Re: Those of you that make over 200,000 combined . . .
I don't know if you know anything about finance at all, but purchasing items and not paying them off at the end of the month when the bill comes is the very definition of living beyond your means.
Unless your making a return that perhaps you can clue the rest of us in on, the credit card companies are making far more off you in finance charges than you are having the money in a bank account.
swags1016
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Re: Those of you that make over 200,000 combined . . .
Posted by girlygrl33
I choose not too because believe it or not your credit score goes up , yes goes up when you show you pay credit cards.
To each is own on how you choose to spend your money, I will not criticize that. But I do disagree with your statement above because- your credit scores goes up when you PAY the credit cards off not when you carry debt!
If you chose not to pay them off that is your right and that is your life, I just don't get it. I have no credit card debt. We chose to pay our credit cards off every month without fail and our credit is PERFECT. We have been given the lowest rates that you can get on a mortage and our car.
