Americans believe 58k is just enough money to get by for family of 4

[InRareForm]

http://www.gallup.com/poll/162587/americans-say-family-four-needs-nearly-60k.aspx

[DMX7]

Just posting this or do you have an opinion?

[jag]

The cost of living varies drastically depending upon what part of the country you live. 58k is like upperclass in rural WV. But good luck feeding a family of four on 58k/year in NYC.

[ElNono]

The cost of living varies drastically depending upon what part of the country you live. 58k is like upperclass in rural WV. But good luck feeding a family of four on 58k/year in NYC.

Outside of Manhattan proper, you'll make it. Rent can vary from 1k-2k a month depending if you're on the Jersey side/Queens/Brooklyn. Food is sales tax exempt. You can probably forget about sending your kids to college, but you'll make ends meet.

Obviously, that's if the 58k are post-tax... otherwise you need to nibble another 10%-15% from that, and then it gets more complicated.

[jag]

Outside of Manhattan proper, you'll make it. Rent can vary from 1k-2k a month depending if you're on the Jersey side/Queens/Brooklyn. Food is sales tax exempt. You can probably forget about sending your kids to college, but you'll make ends meet.

Obviously, that's if the 58k are post-tax... otherwise you need to nibble another 10%-15% from that, and then it gets more complicated.

Yeah, I was thinking in terms of gross income before taxes. I was born in PA and lived there for a few years. My parents used to tell me how costly the taxes were in PA compared to TN and TX. Same is true in NYC, with the major difference being the cost of real estate.

With 58k/year and a family of four, you'd be in a tight spot after taxes.

[GoodOdor]

Which states out there have a low cost of living while still having a good economy/jobs?

I'm making close to 50k(after factoring bonuses+overtime) but I live in SF - my money gets me very little.

[DUNCANownsKOBE]

Which states out there have a low cost of living while still having a good economy/jobs?

I'm making close to 50k(after factoring bonuses+overtime) but I live in SF - my money gets me very little.

Texas easily. They've won the corporate welfare bidding war in this country so they have the best economy. There's also no state income tax thus it's one of the lowest costs of living in the country.

[2centsworth]

$58k is more than enough for a family of 4 to make it.

[boutons_deux]

Which states out there have a low cost of living while still having a good economy/jobs?

I'm making close to 50k(after factoring bonuses+overtime) but I live in SF - my money gets me very little.

the answer isn't by state, but by city/metro area

http://www.infoplease.com/business/economy/cost-living-index-us-cities.html

[CubanMustGo]

Texas easily. They've won the corporate welfare bidding war in this country so they have the best economy. There's also no state income tax thus it's one of the lowest costs of living in the country.

As long as you don't own a house. The money you save by not paying state income tax is more than sucked up by property taxes if you're in the middle class.

[DUNCANownsKOBE]

As long as you don't own a house. The money you save by not paying state income tax is more than sucked up by property taxes if you're in the middle class.

That's good to know.

I'll be in Dallas in a few weeks to look for apartments. Any other suggestions :lol

[GoodOdor]

Texas easily. They've won the corporate welfare bidding war in this country so they have the best economy. There's also no state income tax thus it's one of the lowest costs of living in the country.

What's the culture like, tbh? in my mind Texas is the home of the GNSF/fat be@ner.......:lol

[DUNCANownsKOBE]

What's the culture like, tbh? in my mind Texas is the home of the GNSF/fat be@ner.......:lol

I'm moving there in a month or so so I don't know much yet :lol but from the people I went to school with who live in Dallas tell me it's completely dependent on living in the right area. You can be in a cool area surrounded by other young professionals or if you're not careful in an area with old people who suck.

[Wild Cobra]

$58k is more than enough for a family of 4 to make it.
I agree. That's still more than $2k/month after federal taxes a SS/Medicare deductions. Now depending on State taxation...

[Nbadan]

Your kids are going to go to inferior schools and your going to have to rely on CHIPs and not private health-care for the kids...but yeah, you can make it...

[Wild Cobra]

Your kids are going to go to inferior schools and your going to have to rely on CHIPs and not private health-care for the kids...but yeah, you can make it...
Really?

I know plenty of people making less than that who have health care insurance.

I never asked. What planet are you from Dan?

[Nbadan]

Really?

I know plenty of people making less than that who have health care insurance.

I never asked. What planet are you from Dan?

Nope....the typical family of four pays anywhere from $600 to $1200 per month for private insurance

[ElNono]

Yeah, I was thinking in terms of gross income before taxes. I was born in PA and lived there for a few years. My parents used to tell me how costly the taxes were in PA compared to TN and TX. Same is true in NYC, with the major difference being the cost of real estate.

With 58k/year and a family of four, you'd be in a tight spot after taxes.

I got you.

I don't know what taxes are like in NY these days, but in NJ they're not that bad (income, property taxes is a different story)... but that's why a lot of peeps that work in the city live in NJ and commute daily despite the nearly $20/pop for crossing the bridge into Manhattan, plus gas (which is actually less expensive than in Texas). Sure, houses mostly don't come below $250K in NJ, but if you're making $58K/year, the only way you can't land a mortgage is if your credit record is in shambles.

[Wild Cobra]

Nope....the typical family of four pays anywhere from $600 to $1200 per month for private insurance
I'm talking about employer paid insurance, where the employee part is a small percentage of the cost.

[Wild Cobra]

So...

The sixtyfourmilliondollar question.

Are you guys saying a couple is entitled to support a family of four?

[DUNCANownsKOBE]

So...

The sixtyfourmilliondollar question.

Are you guys saying a couple is entitled to support a family of four?

Assuming I'm reading your question right, no. It's something I agree with you on, a couple that's making 50k a year has no business having kids they can't afford.

[Latarian Milton]

a single man can sustain a frugal life with 1/10 that money though. bitches are used to a wasteful way of using money so if you're a smart guy you'll never financially bind yourself with a bitch tbh

[Wild Cobra]

Assuming I'm reading your question right, no. It's something I agree with you on, a couple that's making 50k a year has no business having kids they can't afford.
Wow...

It's a surprise you agree with me...

[DUNCANownsKOBE]

Wow...

It's a surprise you agree with me...

Just common sense imo, having a kid is a huge financial commitment you shouldn't take on if you're already stretched financially.

[boutons_deux]

Nope....the typical family of four pays anywhere from $600 to $1200 per month for private insurance

national average is over $15K/year for family of 4.

Insurance companies a talking about 50% jump in the next couple years, even 40M new victims under subsidized ACA.

http://money.cnn.com/2011/05/11/news/economy/healthcare_costs_family/index.htm

USA's for-exorbitant-profit health care is a major confiscatory, extractive, wealth-redistribution corporate strategy.

[2centsworth]

I agree. That's still more than $2k/month after federal taxes a SS/Medicare deductions. Now depending on State taxation...

Your math is way off. $58,000 of gross income would net a family of four at least $4k/month.

$58k = $4833/month
FICA (7.25%) =$350


After Standard Ded. of $12,200
personal exemptions of $15,600
Max. Taxable Income =$30,200

Federal Income Tax=$3638 annually or $303/month

Net Income= $4179/month

[The Reckoning]

newsflash - dont have more children than you can afford

[SA210]

https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-ash3/179513_414761138621495_2090772247_n.jpg

[sickdsm]

Which states out there have a low cost of living while still having a good economy/jobs?

I'm making close to 50k(after factoring bonuses+overtime) but I live in SF - my money gets me very little.

North Dakota. So hard to find workers that Walmart is bussing employees across the state.

Oil boom in a previously sparsely populated area is causing lots of opportunity. The climate keeps most of the trash out of state.

[boutons_deux]

North Dakota. So hard to find workers that Walmart is bussing employees across the state.

Oil boom in a previously sparsely populated area is causing lots of opportunity. The climate keeps most of the trash out of state.

and the ND health system/ERs are crushed by all the injuries to gas/oil workers working without employer or self insurance. oil/gas workers are as expendable as war mercenaries.

[sickdsm]

I thought he was asking about a state where there was a great economy and cheap living expenses??????

[boutons_deux]

I thought he was asking about a state where there was a great economy and cheap living expenses??????

just in case he was thinking about getting ground up in the fracking machine

[leemajors]

I'm talking about employer paid insurance, where the employee part is a small percentage of the cost.

I have excellent health benefits and I still pay half the cost - once you add a kid to insurance and have PPO like I do through UHC you still pay $120/mo out of pocket. Myself would only be $30/mo, I don't know where you are pulling numbers from.

[Wild Cobra]

Your math is way off. $58,000 of gross income would net a family of four at least $4k/month.

$58k = $4833/month
FICA (7.25%) =$350


After Standard Ded. of $12,200
personal exemptions of $15,600
Max. Taxable Income =$30,200

Federal Income Tax=$3638 annually or $303/month

Net Income= $4179/month
LOL, you're right. I wonder where I messed up at. I did a quick calc on excel. I must have grabbed a wrong cell someplace. I've deleted my work though, so I won't know for sure.

You have a minor error...

SS 6.2% + medicare 1.45% = 7.65%.

I just did it again, and get over $50,023 using the 2012 tax table, but that doesn't include the child tax credit, and I used your exemption numbers which are 400 off for that year.

OK, It's over $50k, probably over $51k before state and local taxes take a bite out.

[Wild Cobra]

I have excellent health benefits and I still pay half the cost - once you add a kid to insurance and have PPO like I do through UHC you still pay $120/mo out of pocket. Myself would only be $30/mo, I don't know where you are pulling numbers from.
I didn't include that. I pay just over $98 every two weeks. That's $212 monthly. Mine is 15.5% of the insurance cost. My employer pays the other 84.5%.

[TeyshaBlue]

and the ND health system/ERs are crushed by all the injuries to gas/oil workers working without employer or self insurance. oil/bas workers are as expendable as war mercenaries.

That's already been covered and your narrative destroyed, yet you wag it around like the worn out teddy bear that it is. http://homerecording.com/bbs/images/smilies/facepalm.gif

[TeyshaBlue]

That's already been covered and your narrative destroyed, yet you wag it around like the worn out teddy bear that it is. http://homerecording.com/bbs/images/smilies/facepalm.gif

Here. You can runaway from it again.

http://www.spurstalk.com/forums/showthread.php?t=208717

[Winehole23]

North Dakota...The climate keeps most of the trash out of state.how you been, Cooler Girl?

[sickdsm]

Didn't you try that last week?

[TDMVPDPOY]

58k thats alot of money

look at ppl on welfare handouts is like 1/4 of that pay, still can live by their means...

[boutons_deux]

58k thats alot of money

look at ppl on welfare handouts is like 1/4 of that pay, still can live by their means...

A single person living on $14.5/year? 12 x 600 = 7200 just for rent