I just put in your town and mine (with a 30k income) and you'd need to make, $59,763. Now I live in NY but I'm about an 1/2 away from the city, technically in the burbs.
I need to move!
Thank you, I was wondering when that was going to come up!
It's been interesting reading all the responses. I still stand by my point that anyone that has a full time income can live within their means if they choose to. If you make $45,000 and can't live on that the way you'd like in the city you're in, you can always choose to take a minimum wage job in a lower cost of living area and live better than you are now.
Oh, and I'm very good at spotting scams on Craigslist, I'm in marketing and it's actually part of what I do. Bottom line is no one needs to live in any particular area. I want a penthouse in Paris, but if I came on here moaning about how much it is people would probably tell me to get over it or move to a cheaper area. You want to live in Boston even though you say you don't make enough money to live there the way you want. You are right though, I've never lived in Boston so I don't know what it's like, however I would never choose to live somewhere that wasn't within my means.
And I don't know why everyone is assuming a cheap car = a bad or unsafe car? People are hurting right now and are looking to just get rid of any extra weight they can to have something resembling a Christmas. This is a great time to find a good deal on a used car. The good deals are out there, you just have to find them and truly care more about reliability than looks.
I'm not going to comment on my personal situation other than to say that it's human nature to look at other people and say, "It was easier for them." It's always easier for everyone else. You have no idea where I live since I don't share that info on public forums)
And for those who are mentioning taxes, I very clearly state in my scenario that it's take home pay, which means after taxes are paid that's what you take home. You can't mock my hypothetical scenario by changing the parameters of it
A PP pointed out as well that no one is saying to rough it for life, if you're just starting out it's expected that it's going to be a squeeze and that you're going to not be making a lot of money. The difference is that many people starting out today feel entitled to the way of life that comes after the struggle, not before. It's your responsibility to build upon your life and get in a better situation, if you don't then that's really a whole other thread topic. That's why the article mentions saving in your 30s, 40s, and 50s. No one expects a 21 year old or recent college graduate to just be rolling in money!
Oh, and I just added the Florida thing because this is a Disney message board so I though it would be interesting
The point of the OP was to get people thinking and talking about money, not to get people to come on and defend why they're not living within their means and their spending habits as if they are being attacked by the article or my observations of it. Anyway, if you read that $30,000 millionaire article part of the qualification is not knowing you're a $30,000 millionaire
At the end of the day it's your life and your money, you can do what you want and you don't need to defend that to anyone. As long as you're happy and not endangering yourself or others that's all that really matters.
So, just for kicks in regards to the PP's, I pulled up a cost of living calculator for Boston.
Interesting sidenote that I found on that website.. 50.27% of people in Boston have never been married, compared to the 24.39% national average. I don't know why that is, I just thought it was interesting.
It's been interesting reading all the responses. I still stand by my point that anyone that has a full time income can live within their means if they choose to. If you make $45,000 and can't live on that the way you'd like in the city you're in, you can always choose to take a minimum wage job in a lower cost of living area and live better than you are now.
Oh, and I'm very good at spotting scams on Craigslist, I'm in marketing and it's actually part of what I do. Bottom line is no one needs to live in any particular area. I want a penthouse in Paris, but if I came on here moaning about how much it is people would probably tell me to get over it or move to a cheaper area. You want to live in Boston even though you say you don't make enough money to live there the way you want
And I don't know why everyone is assuming a cheap car = a bad or unsafe car? People are hurting right now and are looking to just get rid of any extra weight they can to have something resembling a Christmas. This is a great time to find a good deal on a used car. The good deals are out there, you just have to find them and truly care more about reliability than looks.
I'm not going to comment on my personal situation other than to say that it's human nature to look at other people and say, "It was easier for them." It's always easier for everyone else. You have no idea where I live since I don't share that info on public forums
And for those who are mentioning taxes, I very clearly state in my scenario that it's take home pay, which means after taxes are paid that's what you take home. You can't mock my hypothetical scenario by changing the parameters of it
A PP pointed out as well that no one is saying to rough it for life, if you're just starting out it's expected that it's going to be a squeeze and that you're going to not be making a lot of money. The difference is that many people starting out today feel entitled to the way of life that comes after the struggle, not before. It's your responsibility to build upon your life and get in a better situation, if you don't then that's really a whole other thread topic
Oh, and I just added the Florida thing because this is a Disney message board so I though it would be interesting
The point of the OP was to get people thinking and talking about money, not to get people to come on and defend why they're not living within their means and their spending habits as if they are being attacked by the article or my observations of it. Anyway, if you read that $30,000 millionaire article part of the qualification is not knowing you're a $30,000 millionaire
At the end of the day it's your life and your money, you can do what you want and you don't need to defend that to anyone. As long as you're happy and not endangering yourself or others that's all that really matters
Ok, I took this post as a challenge
We had no problem finding cheap places to live via Craigslist and we also found some on other websites like apartments.com. We decided on a nice 1-bed second floor apartment for $695 a month plus utilities (however, hot water is included). It's less than 35 minutes to downtown Boston. (BTW we chose this one because it was really nice and pretty in a cute house that had been converted to apartments and is a 1-bed, if we were really going for the cheapest here we could have gone cheaper.) We figure $200 a month for utilities, $200 for gas, $400 for food, our car insurance is just shy of $34, and $80 for a T-Mobile unlimited family plan. That puts our total monthly bills at $1,609 which leaves $891 left over. That means we can invest or save $250 a month which is 10% of our pay and still have $641 left as a buffer for things like clothes, toiletries, etc. and to cover any underestimates in things like utilities or gas. In reality though we would most likely be saving or investing $500 a month since we are incredibly frugal.
Not only can you live and work in the Boston metropolis for $30,000 take home a year, it's actually easy if it's your first priority. The issue is that the line between needs and wants gets fuzzy at best and completely ignored at worst. You don't need to own a house and you don't need to live a stones throw away from work, those are luxuries for people who can afford them. I also included a family cell phone plan in my calculations, which is in reality a want, not a need. My SIL and BIL managed just fine without a cell phone the entire time they were raising 5 kids and my DH and I have lived without cell phones by choice many of the years we've been together, the world functioned quite well before people were leashed to them.
I also didn't include a car payment because it is quite honestly some of the worst debt to be in since a car immediately depreciates when you drive it off the lot and continues to depreciate. We've always paid cash for our cars. I found a few on the Boston Craigslist for less than $1000.
Needs are a roof over your head, utilities (electric, water, heat), food, and clothing. Everything else is a want. The problem is that most people choose wants over financial stability, which they are more than welcome to do by the way. However, the fact is it is possible to live on $30,000 a year with room to spare and even save, even if you don't want to. Most people will just choose instead to have as many wants as they can possibly cram into their paycheck - hence living paycheck to paycheck. My point is that if someone justifies cramming as many wants into their paycheck as possible at $30,000 a year they will do the same at $100,000 a year. I don't personally know anyone who makes $30,000 a year who doesn't have cable and they'll hold onto that cable bill with two hands even though cable is a completely unnecessary luxury.
If someone is good with money they will always be able to live below their means. My MIL raised 11 kids on $40,000 a year and never went into any kind of debt other than a mortgage. (My DH is telling me now to let you all know they always had everything they needed, every kid had braces, etc. and they were happy and always took a family vacation once a year, usually camping which they love
Oh, and BTW when I was 18 my DH and I were living together on less than $24,000 a year (this was 6 years ago now) and we were able to save enough money to put a down payment on a home, so I'm not just talking from the cheap seats here.
A cast member makes $7.25 an hour, which assuming they work 40 hours a week 52 weeks a year and keep all of it (very unrealistic since taxes are always taken out) they're taking home $15,080 a year or a household $30,160 a year. I know many people that are able to live below their means as cast members and not go into debt. It's all about priorities and realizing that all these things we've been programmed to believe we need are not in fact needs at all, if someone stripped them all away tomorrow you'd still be alive.
GoldieSaysMeep - I hope you aren't taking this as attacking you because I'm not, I'm just using your post as an example to point out certain facts about what is possible. I'm not saying you're irresponsible with money or anything like that. Congrats on your upcoming marriage and good luck with the whole transition, it's an exciting and sometimes stressful time
Ok, I took this post as a challenge
We had no problem finding cheap places to live via Craigslist and we also found some on other websites like apartments.com. We decided on a nice 1-bed second floor apartment for $695 a month plus utilities (however, hot water is included). It's less than 35 minutes to downtown Boston. (BTW we chose this one because it was really nice and pretty in a cute house that had been converted to apartments and is a 1-bed, if we were really going for the cheapest here we could have gone cheaper.) We figure $200 a month for utilities, $200 for gas, $400 for food, our car insurance is just shy of $34, and $80 for a T-Mobile unlimited family plan. That puts our total monthly bills at $1,609 which leaves $891 left over. That means we can invest or save $250 a month which is 10% of our pay and still have $641 left as a buffer for things like clothes, toiletries, etc. and to cover any underestimates in things like utilities or gas. In reality though we would most likely be saving or investing $500 a month since we are incredibly frugal.
Not only can you live and work in the Boston metropolis for $30,000 take home a year, it's actually easy if it's your first priority. The issue is that the line between needs and wants gets fuzzy at best and completely ignored at worst. You don't need to own a house and you don't need to live a stones throw away from work, those are luxuries for people who can afford them. I also included a family cell phone plan in my calculations, which is in reality a want, not a need. My SIL and BIL managed just fine without a cell phone the entire time they were raising 5 kids and my DH and I have lived without cell phones by choice many of the years we've been together, the world functioned quite well before people were leashed to them.
I also didn't include a car payment because it is quite honestly some of the worst debt to be in since a car immediately depreciates when you drive it off the lot and continues to depreciate. We've always paid cash for our cars. I found a few on the Boston Craigslist for less than $1000.
Needs are a roof over your head, utilities (electric, water, heat), food, and clothing. Everything else is a want. The problem is that most people choose wants over financial stability, which they are more than welcome to do by the way. However, the fact is it is possible to live on $30,000 a year with room to spare and even save, even if you don't want to. Most people will just choose instead to have as many wants as they can possibly cram into their paycheck - hence living paycheck to paycheck. My point is that if someone justifies cramming as many wants into their paycheck as possible at $30,000 a year they will do the same at $100,000 a year. I don't personally know anyone who makes $30,000 a year who doesn't have cable and they'll hold onto that cable bill with two hands even though cable is a completely unnecessary luxury.
If someone is good with money they will always be able to live below their means. My MIL raised 11 kids on $40,000 a year and never went into any kind of debt other than a mortgage. (My DH is telling me now to let you all know they always had everything they needed, every kid had braces, etc. and they were happy and always took a family vacation once a year, usually camping which they love
Oh, and BTW when I was 18 my DH and I were living together on less than $24,000 a year (this was 6 years ago now) and we were able to save enough money to put a down payment on a home, so I'm not just talking from the cheap seats here.
A cast member makes $7.25 an hour, which assuming they work 40 hours a week 52 weeks a year and keep all of it (very unrealistic since taxes are always taken out) they're taking home $15,080 a year or a household $30,160 a year. I know many people that are able to live below their means as cast members and not go into debt. It's all about priorities and realizing that all these things we've been programmed to believe we need are not in fact needs at all, if someone stripped them all away tomorrow you'd still be alive.
GoldieSaysMeep - I hope you aren't taking this as attacking you because I'm not, I'm just using your post as an example to point out certain facts about what is possible. I'm not saying you're irresponsible with money or anything like that. Congrats on your upcoming marriage and good luck with the whole transition, it's an exciting and sometimes stressful time
I know it's not funny because it happens every day in those neighborhoods but...
