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Retirement Discussions / Retire Early Liberal Edition
|Subject: Re: Couple can't make ends meet on $250,000/yr||Date: 4/21/2009 5:24 PM|
|Author: telegraph||Number: 18167 of 73760|
"For the Parnells, their perception of themselves is based on the math. The value of their house is down $60,000."
Oh...how terrible....unless they are going to sell it, so what?
"Ms. Parnell says the couple's gross income last year was about $260,000. Taxes, premiums for medical care and deductions for Social Security and their 401(k) contributions cut the gross to about $12,000 per month."
Hmmmmm......well, with the Obama tax plan, they are getting off cheap. But I wonder what their 401K contributions are. If you figure the gov't sucks 40% out of their paycheck for income taxes, SS, Medicare...and insurance is maybe, for their part, for both $1000/month, that means a lot of money is going somewhere to wind up with $144K to spend on 'other things'.
Now, $144K after taxes, after health insurance, after 401K contributions, ain't chicken feed.
"The family tithes $1,300 a month at their church."
OK..that is their choice. $15,600 a year. Oh, and I'm sure they write it off on their income taxes. So the rest of us get to subsidize about 31% of that......top bracket.
"Their mortgage, second mortgage and payment on land they bought is nearly $4,000 a month."
WOw...so they bought 'land'.....and golly gee...that is $48,000/yr in mortgage payments. Wow...we should really feel sorry for them. What is that, about a 1.5 million dollar home? Or did they buy 400 acres of land as well? $48,000 a year! well, it likely includes some property tax as well, but , still $48,000 a year, and intercst didn't note that?
"Other expenses, including their family car payment, insurance and college funds, as well as basics like food, utilities and donations to charities, leave them with about $1,200 left over each month."
Now wait a minute....we had $12K/month...take out $1300 for the tithe...that leaves roughly 10.7. Take out $4000 for the 'mortgage'....that leaves 6.7 thousand a month to live on.
SO lets say utilities are $1000/month - cable, electric, gas, cellphone, telephone.....
So we are now down to 5.7 thousand per month.....
Let's take out $1000 for food a month.
Now we are down to 4.7 thousand.
Let's do a clothing budget of $400/month...so now we are down to 4.3 thousand a month.