what is your monthly income?

[vkm20]

What is your monthly net income ? Our income is 100K and I have 2 toddlers.

[jIM_Ohio]

why? you have 1 post and want me to share this info?

[vkm20]

I'm a newbie to Fianance management. Trying to get a handle on my finances. I'm just trying to get an idea of where I fit in today's world.

I'm not even sure if this question is appropriate. If not please forgive me.

[sweeps]

The median household income in the United States is around $50K. So based on that, you should be doing quite well.

Having said that, it depends on where you live. If you live in Manhattan, 100K is not going to go very far. If you live in McAlester, Oklahoma, 100K is going to mean you're living high on the hog.

[vkm20]

Thanks for the information.

[syracusa]

Since I hate this culture of mystery and defensiveness built around personal income (another great way to pit people against each other, feed their insecurities, force them into fierce competition and make them measure themselves based on money only) I have never had any problem disclosing my earnings.

I know I am much more than what I earn so I never make a big deal out of discussing finances. With people from my own culture, I routinely ask them how much they make or how much this or that costed them (they do the same with me); with Americans I am much more diplomatic knowing how sensitive they are about earnings and how inappropriate it is in this culture to ask about money.

That being said husband and I together make 128,000 right now (in the South East). However, with the arrival of our second and last child soon our income will drop to about 108,000 as I plan to switch to a more flexible academic job that will allow me to "have a cake and eat it too", that is to bring home an income (granted, not great) and stay at home with the kids during the day, thus saving daycare money for two children.

Apparently though, cold figures are terribly relative. We happen to be surrounded by friends/acquaintances who ALL make more than we do at younger ages. So we kind of got used to regarding ourselves as the "poor" ones. Good thing I never based my self-respect on the amount of money I make...though I am not denying I could use a bit more than what we make now because we both started earning a reasonable income very late in life.

[vkm20]

Thank you so much for putting it into words. I feel the same with the culture here. the place where I come from people put their annual salaries on their resumes. They don't believe in showing off or hiding that information.

Another reason for me aksing this question is I know some people who probably are earning same and are in similar situation like me but they live lavishly and in bigger nicer houses than me. It puzzels me how they manage it and still be happy. If I live like them I'll probably have no money left for saving at all that will make me very worried especially with 2 kids. I'm looking into buying a new house but can not figure out how much to invest and still feel good about the decision. It helps to hear other's persepctive and relax knowing that someone else is also in the same situation.

[sweeps]

I think you'll find that people have divulged that information on this site when they found it appropriate. Jim's point was that a first time poster comes on to the site and asks everyone's salary? It was just very presumptuous.

Like it or not, people often act goofy when they know how much another coworker, family member, or neighbor makes. Companies have very good reason not to publicize their employees' salaries. I don't know if there is a "culture of mysteriousness and defensiveness" about divulging salary -- It's just not relevant to who a person is, and frankly it's no one else's business. I would say there is more of a culture of voyeurism about divulging salary.

From a practical standpoint, again, I say how much you make doesn't mean a whole lot. Where you live, who you have to take care of, what benefits your employer provides you, the general health of your family, whether you have rich parents who are taking care of you, etc. are examples of factors that make a dollar figure useless to compare.

[Gruntina]

Originally Posted by vkm20

Another reason for me asking this question is I know some people who probably are earning same and are in similar situation like me but they live lavishly and in bigger nicer houses than me. It puzzels me how they manage it and still be happy.

Your salary will not tell the whole story. I have friends that havea much nicer home than my husband and I while they made significantly less income.

Why? My friend got an inheritance and the family gave them some money for a nice down payment. We had to start from scratch and I had big debts prior to meeting my husband so I was busy paying that off instead of savings.

You cannot compare your lifestyle with your income compared to other people with the same salary.

Unfortunately today's society, people need to "cling" to an identity and thus feel they need to stand in a good place with type and job and salary.

Unfortunately also which I don't get is a lot of people think they are better than other people basing on ‘ over confidence ‘or ‘higher salary’.

[Slug]

Originally Posted by sweeps

I don't know if there is a "culture of mysteriousness and defensiveness" about divulging salary -- It's just not relevant to who a person is, and frankly it's no one else's business. I would say there is more of a culture of voyeurism about divulging salary.

couldn't have said it better...esp. living here in Jersey. e-gad.

[disneysteve]

Originally Posted by vkm20

I know some people who probably are earning same and are in similar situation like me but they live lavishly and in bigger nicer houses than me.

Originally Posted by Gruntina

You cannot compare your lifestyle with your income compared to other people with the same salary.

I learned long ago that you can't judge anything by appearances. I, too, know people who earn the same as me or less than me who live much flashier lifestyles - nicer house, more expensive car, bigger TV, etc. But invariably, over time I learn that they have little to no savings and lots of debt. The car is usually leased. It is all just an act. They can't afford those things any more than I can. They just choose to live that way at the expense of more important things (in my opinion, at least).

[Brokemofo]

Originally Posted by disneysteve

I learned long ago that you can't judge anything by appearances. I, too, know people who earn the same as me or less than me who live much flashier lifestyles - nicer house, more expensive car, bigger TV, etc. But invariably, over time I learn that they have little to no savings and lots of debt. The car is usually leased. It is all just an act. They can't afford those things any more than I can. They just choose to live that way at the expense of more important things (in my opinion, at least).

Hah, true, those are the people that call me for a heloc and are declined due to debt to income ratio problems.

[scfr]

We make enough, plus some!

And would you like to know if I'm rich? For my answer I'll quote Keith Urban: "I'm alive and I'm free. Who wouldn't wanna be me?"

P.S. - If you're making $100K net MONTHLY, you're doing awfully well, and you surely already know that.

[ea1776]

You should consider donating to your favorite charity.

[myrdale]

Originally Posted by vkm20

What is your monthly net income ? Our income is 100K and I have 2 toddlers.

Do you mean "monthly" or "yearly". There is quite obviously a HUGH difference in the two.

You definately can not take anything on appearances alone. I've seen very rich people who do not have alot of "stuff" and very poor people who have alot of "stuff". But with all that stuff, there is alot of debt.

[TBH]

Check out networthiq.com for some interesting financial voyeurism. It tells a very incomplete story, but is still interesting.

My household income (2 adults and 1 kid) is around $70,000, but it fluctuates a lot.

Maybe the original poster should tell us more about the house you're thinking of buying, other details of your financial situation, etc, and we can help you figure out how much you can afford. I say we, but there are others on here much more knowledgeable than I am.

[yayme1227]

Last year our net income was $116K and we have 2 young kids too. It will be $10K+ more this year.
Honestly, I still feel like we still live check to check. I wonder where all the money goes. We bought more stuff I guess, so more bills to pay. We save of course but looking back when we were making $50K a year or less to think if we ever more than doubled that I would have thought we would be better off. Honestly, I feel no different and I am still if not more stressed about money now than I was 10 years ago. Weird how it works that way...but I am hoping in the next 5 years all our debt will be paid off and we will have more breathing room. I have learned a lot in the last 10 years.
I do know now any raises we get etc goes to paying off debt and savings automatically.

I also find people who make less than us have bigger homes and nicer cars but they do not seemed stressed about money. Maybe they are hiding it?
I am very open about my finances. I guess hoping to find advice or see where others are in their situations so I do not feel like it is just me.

[noppenbd]

Originally Posted by yayme1227

I also find people who make less than us have bigger homes and nicer cars but they do not seemed stressed about money. Maybe they are hiding it?
I am very open about my finances. I guess hoping to find advice or see where others are in their situations so I do not feel like it is just me.

I am currently reading the book "Green With Envy" by Shira Boss. So far a very interesting read. It is about the ultimate taboo in our society, which is money & finances. I have a feeling that many of those people who seem to be doing so well are in reality just barely making their payments. A little bit of continuous low-grade stress about money is not necessarily a bad thing, as long as it is not keeping you up at night or affecting the health of your career or family life. I think that constant tension is what keeps frugal people from spending everything they make!

[Scanner]

Our yearly income stated on our taxes last year was $103,0000.

In NJ, that means a middle middle class life.

[syracusa]

Originally Posted by sweeps

I think you'll find that people have divulged that information on this site when they found it appropriate. Jim's point was that a first time poster comes on to the site and asks everyone's salary? It was just very presumptuous.

Why not? It's anonymous. And even if it weren't...we are all virtual strangers here. What difference does it make?