Struggling On $174,000 A Year

[boedicca]

$174k a year may not be rich, but I think in most parts of the country it's certainly very comfortable.

What I wonder is what caused the debt which is so much greater than his salary? At first blush it sounds like irresponsible spending.

It's likely his mortgage and perhaps student loans. That's the common condition for many folks today.

 

[Charles_Main]

$174k a year may not be rich, but I think in most parts of the country it's certainly very comfortable.

What I wonder is what caused the debt which is so much greater than his salary? At first blush it sounds like irresponsible spending.

For the majority of people it certainly would be comfortable, It is only when you start talking about supporting a family in a high cost of living area, that a salary like that could leave you feeling like you are just getting by.

But then of course most of us tend to live slightly beyond our means no matter how much we make. I am sure he has plenty of things he spends on he could do with out.

 

[JFK_USA]

I haven't seen anyone advocating cutting teachers' salaries - it's the excessive pensions and health care for life benefits which need to be reformed.

Bullshit.

They want to cut teachers salaries.

Of course you do not have one quote, or one sound bite, to prove that. You simply believe it and want us to. So far all they have cut is benefits. In Wisconsin the teachers still have the right to collective Bargaining over Wages, they lost the right over pensions and benefits, and things like over time. Put up some evidence maybe?

Its the whole point of Union Busting, they don't want to pay them anything which reduce the budget of education. They hate teachers and don't want to pay them. Wages are only suppose to increase to the cost of living. Thats it. Good teachers will never get a performance raise.

Its the whole plan of republicans, kill education for our children and make them work.

 

[Avatar4321]

Exactly and your list of expenses does not even consider sending kids to college. Which if you have a couple of bright kids of college age who get into good schools, can be a lot.

They are adults. They can pay their own way through college.

So you don't like the idea of parents saving for a kids college? Lots of people do.

If you can do it. More power to you. But I definitely dont think it's an obligation and it might benefit youth to work for their education rather than expect it to be given to them.

 

[ClosedCaption]

Hahaha just a few weeks ago the repubs were going on and on about teachers making excessive amount of money. Even then the highest the repubs said the teachers make is $120,000.

But now....a complete 180. Now they see how it will tough to survive on that plus $57,000 more bucks.

 

[Ravi]

I did a quick estimate of what it could cost a two income family living in CA in terms of taxes and expenses. It's not a high life style.

Gross Income 174,000.0
401K contribution 26,100.0
Pre-Tax Health 4,800.0
Adjusted Income 143,100.0

Federal Taxes 36,000.0
CA State taxes 9,700.0
FICA 11,252.1
Property Taxes 6,000.0
Total Taxes 62,952.1

After tax income 80,147.9

Mortgage & Insurance 30,000.0
Car payments & Insurance 6,000.0
Gasoline 3,600.0
Utilities 4,800.0
Food 9,600.0
Phone & Internet 1,800.0
Dining Out 2,400.0
Clothing 3,000.0
Childcare 12,000.0
Houshold 1,600.0
Entertainment 1,200.0
Life Insurance 1,200.0
Personal Care 1,200.0
Car & House Maintenance 2,000.0

Total Expenses 80,400.0

Balance (252.1)

He doesn't live in California. 26,000 in 401 K is not an expense. $2500 a month for mortgage and insurance is not what someone would pay in WI.

The guy is a crybaby.

But he hates teachers, so all is good.

Blah blah blah blah.


401K contribution aren't an expense. Really? I included them as an adjustment to gross income, which anybody with an actual income and a paycheck stub would recognize.

Yeah, really. They aren't an expense. And $2500 a month for mortgage and insurance isn't likely in Wisconson. Teachers make less than a third of what he does and he's whining...talk about personal responsibility...hahahaha! Now he's crying, as is the GOP, to get his video deleted from the internet.

He has seven kids, hasn't paid off his student loans, and he's socking away $26,000 in a 401 K...what a fucking hypocrite.

I'm not surprised to see that you defend him.

 

[ClosedCaption]

Here's a good one:

That stinks for your wife Mr. H. and I do believe the system is flawed. However, without tenure or the teacher's union, your wife could have been sacked for the same reasons after ten years. Just when she'd be making a decent wage and perfecting her craft.

This is what I worry about. I have a MA +30 which puts me higher up on the pay scale. Although my evaluations have all been stellar, I can envision the day when I could be replaced with a younger, cheaper model. New teachers rarely question the system and principals love robots.

And as for Stephanie's post: Teachers, not unlike any other profession, work for a living. You can't pay a mortgage on a child's smile. Sheez.

Here in NJ the avg. teacher salary is $55K and despite the ridiculous claims that they make more than the private sector, the fact is they make 25% less than other college educated professionals in this state. We are being asked to "give back" $7,000 without complaint. I can afford it. I have a husband. Many of my friends do not.

My dear, many people live ok making a lot less. And they aren't complaining all the time about it.
55,000 is a damn good salary for working 9months out of the year. I'm sure the regular Joe or Jane who is making that salary, has to work 12 MONTHS out of the year.

 

[Ravi]

Here's a good one:

That stinks for your wife Mr. H. and I do believe the system is flawed. However, without tenure or the teacher's union, your wife could have been sacked for the same reasons after ten years. Just when she'd be making a decent wage and perfecting her craft.

This is what I worry about. I have a MA +30 which puts me higher up on the pay scale. Although my evaluations have all been stellar, I can envision the day when I could be replaced with a younger, cheaper model. New teachers rarely question the system and principals love robots.

And as for Stephanie's post: Teachers, not unlike any other profession, work for a living. You can't pay a mortgage on a child's smile. Sheez.

Here in NJ the avg. teacher salary is $55K and despite the ridiculous claims that they make more than the private sector, the fact is they make 25% less than other college educated professionals in this state. We are being asked to "give back" $7,000 without complaint. I can afford it. I have a husband. Many of my friends do not.

My dear, many people live ok making a lot less. And they aren't complaining all the time about it.
55,000 is a damn good salary for working 9months out of the year. I'm sure the regular Joe or Jane who is making that salary, has to work 12 MONTHS out of the year.

 

[Harry Dresden]

Its the whole plan of republicans, kill education for our children and make them work.

i see somebody has been to an Rdean lecture....

 

[boedicca]

He doesn't live in California. 26,000 in 401 K is not an expense. $2500 a month for mortgage and insurance is not what someone would pay in WI.

The guy is a crybaby.

But he hates teachers, so all is good.

Blah blah blah blah.


401K contribution aren't an expense. Really? I included them as an adjustment to gross income, which anybody with an actual income and a paycheck stub would recognize.

Yeah, really. They aren't an expense. And $2500 a month for mortgage and insurance isn't likely in Wisconson. Teachers make less than a third of what he does and he's whining...talk about personal responsibility...hahahaha! Now he's crying, as is the GOP, to get his video deleted from the internet.

He has seven kids, hasn't paid off his student loans, and he's socking away $26,000 in a 401 K...what a fucking hypocrite.

I'm not surprised to see that you defend him.

You don't understand that 401K contributions come out of an individual's gross pay. Some companies match, but only if the employee contributes in the first place.

But go ahead, continue your class warfare nonsense. It's all you've got.

 

[Zander]

Financial nincompoopery is non-partisan.....

 

[boedicca]

I find it pathetic how the definition of rich is being defined down to families that make $174K per year. By the 2012 election, it's going to be below $100K, fo shizzle.

 

[ClosedCaption]

I find it pathetic how the definition of rich is being defined down to families that make $174K per year. By the 2012 election, it's going to be below $100K, fo shizzle.

Who did that?

 

[Sallow]

Struggling, no doubt...and with the Fed's QE inflation, it's going to get much worse.

So exactly why are conservatives so keen on cutting salaries of people working for peanuts while looking the other way when CEOs are cutting themselves big freakin checks?

I call shenanigans. Conservatives are not SO KEEN to cut salaries of people working for peanuts. Conservatives are for NOT INCREASING TAXES and NOT INCREASING INFLATION on people who work for peanuts just to pay excessive pension and benefit payments for public union employees.

Ridiculous.

The whole TARP thing was a huge giveaway to people that never got a proper shake out for their handling of the economy for the years prior to the bailout. That and they've been voting themselves astronomical compensation while cutting jobs and benefits of American workers. Conservatives are so keen on "performance" and "work ethic". Well where is that when it comes to executives from Goldman Sachs, Lehman Brothers, Morgan Stanely, AIG, Citigroup and even GM. If anyone was "fired" they recieved more money then the average joe would make in several lifetimes. And we were told that we had to "honor" their contracts. Well no such "honoring" of contracts has been evoked when Union people or even the average joe lose their jobs in droves...in fact conservatives are talking about "world labor compensation equalibrium" - what ever the fuck that means. And it probably means that they are looking for Americans to accept the same sort of pittance given to workers in the third world.

And thats bullshit.

 

[Cuyo]

I find it pathetic how the definition of rich is being defined down to families that make $174K per year. By the 2012 election, it's going to be below $100K, fo shizzle.

I find it pathetic that cons insist on warping every discussion about money into a 'definition of rich.' Who the eff said anything about the 'definition of rich,' besides of course, you?

 

[Cain]

I do not see how one can struggle at 174,000$. My family, which is four, goes on about 74,000$, although I think we make less then that if correct.

 

[Avatar4321]

I find it pathetic how the definition of rich is being defined down to families that make $174K per year. By the 2012 election, it's going to be below $100K, fo shizzle.

I find it pathetic that cons insist on warping every discussion about money into a 'definition of rich.' Who the eff said anything about the 'definition of rich,' besides of course, you?

I find it pathetic that people in any party or from any political persuasion constaly obsess over how much money a person makes rather than who they are as a person.

Whether someone is rich or poor doesn't make them any less my brother (though them being female would make them my sister).

Class is an illusion. It's a political construct. You cannot end class warfare until you stop seeing people as rich or poor and start recognizing them as your fellow man regardless of their wealth.

If one man through his labor makes more than me, then good for him! If another man through his labor makes less, than I'll do what I can to help better himself and survive.

We need to let go of our pride and our coveteousness. Be grateful for what we have and stop wanting what others have.

 

[Avatar4321]

I do not see how one can struggle at 174,000$. My family, which is four, goes on about 74,000$, although I think we make less then that if correct.

They struggle the same way a government that brings ill trillions of dollars struggles, buy spending more than they have.

 

[Article 15]

I do not see how one can struggle at 174,000$. My family, which is four, goes on about 74,000$, although I think we make less then that if correct.

If you are making $174k/year and are struggling you are a financial retard.

 

[Avatar4321]

I do not see how one can struggle at 174,000$. My family, which is four, goes on about 74,000$, although I think we make less then that if correct.

If you are making $174k/year and are struggling you are a financial retard.

What does that say about our politicians in Washington who are struggling to keep spending below what we take in?