Author Topic: Fuzzy Math - Personal Finances In The Frum World (Read 41998 times)

CountValentine · « **Reply #20 on:** April 28, 2021, 12:17:36 AM »

Not one estimate so far. What is everyone afraid of?

Lurker · « **Reply #21 on:** April 28, 2021, 12:34:34 AM »

Quote from: CountValentine on April 28, 2021, 12:17:36 AM

Not one estimate so far. What is everyone afraid of?

I'd give a general number, but I'm not in NYC and my situation is somewhat unique. I also don't think generalizations help much. Guy with 2 kids may need a 3 bedroom apartment (boy/girl), while a guy with 4 boys can cram into a 2 bedroom. Some people's standards are higher, and they need a house. Paying a mortgage for a house in Crown Heights when the house was bought 10-15 years ago necessitates x amount, while someone starting out now planning to buy a house in 5-10 years may need 5 times as much. The numbers are pretty meaningless and may just set up some really bad expectations.

Ephcc90 · « **Reply #22 on:** April 28, 2021, 12:36:51 AM »

Think a rough estimate of my expenses are 11k -14k a month after tax and massar. 4 kids (2 tuitions + babysitter) and live in NJ.

CountValentine · « **Reply #23 on:** April 28, 2021, 12:41:37 AM »

Quote from: Ephcc90 on April 28, 2021, 12:36:51 AM

Think a rough estimate of my expenses are 11k -14k a month after tax and massar. 4 kids (2 tuitions + babysitter) and live in NJ.

Thanks. Now if we had 10-20 more like this the OP would have a rough idea and then could probably ask questions from there.

AsherO · « **Reply #24 on:** April 28, 2021, 12:45:09 AM »

Quote from: CountValentine on April 28, 2021, 12:41:37 AM

Thanks. Now if we had 10-20 more like this the OP would have a rough idea and then could probably ask questions from there.

Create an anonymous online survey, I’ll probably respond.

Lurker · « **Reply #25 on:** April 28, 2021, 12:45:18 AM »

Quote from: CountValentine on April 28, 2021, 12:41:37 AM

Thanks. Now if we had 10-20 more like this the OP would have a rough idea and then could probably ask questions from there.

You could have 100 like this and the numbers would be all over the place.

CountValentine · « **Reply #26 on:** April 28, 2021, 12:59:14 AM »

Quote from: Lurker on April 28, 2021, 12:45:18 AM

You could have 100 like this and the numbers would be all over the place.

Of course but you will see patterns form.

CountValentine · « **Reply #27 on:** April 28, 2021, 01:00:05 AM »

You can all send me your figures and I will post them.

Lurker · « **Reply #28 on:** April 28, 2021, 01:12:53 AM »

Quote from: CountValentine on April 28, 2021, 12:59:14 AM

Of course but you will see patterns form.

You'd need very detailed information to see patterns. The variables on one kid could send the numbers everywhere. Multiply that by 5 or 10... it's a very large spectrum. Schooling alone can range from almost free to over 20k/yr per kid. Housing can vary from subsidized to 2-3k/mo to 6-8k/mo. I wouldn't blink if someone threw out an even higher number. I know people getting by on 30k/yr and others struggling on 150k+.

lcm · « **Reply #29 on:** April 28, 2021, 04:13:13 AM »

If people put out numbers with a bit of a breakdown and explanation, then others can understand for themselves what is relevant to them.
Then the numbers won't be skewed. Obviously they won't be consistent, because they are situational.

AussieMan · « **Reply #30 on:** April 28, 2021, 05:19:58 AM »

Toronto - 2 kids childcare age
~8-9k a month
CC bill 2.5-3.5k
Childcare - 2.5k
Housing - 2.5k
Car .5k

AsherO · « **Reply #31 on:** April 28, 2021, 06:24:42 AM »

Quote from: Lurker on April 28, 2021, 01:12:53 AM

I know people I know people getting by on 30k/yr

Frum people? This I want details on...

Lurker · « **Reply #32 on:** April 28, 2021, 06:30:35 AM »

Quote from: AsherO on April 28, 2021, 06:24:42 AM

Frum people? This I want details on...

It involves a lot of government handouts.

AsherO · « **Reply #33 on:** April 28, 2021, 06:33:23 AM »

Quote from: Lurker on April 28, 2021, 06:30:35 AM

It involves a lot of government handouts.

Makes sense. If your household income is $30k and you get the whole gamut, that’s probably equivalent to $70k compensation. What kills people is that $50k makes you ineligible for most of it, and there’s usually no sliding scale, you’re in or your out.

Euclid · « **Reply #34 on:** April 28, 2021, 07:12:15 AM »

Quote from: AsherO on April 28, 2021, 06:33:23 AM

you’re in or your out.

(I need an oral history on this typo)

CountValentine · « **Reply #35 on:** April 28, 2021, 07:42:39 AM »

Quote from: lcm on April 28, 2021, 04:13:13 AM

If people put out numbers with a bit of a breakdown and explanation, then others can understand for themselves what is relevant to them.
Then the numbers won't be skewed. Obviously they won't be consistent, because they are situational.

Ding ding ding we have a winner!

CountValentine · « **Reply #36 on:** April 28, 2021, 07:45:03 AM »

Anonymous #1 - 15k/mo

AussieMan · « **Reply #37 on:** April 28, 2021, 07:47:18 AM »

Quote from: CountValentine on April 28, 2021, 07:45:03 AM

Anonymous #1 - 15k/mo

If they can not provide a breakdown can we at least get these 3
Total monthly expese, Location, family size.

YitzyS · « **Reply #38 on:** April 28, 2021, 07:48:09 AM »

Quote from: AsherO on April 28, 2021, 06:33:23 AM

Makes sense. If your household income is $30k and you get the whole gamut, that’s probably equivalent to $70k compensation. What kills people is that $50k makes you ineligible for most of it, and there’s usually no sliding scale, you’re in or your out.

This has long been a crazy problem. There should be at least a 30k or 40k range in which each benefit phases out.

For example, if the Medicaid cutoff line is $55k for a family of 4, and Medicaid supplies insurance worth $20k, then the phase out range would be from earning $40k to $80k, in which you lose one dollar of coverage for every two dollars you earn.

Obviously, the exact details would have to be tweaked, but we need to disincentives not earning, and we have to make sure it is always worth it to go to work.

CountValentine · « **Reply #39 on:** April 28, 2021, 07:51:44 AM »

Quote from: AussieMan on April 28, 2021, 07:47:18 AM

If they can not provide a breakdown can we at least get these 3
Total monthly expese, Location, family size.

Don't shoot the messenger.

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Author Topic: Fuzzy Math - Personal Finances In The Frum World (Read 41998 times)