Author Topic: FBI Raids Orthodox Homes  (Read 234893 times)

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6738
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #660 on: June 28, 2017, 06:57:09 PM »
The exercise was eye opening, and he realized why his neighbor is STRUGGLING on an income of $300k!
I need to do this exercise as that is insane.
I just found a new supply of forks!

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15620
  • Total likes: 7712
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #661 on: June 28, 2017, 06:58:05 PM »
I need to do this exercise as that is insane.
Do you have 10 children learning in parochial schools?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17398
  • Total likes: 14338
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #662 on: June 28, 2017, 06:58:52 PM »
The exercise was eye opening, and he realized why his neighbor is STRUGGLING on an income of $300k!

After running the numbers, he decided that he is comfortable earning more, to the extent that will drop him off FS rolls, but would still qualify him for a full Pell grant for his children (and for Medicaid, based on his income and family size).
Were any lifestyle differences included?
Feelings don't care about your facts

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15620
  • Total likes: 7712
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #663 on: June 28, 2017, 07:03:58 PM »
Were any lifestyle differences included?
Between him and his neighbor or between current situation and after income increase (bez"h) and loss of FS?

I am guessing that his neighbor goes to the country for the summer, while my friend stays in a neighborhood that turns into a virtual ghost town. This summer he's using points to take his family to visit family in another country.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6738
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #664 on: June 28, 2017, 07:54:11 PM »
Do you have 10 children learning in parochial schools?
Parents had 6 but only 4 for me. So 300k/10 equals 30k/kid. That is insane.
I just found a new supply of forks!

Online gozalim

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2008
  • Posts: 4255
  • Total likes: 812
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #665 on: June 28, 2017, 07:59:52 PM »
A friend with a large family discussed his situation with me. He felt that his dependence on government programs his hindering his mentality and trapping him in his situation.

We put down on a spreadsheet all his expenses (including those covered currently by programs and grants), and then all sources of income (including programs and grants).

We then started to examine how would various increases to his income affect his lifestyle.

Here were some of the things we learned:

1. He was extremely lucky to buy his house when he bought it, and subsequently get a mortgage modification, or else it would be close to impossible.

2. He is extremely lucky to legally qualify for something called Qualified Tuition Reduction.

3. In order to maintain the same (modest) lifestyle without all the non-taxable benefits (Medicaid, Pell Grants, QTR) he would have to earn about double what he currently earns (counting the QTR as current income, even though it is not considered such by the IRS, and is therefore not taxed).

The exercise was eye opening, and he realized why his neighbor is STRUGGLING on an income of $300k!

After running the numbers, he decided that he is comfortable earning more, to the extent that will drop him off FS rolls, but would still qualify him for a full Pell grant for his children (and for Medicaid, based on his income and family size).
someone needs to enable that calculation for more people. make a spreadsheet template or something

Offline thaber

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 3784
  • Total likes: 465
  • DansDeals.com Hat Tips 4
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #666 on: June 28, 2017, 08:00:56 PM »
Parents had 6 but only 4 for me. So 300k/10 equals 30k/kid. That is insane.
it's not all tuition. Is lakewood tuition still 3k a kid or so? I know in my kids school (OOT) it comes out to about $14,500 per child for elementary school. more for high school.

Offline syp5

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2008
  • Posts: 173
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #667 on: June 28, 2017, 08:05:56 PM »
Parents had 6 but only 4 for me. So 300k/10 equals 30k/kid. That is insane.
A large chunk of the 300k is probably going to taxes

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #668 on: June 28, 2017, 08:06:54 PM »
Parents had 6 but only 4 for me. So 300k/10 equals 30k/kid. That is insane.
$300K
-$130K Fed+NY+NYC tax
-$100K tuition
-$35K mortgage
-$20K food
-$15K charity
=$0




Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6738
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #669 on: June 28, 2017, 08:19:34 PM »
it's not all tuition. Is lakewood tuition still 3k a kid or so? I know in my kids school (OOT) it comes out to about $14,500 per child for elementary school. more for high school.
A large chunk of the 300k is probably going to taxes
$300K
-$130K Fed+NY+NYC tax
-$100K tuition
-$35K mortgage
-$20K food
-$15K charity
=$0
I get all the numbers. There is also a mindset involved here.
Here is my mindset. I just retired. The reason I retired is I am set financially. You don't retire first and then figure out were the money is going to come from.
I just found a new supply of forks!

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #670 on: June 28, 2017, 08:29:08 PM »
$300K
-$130K Fed+NY+NYC tax
-$100K tuition
-$35K mortgage
-$20K food
-$15K charity
=$0
and that doesn't count car/cars, house insurance, car insurance, life insurance, health insurance...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #671 on: June 28, 2017, 08:29:37 PM »
Nor camps, or any vacation, nor any clothing...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #672 on: June 28, 2017, 08:29:56 PM »
and that doesn't count car/cars, house insurance, car insurance, life insurance, health insurance...
Nor camps, or any vacation, nor any clothing...
Shver tzu zein a yid.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #673 on: June 28, 2017, 08:31:48 PM »
Long story short, doesn't pay to make between 100-275ish with a bunch of kids, might as well not
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #674 on: June 28, 2017, 08:32:19 PM »
Income tax itself is realitively new :P
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline theduke

  • Dansdeals Silver Elite
  • **
  • Join Date: Oct 2011
  • Posts: 95
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #675 on: June 28, 2017, 08:33:19 PM »
it's not all tuition. Is lakewood tuition still 3k a kid or so? I know in my kids school (OOT) it comes out to about $14,500 per child for elementary school. more for high school.
my tuition in Lakewood is 5k plus dinner and building fund so around 6 when we're done. And I'm not even paying the official full tuition which is 6k plus those fees. Definitely cheaper than other communities but still costs money.

Offline theduke

  • Dansdeals Silver Elite
  • **
  • Join Date: Oct 2011
  • Posts: 95
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #676 on: June 28, 2017, 08:35:01 PM »
Long story short, doesn't pay to make between 100-275ish with a bunch of kids, might as well not
yup, I even went down to lrrc a while back to discuss my options/budget they basically told me that your screwed since I'm middle class.

Online aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17398
  • Total likes: 14338
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #677 on: June 28, 2017, 09:31:40 PM »
I get all the numbers. There is also a mindset involved here.
Here is my mindset. I just retired. The reason I retired is I am set financially. You don't retire first and then figure out were the money is going to come from.
Congratulations!
Feelings don't care about your facts

Offline aj26

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Aug 2011
  • Posts: 718
  • Total likes: 4
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: usa
Re: FBI Raids Orthodox Homes and Businesses in Monsey and KJ
« Reply #678 on: June 28, 2017, 10:09:19 PM »
$300K
-$130K Fed+NY+NYC tax
-$100K tuition
-$35K mortgage
-$20K food
-$15K charity
=$0
$130K in taxes on $300K? You need a new accountant. Once you take out deductions, exemptions, etc, probably closer to $70K. Not that $60K left over is a lot, but just saying...

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15620
  • Total likes: 7712
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan