Originally posted by In the Corn
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Lots of generalizations and theorical conversation in this thread, but no one really will to open a vein and share the plight of the middle-class working Joe and Jane.
More than glad to help.
As most here now, I've spent my career working in the nonprofit world. I've work for big organization ($80,000,000 budget) to small organizations (just over $250,000). My first real big boy job, I received a salary of $18,500 to start with. This was back in 1995. I got the biggest raise of my life the week after I got married when my boss saw that I was responsible to raise two stepkids. I moved up to $22,000. I had no benefits other than vacation and sick time. My wife carried our insurance at the time. I wasn't there long enough to (3 years) to get an employer match to a 503b retirement account. I was fired from that job in February and started a new job in April at a reduced salary.
At the same time my wife lost her job and until the last year and half has never worked in between...long story, and pretty painful to get into. Suffice it to say, my wife and I have lived paycheck to paycheck for the 22 years we have been married. My wife cashed in her small retirement ($10,000) in 2000 so we could make a down payment on a house. Stupid some might say, but it was the only way we could get into a house.
My wife and I have lived a pretty frugal lifestyle. I've been blessed beyond measure by the generosity of friends and family. I've had four cars given to me in my lifetime. We have had friends and family purchase a fridge, washer, dryer and dishwasher for us. My wife and I have only ever paid for three vehicles: two minivans and an economy electric car that we currently own. We have one car, currently. If we need to make a road trip, I need to borrow a car.
So where are we at today: I draw a salary of just over $50,000 (this brings me just above what I made prior to the economic crash). Out of that, I need to cover our health insurance, no dental, no matching retirement from the organization. Not chump change by any means. My wife makes about $8,000 annually. After paying our bills (mortgage, utilities, insurance, student loans, life insurance, health insurance, etc. no cable just Netflix and Hulu), we have about $650 to cover food, clothing, medications, entertainment, medical bills, etc.
My wife takes three prescriptions everyday that cost $50/month, so now we are at $600
I purchase groceries for the month between $300-$400, so now we are at $200-300
I get dog food for the two dogs at $30, so now we are at $170-270
I'm not going to lie, we eat out more than we should, but not extravagant, probably $150, so now we are at $20-120
I haven't purchased any clothing, car maintenance, emergency, etc. And I haven't paid a medical bill, which I really should. So yeah, there isn't a whole lot of meat on the bone.
At the start of 2017, my wfe stopped taking one of her medications becuase even after insurance it was $150 a month.
You ask me what becomes of the money my wife brings in? Well, last year, she had major dental work done $3500. She just went yesterday to for a teeth cleaning and exam $150.
She uses that money for emergencies and vacation...our fridge just crapped out. We purchase a $300 refurbished fridge. As for the vacations...they're to see our son, daughter-in-law, and most importantly, garnd-daughter in Boston. What do our vacation consist of? Mostly babysitting for the week. I'm not complaining, I'm just saying these are not extravagant getaways. The closest thing Mrs. ITC and I have had for a vacation that wasn't paid for by someone else is a night at the local casino that we had a coupon for a free night stay.
I tell people that many years ago when the Social Security Administration use to send out your benefits with the line, if nothing changes your monthly benefit is $XXX, I've said too myself, "I've lived on less."
I fully expect I will work until I die. I also fully believe that people (family and friends) are going to support Mrs. ITC and me in my older age.
So there is one story of Joe Middle Class, and why there is a lack of savings.
Critique away, if you so want.
More than glad to help.
As most here now, I've spent my career working in the nonprofit world. I've work for big organization ($80,000,000 budget) to small organizations (just over $250,000). My first real big boy job, I received a salary of $18,500 to start with. This was back in 1995. I got the biggest raise of my life the week after I got married when my boss saw that I was responsible to raise two stepkids. I moved up to $22,000. I had no benefits other than vacation and sick time. My wife carried our insurance at the time. I wasn't there long enough to (3 years) to get an employer match to a 503b retirement account. I was fired from that job in February and started a new job in April at a reduced salary.
At the same time my wife lost her job and until the last year and half has never worked in between...long story, and pretty painful to get into. Suffice it to say, my wife and I have lived paycheck to paycheck for the 22 years we have been married. My wife cashed in her small retirement ($10,000) in 2000 so we could make a down payment on a house. Stupid some might say, but it was the only way we could get into a house.
My wife and I have lived a pretty frugal lifestyle. I've been blessed beyond measure by the generosity of friends and family. I've had four cars given to me in my lifetime. We have had friends and family purchase a fridge, washer, dryer and dishwasher for us. My wife and I have only ever paid for three vehicles: two minivans and an economy electric car that we currently own. We have one car, currently. If we need to make a road trip, I need to borrow a car.
So where are we at today: I draw a salary of just over $50,000 (this brings me just above what I made prior to the economic crash). Out of that, I need to cover our health insurance, no dental, no matching retirement from the organization. Not chump change by any means. My wife makes about $8,000 annually. After paying our bills (mortgage, utilities, insurance, student loans, life insurance, health insurance, etc. no cable just Netflix and Hulu), we have about $650 to cover food, clothing, medications, entertainment, medical bills, etc.
My wife takes three prescriptions everyday that cost $50/month, so now we are at $600
I purchase groceries for the month between $300-$400, so now we are at $200-300
I get dog food for the two dogs at $30, so now we are at $170-270
I'm not going to lie, we eat out more than we should, but not extravagant, probably $150, so now we are at $20-120
I haven't purchased any clothing, car maintenance, emergency, etc. And I haven't paid a medical bill, which I really should. So yeah, there isn't a whole lot of meat on the bone.
At the start of 2017, my wfe stopped taking one of her medications becuase even after insurance it was $150 a month.
You ask me what becomes of the money my wife brings in? Well, last year, she had major dental work done $3500. She just went yesterday to for a teeth cleaning and exam $150.
She uses that money for emergencies and vacation...our fridge just crapped out. We purchase a $300 refurbished fridge. As for the vacations...they're to see our son, daughter-in-law, and most importantly, garnd-daughter in Boston. What do our vacation consist of? Mostly babysitting for the week. I'm not complaining, I'm just saying these are not extravagant getaways. The closest thing Mrs. ITC and I have had for a vacation that wasn't paid for by someone else is a night at the local casino that we had a coupon for a free night stay.
I tell people that many years ago when the Social Security Administration use to send out your benefits with the line, if nothing changes your monthly benefit is $XXX, I've said too myself, "I've lived on less."
I fully expect I will work until I die. I also fully believe that people (family and friends) are going to support Mrs. ITC and me in my older age.
So there is one story of Joe Middle Class, and why there is a lack of savings.
Critique away, if you so want.
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