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$6000 a month mortgage. $1000 a month property taxes. $2000 a month health insurance premiums. $1000 a month car payments. $1000 a month food bill. That's
by droithomme 7y ago
$6000 a month mortgage.
$1000 a month property taxes.
$2000 a month health insurance premiums.
$1000 a month car payments.
$1000 a month food bill.
That's not uncommon in the bay area for a developer with two or three kids. $132k without even getting started.
Suddenly his $150k developer income is cut to 60% of what it was before, $90k. Except wait it's not there's a "cap" so he's pulling in a massive $62k. With $132 in basic expenses.
This is no problem and terribly generous as you see it.
- _eht 7y agoWith that kind of debt to income ratio I feel like CoV-19 would be only expediting an inevitable problem...
- HenryBemis 7y agoThis person/family is technically living paycheck to paycheck. This budget doesn't include gas, vacations, schools, entertainment, and plenty more. This is recipe for disaster. I do understand that CA is expensive, but "living paycheck to paycheck" is an accident waiting to happen. This time it is CV. Next time it could be something else. Unless a family has enough on the side to live off no (new) income for 6 months, then sweat and stress sets in. I hope everyone, everywhere will ride this CV out as unscathed as possible. But with budget like that, it's very "challenging".
- refurb 7y agoHow is someone making $150k (~$100K) after taxes, have $132K in basic expenses? And is he paying $24,000 per year in premiums? This example is someone obviously living beyond their means, so of course they're going to get into trouble.