We both file bankrupcies in the 1990's. We both live in NY. When we met we started rebuilding our financial futures together at age 30. Back in 2005 my wife an I got engaged. We paid for our own wedding ($20K) of which we were able to return $11K into savings. The following year my father in law passed away and my wife and I committed ourselves to care for my disabled mother in law (bed bound with MS). We purchased a house in 2007 for $350K in NY. We were able to put 5% down which after closing left us with $5000 in savings. We pay $10K a year in annual taxes and insurance.
Our net monthly is $7500 per month. Heating oil averages $5000 per year. Utilities, maintenance other expenses put us over $42K per year in house hold expenses+ mortgage ($3000 per month). We don't collect rent from my mother in law...she has SS income however it isn't enough to cover all her medical and living expenses. Between federal and state taxes last year we payed out another $29K. I'm not complaining. Our head is above water. My wife and I probably overspend on groceries... we like to dine out ($200 a month easily). We have gym memberships. two car payments and insurance ($800).
We can afford it all and probably stand to cut back a lot. I'm worried at 42 we'll be working until 70 before retirement. I still can't wrap my head around couples above who are a decade younger and seemingly 9,000 paces ahead. Or the 'caller' on a money management program (Suze Orman or Dave Ramsey) who is 46 has $6000 per month in income, $180K mortgage and have $1.2mil in retirement, $220K in savings and wants to know if they can afford dance lessons? What is the secret??? Windfall income? A dead aunt? Sleeping rent free in a park for several years? No one I know of is in that personal financial situation unless they have amassed massive debt for the cause and aren't being truthful. Or perhaps it's just that I live in the Northeast... an expensive area of the country, where the dollar doesn't stretch as far. I'm not jealous... I want to know the 'secret'.
Edited by ukikkgr, 28 April 2012 - 07:43 PM.