Current Events > Do you make more than $50,000/year, pre-tax?

(+) Yeah! (+)

Yes I make $100k + yearly bonus of around $10k - $15k

I still can't afford a house in my area. Yay New Jersey.

I get paid absolute dick but yes technically over 50k pre tax

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I also like living. One of my caveats to where I decide to move.

I make a bit over $40k.

I really would love to cross that $50k threshold.

In about 3 years I'll be making more than 50k after taxes. Not at the moment, though.

Pretty sure I make more than 50k post tax. But I'm the sole income in a 3 person household so it doesn't go very far

Barely. I made 55k last year and my wife made 46k putting us over the 100k him on for the first time. She just got a 20k+ promotion so we raking atm

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I wont take it personally, but I don't think its a poor financial decision, and hear me out from my perspective. The average 2 bedroom apartment where I live is 1500. Your waiting on a scummy landlord to do the maintenance, and most of the time you can't do fixes yourself, even if you can afford it, because you'll break your lease.

Yes 300K for a home is a lot while earning 50K. But your not earning 50K the entire time. You'll get promotions, raises, etc. That also doesn't account for a family, or roommates who can help subsidize the cost of living. Not to mention, as I said before we have the option here of a 30 year loan. So with a 4 bedroom home, I can rent out 2 of those rooms for market value of around 700/m and earn close to 17K a year just from that alone.

That's just how I look at it. Plus, at least here, when you reach into the 300K market your looking at homes built in the past 10 years, so there shouldn't be major maintenance to do. Plus there are options like re-evaluating the price of your home so you can get a loan to pay off the other loan, which apparently is a thing for some reason.

Nice try IRS

Would you even get qualified for a 300k loan at a 50k income?

I don't believe you can use "renting out spare bedrooms" as a way to get qualified either.

emblem-man posted...

Would you even get qualified for a 300k loan at a 50k income?

I don't believe you can use "renting out spare bedrooms" as a way to get qualified either.

This. Any lender who would approve that loan would be sketchy as fuck and likely charge usury-level interest rates.

emblem-man posted...

Would you even get qualified for a 300k loan at a 50k income?

I don't believe you can use "renting out spare bedrooms" as a way to get qualified either.

Probably not, in todays society, but tbh, as I pointed out earlier, I lived off of 20K for a 200K home, and while there were times I struggled, I made it work. Now I have people telling me that now that I make nearly triple what I made before I can't afford a home that's 150K? to quote a semi-famous YouTuber "Aint no way".

What was the mortgage costs for that home?

emblem-man posted...

Would you even get qualified for a 300k loan at a 50k income?

I don't believe you can use "renting out spare bedrooms" as a way to get qualified either.

Case by case basis obviously, but I can speak through personal experience the answer is yes.

Closed on my house 2 years ago. 330k, on a 55k salary. I had 0 debt at the time, not even a car note since I paid the sucker off a year prior. I also had a savings of about 30k since I was living with my parents at the time. Nice credit, and interest rate is 6%. Mortgage is 2.3k a month with a credible bank.

I didnt struggle at all to afford it when I was on the 55k budget. I was even saving up again a nest egg. Also still able to splurge on going on date nights (although not as much.)

So I'd argue it's possible on a case by case basis. Everybody's situation is not as lucky as I was which allowed me to do it on a 55k budget.

Now full disclosure, I make way more than 55k now, and I also rent out my extra 2 rooms to a couple/friends..., but the point is I closed on the house at 55k and I gave the bank no indication extra income was foreshadowed at the time.

Yes, I dump 20% of my checks into my 401k, more into my HSA that Ive maxed in contributions this year and..somewhat regret.

Regardless I make enough to afford my mortgage, miscellaneous items every so often like ghee butter, and a overseas vacation once or twice a year using my vacation days.

My wage extrapolated to a 40 hour week ends up being about $47k, but I work enough days and make enough overtime (wherein I receive 2x after 48 hours in a week) that I haven't made less than $81k since 2020. I am in and around the borderline of bringing home $50k yearly based on that.

I benefit from decent financial wits and a reasonable cost of living ($660 mortgage) but I have indeed still put in 300+ days per year since 2017, with the exception of 2020.

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Finance 101 also states that you build a line of credit using credit cards and bank everything you make into a high interest savings account, while investing excess money into different financial portfolios (Stocks, Bonds, etc) for when you retire. Father was a bank manager. I learned a bit from him. Him being a Bank Manager also comes with its perks for me in particular as I don't have to pay fees on Credit/Debit cards. I digress.

Im going to say I do post tax. My take home is probably just under that amount, but thats after voluntary deductions.