Scraping By On 5. K A Year. Help! I’m drowning from all my money!

I’ve highlighted in a previous article how living off $2. In this article, I’ll discuss how one couple is living paycheck to paycheck while making a combined $5. They are a real couple who shared with me their financial details to anonymously share with you. Judging others, after all, is an American pastime!

OOpsie, it is the 14th Of October, not the 24th. Hit the wrong key. Richard Gould Ryder Eastham, MA USA - Sun 09/03/2017 - 19:38:54.

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I think is considered rich. Anybody who thinks otherwise has no concept of financial reality.

Even the government almost agrees after compromising by raising the income level for when the highest marginal tax bracket kicks in to ~$4. Although making $5. Herculean task, you’ll be surprised to know there are plenty of regular folks who hit the half million mark every year. I literally get e- mails and comments from similar income- earning couples every week asking for financial help. This article will discuss why many folks who earn a large income won’t be retiring any time soon. Various Combinations Of $5.

There’s been a lot of discussion about “sexless” marriages, many focusing on how to define “sexless. Honestly, I don’t want to have to turn to a so-called.

Households. 1) A couple 3. A couple 3. 2 year old second year associates at an investment bank after business school. A single 3. 1 year old VP at a private equity shop two years out of business school.

A 3. 5 year old senior project leader at a management consulting firm and her schoolteacher husband. A couple 3. 5 year old doctors (cardiologist and anesthesiologist) three years after their fellowships. A 4. 6 year old Chief Marketing Officer and her 5. A couple online marketing consultants in their mid- 3. A 4. 1 year old super frugal personal finance blogger who preaches riding a bike, doing your own home construction, and living off $3. An engineer at Google who has been there eight years and his partner at Salesforce.

A 2. 2 year old rookie professional basketball or football player and his product manager wife. A junior partner at a law firm and her Silicon Alley engineer husband. A Bay Area janitor and his elevator technician spouse. As you can see from my examples above, plenty of professions make $5. Finances are much easier when you combine forces! How To Make $5. 00,0. And Never Escape The Rat Race.

People who consistently earn $5. If they do, they aren’t getting sympathy from anybody since they’re making roughly 1.

X the median household income. A very simple solution to growing rich is to simply track your finances for free online like how you’d track your weight by stepping on a scale at least once a week to keep yourself honest. But money can be intoxicatingly evil once the big bucks start rolling in. As soon as you start making multiple six figures, you begin associating yourself with other people who make similar amounts or much more. Remember, it’s nice making max money in the NBA. But it’s even nicer if you are the owner who can cut max money checks! There’s a never ending cycle of financial comparison.

And with comparison comes envy, jealousy, depression, and all sorts of ridiculous feelings that would not be felt if you just took a step back and realized how fortunate you really are. This is why if you do want to beat the Joneses, you should compete on FREEDOM because there’ll always one more dollar to be made. The below chart is an annual spending example of a couple who each make $2. They have two children ages three and five. They are both in their early 3. New York City, the most expensive city in America! INCOME ANALYSISLargest Expenses.

Taxes ($1. 85,6. 00, ~4. The government doesn’t believe in two high- earning working spouses. Watch Some Freaks (2017) Hd. They want one spouse to stay at home and take care of the kids.

If they didn’t, why did President Obama campaign aggressively for $2. Equality would dictate that $2. Living in NYC is expensive due to Federal (3. State (1. 0%+), City (4. FICA tax of 6. 4% for the first $1. Unfortunately, NYC is where the jobs are. This couple is paying roughly $8,0.

Furthermore, they have AMT, an extra 0. Medicare tax they have to pay on income over $2. NIIT) of 3. 8% on income over $2. Mortgage ($6. 0,0. Brooklyn a couple years ago. In other words, they are living comfortably, but not large. Luckily, they bought their apartment a couple years ago because similar apartments are now going for $1.

Good thing the coastal city property market is finally slowing down as prices went a little out of control. Money is now flowing to the heartland via real estate crowdfunding, where valuations are much lower, yields are much higher (1. The $4. 2,0. 00 a year cost can be spent on daycare or a day nanny, although some contend that $4. Student Loans ($3. Law school tuition runs $5. That’s $3. 00,0. 00 in law school tuition plus room and board spent. If they didn’t go to law school, they could have easily made $6.

So many people conveniently forget that in order to get a high paying job, it often takes a lot of expensive education. It would be nice if the US education system was practically free as in Canada or Europe, but it’s not.

It’s typical for many doctors and lawyers to have over $1. Debatable Expenses. Food For Four ($2. Spending $2. 3,0.

I challenge anybody living in a big city to consistently live off $1. Work lunch alone costs $1. Therefore, the solution is to buy in bulk and always bring food to work.

Unfortunately, that gets old after a while, especially when you’re working 6. Car Payments ($9,6.

With two precious ones, the parents decided to lease two family- friendly vehicles: a BMW 5 series and a Toyota SUV with third row seating. They like the convenience of covered maintenance and the peace of mind by having a warranty. They are busy professionals with kids.

Car problems are the last things they want to deal with. Three Vacations A Year ($1. Let’s say each vacation is one week long and costs $6,0.

Is that so unreasonable for four people? Seven nights at a 3- 4 start hotel costs $3. Roundtrip airfare for four to debt- laden Puerto Rico costs another $2,4.

The family is left with $1,3. Charity And Alumni Giving ($1. National Center For Charitable statistics.

They each give $7,0. Children’s Lessons ($1. It’s a competitive world out there and these parents want the best for their kids.

The kids are taking violin lessons, Mandarin lessons, and tennis lessons throughout the year. At an average cost of $1,0. How else are they going to be able to get into private grade school that costs up to $5. They’re feeling the pressure at work, so their kids might as will feel the pressure in school. Miscellaneous ($1.

Unless you track your finances like the CIA, which you should, something always comes up. If nothing ever came up, you wouldn’t have people with less than $5,0. If nothing ever came up, there wouldn’t be so many budget deficits.

If nothing ever came up, we’d live our lives as planned. All The Push- backs Addressed. I’m sure by now many of you are wondering what the heck is wrong with this couple? How could they earn so much money and be left with so little.

As someone who started his career working in Manhattan in 1. I’ve wondered the same thing.

But let’s see if we can understand this couple’s point of view. Here are your most common responses and some further thoughts: Pushback #1: A 4.

It does seem a little high given the charitable givings and mortgage interest expense. But due to AMT and mortgage interest deduction phaseouts, this couple isn’t getting as big of a deduction as you might think. There’s probably room to lower the couples effective tax rat by 5% with some aggressive accounting.

It all depends on how much risk you want to take. Here’s some quick math from an astute reader. Do your own! NY State tax : (5. K- 1. 8K- 1. 8K- 1. NY City tax: (5. 00. K- 1. 8K- 1. 8K- 9.

K)*0. 3. 64. 8+3. Social Security tax (FICA): 7. Medicare: 5. 00. K*. Federal tax: Deductions: (4. K state local), 2.

K real estate tax, 1. K charity, 4. 1K mortgage interest (This is the third year of the amortization as per your information). Child care tax credit: 1.

KObamacare tax: (5. K- 2. 50. K)*. 0. Total taxes of $1. The child tax credit phases out after a married couple starts earning more than $1. Therefore, my ~4. Run the numbers if you don’t believe.

Pushback #2: A $1,5.

Best Beaches in Greece – The 2. Guide. Updated: July 2. Greece has the best beaches in Europe. Almost every Greek island has great beaches but the islands with the most good beaches are Crete, Naxos, Paros, Ios, Milos, Mykonos, and Rhodes. The best beach in Greece is Elafonissi Beach on Crete. The best beach for families is St. Georges Beach on Naxos.

The best beach for partying is Paradise Beach on Mykonos. The best beach for quiet and solitude is Plaka Beach on Naxos. The best beach hotels for an idyllic beach holiday are Ios Palace Hotel & Spa in Ios, Iria Beach Hotel in Naxos, and Branco Mykonos in Mykonos (brand new and right on the beach). The best beaches in Greece: my personal favorite is Elafonissi Beach in Crete. The Best Beaches in Greece. Beach. Island. Best For.

Elafonisi. Crete. Everyone. Platys Gialos. Mykonos. Fun & Activity. Plaka. Naxos. Relaxation. Faraga. Paros. Swimming. Mylopotas. Ios. Great sand. St. Paul’s. Rhodes.

Beauty. Perissa. Santorini. Clear water. The 1. Best Beaches in Greece. Elafonissi, Crete. The best beach in Greece: Elafonissi beach on the south coast of Crete.

There isn’t much else nearby besides a few small hotels so most people do a day trip from Chania. Recommended Beach Hotels: Elafonisi Resort by Kalomirakis Family . Recommended Paleochora Hotels: Caravella Luxury Apartments (moderate) . Mylopotas Beach, Ios. Wonderful sand and a quick drop- off for people who like to swim. Stay at either Mylopotas Beach or in the fun main town (Chora) up on the hill.

Recommended Hotels: Ios Palace Hotel & Spa (luxury) . Plaka Beach, Naxos. Naxos has many great beaches and if you’re looking for an island with a large variety of beaches it should be at the top of your list. Naxos Town is wonderfully charming and St George beach (a short walk away) is a great town beach. But down the southwest coast there are many others that are even better: Agia Anna, Agios Prokopios, Mikri Vigla, Pyrgaki – and perhaps the best of the lot, Plaka beach. I recommend staying in Naxos Town and taking the frequent buses to the beaches down the coast. Recommended Beach Hotels in Plaka: Iria Beach Hotel .

Platys Gialos, Mykonos. The best beach on Mykonos and backed by hotels and restaurants. A fun mellow vibe through the day becomes a romantic/trendy vibe at night. Recommended Beach Hotels in Platys Gialos: Branco Mykonos (luxury, right on the beach) . Ornos Beach, Mykonos.

The most family friendly beach on Mykonos. Great sand and calm relaxing water with a shallow slope. It’s 1. 0 minutes by bus from Mykonos Town. Recommended Beach Hotels in Ornos: Kivotos Luxury Boutique Hotel (luxury – great for honeymoons) . Mytros Beach, Kefalonia. Myrtos beach on Kefalonia.

Recommended Beach Hotels: Odyssey Villas (moderate – great place but you do need a rental car)7. Paleokastritsa, Corfu.

Paleokastritsa is a series of bays on beautiful Corfu. Recommended Hotels: Zefiros Traditional Hotel (moderate)8. Stafylo Beach, Skopelos.

Stafylo is one of the many great beaches on Skopelos. Recommended Beach Hotels: Skopelos Village (moderate) . Koukounaries Beach, Skiathos. Koukounaries Beach on Skiathos. Absolutely beautiful. Recommended Hotels: Skiathos Palace Hotel (moderate) .

St Paul’s Bay, Rhodes. A great little swimming spot near the castle at Lindos. The east coast of Rhodes is loaded with great beaches (including Faliraki and Lindos), but anything west of Rhodes Town will be very windy. I love staying in beautiful Rhodes Town and busing to the beaches through the day. Recommended Hotels: Atrium Palace Thalasso Spa Resort And Villas (luxury – near Lindos) . Faraga Beach, Paros. Paros has many great beaches – some of them like Golden Beach, Pounda, and Piso Livadi are a bit too popular.

Faraga is located in the south (protected from the meltemi winds) and away from the main towns. I recommend staying in Parikia and making a day trip to the beaches on the east and south coast. Recommended Hotels in Parikia: Argonauta Hotel (moderate) . Sarakiniko, Milos. Is this a beach? Who knows, who cares.

Mylos has many great little coves for swimming and sunning. Sarakiniko is one of the best spots to swim and relax.

Recommended Milos Hotels: Milos Breeze Boutique Hotel (moderate) . Kamares Beach, Sifnos.

Sifnos – a quiet island in the western Cyclades – is loaded with great beaches and Kamares is on of the best. The water is shallow and perfect for kids and there are many tavernas and hotels nearby. Recommended Hotels: Delfini (moderate) .

Matala Beach, Crete. A great little town. The cliff at the end of the beach is filled with caves that you can explore. Recommended Hotels: Matala View (budget)1. Shipwreck Beach, Zakynthos.

Accessible by boat on a day trip. Take one of the smaller operators out to the beach and you’ll be able to explore some caves. The beach is always busy but the magical setting makes it all worthwhile. Recommended Hotels in Laganas: Castelli Hotel (moderate)1.

Vai Beach, Crete. The best beach in eastern Crete and backed by a unique palm forest (the only one in Europe). Vai is a good day trip from Sitia. Recommended Hotels: Petras Beach (budget)1. Perissa Beach, Santorini. The nicest beach and sand on Santorini. Nearby Kamari beach is almost as good but has more restaurants and nightlife.

A boat connects the two beaches (the trip takes 1. Recommend Hotels in Perissa: Meltemi Village Hotel (moderate) . Red Beach, Santorini.

Santorini has some of the most unique beaches in Greece. They aren’t of the soft white sand variety. Most are composed of volcanic sand and are red, black, or grey. Nearby Akrotiri has hotels for all budgets but it’s better to stay in Fira and make a day trip by bus. Recommended Hotels in Akrotiri: Astarte Suites (luxury) . Vouliagmeni Beach, near Athens.

The best beach near Athens and about an hour’s trip by bus from the city center. Recommended Hotels on the Coast: The Westin Athens, Astir Palace Beach Resort . What are the best beaches for kids in Greece? Agios Georgios Beach on Naxos is wonderful for kids. It’s a short walk from the island’s wonderful main town and port. Many places to eat and stay are in the immediate area.

There are several other (quieter) beaches on Naxos that are also great for kids. As you move south away from the main town the beaches grow quieter and less developed – though almost all of them have at least 1 or 2 tavernas. The nearby islands of Paros and Antiparos have many kid- friendly beaches.

Read: The Best Islands in Greece for Families. Q. What is the best beach for partying? Paradise Beach on Mykonos is not for everyone. The category was Party Beach and this defines Paradise.

Water sports, young people, sand, sun, and drinks wherever you look. Punda Beach on Paros has an equally established reputation for partying. Q. What is the best beach for quiet and solitude (on a popular island)? Ambelas Beach, Paros is fantastic.

There are quieter beaches on less popular islands, but considering it’s on Paros, Ambelas is downright tranquil. There are enough restaurants and hotels in the area so you don’t feel totally isolated. Visit outside of July and August and you could have the beach to yourself. Q. What is the best beach close to Athens? Vouligmeni Beach is great for swimming and less than an hour from Athens. It can get very busy on the weekend but if you’re stuck in the heat of Athens you won’t complain once you’re here.

Q. When is the best time to visit Greece? Late May to Early October is the best time to visit Greece. July and August are the hottest and busiest months. June and September are nearly perfect with one small difference between them being that the sea is warmer in the fall while the countryside is greener in spring. Early May and Late October can still see warm weather and sunny days but you should be prepared for the possibility of rain and cloud – and pack a sweater for coolish nights. On the southern coast of Crete it’s not unheard of to be swimming into the first weeks of November.

What are the Best Greek Islands? The Best Beaches: Crete, Naxos, Milos, Paros.