Originally Posted by
1Seat 1Engine
Do the math: $100,000 a year is $8333.33 a month.
Payments on a $300,000 loan might be as high as $2200 a month (PITI)
You think someone could survive on the remaining $6100 per month? <sarcasm should be obvious>
I've almost never made over $100,000 a year in my life and will make significantly less than that now. Wife does not work. I live in a >3000sq foot house in a very nice neighborhood. 4 kids; college, Army, High School. I drive a paid off lexus.
Not trying to brag but according to some of you guys, I'm a hillbillie in a trailer park. I think you need to rethink your budgets.
Throw on the 401K and taxes, plus all the other stuff you get taken out for medical/dental, HSA, Insurance, etc. and that $8333.33 becomes a lot less. That pretty much means that more than one check alone is going to the house payment, the rest is going towards heating, electricity, TV, phone & internet, etc. Now how do you save for your kids education, and a newer car someday, vacation once in a great while, not to mention home improvement costs because your mean average home needs a new roof soon.
Where I live a 300K house is 5K a year in property taxes ($400/mo.)
When you really beak it down, 100K is not a whole lot of money in a place like where I live. Personally I want to do more than just get by, that is why I became a pilot back when I did. I like to fly, but I like money more! I'm lucky to not have to worry about one or the other, but neither should other pilots. Like most people; I work to live, not the other way around. If FedEx didn't pay well I would not have applied; UPS did not get an application from me because of their 1st year pay.