Wednesday, November 24, 2010

How much does this breadwinner need to make annualy in Ohio?

Family of 4 living in the vicinity of a major Ohio city (Cincinnati, Columbus, Dayton, Youngstown, Cleveland--doesn't matter which). Parents are late 20s.



One parent working, one staying home (doesn't matter which one) until the kids are both in school. Once the kids are in school, the second parent can go to work, but only part-time until the kids both go to college. The part-time income must not be relied upon for paying bills.



The working parent puts 15% into a 401K and an additional 10% into savings. The family also gives 5% of the family income to charity.



They own their 4 br, 2 ba home with a moderately sized yard. It does not matter if it's city or suburban, but the house is in an excellent school system, or is at least in a safe neighborhood. If the schools are not good where the house is, they must be able to afford private education for both kids.



They do not have household staff. Babysitters are %26quot;as-needed.%26quot;



Two reliable cars that are well maintained and replaced every 5 years or so (brand is unimportant).



They dress respectably well. Nobody wears Gucci or Prada, but nobody has to shop at Goodwill either (unless they want to).



They must be able to afford sports for the kids (too many schools,even good ones, on pay-to-play now to not consider this) and an additional lesson (music, dance, something) for each kid once a week. Kids can go to camp for a week every year if desired. They can afford the class trips too.



Once a year they take a family vacation for a week. Every other year this vacation is to relatives, the other year it is somewhere new. At least once before the kids leave for college this family will do a full-on Disney vacation.



Once a year, mom %26amp; dad go away together for a week.. The kids stay with relatives. Every fourth year this vacation takes them out of the country.



Once a year mom %26amp; dad (at separate times) take a long weekend with friends. Ie: girls/guys weekend away.



They shop at the regular grocery. They eat healthy, but are not vegetarians. They don't have to have everything organic (expensive), nor do they have a garden (cheap).



The only debt they pay is for the house and cars. Everything else is paid cash. They watch the bills. Utilities are reasonable. Mom %26amp; dad have cell phones. Kids get phones when they enter high school. They have only basic cable.



The family eats out once a month. Mom %26amp; dad eat out once a month alone and pay a sitter. Kids buy school lunch. All other meals are prepared at home. They go to an occasional movie.



When the kids go to college, mom %26amp; dad can afford tuition, room %26amp; board at the State University. Anything above that the kids have to come up with themselves. (This has been saved for in addition to the above referenced savings).



For argument's sake we will say both parents have a 740 credit score.



Both parents will be able to retire at 65 without a dramatic change to their lifestyle.



How much does the working parent have to earn for this to be a reasonable lifestyle?



Sorry for all the detail, but I'm trying to prove a point to someone.How much does this breadwinner need to make annualy in Ohio?Family of 4 living in the vicinity of a major Ohio city (Cincinnati, Columbus, Dayton, Youngstown, Cleveland--doesn't matter which).

Yes, it DOES matter which. Cost of living varies.



For argument's sake we will say both parents have a 740 credit score.

TOTALLY irrelevant.



Sorry for all the detail, but I'm trying to prove a point to someone.

You asked the WRONG question. Tell us the point and you can express an opinion about who is correct.



90% of your information is about what they DO, not what they NEED.How much does this breadwinner need to make annualy in Ohio?try at http://urlcut.com/1wgygHow much does this breadwinner need to make annualy in Ohio?Hi,



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Hope that was helpful
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