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what a good amount of money to make yearly that'll have you stable enough to provide for your family??
what amount of income is good for supplying for a big family? preferable not accumulated just incase i don't get married but still have lots of kids.
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Briana’s Answer
Hi, Illissia,
Try looking up "cost of living" for particular areas that you are interested in living in. It will vary wildly from state to state and city to city. For example, a $40k a year salary for one person in Iowa is a liveable salary, but it will not cover living expenses in New York or Califorinia. This becomes even more true when you introduce even one child, but especially multiple.
Try looking at the Pew Research salary calculator to get an idea of what salaries constitue "middle class:"
https://www.pewresearch.org/short-reads/2020/07/23/are-you-in-the-american-middle-class/
Try looking up "cost of living" for particular areas that you are interested in living in. It will vary wildly from state to state and city to city. For example, a $40k a year salary for one person in Iowa is a liveable salary, but it will not cover living expenses in New York or Califorinia. This becomes even more true when you introduce even one child, but especially multiple.
Try looking at the Pew Research salary calculator to get an idea of what salaries constitue "middle class:"
https://www.pewresearch.org/short-reads/2020/07/23/are-you-in-the-american-middle-class/
Updated
Jennifer’s Answer
When you have kids, there's so much to consider! You'll learn some things as you go, but remember, it's a significant choice. I found a helpful article online that you might like: https://www.verywellfamily.com/how-much-does-it-cost-to-raise-5-or-more-kids-5075170#Where%20The%20Money%20Goes
Always keep in mind that you can choose who becomes a part of your life, so choose wisely.
Always keep in mind that you can choose who becomes a part of your life, so choose wisely.
Updated
Kevin P’s Answer
Illissia, I can honestly say that this is very much up to you. Several years ago I read that at $75,000 per year there is not added happiness for more money. Obviously, this amount is now much higher because of inflation. Then just a few weeks ago I read an article that said something like 50% of millionaires feel like they are poor. There is a huge difference between those two amounts. So how can this be?
Let me tell you this way, I make no where near that million dollar a year mark but I am pretty darn happy and I feel like I am not poor. That is for 2 simple reasons. One I do not associate poor with money alone. I have wealth in other areas. Two, and this one is more important, I understand how to live below my means. That simply means that I spend less than I make. When I get a raise at work, I do not spend it. My life has not changed. I am okay not living in the biggest house.
Lets apply this to you, the wedding can cost a crazy amount of money. Easily $30,000, but why? Does it need to? Your love for your boyfriend/fiance does not change based on the size of the wedding. Early on in life, I had to understand the needs versus wants. I needed to be married, I wanted a big wedding. I needed a car, I wanted a new one.
So how can you save now, cut out the silly stuff. Understand what you need versus what you want. You need to eat, you dont need to go out to do it. Every dollar matters. Learn where every dollar goes. Budget. Then understand savings is the goal. Save 10-20% of every dollar. It adds up.
It is partly a mindset and partly life change. You got this just stay focused.
Let me tell you this way, I make no where near that million dollar a year mark but I am pretty darn happy and I feel like I am not poor. That is for 2 simple reasons. One I do not associate poor with money alone. I have wealth in other areas. Two, and this one is more important, I understand how to live below my means. That simply means that I spend less than I make. When I get a raise at work, I do not spend it. My life has not changed. I am okay not living in the biggest house.
Lets apply this to you, the wedding can cost a crazy amount of money. Easily $30,000, but why? Does it need to? Your love for your boyfriend/fiance does not change based on the size of the wedding. Early on in life, I had to understand the needs versus wants. I needed to be married, I wanted a big wedding. I needed a car, I wanted a new one.
So how can you save now, cut out the silly stuff. Understand what you need versus what you want. You need to eat, you dont need to go out to do it. Every dollar matters. Learn where every dollar goes. Budget. Then understand savings is the goal. Save 10-20% of every dollar. It adds up.
It is partly a mindset and partly life change. You got this just stay focused.
Updated
Becky’s Answer
The response to your inquiry may differ based on your location, household size, and other factors. Use this excellent tool to find the information you need:
https://livingwage.mit.edu/
https://livingwage.mit.edu/
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