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Whatís Your Monthly Budget Look Like?


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 3 weeks ago '18        #1
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PurpleRain 
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Whatís Your Monthly Budget Look Like?
 

 
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This is mine, the pension is from the military, I work as a security guard, and the school money is paid to me by the military for taking online classes. I’m married with 3 kids, 2 by my current wife and 1 with my ex wife. Child support is automatically taken from my pension every month before I get my check so I didn’t list it it’s not much anyway just $238 a month. I’m currently waiting on the VA to decide if they’re going to give me 100% disability ($3400 monthly) for the back surgery I had to have recently due to an old military injury. That would increase my monthly income by about $1800. I’ve got a lawsuit against a pharmaceutical company that’s due to pay out any day now. fu*king bipolar medication gave me gynecomastia (man boons). Gotta get surgery to fix it it’s not bad but definitely noticeable. The payout is $8k and that will knock off 3 of the 4 debts I have. Long story short I’m just trying to be debt free before I buy a house.


Last edited by PurpleRain; 11-22-2019 at 02:49 PM..
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 3 weeks ago '05        #2
pnoi89 
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What's are your total debts looking like?
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 3 weeks ago '18        #3
PurpleRain  OP
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 pnoi89 said
What's are your total debts looking like?
Car Loan: 11k
Personal Loan: 20k
Credit Card: 10k
Zzounds: $300

I spoke to the company I have the loan and the credit card with they said theyíll settle both for $8k total so iíll get them out the way as soon as I get my settlement check. Zzounds I can knock off whenever to be honest since itís just $300. If I get this 100% the back pay they owe me as of dec 7th will be $10,800 so I can put a huge dent in the car loan and be debt free maybe a month or two later.
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 3 weeks ago '05        #4
pnoi89 
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 PurpleRain said
Car Loan: 11k
Personal Loan: 20k
Credit Card: 10k
Zzounds: $300

I spoke to the company I have the loan and the credit card with they said theyíll settle both for $8k total so iíll get them out the way as soon as I get my settlement check. Zzounds I can knock off whenever to be honest since itís just $300. If I get this 100% the back pay they owe me as of dec 7th will be $10,800 so I can put a huge dent in the car loan and be debt free maybe a month or two later.
What are the interest rates and minimum payment amounts on each of those?
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 3 weeks ago '18        #5
PurpleRain  OP
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 pnoi89 said
What are the interest rates and minimum payment amounts on each of those?
All are in collections and have been for years so they’re not costing me a dime monthly but they did hurt my credit which is why I’m tryna pay them all off.

Edit: the car note isn’t it’s current and $226 a month.


Last edited by PurpleRain; 11-22-2019 at 02:49 PM..

 3 weeks ago '19        #6
pharoahX 
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I'm envious of your rent, health insurance, and internet costs, mine are way higher and I'm actively trying to cut down monthly expenses.
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 3 weeks ago '18        #7
PurpleRain  OP
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 pharoahX said
I'm envious of your rent, health insurance, and internet costs, mine are way higher and I'm actively trying to cut down monthly expenses.
My rent is my half wife pays $50 less. My health insurance is only cheap bc I got medically retired from the military so I have Tricare for dirt cheap. Internet is 100 mbps for $30 for the first year. I’d recommend threatening to cancel your internet to get a promo deal.


Last edited by PurpleRain; 11-22-2019 at 02:48 PM..
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 3 weeks ago '05        #8
pnoi89 
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 PurpleRain said
All are in collections and have been for years so theyíre not costing me a dime monthly but they did hurt my credit which is why Iím tryna pay them all off.

Edit: the car note isnít itís current and $226 a month.
Got it. Definitely get rid of that debt in collections.

I'm guessing your school's tuition is paid by that income for school? GI Bill?

Take a closer look at your cell phone bill and insurance. Is there a reason why your insurance is so high?.... Like extraordinarily high?

What are you doing with your remaining income? Are you saving? Are you investing anywhere?
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 3 weeks ago '18        #9
PurpleRain  OP
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 pnoi89 said
Got it. Definitely get rid of that debt in collections.

I'm guessing your school's tuition is paid by that income for school? GI Bill?

Take a closer look at your cell phone bill and insurance. Is there a reason why your insurance is so high?.... Like extraordinarily high?

What are you doing with your remaining income? Are you saving? Are you investing anywhere?
I used up my GI Bill on my first degree but since I’m a disabled vet I’m using another program called voc rehab and they pay for my degree entirely. Cell phone is me and the wife so 2 lines for the price of one and it’s a military plan. Insurance was supposed to be $138 a month but the wife totaled her car and it raised my insurance up to what it is now. What to do with the remaining income is what I’m trying to figure out now


Last edited by PurpleRain; 11-22-2019 at 03:23 PM..

 3 weeks ago '14        #10
FukHowYouFeel 
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Personal Income is about $20K net a month.

Expenses are about $12-14K a month. Have one mortgage for my condo that comes from that. My house is paid off. Only one lease (girl’s Tesla).

Remainder is discretionary funds ($6-8K a month).

My “savings”/investments are about $15K a month and whatever I have after paying taxes end of the year gets reinvested as well. I don’t see those funds personally as they’re in tax deferred funds.

The simplest way to look at it would be:

$30K Gross
-$10.5 Taxes
-$12-14K Living Expenses
=$5K give or take usually left over I usually spend as my savings/investments are figured separately.


Last edited by FukHowYouFeel; 11-22-2019 at 03:27 PM..
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 3 weeks ago '14        #11
Xman0142 
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Thank you for your service.
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 3 weeks ago '18        #12
PurpleRain  OP
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 FukHowYouFeel said
Personal Income is about $20K net a month.

Expenses are about $12-14K a month. Have one mortgage for my condo that comes from that. My house is paid off. Only one lease (girl’s Tesla).

Remainder is discretionary funds ($6-8K a month).

My “savings”/investments are about $15K a month and whatever I have after paying taxes end of the year gets reinvested as well. I don’t see those funds personally as they’re in tax deferred funds.
Im lost is savings/investments part of the monthly expenses? Also I pray I never have $12k in monthly expenses Jesus Christ!
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 3 weeks ago '05        #13
pnoi89 
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Monthly/Yearly Incomes:
1. Full-Time Job: $2,334.00 after taxes, 401k minimum for employer match, health insurance, etc. Paid every 2 weeks. Or $5,057/month.
2. Side Jobs: ~$500 minimum to sometimes around $2,000 per month depending on the work available, pay rates, etc.
3. Bank/Credit Card bonuses and rewards: ~$3-5k total per year depending on my business expenses, sign-up bonuses available, etc. I don't necessarily track my rewards accrual, but I always try to maximize coupons, AMEX offers, bonus cash backs, etc. The bank bonuses are taxable, while the credit card rewards and bonuses are non-taxable.
4. Forgot to add in dividend incomes from a variety of sources (high-yield checking/savings account, dividend stocks, etc.): ~$125/month when totaling everything together and dividing it by 12. I typically don't touch this at all and just reinvest this income into my stock portfolio.

Monthly Rental Incomes (this is income dedicated to the rentals ONLY and reinvested into the real estate business to stay disciplined; the ownership of all properties is split 50/50 between me and my sister/brother in law):
1. Tenant living in my primary home: $400
2. Investment Home 1: Net $300 income after mortgage. Self-managed.
3. Investment Home 2: Net $300 currently after mortgage and management and after turndown between tenant. After I proceed with my cash-out/refinance, this will turn into Net $1,000 after property taxes and management.
4. Investment Home 3: My parents live in this and cover ~$600 per month to the mortgage.

Monthly Personal Expenses only:
1. Primary Home Mortgage with HOA (before and after the soon-to-come cash-out/refinance): $2,300 (will reduce to around $2,100 depending on what rate I lock into).
2. Utilities, Water: $120
3. Utilities, Electricity: ~$80 average
4. Utilities, Gas: ~$40 average over the year.
5. Internet: $130.
6. Gas: ~$90 a month, at most.
7. Phone: my sister and brother in law covers this.
8. Car Insurance: $50/month (car is salvaged now, so no more collision/comp. coverage, but umbrella liability coverage, for sure).
9. Food & Entertainment: ~$150 at the most, but could go high depending on birthdays and other events. I take any free (or reimbursed) food when I can, pre-game to save on drinking, etc.
10. Investments: I invest a minimum $2,800 post tax money into stocks, index funds, savings, etc. At a minimum, I invest $500 to my index funds and stocks, while the rest goes into my savings, housed at a 4% high-yield checking account.
Total: $5,630/month

Everything else left is discretionary income, but if you're familiar with my lifestyle, I pinch as much as possible.


Last edited by pnoi89; 11-22-2019 at 03:48 PM..
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 3 weeks ago '13        #14
eleetmatt 
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At least you ain't struggling, man. Seems like you got a decent thing going. Sorry to hear about the medication and sh*t, sounds fu*ked.

I can't seem to get out of the struggle. I'm a hard worker but cant seem to get my foot in the door anywhere that pays well. Didn't get a chance to go to college or anything extra cuz we aint have no extra money growing up. I know i can get grants or loans but I've seen enough people in debt from loans, and i don't know where to start with grants. Living paycheck to paycheck for the most part with a little extra after bills. Just lost my last job thst was keeping me above water so doing some temp bullsh*t in a warehouse for peak season. I got like $1,400 saved up but worried its all gonna come crashing down. Don't mean to try to derail, seemed like a good topic where someone might be able hear me out and give me some advice on what the hell to do. Tired of being broke. I'm not lazy, im a great worker, just at a seemingly dead end and want the fu*k out
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 3 weeks ago '14        #15
FukHowYouFeel 
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 PurpleRain said
Im lost is savings/investments part of the monthly expenses? Also I pray I never have $12k in monthly expenses Jesus Christ!
No. Those funds never go directly to me. They’re dispersed and held in tax deferred investment banking accounts. I have 4 funds, one for money markets, one for stocks, one for bonds and one for real estate. Real estate gets the largest chunk allocated to it which is usually directed back into my company. I can’t touch the money personally as it would be considered self-dealing by the government.

And I don’t need live on $12K a month or more. The amount to cover my bills would be only about $6-7K. $12-14K is living the life I enjoy and also helping out friends and family and extras such as traveling and shopping etc.

My girl also owns and runs a digital marketing agency. She pays herself about $3250/week from that.

We had some very lean years building up to what we have now, so we try to enjoy ourselves where we can.


Last edited by FukHowYouFeel; 11-22-2019 at 03:35 PM..
+9   

 3 weeks ago '18        #16
PurpleRain  OP
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 pnoi89 said
Incomes:
1. Full-Time Job: $2,334.00 after taxes, 401k minimum for employer match, health insurance, etc. Paid every 2 weeks. Or $5,057/month.
2. Side Jobs: ~$500 minimum to sometimes around $2,000 per month depending on the work available, pay rates, etc.
3. Bank/Credit Card bonuses and rewards: ~$3-5k total per year depending on my business expenses, sign-up bonuses available, etc. I don't necessarily track my rewards accrual, but I always try to maximize coupons, AMEX offers, bonus cash backs, etc. The bank bonuses are taxable, while the credit card rewards and bonuses are non-taxable.

Rental Incomes (this is income dedicated to the rentals ONLY and reinvested into the real estate business to stay disciplined; the ownership of all properties is split 50/50 between me and my sister/brother in law):
1. Tenant living in my primary home: $400
2. Investment Home 1: Net $300 income after mortgage. Self-managed.
3. Investment Home 2: Net $300 currently after mortgage and management and after turndown between tenant. After I proceed with my cash-out/refinance, this will turn into Net $1,000 after property taxes and management.
4. Investment Home 3: My parents live in this and cover ~$600 per month to the mortgage.

Personal Expenses only:
1. Primary Home Mortgage with HOA (before and after the soon-to-come cash-out/refinance): $2,300 (will reduce to around $2,100 depending on what rate I lock into).
2. Utilities, Water: $120
3. Utilities, Electricity: ~$80 average
4. Utilities, Gas: ~$40 average over the year.
5. Internet: $130.
6. Gas: ~$90 a month, at most.
7. Phone: my sister and brother in law covers this.
8. Car Insurance: $50/month (car is salvaged now, so no more collision/comp. coverage, but umbrella liability coverage, for sure).
9. Food & Entertainment: ~$150 at the most, but could go high depending on birthdays and other events. I take any free (or reimbursed) food when I can, pre-game to save on drinking, etc.
10. Investments: I invest a minimum $2,800 post tax money into stocks, index funds, savings, etc. At a minimum, I invest $500 to my index funds and stocks, while the rest goes into my savings, housed at a 4% high-yield checking account.
Total: $5,630/month

Everything else left is discretionary income, but if you're familiar with my lifestyle, I pinch as much as possible.
Nice youíre clearly a beast with the investments!
+2   

 3 weeks ago '18        #17
PurpleRain  OP
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 FukHowYouFeel said
No. Those funds never go directly to me. They’re dispersed and held in tax deferred investment banking accounts. I have 4 funds, one for money markets, one for stocks, one for bonds and one for real estate. Real estate gets the largest chunk allocated to it which is usually directed back into my company. I can’t touch the money personally as it would be considered self-dealing by the government.

And I don’t need live on $12K a month or more. The amount to cover my bills would be only about $6-7K. $12-14K is living the life I enjoy and also helping out friends and family and extras such as traveling and shopping etc.

My girl also owns and runs a digital marketing agency. She pays herself about $3250/week from that.

We had some very lean years building up to what we have now, so we try to enjoy ourselves where we can.
Oh ok I got you thanks for breaking it down. If you don’t mind me asking what do you do for work or are you a small business owner? You’re income is much higher than most people. Except the BX millionaires who’ve yet to chime in lol.
+2   

 3 weeks ago '14        #18
FukHowYouFeel 
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 pnoi89 said
Monthly/Yearly Incomes:
1. Full-Time Job: $2,334.00 after taxes, 401k minimum for employer match, health insurance, etc. Paid every 2 weeks. Or $5,057/month.
2. Side Jobs: ~$500 minimum to sometimes around $2,000 per month depending on the work available, pay rates, etc.
3. Bank/Credit Card bonuses and rewards: ~$3-5k total per year depending on my business expenses, sign-up bonuses available, etc. I don't necessarily track my rewards accrual, but I always try to maximize coupons, AMEX offers, bonus cash backs, etc. The bank bonuses are taxable, while the credit card rewards and bonuses are non-taxable.

Monthly Rental Incomes (this is income dedicated to the rentals ONLY and reinvested into the real estate business to stay disciplined; the ownership of all properties is split 50/50 between me and my sister/brother in law):
1. Tenant living in my primary home: $400
2. Investment Home 1: Net $300 income after mortgage. Self-managed.
3. Investment Home 2: Net $300 currently after mortgage and management and after turndown between tenant. After I proceed with my cash-out/refinance, this will turn into Net $1,000 after property taxes and management.
4. Investment Home 3: My parents live in this and cover ~$600 per month to the mortgage.

Monthly Personal Expenses only:
1. Primary Home Mortgage with HOA (before and after the soon-to-come cash-out/refinance): $2,300 (will reduce to around $2,100 depending on what rate I lock into).
2. Utilities, Water: $120
3. Utilities, Electricity: ~$80 average
4. Utilities, Gas: ~$40 average over the year.
5. Internet: $130.
6. Gas: ~$90 a month, at most.
7. Phone: my sister and brother in law covers this.
8. Car Insurance: $50/month (car is salvaged now, so no more collision/comp. coverage, but umbrella liability coverage, for sure).
9. Food & Entertainment: ~$150 at the most, but could go high depending on birthdays and other events. I take any free (or reimbursed) food when I can, pre-game to save on drinking, etc.
10. Investments: I invest a minimum $2,800 post tax money into stocks, index funds, savings, etc. At a minimum, I invest $500 to my index funds and stocks, while the rest goes into my savings, housed at a 4% high-yield checking account.
Total: $5,630/month

Everything else left is discretionary income, but if you're familiar with my lifestyle, I pinch as much as possible.
Very impressive.

And what’s so dope about this post is your situation is 100% discipline. You sought the information that’s available to everyone and just did that sh*t. People without a business/regular folks could do this and just simply don’t. Takes a special person to hustle like this.

Respect.
+8   

 3 weeks ago '05        #19
pnoi89 
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 PurpleRain said
I used up my GI Bill on my first degree but since Iím a disabled vet Iím using another program called voc rehab and they pay for my degree entirely. Cell phone is me and the wife so 2 lines for the price of one and itís a military plan. Insurance was supposed to be $138 a month but the wife totaled her car and it raised my insurance up to what it is now. What to do with the remaining income is what Iím trying to figure out now
Does your job offer a 401k match?

Or so, contribute to that at a minimum. Do you have an HSA option? If so, contribute to that.

Since you have children, do you plan ahead and use a tax-saving plan for daycare? If so, plan ahead for that for maximizing your funds.

Look into Index Funds, as that's a very, very, VERY simple way to invest. First, dump into a tax-shielding retirement account like a Roth IRA. If you want to split any dividend income for immediate use, but may be taxed for capital gains, then open up a taxable account at Fidelity, Etrade, Robinhood, etc. You can't go wrong with the big boys like Etrade, Fidelity and Charles Schwabb for the low, low fees and no commissions on passively managed index funds. But also have a cash reserve set aside. I'm a believer in real estate, so that can be something to look into as well, when you have the funds available.
+4   

 3 weeks ago '05        #20
pnoi89 
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 FukHowYouFeel said
Very impressive.

And whatís so dope about this post is your situation is 100% discipline. You sought the information thatís available to everyone and just did that sh*t. People without a business/regular folks could do this and just simply donít. Takes a special person to hustle like this.

Respect.
Thanks fam! I've been trying to preach about the importance on working with your fam, taking care of your fam and staying disciplined, at least mainly in the Financial section of BX.

The main downside is that I'm not married and one bad relationship/tie-up can definitely twist up everything me and my sister/brother-in-law built. But, I'm sticking with the course!

 PurpleRain said
Nice youíre clearly a beast with the investments!
Thank you man!
+3   

 3 weeks ago '05        #21
hily 
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 pharoahX said
I'm envious of your rent, health insurance, and internet costs, mine are way higher and I'm actively trying to cut down monthly expenses.
and daycare . For 3 kids?! Before mine hit kindegarten it was 1000-1200 a month easy.
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 3 weeks ago '14        #22
FukHowYouFeel 
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 PurpleRain said
Oh ok I got you thanks for breaking it down. If you don’t mind me asking what do you do for work or are you a small business owner? You’re income is much higher than most people. Except the BX millionaires who’ve yet to chime in lol.
Private equity placement/real estate investment. We direct capital and manage portfolios for high net worth investors with a focus on commercial real estate. It’s basically a hedge fund for real estate. I’m a managing partner with two others. I started out flipping residential (wholesaling) and it’s sort of morphed into what it is now (over a decade).

Technically based off net profits were still considered a “small business” and we only have 14 employees, but we have $480 million worth of a*sets under management and expect to hit a half a billion next year.

My equity position is about 28.5% of the company (we’ve diluted to retain junior partners) and I draw (on paper) the $30k a month salary I mentioned in my original post. My actual compensation is somewhere around $550k a year, but I don’t see all of it as a third is reinvested off-top.


Last edited by FukHowYouFeel; 11-22-2019 at 03:50 PM..
+9   

 3 weeks ago '05        #23
pnoi89 
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 eleetmatt said
At least you ain't struggling, man. Seems like you got a decent thing going. Sorry to hear about the medication and sh*t, sounds fu*ked.

I can't seem to get out of the struggle. I'm a hard worker but cant seem to get my foot in the door anywhere that pays well. Didn't get a chance to go to college or anything extra cuz we aint have no extra money growing up. I know i can get grants or loans but I've seen enough people in debt from loans, and i don't know where to start with grants. Living paycheck to paycheck for the most part with a little extra after bills. Just lost my last job thst was keeping me above water so doing some temp bullsh*t in a warehouse for peak season. I got like $1,400 saved up but worried its all gonna come crashing down. Don't mean to try to derail, seemed like a good topic where someone might be able hear me out and give me some advice on what the hell to do. Tired of being broke. I'm not lazy, im a great worker, just at a seemingly dead end and want the fu*k out
FAFSA. Start here fam:

If you qualify for the Pell grant, you test the waters with community college and it WILL be affordable. From there, you can decide if further education will benefit you in the long term. Also keep in mind that your hard work can also pay off as scholarships DO exist and surprisingly, the majority of students DON'T apply for them. This is coming from experiences of a student being awarded a collection of scholarships for a full-ride through undergrad. I didn't have money to pay through school without being forced to take out loans, so I know the feeling.
+4   

 3 weeks ago '19        #24
Thatdude31 
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Bro all I wanna know is where you living with 700 rent sh*t!!! I need that in my life my sh*t is 2600 and I’m not even living all that great.
+3   

 3 weeks ago '18        #25
jakerich 
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 PurpleRain said



This is mine, the pension is from the military, I work as a security guard, and the school money is paid to me by the military for taking online classes. Iím married with 3 kids, 2 by my current wife and 1 with my ex wife. Child support is automatically taken from my pension every month before I get my check so I didnít list it itís not much anyway just $238 a month. Iím currently waiting on the VA to decide if theyíre going to give me 100% disability ($3400 monthly) for the back surgery I had to have recently due to an old military injury. That would increase my monthly income by about $1800. Iíve got a lawsuit against a pharmaceutical company thatís due to pay out any day now. fu*king bipolar medication gave me gynecomastia (man boons). Gotta get surgery to fix it itís not bad but definitely noticeable. The payout is $8k and that will knock off 3 of the 4 debts I have. Long story short Iím just trying to be debt free before I buy a house.


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