There are lots of folks around here that live paycheck to paycheck, couldn't afford an unexpected 400.00 bill and don't have any luxury toys/payments. The median annual income for males here is less than 30,000 per year(80,000) and the median household income is less than 40,000(120,000). It's rural (suburban to urban) so you have to keep a dependable vehicle on the road as the average distance traveled for work is 23 miles(60 miles, plus $10 bridge tolls). Between the purchase price, repairs, maintenance, insurance and gas there goes 6,000 - 7,000.00 of your income right there. And that's only if your buying/driving older used vehicles. Add another 7,000- 8000.00 per year for housing {average rent for a 2 bedroom apt. is 600 -700.00 per month($2300-$3400)} top those off with utilities and groceries and it's no wonder folks are broke. The wife and I make more than 50% over the median income for this area. We have no payments/loans other than a very modest mortgage, we don't take vacations or go on out of state hunts and it's about all we can do to make ends meet.
Factor in a devalued dollar and rising government caused health care costs and a torpid economy - I'm stuck until I can retire and sell.
My wife complains that I don't take her out and it's true. She cooks better than any restaurant I can afford. I can't afford the air conditioner repair so it is another summer of fans and wifely gripes. Luckily the kids are young enough to enjoy running through the sprinkler. I indulged in a "bucket list" hunting trip this year, the first real vacation in over ten years but I paid for it in advance. Now I must save up for the oldest child's braces.
I know that I am lucky as I have a job, a mortgage instead of rent, and we are not going hungry. But I can't wait until the National nightmare is over and the economy picks up again. I have become the penny pincher my parents were.
My sister and her husband were worth over $1,000,000 eight years ago. But their main customers have gone out of business or retired with less than expected incomes. So now my sister has not received, though she still works, any income in over three months. They did not expect the recession to last so long. And no, they do not have toys or vacations. I have taken up their role in taking care of the rest of the family. I hope instill the proper work ethic and common sense frugality in my kids.
