Not really. With deductions I'd say he should round up to 70K take home.

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Sep 27, 2024
11:39:18am

JuicyJam Truly Addicted User

Not really. With deductions I'd say he should round up to 70K take home.

This message has been modified

Originally posted on Sep 27, 2024 at 11:39:18am

Message modified by JuicyJam on Sep 27, 2024 at 11:39:52am

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JuicyJam

Previous username: jensen46
Bio page: JuicyJam
Joined: Mar 14, 2016
Last login: Sep 27, 2024
Total posts: 29,531 (1,271 FO)

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Messages

Author

Time

Help me do the math here on owning a house. Topic of discussion so use me as a

BaseCoug

10:48am

Where?

Courtimedes

10:49am

Wherever I’m lucky enough to get an offer probably. In reality I will rent

BaseCoug

10:52am

Don’t count yours dollars until you land a job.

germ1

3:03pm

You mean Salt Lake Valley?

stoils

10:53am

Everyone can afford a home. Even TNT.

DirtyWater

10:52am

More lucrative is $90,000? What field?

10:52am

Nice humblebrag…

ochobeeguy

11:06am

That’s a really good starting salary after undergrad.

stenso

11:21am

OP is getting his Masters... in lucrative field.... sounds like we agree

11:25am

Where are you living and do you want to start saving for retirement right away?

rad dawg

10:54am

This is big. People will only look at mortg payment but if you have a $150 HOA, that could push you up to a

Soupie

11:02am

That, and HOAs are an affront to my sense of independence.

Courtimedes

11:40am

Daughter bought a 3 bdr 2 bth starter a year ago with $30K down on a teacher's salary. Yes, you can

Soupie

10:57am

Impressive. That is not easy. Lots of sacrifices involved.

Acorn

11:12am

It took me 8 years out of college before I bought a home. If you expect to

10:59am

I bought my first home as an undergrad.

DirtyWater

11:04am

Same here. I bought a condo while going to school. Glad I did.

Tim Riggins

11:10am

There’s nothing wrong with wanting that. I did and it was a fantastic decision

stenso

11:23am

Your taxes will be way lower

veddarhall

11:01am

I hope so, I just went from the first thing on google

BaseCoug

11:09am

Not if he is including state, SS, and Medicare taxes.

RGGeemer

11:31am

27% rate on $90k seems very high

veddarhall

1:49pm

Are you accounting for kids?

rad dawg

2:00pm

No way

RGGeemer

3:25pm

This shows net tax rate should be 8% or so. Federal

veddarhall

3:28pm

Now add in 7.65% fica and 4.55% state (assuming utah). You're at 20.2%

RGGeemer

3:38pm

And the 8% is taking into account child tax credits which he won't have.

RGGeemer

3:47pm

Not really. With deductions I'd say he should round up to 70K take home.

JuicyJam

11:39am

No, 5500 is about right.

BNcoug

11:58am

So house payment of $1600 should be okay. Unfortunately that will take a fixer or big down payment.

Soupie

1:09pm

Some people also find themselves with 10% less

ochobeeguy

11:04am

The best place to start is to download the Zillow or Redfin apps.

elmerfudd

11:12am

Do they have condos and stuff you can buy too? This is probably what I would

BaseCoug

11:13am

Yes, you can filter by price of house, size of house, type of house, essentially

elmerfudd

11:37am

Don't forget tithing

RGGeemer

11:29am

Unless you have some savings, you’re not ready for your first home.

KingDave

12:06pm

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