Fam of 4 with no deabt lives on 14k yearly. Hooah!

[5.56NATO]

http://finance.yahoo.com/news/how-a-family-of-four-manages-to-live-well-on-just--14-000-per-year-174803218.html




In the years since the recession, the median household income in the U.S. has dropped to just over $50,000, while fixed costs like health care, higher education, and housing have only soared. Now imagine trying to support a family of four on a fraction of that income.

It's a reality that stay-at-home wife and mother of two Danielle Wagasky has lived for the last four years. And, perhaps a little surprisingly, she wouldn't have it any other way.

Wagasky, 28, lives with her her husband, Jason, 31, and their two young children in a three-bedroom family home in Las Vegas, Nevada. While Jason, a member of the U.S. Army, completes his undergraduate studies, the family's only source of income is the $14,000 annual cost of living allowance he receives under the G.I. Bill. Despite all odds, the family has barely any credit card debt, no car payment, and no mortgage to speak of.

[Richard Simmons]

Hope it's true but it seems a stretch when you figure in utlities, car insurance, property taxes, etc. but it they can do it more power to them. I do bet you that once the husband gets out of school and starts working they won't live quite the same way. Also the median household income, adjusted for inflation was just under $55,000 back in 1999 (that was the highest ever). It's been around $53,000-$54,000 until about 2008 when it started dropping but so has inflation which is the number they are using.

[LAGC]

Yeah, shit, with no car or house payment and no credit card debt, you could live pretty damn well on $14K.

I lived on $12K/year for a couple years with a $425/mo. one-bedroom house rental and still somehow managed. (But then again, I didn't have a family to support either.)

I've been thinking of buying a cheap foreclosure myself and fixing it up, beats the fuck out of paying rent every month and having to deal with roommates.

[Oswald Bastable]

...beats the fuck out of paying rent every month and having to deal with roommates.

I'm betting it's harder on the roommates...

[T2K]

Living debt free is the equivalent of making a lot more money (duh, obviously).

But it's hard to ever really get debt (regular out-going payments) free. Health insurance, car insurance, homeowner's insurance, property taxes...plus all the paternity tests, those really add up too. :) haha

[Dr. Gonzo GED]

I gotta call bullshit on this.

It's not that i don't believe they could make their bills on 14k, but there is no wiggle room in the budget.

If one of those kids goes to the emergency room they're out @ %20 of their YEARLY GROSS!

Oh "they have plastic for emergencies". That still has to be paid back out of their 14k income.

Between mortgage, insurance, bills and taxes there is no extra to spend on anything with that kind of budget. You can barely support two people on the leftovers of such a smal income let alone a family with children. Even shopping at goodwill.

I know this because I've had to live on that kind of income. It's bullshit, and one trip to the doctor will indebt you for years. Your car breaks down and you cannot afford the parts or service. You have to choose between rent and food. The equimpment that allows you to produce your own clothing, foodstuff and houshold goods is expensive. Their internet service is expensive.

Something doesn't smell right here...

[Sherman]

I gotta call bullshit on this.

It's not that i don't believe they could make their bills on 14k, but there is no wiggle room in the budget.

If one of those kids goes to the emergency room they're out @ %20 of their YEARLY GROSS!

Oh "they have plastic for emergencies". That still has to be paid back out of their 14k income.

Between mortgage, insurance, bills and taxes there is no extra to spend on anything with that kind of budget. You can barely support two people on the leftovers of such a smal income let alone a family with children. Even shopping at goodwill.

I know this because I've had to live on that kind of income. It's bullshit, and one trip to the doctor will in debt you for years. Your car breaks down and you cannot afford the parts or service. You have to choose between rent and food. The equipment that allows you to produce your own clothing, foodstuff and houshold goods is expensive. Their internet service is expensive.

Something doesn't smell right here...

I completely agree.
Wagasky, 28, lives with her her husband, Jason, 31, and their two young children in a three-bedroom family home in Las Vegas, Nevada.
No Mortgage payment? A minimum of $1200.00 a month payment for 12 months is 14,400 a year.
While Jason, a member of the U.S. Army, completes his undergraduate studies, the family's only source of income is the $14,000 annual cost of living allowance he receives under the G.I. Bill. Despite all odds, the family has barely any credit card debt, no car payment, and no mortgage to speak of.
Ok they are all on Military Assistance.
This is a short term situation. When Jason gets out of the Army, the wifey will have to get a job in the real world.

[308]

My kids used to eat that much in groceries alone.

[davepool]

Maybe they could give lessons in frugal living to the "47%ers"

[Richard Simmons]

Wonder how they file their taxes? Are they getting an EITC? For a family of four the EIC in 2011 was $5,112.00. Not sure we are getting the entire story on their total income.

[1 Patriot-of-many]

Dave Ramsey!

[NAPOTS]

Dave Ramsey!

No F'ing way.

My mortgage is over $15k a year alone.


We are subsidizing their living. With 3 dependents they qualify for all sorts of handouts. I wouldn't be surprised if they made $14k in government assistance on top of the guys stipend.

[Richard Simmons]

They paid cash for a foreclosure. They have no mortgage

[Dr. Gonzo GED]

They paid cash for a foreclosure. They have no mortgage
But they do have to pay property taxes which would account for a couple thousand out of that 14k...

[Richard Simmons]

But they do have to pay property taxes which would account for a couple thousand out of that 14k...

I mentioned that but that in my first post but if they only paid $36,000 for the house I doubt their property tax is even $1000 a year if that. Here in my county a house assessed for that price would only pay $392.00 a year in real estate tax.


OK, I checked the tax rate for Clark County and it looks like the tax on a $36,000 home would be about $1,040.00 a year

[Dr. Gonzo GED]

I mentioned that but that in my first post but if they only paid $36,000 for the house I doubt their property tax is even $1000 a year if that. Here in my county a house assessed for that price would only pay $392.00 a year in real estate tax.


OK, I checked the tax rate for Clark County and it looks like the tax on a $36,000 home would be about $1,040.00 a year
Ok then, just $12,960 (Gross) left to divide among taxes, insurance, gas, food, utilities, internet, childrens clothes, household items...

[ROCK ME AMADEUS]

maybe dey hustlin rocks.

[Punk]

One tank of gas per month! They must not drive anywhere. At 4 bucks a gallon I'll spend almost 10k on gas this year!

[mrkalashnikov]

Complete BS.

Check back in a few years when they're dead-ass broke with no savings in the bank and their kids are getting ready to enter college.