Jay - minor revision to your numbers -
One car is paid for, or was bought used + 3,000
5000 gas at 2.50/gal is 2000 gallons. Times 20 mpg is 40k miles - way to high. Try about 12k miles per year.
So 3,000 for gas. + 2,000
Car insurance unless both cars are sports cars, or the male driver under 25, this will be closer to about 2,200.
older drivers, clean records help even more.
+ 800
Cable TV - that's $100 a month ! Drop sports pakage and porn channels. +300
Property Tax 6,000 is high for $450,000 house, 5,000 is closer. +1,000
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total is about 6,200. About 2-3 k will go into a 401 (k) at work or an IRA.
With the mortgage interest and the property being deductible, taxes will be closer to 21,000. +6,700
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So now we have +12,900
With a few cut backs on nick nacks, employer paymne tof health insurance, etc. there sohould only be about 5-10 k unfunded. This can be covered by only 2% appreciation on the house, so what's your problem ?
***********You've got the California picture right for people in their 20s-30s who have just bought a house.
For quiet a few people, there is -
1) about 3-10 k transfer from parents each year, or
2)3-5 k gain on investments (usually capital gains)
3) Income earned in a third job (part time) or consulting - may 2-15 k
4) Employee bonuses or profit sharing at work - 1-8 k
5) Minor funds from resale of sports equipment, knik nacks, 'collectibles' etc. (ususally NOT high end equation of time items) maybe 0.5 to 2k |
