If the Custodians Can Live on $2600 - Why Can't I??

[Mountain_Mike]

Hi Everyone,

I just looked at the pay scale for our custodians and maintenance workers. These employees have homes, cars, wives...lives. They seem happy, yet their pay scale is, well, kind of low:

The current pay scale for them ranges from $2006 to $2560 per month for custodians, and $2100 to $2680 for maintenance worker Is and $2490 to $3180 for lead workers.

I just ran the numbers, and I could walk away in December with $3160 per month. I've set my goal of leaving when I can take home $50,000 per year...but part of me thinks, if they can live on what they make, why can't I

Forgive me, it's a Friday, I have a touch of Spring Fever, and must be dreaming....

TGIF!!!!
-Mike

 

[VoyT]

     Well, I don't know ... why can't you live on $2,600 per month? Or $3,100 per month?  I suspect both can be doable ... just depends on the lifestyle you want -- and likely where you live.
     IMHO,  $2,600 a month would be pretty tight if you have to pay housing costs and feed/clothe a spouse and a couple of kids.  I wouldn't be surprised if many folks have another working adult in the house.

   

 

[BUM]

$2600 per month is fine. I would be satisfied with that as long as I didnt have to work more than 2 or 3 days per month to earn it.

BUM

 

[unclemick]

I have this 'step daughter in spare room' - over the years she's been dead broke making 110k/yr as a lead foreman in a yard making floating oil rigs to making 12k/yr in 'down' yrs commercial fishing - with a variety of jobs inbetween - including driving 18 wheel rigs across the country.

Like my sister - talking savings/investment/retirement - is like bouncing a tennis ball off a brick wall.

 

[MJ]

Maybe the tenants they service are great tippers.

MJ

 

[uncledrz]

Forgive me, it's a Friday, I have a touch of Spring Fever, and must be dreaming....

TGIF!!!!
-Mike

Mike
You're forgiven, just don't stop dreaming!
Uncledrz

 

[Mr._johngalt]

Here we go again.................... (collective groan). Hey, got to keep my numbers up

We are living by spending at the LOWER end of the posted
wage scale for custodians. Have for years, and this is with
no pension or SS benefits (yet). Within the next 12 months
I have two (2) fishing trips/adventures (not as exotic as C-Ts, but still),
two (2) trips to Texas, including a "2-monther" next winter, and the
purchase of a 20-25 foot power boat for use in Texas while we are there. Now, obviously the boat money will not come out of the
approx. 25K per year which we spend, but the trips will. Very low budget travel. As I have said many times, not only do we suffer
absolutely no deprivation, but it isn't even very difficult.

JG

 

[unclemick]

After 10-12 yrs of 'cheap SOB' er ah aggresive frugal, I'm in my comfort zone.

Time and circumstance is allowing us to 'throttle up' as it were.

Makes me nervous!

 

[Mr._johngalt]

Yeah, we're in a "comfort zone" also. The quick version of our
"plan" is for SS to gradually replace DW employment. Should work,
but if not, I have other back up options.

JG

 

[fire5soon]

I'm not even 30 yet and already called a cheap old b*stard    My wife & I could live on that salary with no problem assuming health coverage is available through the employer.  I have pretty heavy Rx costs... 

 

[laurence]

Hi Everyone,

I just looked at the pay scale for our custodians and maintenance workers. These employees have homes, cars, wives...lives. They seem happy, yet their pay scale is, well, kind of low:

The current pay scale for them ranges from $2006 to $2560 per month for custodians, and $2100 to $2680 for maintenance worker Is and $2490 to $3180 for lead workers.

I just ran the numbers, and I could walk away in December with $3160 per month. I've set my goal of leaving when I can take home $50,000 per year...but part of me thinks, if they can live on what they make, why can't I

Forgive me, it's a Friday, I have a touch of Spring Fever, and must be dreaming....

TGIF!!!!
-Mike

Are you sure they aren't debt financing? I have coworkers who assume more debt as their house increases in value and as they get their COLA's. As long as the raise covers the new minimum payment!

 

[Mountain_Mike]

Thanks everyone for your responses and encouragement.

I spoke with the maintenance supervisor, and in the course of the conversation he did mention that one of the maintenance workers has had his home re-financed three times in the past few years, and that he'd pulled the equity out of his house each time...NOT good.

I do have a working (and spending) wife and two kiddos. If it were not for them, I'd be out the door already. Having a paid off mortgage is one of my keys to ER. I'm on about a 30 month countdown for this to happen.

It just kind of struck me that I could leave if I wanted, and have at least as much as some of the poor schmucks who have to work here for low wages. I was a little caught up in dreaming last Friday, but I won't let the dreams go.

 

[cute fuzzy bunny]

one of the maintenance workers has had his home re-financed three times in the past few years

A lot of people have done this. I think they have a very bad surprise waiting for them.

 

[Mountain_Mike]

th,

I know what you mean about the "surprise." I don't know the details of this particular person, but many "interest only" loans have very low payments to initially get you hooked, then the paymens skyrocket later, or there is a balloon payment or some other nasty thing.

Using your house like a bank in this way is roughly equivalent to signing up to be a slave.

I refinanced last year, but I did it only to get a low (4.25%) interest rate! I went from a 15 year loan to a 5 year, plus I saved $200 a month. What did I do with the extra money? I promptly upped my savings by that amount. I also apply extra to the principle each month.

Yes, I am in the ER mindset...most aren't. Yet in a few years when I'm no longer working, they will cal it "luck."