News.Life

I Just Want My Husband to Contribute $388 Monthly for Our Living Expenses

Unknown children and families, cost of living, income, money, parenting

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 I hope my husband could provide VND 10 million ($388) each month for our family and unforeseen needs, yet I am uncertain about how to approach this topic with him without causing tension.


 My spouse and I share the same age, and together we have a little girl who just turned one. After spending a full year at home looking after her, I recently went back to work two months ago. During weekdays, she stays with my in-laws in another town, but we reunite as a family over the weekend. At present, once our child reaches 15 months of age, I aspire to welcome her into our own household again. Despite how much they adore her, I feel strongly that being brought up by her birth parents will benefit her growth more effectively.


 Sadly, I have no supporters for my viewpoint apart from my younger sister. At present, we're living in a rented house, and my spouse believes it would be better for our daughter to reside with his parents, as their home offers ample room and cleaner surroundings. His mother wishes for her to remain there until she reaches an age suitable for starting school. Both of my parents concur with this arrangement, and even my brother-in-law has recommended keeping things unchanged until our child turns around three when she will likely develop clearer communication skills.


 If I go ahead and bring her home, nobody can prevent me from doing so, yet it would disturb quite a few individuals and result in idle talk. Whenever I come to see our daughter, she becomes very attached to me, making it necessary for me to leave discreetly to avoid being noticed. This situation tears at my emotions each time I face this choice.


 Another concern is our financial situation. I teach and earn around VND11-12 million a month, with breakfast and lunch provided at work. My husband works in maintenance for electricity and water, earning VND12 million a month.


 He says that’s his salary, but I’ve never seen his pay slip or bank account. Every month, he gives me VND7-8.5 million, keeping the rest for food and transportation. I used to work extra at a teaching center in the evenings, but since extra tutoring was banned, I stopped. Adding the VND3-4 million I send to my in-laws for my daughter’s care, there’s nothing left at the end of the month.


 I really want to increase my income, maybe start selling something in the evenings, but I lack experience and am afraid to try. I’ve told my husband that if his salary is really VND12 million,
 he should quit his job
 And look for something more profitable. Given that income, along with the depreciation of his motorcycle due to working at construction sites, it simply isn’t sufficient.


 It seems he believes I'm solely interested in money, so I've refrained from bringing it up with him. However, without discussing this with him, I’m unsure how we'll handle our finances with our joint earnings. My aim for the future is to reunite with our daughter and ensure she has a great quality of life.


 My spouse isn't very chatty, and when we get home from work, each of us tends to handle separate chores like cleaning, grocery shopping, and doing laundry, which leaves little room for talking. If I feel the urge to chat, I usually reach out to my friends or relatives via messages or calls instead. The constant pressure from job responsibilities along with all my concerns makes it difficult to find someone to confide in, and this situation is really draining me.


 What can I do? Any guidance or ideas would be greatly appreciated.

I Just Want My Husband to Contribute $388 Monthly for Our Living Expenses

Unknown children and families, cost of living, income, money, parenting

I hope my husband could provide VND 10 million ($388) each month for our family and unforeseen needs, yet I am uncertain about how to approach this topic with him without causing tension. My spouse…

Should You Take Superannuation as a Lump Sum or an Income Stream? Find Out Which is Better!

Unknown income, investing, money, personal finance retirement, retirement planning

<img data-document-id="cms/api/amp/image/AA1uAzQE" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1uAzQE.jpg"/>

 Australians heading into
 retirement
 face a tough decision on how to access their hard-earned
 superannuation
 .


 The question is: Should you opt for a lump sum, an income stream, or a combination of both?


 And just like every broad-based question in life, it circles back to the cliched but truthful answer: "It depends".


 That's not ideal for someone seeking a more definitive answer, but what you can do is understand the pros and cons of both routes to obtaining your money. Here's a breakdown to help you make an informed choice.

<h2 class="wp-block-heading" id="h-options-for-accessing-superannuation">
 Options for accessing superannuation
</h2>

 When you retire, you can withdraw your super as a lump sum, convert it into an income stream, or combine the two. Each approach offers unique benefits and trade-offs.


 A single payment provides you full control over your complete superannuation funds right away, allowing you to utilize them for settling debts, making investments, or indulging in well-desired extravagances.


 
 Lump sumsÂ are typically
 tax-free for people aged 60 or above
 . However, not
 
 All funds provide this feature.


 As per MoneySmart, this superannuation choice might attract you if you carry high-interest debts or plan to make substantial one-time buys, like reducing the size of your house.


 However, investing significant sums initially might drain your retirement savings more quickly than anticipated, possibly resulting in reduced finances during your later years.


 Investing beyond your superannuation could subject you to increased tax rates compared to what’s offered inside the super system, particularly when trading shares or real estate.


 It largely hinges on what you project your yearly living costs will amount to. These projections should encompass elements such as vacations and doctor visits, among others.
 what type of retirement
 you wish for.


 The viability of this option can also hinge on your ultimate superannuation account balance. Those with larger balances may find this choice more appealing.

<h2 class="wp-block-heading" id="h-what-about-an-income-stream">
 How about generating an income stream?
</h2>

 When you have a steady flow of income, your superannuation gets transformed into consistent payouts, much like receiving a wage. These disbursements keep coming during your retirement, akin to a sinking fund, though they might be put back into investments as well.


 This approach provides a consistent earnings stream, tax-free investment gains, and might assist in safeguarding your retirement funds for future years.


 Revenue sources offer significant flexibility, enabling you to select payment schedules and amounts while adhering to minimum withdrawal requirements.


 Nevertheless, the maximum amount you can move into a retirement-phase account is limited to $1.9 million due to the transfer balance cap.

<h2 class="wp-block-heading" id="h-por-que-no-los-dos-why-not-both">
 Why not both?
</h2>

 A lot of people after retiring choose a blend of these options. They might withdraw part of their superannuation as a lump sum to handle upfront costs, while keeping the rest invested in an income stream for steady, ongoing financial support.


 It seems like you're getting everything at once, but there are some catches.


 Money continues to be utilized within the superannuation system, which means these funds may not be easily accessible when required. Others could find alternative investment opportunities where the capital might serve them better financially.


 Once again, this depends on the specific circumstances, but there are several methods to tap into the revenue stream, such as
 account-based stream and annuities.


 As stated by the Australian Tax Office, several tax offsets apply to the income portion as well.

<h2 class="wp-block-heading" id="h-superannuation-takeaway">
 Superannuation takeaway
</h2>

 Your choice between taking your superannuation as a one-time lump sum, an ongoing income stream, or combining both will depend on your individual situation.


 Every choice comes with advantages and disadvantages, making it essential to weigh them all to guarantee your superannuation aids in fulfilling your retirement aspirations.


 Regardless of the situation, having all the key information can assist in making sound choices.


 The post
 Is it preferable to withdraw your superannuation as a one-time lump sum or an ongoing income stream?
 appeared first on
 The Motley Fool Australia
 .

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 This article includes solely general investment guidance (covered under AFSL 400691). Authored by Scott Phillips.

Should You Take Superannuation as a Lump Sum or an Income Stream? Find Out Which is Better!

Unknown income, investing, money, personal finance retirement, retirement planning

Australians heading into retirement face a tough decision on how to access their hard-earned superannuation . The question is: Should you opt for a lump sum, an income stream, or a combination …

What Salary Puts You in the Middle Class Across All U.S. States?

Unknown cost of living, income, middle class, money, working class

<img data-document-id="cms/api/amp/image/AA1BHfkW" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BHfkW.jpg"/>

 A recent research has disclosed the salary required for maintaining a middle-class life across all U.S. states, with the lowest acceptable earnings differing by as much as $30,000.


 The American middle class represents a wide socioeconomic segment positioned between the affluent upper class and the economically struggling working poor.
 commonly categorized based on earnings level
 , education, and lifestyle.


 In financial terms, the middle class typically refers to households whose earnings fall within the range of half to twice the national median household income—currently at $77,719, as reported by the U.S. Census Bureau.


 According to SmartAsset’s report, which utilized data from the U.S. Census Bureau, the most expensive state for maintaining a middle-class standard of living is Massachusetts. There, an individual needs anywhere from $66,565 to $199,716 annually. Right behind Massachusetts is New Jersey with costs ranging from $66,514 to $199,562, and then Maryland at $65,779 to $197,356.


 On the opposite end of the scale, Mississippi stands as the most affordable state for a middle-class lifestyle. In this state, the required amount would range from $36,132 to $108,406.


 Coming in as the second-to-last, West Virginia requires an income ranging from $37,295 to $111,896 for individuals to fall into the middle-class bracket. Similarly, in Louisiana, which ranks third-from-last, you would need an annual salary between $38,815 and $116,458 to be considered part of the middle class.


 In California, which holds the title of the most populated state, it places fifth with regard to maintaining a middle-class standard of living. This requires an income ranging from $63,674 to $191,042 annually. As for Texas, being the second most populated state, it sits mid-range among others. To be considered part of the middle class within this state known as the Lone Star State, individuals need earnings spanning from $50,515 to $151,560 per year.

<div>
 <div>
 
 
 </div>
</div>

 Across all states, the median income remains within these limits, indicating that most residents fall into the middle-class category.

<h2>
 What Is the Income Required for Middle-Class Status in Every State?
</h2>

 As stated in the report, you must earn within the specified range to qualify as part of the middle class in each U.S. state.

<ol>
 <li>
 
 Massachusetts
 
 : $66,565 - $199,716
 </li>
 <li>
 
 New Jersey
 
 : $66,514 - $199,562
 </li>
 <li>
 
 Maryland
 
 : $65,779 - $197,356
 </li>
 <li>
 
 New Hampshire
 
 : $64,552 - $193,676
 </li>
 <li>
 
 California
 
 : $63,674 - $191,042
 </li>
 <li>
 
 Hawaii
 
 : $63,542 - $190,644
 </li>
 <li>
 
 Washington
 
 : $63,064 - $189,210
 </li>
 <li>
 
 Utah
 
 : $62,274 - $186,842
 </li>
 <li>
 
 Colorado
 
 : $61,934 - $185,822
 </li>
 <li>
 
 Connecticut
 
 : $61,104 - $183,330
 </li>
 <li>
 
 Virginia
 
 : $59,948 - $179,862
 </li>
 <li>
 
 Alaska
 
 : $57,748 - $173,262
 </li>
 <li>
 
 Minnesota
 
 : $56,718 - $170,172
 </li>
 <li>
 
 Rhode Island
 
 : $56,642 - $169,944
 </li>
 <li>
 
 New York
 
 : $54,725 - $164,190
 </li>
 <li>
 
 Delaware
 
 : $54,235 - $162,722
 </li>
 <li>
 
 Vermont
 
 : $54,135 - $162,422
 </li>
 <li>
 
 Illinois
 
 : $53,532 - $160,612
 </li>
 <li>
 
 Oregon
 
 : $53,435 - $160,320
 </li>
 <li>
 
 Arizona
 
 : $51,538 - $154,630
 </li>
 <li>
 
 North Dakota
 
 : $51,012 - $153,050
 </li>
 <li>
 
 Nevada
 
 : $50,904 - $152,728
 </li>
 <li>
 
 Texas
 
 : $50,515 - $151,560
 </li>
 <li>
 
 Idaho
 
 : $49,956 - $149,884
 </li>
 <li>
 
 Georgia
 
 : $49,750 - $149,264
 </li>
 <li>
 
 Wisconsin
 
 : $49,749 - $149,262
 </li>
 <li>
 
 Nebraska
 
 : $49,722 - $149,180
 </li>
 <li>
 
 Pennsylvania
 
 : $49,211 - $147,648
 </li>
 <li>
 
 Maine
 
 : $49,150 - $147,466
 </li>
 <li>
 
 Florida
 
 : $48,869 - $146,622
 </li>
 <li>
 
 Wyoming
 
 : $48,272 - $144,830
 </li>
 <li>
 
 South Dakota
 
 : $47,869 - $143,620
 </li>
 <li>
 
 Iowa
 
 : $47,617 - $142,866
 </li>
 <li>
 
 Montana
 
 : $47,198 - $141,608
 </li>
 <li>
 
 North Carolina
 
 : $47,198 - $141,608
 </li>
 <li>
 
 Kansas
 
 : $46,884 - $140,666
 </li>
 <li>
 
 Indiana
 
 : $46,313 - $138,954
 </li>
 <li>
 
 Michigan
 
 : $46,117 - $138,366
 </li>
 <li>
 
 Missouri
 
 : $45,692 - $137,090
 </li>
 <li>
 
 South Carolina
 
 : $45,198 - $135,608
 </li>
 <li>
 
 Ohio
 
 : $45,175 - $135,538
 </li>
 <li>
 
 Tennessee
 
 : $45,083 - $135,262
 </li>
 <li>
 
 New Mexico
 
 : $41,508 - $124,536
 </li>
 <li>
 
 Alabama
 
 : $41,471 - $124,424
 </li>
 <li>
 
 Oklahoma
 
 : $41,421 - $124,276
 </li>
 <li>
 
 Kentucky
 
 : $40,741 - $122,236
 </li>
 <li>
 
 Arkansas
 
 : $39,129 - $117,400
 </li>
 <li>
 
 Louisiana
 
 : $38,815 - $116,458
 </li>
 <li>
 
 West Virginia
 
 : $37,295 - $111,896
 </li>
 <li>
 
 Mississippi
 
 : $36,132 - $108,406
 </li>
</ol>
<h2>
 The Changing Middle Class
</h2>

 Although the middle class—which encompasses most Americans—has traditionally been viewed as the cornerstone of the U.S. economy, fueling consumption and expansion, various elements like
 wages staying flat, increasing cost of living
 , and changes in the economy have affected its stability and scale over time.


 Based on data from the Pew Research Center, the proportion of Americans has
 the middle class has shrunk
 over recent decades. In 1971, 61 percent of Americans lived in middle-class households, but by 2023, the share had fallen to 51 percent.


 It also found that over the years, the increase in the share of those viewed as upper class was greater than the increase in the share of those whose incomes are considered lower class. From 1971 to 2023, the share of Americans who live in lower income households increased from 27 percent to 30 percent, and the share in upper income households increased from 11 percent to 19 percent.


 
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What Salary Puts You in the Middle Class Across All U.S. States?

Unknown cost of living, income, middle class, money, working class

A recent research has disclosed the salary required for maintaining a middle-class life across all U.S. states, with the lowest acceptable earnings differing by as much as $30,000. The American mid…

9 U.S. Cities Where Single Adults Can Thrive on Median Income

Unknown cost of living, income, money, personal finance careers, work and pay

<img data-document-id="cms/api/amp/image/AA1BDxUL" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BDxUL.jpg"/>

 Securing employment in a large American metropolis
 typically accompanies a substantial paycheck
 However, these major metropolitan areas also generally come with a higher cost of living.


 Actually, an individual adult would require
 secure at least $85,197 annually for a comfortable lifestyle
 In any of the top 100 largest cities in the U.S., as reported by a
 recent SmartAsset analysis
 .


 This figure represents the sum required to meet essential expenses such as accommodation, meals, and healthcare, along with additional non-essential spending and savings for the future, in Indianapolis—the most affordable city mentioned here. Conversely, in San Francisco, one would have to earn more than $120,000 annually.


 SmartAsset utilized estimations provided by the Massachusetts Institute of Technology.
 Living Wage Calculator
 and the common
 50/30/20 budget guideline
 To establish what "financially comfortable" means and find out the lowest salary a single adult requires in different areas. Following the 50/30/20 rule for budgets, you should allocate half of your earnings towards necessities, thirty percent on desires, and twenty percent into saving and investing funds.


 Nevertheless, these baseline figures do not necessarily align with the average earnings of individuals residing in each respective city. For instance, in Indianapolis, the local median household income stands at approximately $66,629, as reported by the U.S. Census Bureau’s American Community Survey. An individual making this salary might struggle to save for the future unless they manage to reduce their expenses effectively.


 According to Census Bureau information, the median income aligns with SmartAsset’s estimation of what singles require to live comfortably in only nine out of the nation’s top 100 metropolitan areas. Below are these locations along with the amount remaining once their comfort criteria have been satisfied by SmartAsset.

<h4>
 1. Fremont, California
</h4>
<ul>
 <li>
 
 Yearly income required for an individualadult:
 
 $124,592
 </li>
 <li>
 
 Median household income:
 
 $170,934
 </li>
 <li>
 
 Difference:
 
 $46,342
 </li>
</ul>
<h4>
 2. Frisco, Texas
</h4>
<ul>
 <li>
 
 Yearly income required for an individual adult:
 
 $107,994
 </li>
 <li>
 
 Median household income:
 
 $141,129
 </li>
 <li>
 
 Difference:
 
 $33,135
 </li>
</ul>
<h4>
 3. Gilbert, Arizona
</h4>
<ul>
 <li>
 
 Yearly income required for an individual adult:
 
 $107,037
 </li>
 <li>
 
 Median household income:
 
 $122,445
 </li>
 <li>
 
 Difference:
 
 $15,408
 </li>
</ul>
<h4>
 4. Arlington, Virginia
</h4>
<ul>
 <li>
 
 Yearly income required for an individualadult:
 
 $127,046
 </li>
 <li>
 
 Median household income:
 
 $140,219
 </li>
 <li>
 
 Difference:
 
 $13,173
 </li>
</ul>
<h4>
 5. McKinney, Texas
</h4>
<ul>
 <li>
 
 Yearly income required for an individualadult:
 
 $107,994
 </li>
 <li>
 
 Median household income:
 
 $116,654
 </li>
 <li>
 
 Difference:
 
 $8,660
 </li>
</ul>
<h4>
 6. San Francisco
</h4>
<ul>
 <li>
 
 Yearly income required for an individual adult:
 
 $121,930
 </li>
 <li>
 
 Median household income:
 
 $126,730
 </li>
 <li>
 
 Remaining amount post fulfilling necessities:
 
 $4,800
 </li>
</ul>
<h4>
 7. Santa Clarita, California
</h4>
<ul>
 <li>
 
 Yearly income required for an individualadult:
 
 $115,690
 </li>
 <li>
 
 Median household income:
 
 $118,489
 </li>
 <li>
 
 Difference:
 
 $2,799
 </li>
</ul>
<h4>
 8. Plano, Texas
</h4>
<ul>
 <li>
 
 Yearly income required for an individual adult:
 
 $107,994
 </li>
 <li>
 
 Median household income:
 
 $108,594
 </li>
 <li>
 
 Difference:
 
 $600
 </li>
</ul>
<h4>
 9. Washington, D.C.
</h4>
<ul>
 <li>
 
 Yearly income required for an individual adult:
 
 $108,077
 </li>
 <li>
 
 Median household income:
 
 $108,210
 </li>
 <li>
 
 Difference:
 
 $133
 </li>
</ul>
<h4>
 Ease might still be more accessible in expensive urban centers.
</h4>

 In numerous urban areas, though, it's considerably more difficult to
 follow a 50/30/20 budget
 on a median income.


 For instance, in New York City, a single adult requires an annual salary of $136,656 to live comfortably, as stated by SmartAsset, whereas the median income stands at only $76,577.


 Nevertheless, a decent salary might still be more achievable in places such as New York compared to areas with cheaper cost of living. Larger metropolitan areas often host a greater number of opportunities.
 higher-paying jobs
 Than in rural areas, a situation referred to as the urban wage premium.
 Research has shown
 This can be attributed to larger cities offering a broader range of job opportunities, including more specialized roles, compared to their smaller counterparts.


 Generally, my clients from high-cost areas with higher salaries tend to accumulate greater savings and disposable income despite the expense of living in the specific city mentioned,” says Jen Swindler, a certified financial planner located in Salt Lake City, Utah.
 previously told DIWIDAMake It
 The employment prospects typically compensate for the discrepancy.


 Furthermore, since 1980, wage growth has been significantly more rapid in major U.S. urban centers compared to smaller locales, as reported.
 Federal Reserve research
 In 1980, workers in the most densely populated U.S. commuting zones made 32% more money on average compared to those in the least populous regions, with this disparity increasing significantly to 71% by 2015.
 Fed analysis
 According to Census Bureau data revealed.


 Certainly, you should follow what aligns best with your individual circumstances. This might involve tailoring a 50/30/20 budget plan to match your actual needs or even thinking about moving to another location. What feels comfortable varies from person to person too. Some individuals find it acceptable to share their home with roommates or use public transit instead of having a private vehicle; however, these options might not work for everyone else.


 
 Looking to make additional income on the side?
 
 Enroll in DIWIDA's latest online course now.
 Ways to Begin a Secondary Business
 To pick up advice for beginning your journey and mastering techniques under leading side hustle gurus. Enroll now and apply the promo code EARLYBIRD to receive a 30% discount off $97 (+ taxes and fees) until April 1, 2025.


 Plus,
 subscribe to DIWIDAMake It's mailing list
 To obtain advice and strategies for achieving success at your job, managing finances, and navigating everyday life.

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9 U.S. Cities Where Single Adults Can Thrive on Median Income

Unknown cost of living, income, money, personal finance careers, work and pay

Securing employment in a large American metropolis typically accompanies a substantial paycheck However, these major metropolitan areas also generally come with a higher cost of living. Actually,…

Why Paying Employees 'Extremely Generously' Can Benefit Employers Too, According to Psychologist Adam Grant

Unknown employee benefits, employees, employment, income, work and pay

What would happen if businesses offered their employees the maximum wages they could afford?


 According to psychologist and
 best-selling author
 Adam Grant suggests that from an employer's perspective, it makes sense to compensate their staff with substantial salaries—both through competitive initial wages and regular increases.


 Larger salaries provide employees with a stronger motivation to remain with the organization, resulting in
 better retention rates
 ,
 lower turnover costs
 , leading to a more stable workforce over time, he explains. Grant views increased wages as an "investment" for businesses.


 "Providing individuals with increased salaries, particularly offering high compensation—even some might argue extraordinarily generous pay—is seen as an investment in their motivation and loyalty," Grant
 told
 
 Fortune
 
 .


 
 Related:
 
 Seeking a Remote Position? According to Recent Research, Landing One Might Be More Challenging Than Expected.


 Gallup
 estimates
 That replacing an employee might cost a firm as much as double the worker’s yearly wage—significantly higher than the typical 3.8% annual increase expected in 2024, according to figures from a nonprofit research organization.
 The Conference Board
 Nevertheless, frequently changing jobs might not result in a considerably higher paycheck. As reported by
 federal wage data
 This week, individuals who remained in their positions observed a salary hike of 4.6% in January and February, whereas those who changed jobs enjoyed an even slighter more significant boost of 4.8%.


 <img data-document-id="cms/api/amp/image/AA1Bpnfb" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1Bpnfb.jpg"/>
 
 
 Adam Grant. Image captured by Brian Stukes/Getty Images
 
 


 "As companies offer compensation at the higher end of the market spectrum, this leads to exceptional dedication, since individuals realize that replicating such salaries elsewhere is not straightforward," Grant noted.


 Staff members earning greater incomes are likewise more
 motivated and engaged
 , as reported by the compensation website Figures HR. According to
 Gallup
 Higher levels of employee engagement correspond to 78% fewer instances of absenteeism, 18% greater productivity, and 23% increased profitability.


 Meanwhile, a new
 Harris Poll survey
 According to a report from Bloomberg News released last week, 75% of employees believe that employers hold an advantage in the current job market. The recruitment rate across all sectors stood at
 3.4% in January
 , a nadir over the last ten years, whereas job listings were
 down 8.6%
 In December as compared to the corresponding period last year.


 
 Related:
 
 'Nobody Gets Paid Like They Used To": Job Switching Doesn't Come with the Same Financial Gains Anymore, Says Recent Statistics

Why Paying Employees 'Extremely Generously' Can Benefit Employers Too, According to Psychologist Adam Grant

Unknown employee benefits, employees, employment, income, work and pay

What would happen if businesses offered their employees the maximum wages they could afford? According to psychologist and best-selling author Adam Grant suggests that from an employer's perspect…