tallguy
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Post by tallguy on Oct 4, 2014 22:06:19 GMT -5
What you should be doing is factoring in the over-50 catch-up provisions as well. And you would likely be safe increasing the limit about $1000 every few years too. If you want even higher numbers....
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Deleted
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Post by Deleted on Oct 4, 2014 22:14:20 GMT -5
Delayed gratification that isn't going to fly with the wife! ;-) What she doesn't know cannot hurt her ![](//images.proboards.com/v5/smiley/wink.png) ***I am already maxing and she is contributing 25% ; just need to max hers ![](//images.proboards.com/v5/smiley/smiley.png) The trick is in keeping it up for 35 years! Life isn't always so accommodating to plans. Jobs get lost, kids are born, there are divorces, medical problems... Make hay when the sun shines. Make saving a priority and do what you can, when you can. You never know what tomorrow will bring.
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mmhmm
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Post by mmhmm on Oct 4, 2014 22:15:28 GMT -5
This thread has given me a bit of a chuckle. My husband used to tease me about having a homing instinct for the most expensive thing in any store I entered. I don't think even I could be broke on $400K/yr. ![](http://images.proboards.com/new/grin.png)
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zibazinski
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Post by zibazinski on Oct 4, 2014 23:01:22 GMT -5
I'd like to try! ![](http://images.proboards.com/new/grin.png)
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TheHaitian
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Post by TheHaitian on Oct 5, 2014 0:56:58 GMT -5
What she doesn't know cannot hurt her ![](//images.proboards.com/v5/smiley/wink.png) ***I am already maxing and she is contributing 25% ; just need to max hers ![](//images.proboards.com/v5/smiley/smiley.png) The trick is in keeping it up for 35 years! Life isn't always so accommodating to plans. Jobs get lost, kids are born, there are divorces, medical problems... Make hay when the sun shines. Make saving a priority and do what you can, when you can. You never know what tomorrow will bring. Believe me, we have a million and two reasons that would be valid to not save the amount we are saving right now starting with: - paying mortgage + rent - feeling broke even if we are making good money But we keep pushing along and going at it because right now we can and we need know about tomorrow. And knowing that between 401k + taxes + medical coverage we are living on ~50% is re-assuming for the lean times of they should come. Ex: on unemployment we would net more than my wife is netting now and close to what I am netting every week (off course during unemployment we wouldn't be worrying about 401k, etc). Thanking God for our blessings and moving forward... 1 step at a time.
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truthbound
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Post by truthbound on Oct 5, 2014 5:21:44 GMT -5
If you are claiming you are broke on a 400k income you are an idiot.
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Deleted
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Post by Deleted on Oct 5, 2014 10:14:14 GMT -5
If you are claiming you are broke on a 400k income you are an idiot. Exactly.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Oct 5, 2014 13:10:42 GMT -5
Even shopping exclusively at Whole Foods, it's hard to imagine spending $575 every week on groceries.... unless that includes some pricey wines and a lot of sushi-grade tuna. That being said, if anyone here would like to give me a $575 Whole Foods gift card, I'd be happy to take it shopping and to share a detailed list of what we bought. ![](http://images.proboards.com/new/smiley.png)
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gooddecisions
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Post by gooddecisions on Oct 5, 2014 14:53:23 GMT -5
Some people at that income level do actually have personal chefs. My neighbor has one, even converted a garage to a prep-kitchen so the house doesn't smell like curry. They also have a cleaning service and lawn service- which I suppose could fall into "home maintenance".
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Lizard Queen
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Post by Lizard Queen on Oct 5, 2014 17:10:50 GMT -5
Some people at that income level do actually have personal chefs. My neighbor has one, even converted a garage to a prep-kitchen so the house doesn't smell like curry. They also have a cleaning service and lawn service- which I suppose could fall into "home maintenance". A personal chef would be freakin' awesome. Of course, a $400k income would be freakin' awesome as well.
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NastyWoman
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Post by NastyWoman on Oct 5, 2014 17:16:26 GMT -5
Let's get something straight: personal chef and broke are two concepts that do not belong in the same sentence, maybe not even on the same page!
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gooddecisions
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Post by gooddecisions on Oct 5, 2014 18:48:45 GMT -5
Some people at that income level do actually have personal chefs. My neighbor has one, even converted a garage to a prep-kitchen so the house doesn't smell like curry. They also have a cleaning service and lawn service- which I suppose could fall into "home maintenance". A personal chef would be freakin' awesome. Of course, a $400k income would be freakin' awesome as well. I should add that they are not idiots and bought a more modest $350K home. Double income, physician and IT professional, only one child. But, I could easily see how you could burn through some money if you had really nice cars, a cook, a gardener, a nanny and a very expensive home.
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Bonny
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Post by Bonny on Oct 5, 2014 19:14:03 GMT -5
They lost me on the million dollar house, which was about 4 seconds into the video. I understand the house. $1M doesn't buy you much in my neck of the woods.
Home maintenance probably has some repairs (including replacement of capital improvements like roofs rolled in).
Some of the other expenses did crack me up.
And where's the line item for private school? These folks can't possibly be sending little Johnny to public school! The horror! ![](http://images.proboards.com/new/shocked.gif)
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Bonny
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Post by Bonny on Oct 5, 2014 19:18:00 GMT -5
$12k for "club dues"? What are these clubs that people join? ![](http://images.proboards.com/new/huh.gif) I'm surprised that it isn't more. Our friends belong are trapped into a Country membership with monthly dues of $1000/mth AND they have monthly food minimums of $400/mth.
When our friends wondered how we could afford to go on some of our vacations DH said "Cheaper than your Country Club! " ![](http://images.proboards.com/new/grin.png)
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tallguy
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Post by tallguy on Oct 5, 2014 19:49:05 GMT -5
Big initiation fees, monthly dues, monthly food minimums.... Please tell me they don't have to pay for their golf by the round too....
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resolution
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Post by resolution on Oct 5, 2014 19:59:05 GMT -5
I've been getting a lot of comments trying to explain the 1.2 million dollar house in Chicago while they are broke. Most of my relatives live there and are homeowners on lower class incomes. Home prices are nothing like the San Diego and Washington DC area.
Estimated median house or condo value in 2012: $211,700 (it was $144,300 in 2000)
Chicago: $211,700
Mean prices in 2011: All housing units: $310,870; Detached houses: $282,375; Townhouses or other attached units: $397,132; In 2-unit structures: $292,419; In 3-to-4-unit structures: $355,193; In 5-or-more-unit structures: $370,902; Mobile homes: $117,734; Occupied boats, RVs, vans, etc.: $262,385
Median gross rent in 2012: $920.
Read more: www.city-data.com/city/Chicago-Illinois.html#ixzz3FK1m2jgO
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Bonny
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Post by Bonny on Oct 5, 2014 20:22:32 GMT -5
I've been getting a lot of comments trying to explain the 1.2 million dollar house in Chicago while they are broke. Most of my relatives live there and are homeowners on lower class incomes. Home prices are nothing like the San Diego and Washington DC area.
Estimated median house or condo value in 2012: $211,700 (it was $144,300 in 2000)
Chicago: $211,700
Mean prices in 2011: All housing units: $310,870; Detached houses: $282,375; Townhouses or other attached units: $397,132; In 2-unit structures: $292,419; In 3-to-4-unit structures: $355,193; In 5-or-more-unit structures: $370,902; Mobile homes: $117,734; Occupied boats, RVs, vans, etc.: $262,385
Median gross rent in 2012: $920.
Read more: www.city-data.com/city/Chicago-Illinois.html#ixzz3FK1m2jgO
Interesting that the townhome/attached housing average is higher than detached houses. In most areas including mine it's the opposite.
If you ran the data for my city (a suburb of San Francisco) you would get a housing average of around $600k. While YMers could live in a house like that most of you wouldn't be happy. That would buy you a 3/1 1000 sq.ft. 1955 rancher that needs $100+k of work.
A move-up house (say 2000 sq.ft. or more) in decent shape will have you pushing $1M. And we're talking about a "Blue Collar" town/suburb.
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resolution
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Post by resolution on Oct 5, 2014 20:46:25 GMT -5
My cousin that did well for herself bought a condo in a high rise, the higher up in the building the more expensive and the higher status.
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simser
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Post by simser on Oct 5, 2014 21:22:19 GMT -5
Ok I know how someone can spend $575/week for food.
I somehow ended up dating a guy with a lot of money. His family grocery shops for 1 day (or sometimes only 1 meal) at a time. They shop at nicer whole foods type places. And he's extremely picky about quality.
For instance. We made tacos together this weekend. I would buy a pack of tortillas ($3) some avocados ($3) , whatever meat was on sale ($5) and I would have leftovers. He bought tortillas ($7 because mine were 3 and his were fancier), avocados ($6, organic), chicken ($15 organic) etc. Etc. Etc. I can't find normal salt in his house. We also had a discussion about organic vs non organic line juice and the cost of pasta (me? $1/lb. him? $5/lb)
He's cute and can afford it so it's none of my business. But as he easily spends $40/day by himself on food, a family of 4 could be $575.
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NastyWoman
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Post by NastyWoman on Oct 5, 2014 21:27:24 GMT -5
My cousin that did well for herself bought a condo in a high rise, the higher up in the building the more expensive and the higher status. ... and the longer the walk when the elevators go out ![](http://images.proboards.com/new/tongue.png) . I spend a year in a S'pore high rise on the 22nd floor. I refused to walk upstairs the few times we had elevator issues, down - ok, up - forget about it!
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HoneyBBQ
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Post by HoneyBBQ on Oct 5, 2014 22:57:45 GMT -5
I've been getting a lot of comments trying to explain the 1.2 million dollar house in Chicago while they are broke. Most of my relatives live there and are homeowners on lower class incomes. Home prices are nothing like the San Diego and Washington DC area.
Estimated median house or condo value in 2012: $211,700 (it was $144,300 in 2000)
Chicago: $211,700
Mean prices in 2011: All housing units: $310,870; Detached houses: $282,375; Townhouses or other attached units: $397,132; In 2-unit structures: $292,419; In 3-to-4-unit structures: $355,193; In 5-or-more-unit structures: $370,902; Mobile homes: $117,734; Occupied boats, RVs, vans, etc.: $262,385
Median gross rent in 2012: $920.
Read more: www.city-data.com/city/Chicago-Illinois.html#ixzz3FK1m2jgO
Interesting that the townhome/attached housing average is higher than detached houses. In most areas including mine it's the opposite.
If you ran the data for my city (a suburb of San Francisco) you would get a housing average of around $600k. While YMers could live in a house like that most of you wouldn't be happy. That would buy you a 3/1 1000 sq.ft. 1955 rancher that needs $100+k of work.
A move-up house (say 2000 sq.ft. or more) in decent shape will have you pushing $1M. And we're talking about a "Blue Collar" town/suburb.
Yep. My house is definitely nice, but it is in no way over the top or jaw dropping or gated community or anything you might think a 7 figure house might be. Most houses in the 6-800k range are 3 bedroom, 2 bath, maybe 2500 sq feet (including a basement which may or may not be furnished) and probably needs some work and updating.
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973beachbum
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Post by 973beachbum on Oct 6, 2014 7:33:21 GMT -5
This reminds me of some of the customers in the GC. I don't work there enough to know for sure but every evening I do work the same customers come in and buy the makings for dinner. I would bet good money they do that at least 4 nights a week. They normally don't spend huge amounts but in the $20-$40 range and that buys one nights dinner fixings for the family of 3-4. That comes out to $80-$160 a week just for the 4 dinners and it doesn't include anything for breakfast or lunch or even the dinners on the nights they don't come in.
Now I would think they go out to eat at least a few times a week and I am positive that they do a big grocery shopping trip for all the other things once a week also. Add it all together and it has to be at least $400 a week and that doesn't include eating out.
And I will say again that we spend $200 a week on groceries, and we make a quarter what they do. It doesn't surprise me when people who make four times what we make buy a house or car that is way more expensive than we do, so why should it surprise me when they buy more expensive food?
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Wisconsin Beth
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Post by Wisconsin Beth on Oct 6, 2014 9:53:07 GMT -5
It's Chicago - I'm assuming the house is on the Gold Coast or one of the fancy suburbs. ETA - What did The Captain pay for her house? Didn't she buy near Chicago within the last 12 months? And isn't the sales tax for Chicago something outrageous like 9%?
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Pants
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Post by Pants on Oct 6, 2014 10:03:51 GMT -5
Interesting that the townhome/attached housing average is higher than detached houses. In most areas including mine it's the opposite.
If you ran the data for my city (a suburb of San Francisco) you would get a housing average of around $600k. While YMers could live in a house like that most of you wouldn't be happy. That would buy you a 3/1 1000 sq.ft. 1955 rancher that needs $100+k of work.
A move-up house (say 2000 sq.ft. or more) in decent shape will have you pushing $1M. And we're talking about a "Blue Collar" town/suburb.
Bonny, A lack of SFH has always been an issue in chicago. I'm not sure of the time frame (post wwI or wwII) but there was a large proliferation of 2 and 3 flats built for blue collar, working class type families. Most of the older established neighbors are a mix of SFH and 2 or 3 flats. You can't go more than a city block or two without encountering multifamily dwellings. It does push the cost of the SFH up a bit due to that lack of supply. For example, where I grew up, my parents side of the street was all smaller frame SFH and on the other side of the street were all brick 2 flats. Both types of house were built on the standard chicago lot of 25X125. The flats are generally 2 bed 1 bath or 3 bed 1 bath. My parents home is 1200 sf but the slanting roof in the bedrooms made is seem smaller. In my old room the room went out to about 2.5-3' walls to the ceiling making quite a bit of the footage useable, but not all that much and awkward. You couldn't even put a standard dresser against that wall - or a desk- so maybe more comparable to that 1000 sf you speak of. These days - you could get some ikea type stuff to make that a line of low storage -but those solution were not in existence when I was in elementary/HS. My house is a bit bigger, I think officially clocking in at 1600 sf. I consider it a large house (by traditional chicago standards ![](http://images.proboards.com/new/wink.png) ) and really - too large for us. And my street has lots of 35x125, and mine is on a lot and half, with about 54-55 foot frontage. All the houses are about 100 years old. Due to the larger lots, it was worrisome to the homeowners about what could potentially be built on the lots. For the lot and half folks - someone could potentially buy and put a 6-8 flat building in, a 3-4 flat on one of the 35 foot lots. One of the owners went through the procedures just to get our street downzoned so this could not happen. it was a bit unusual as this change applied only to our street, and really - only a partial part as the end of the block faced a busy street with a dunkin donuts and some other small businesses. So we are really only talking 75% of one block on one street - as on the other side of both blocks, there were exisiting 2 flats already. I give our alderman credit for really helping us out - but we had to have 100% owner signatures and it did in, potentially lower our properties values. But it is a fact that - even with SFH at a premium and in low supply, there are a number of developers buying them, tearing down, and putting in even 4 unit condos on that 25x125 lot. SFH are getting even scarcer, and the population density is increasing in the city. Pushing this a bit further, the detatched vs. townhome/attached issue is also one of location. Like Rukh said, there's never been a huge amount of detatched SFH in Chicago. What there is tends to be furhter our on the edges of the city or on the south side. The desirable locations (access to good transportation, trendy neighborhoods, reasonably close in, etc.) have a lot of townhomes that are either newly built or were originally 2-or-3-flats that were gutted and turned into SFH. The detatched SFH in those areas are of course even more pricy, but there are so few of them that they're hugely outweighed by the SFH that are further out.
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swamp
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Post by swamp on Oct 6, 2014 10:07:37 GMT -5
Ok I know how someone can spend $575/week for food. I somehow ended up dating a guy with a lot of money. His family grocery shops for 1 day (or sometimes only 1 meal) at a time. They shop at nicer whole foods type places. And he's extremely picky about quality. For instance. We made tacos together this weekend. I would buy a pack of tortillas ($3) some avocados ($3) , whatever meat was on sale ($5) and I would have leftovers. He bought tortillas ($7 because mine were 3 and his were fancier), avocados ($6, organic), chicken ($15 organic) etc. Etc. Etc. I can't find normal salt in his house. We also had a discussion about organic vs non organic line juice and the cost of pasta (me? $1/lb. him? $5/lb) He's cute and can afford it so it's none of my business. But as he easily spends $40/day by himself on food, a family of 4 could be $575. Ain't nobody got time for that chit.
Seriously, I would stab myself if I went to the grocery store daily.
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Deleted
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Post by Deleted on Oct 6, 2014 10:12:54 GMT -5
Ok I know how someone can spend $575/week for food. I somehow ended up dating a guy with a lot of money. His family grocery shops for 1 day (or sometimes only 1 meal) at a time. They shop at nicer whole foods type places. And he's extremely picky about quality. For instance. We made tacos together this weekend. I would buy a pack of tortillas ($3) some avocados ($3) , whatever meat was on sale ($5) and I would have leftovers. He bought tortillas ($7 because mine were 3 and his were fancier), avocados ($6, organic), chicken ($15 organic) etc. Etc. Etc. I can't find normal salt in his house. We also had a discussion about organic vs non organic line juice and the cost of pasta (me? $1/lb. him? $5/lb) He's cute and can afford it so it's none of my business. But as he easily spends $40/day by himself on food, a family of 4 could be $575. Ain't nobody got time for that chit.
Seriously, I would stab myself if I went to the grocery store daily.
No kidding. I try to keep it to twice a month. I stop at the gas station for milk a couple times a week, but grocery shopping sucks.
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The Captain
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Post by The Captain on Oct 6, 2014 10:22:58 GMT -5
It's Chicago - I'm assuming the house is on the Gold Coast or one of the fancy suburbs. ETA - What did The Captain pay for her house? Didn't she buy near Chicago within the last 12 months? And isn't the sales tax for Chicago something outrageous like 9%? Yep. The area we just moved to is kinda interesting from a real estate perspective. The houses in my area are priced lower than comps in different districts because the real estate taxes are extremely high. The high taxes are due to the voters approving special school referendums several years back in a focused effort to improve the schools. It's worked and the local district is now one of the top 50 in the state and the HS is in the top 25 depending on which ranking you look at. Houses that cost $150K more just a few towns over (but in a different school district) have real estate taxes that are about the same as ours. That boggles my mind but I was prepared for it. This, plus our house was a rental prior to us purchasing it, meant our house was at least $80K under market. We're still fixing damage the renter's dog did but I'm glad we purchased when we did - a house with less sq ft just two houses over sold for $80K more than ours. ![](http://images.proboards.com/new/grin.png) One of the areas we were looking at had entry level townhouses starting at $400K. The median for the area was $665K. One day, when we were just driving around to random open houses, we made a wrong turn and ended up in an area where the miminum was $1M. In the town right next to us (different district) the average is $1.69M, highest for sale is $14.9M, and the cheapest you can get is a decent sized lot for $100K. It's crazy. Mind you, I am a YM'r. My house didn't cost anywhere near that much ![](http://images.proboards.com/new/wink.png) . @tbird is right, though - that average for Chicago has to include some really sketchy areas. You know - the ones where some poor kid gets shot every weekend? Houses there can be had for less than $50K. FWIW I grew up in the southside in one of those sketchy areas and looked up prices when considering rental properties. You can get a brick 3-flat (very well built - I've been in some) for less than $100k. Now think about what kind of area that must be.
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Bonny
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Post by Bonny on Oct 6, 2014 10:24:23 GMT -5
Pants said: OK now that's making sense. Because normally in urban areas the more the land value increases the more expensive SFH are. But if there are few and far between in the urban areas and most of the housing stock is on the urban fringe in less desirable areas then the numbers make sense. But I'm betting that there's a lot of developer activity going on in the urban fringes of those less desirable areas. ![](http://images.proboards.com/new/wink.png)
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Bonny
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Post by Bonny on Oct 6, 2014 10:26:48 GMT -5
Congrats The Captain! Sounds like you made a really wise investment. ![](http://images.proboards.com/new/cool.png)
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Lizard Queen
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Post by Lizard Queen on Oct 6, 2014 10:31:52 GMT -5
Ain't nobody got time for that chit.
Seriously, I would stab myself if I went to the grocery store daily.
No kidding. I try to keep it to twice a month. I stop at the gas station for milk a couple times a week, but grocery shopping sucks. I go nearly every day, and it does make me want to stab myself sometimes. I sent DH on Saturday, because I just couldn't stand to go again ( and we were having a birthday party for DS2). I always seem to forget something important--even with a list.. Fortunately, the grocery store is only about a mile away, but it's still a huge time suck.
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