My parents are struggling to pay their mortgage, my soon-to-be wife will probably never break the six-figure income mark, and since I’ve spent my entire career working within the Jewish nonprofit sector, my savings look more like an emergency fund than a capital investment.
So what’s a broke social entrepreneur to do?
One option is to live on less, like these friends of mine do. And, I know, KRG asked how parents with a 3-year old could live as modestly as dcc suggested. But let’s look at a concrete example: A family with a preschooler, with a second baby on the way, has been living on a modest income (household income of $35,000 last year, $45,000 this year) and paid off their debts, bought a house, and are doing well.
Do I think everyone can pull this off? No. Do I think we need to be lamenting the lack of six-figure income or “upper middle class” financial mobility in order to contribute to Jewish community? No. But perhaps a solution would be to come up with a happy medium between the six-figure expectation and this model of modesty.