The Secret to Living Well on $40,000 a Year

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I'm a teacher making $52k / year. I live with my girlfriend and we both work. No kids, and no plans to have any. We both buy whatever we want. This guy gives horrible advice. He obviously has no ambition to make more or move up in the world.
It's because of families like his that we are in this recession. People need to make more and live it up, not be a penny-pincher and work as little as possible,

Jesse of NJ 2:55PM September 26, 2011

As a followup. If this journalist took the time to do a tiny bit of research she would see that Danny is not living on a teacher's salary.
Just read the reviews of his book on Amazon.
http://www.amazon.com/Survive-Perhaps-Thrive-Teachers-Salary/product-reviews/1598869027/ref=cm_cr_dp_hist_1?ie=UTF8&showViewpoints=0&filterBy=addOneStar
According to the reviewers, he had multiple instances of getting money from relatives and then left teaching a one point to get a better paying job. He is not a financial guru, in fact no one should listen to him as his advice is not practical and there are no steps that can be put into practice for the average person.
I am sick and tired of all of these supposed experts trying to make a name for themselves when their advice is so worthless.

Matt of NJ 2:40PM September 26, 2011

I would feel really rich if I made that kind of money a year. WOW Why don't you have an article on how to live on $17,000 to $20,000 a year. A lot of people including myself make that much money a year. I am tired of seeing how to pay off credit cards, where you cash in on your 401K and other retirement funds, which once again most people I know don't have any savings. I am excited that I might and I stress might have a job where I get to make $12 an hour and I am excited because I have never made that much in my life. Why would I buy a book from them.

Connie Holle of TX 12:53PM September 26, 2011

I would feel really rich if I made that kind of money a year. WOW Why don't you have an article on how to live on how to live on $17,000 to $20,000 a year. A lot of people including myself make that much money a year. I am tried of seeing how to pay off credit cards, where you cash in on your 401K and other retirement funds, which once again most people I know don't have any savings. I am excited that I might and I stress might have a job where I get to make $12 an hour and I am excited because I have never made that much in my life. The average salary here is $8-$10 an hour. THere are higher paying jobs and we don't suffer like a lot of others states have. Why would I buy a book from them.

Connie Holle of TX 12:50PM September 26, 2011

This is a poorly written article that offers no real advice for families struggling with making ends meet.
I would like to see his monthly expenses. A spreadsheet listing where every dollar goes. Feeding 4 mouths alone is very expensive.
At 40 grand a year he is clearing about $2500 a month at most?
His mortgage payment might be around $800 to afford a decent size place in a cheaper area of the country. Then feeding everyone is what another $500 and then gas is really expensive that's what $250 a month at least if you are driving 2 kids around. So already you are up to $1550 without utilities. Then you have car insurance, do they have cells phones, do they have internet?
Costs add up. Is their insurance totally paid for? How much out of pocket expense is that for 4 people? What about people who have to rent, that is an expense that stays with you.
Also this is the Dave Ramsey model that he has co-opted and resold.
Until he publishes his monthly budget and unexpected expenses that have come up and how he handles them, this is just another shallow example of a wannabe trying to cash in on a book deal and try to make more than his $40,000 a year he claims to live on. I call B.S.

Matt of NJ 10:51AM September 26, 2011

Wow, is this a joke; do you really need 40,000 a year to live well? My parents had 9 children; 3 of whom are still at home, for much less than that; some between 25,000-30,000 a year. This article just testament to how far the apple has fallen from the tree; our previous generation really knew hard times; we only pretend we are in hard times.

Kurtis Wiedenfeld of TX 10:33AM September 26, 2011

I wish I could earn that much! :(
Here in Hungary my one year salary I get in my hand is nearly 4500USD, 370USD/month, and the price of the products and services are getting higher and higher. I work as a website designer, and I am trying to find work abroad from home, but I can't leave because of the government, who wants me to pay my degree, which is more than my one year salary, if I dare to leave my country, but I can't earn the money I need sometimes even to pay my bills. My beloved has no job. He wants to work, but now the workplaces try to fire more and more workers, because they can't pay as well. And that the tax will be 27%, things will be getting worse. I try to seek side jobs as a designer, singer, photographer, but there's no opportunity. I am desperate. I just wish that I could earn $40,000 a Year.

Zsuzsanna M. 9:56AM September 26, 2011

While I compliment Danny Kofke and his family for what they are doing, it's not really new.
30 years ago, my husband and I cut up our credit cards (we were in less than $5,000 of debt), and began living on a cash only budget. We own a house (all 800sq ft) and have 2 sons who are now working part time and going to college part time (they are 26 and 25). Our 25 year old has Autism, which generates huge (over $20,000 per year) out of pocket medical bills (psychiatrists and psychologists don't accept Medicare and/or Medicaid), which we pay off gradually. I am a seasonal employee, but don't work otherwise.
Again, Danny's accomplishments are great, but hardly new or particularly unique.

Vicki Mate of OH 9:32AM September 26, 2011

Easier with a three year old and an infant. Much much harder with a teen and preteen. Get ready. And not because they are spoiled or have a huge wardrobe. Educational and enrichment activities, vacations and college funds, driving, etc.

Mary oglesby of IL 9:09AM September 26, 2011