What is the lifestyle difference of 400-500k/yr and 800-1M/yr

[Anonymous]

Anonymous wrote:The lusting for lifestyle creep here is amazing. We make about $450k a year and are extremely grateful and do not want for more. Our lifestyle is not much different than when we made $300k. The only difference is that we save more. And if we suddenly made $1m per year, we would just save more and be free of the corporate world earlier. I can't think of anything more we need or want other than to retire. Earning a lot of money is hard work and a high paying job in corporate American can evaporate in an instant, thus I don't really understand why someone would want to work so hard/put up with so much BS just to spend more instead of using the money to contribute to financial security and freedom.

I love my job and the more money I make, the more I love it. Not everyone hates their careers and lusts to be free of the corporate world. I feel energized and inspired when I go to work. And hitting the seven figure mark finally last year ignited and even hotter fire in me to keep going, keep innovating, keep earning, and continue to enjoy the fruits of my labor to an evermore extravagant degree. My #1 goal isn't financial security and freedom - I already feel financially free thanks to my earning power and what I've saved over a 25 year career (still expect to work 20+ years). Instead, my number one goal is to make the most out of live with my family, and that includes living together in a beautiful home, entertaining loved ones, traveling to wonderful places together, eating fabulous food, having extraordinary experiences and just enjoying the comforts of the good life. I am grateful that my work isn't something I can't wait to escape.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is private school really better than top public plus 1:1 tutoring?
Im pretty sure the latter gives better outcomes, unless your looking for your kids to start networking in school for life...

Private schools give 15-16 kids in a classroom vs 30-40 in public. Overall a very different learning environment. And wouldn't it be nice if your kid didn't have to spend 6-7 hours in school and another hour or two in tutoring daily?

Where are public classes 40 kids? Arlington's max ES class size is around 24. We're at one of the option schools so the classes are always at that max. I don't know that the environment would be hugely different if were were 9 fewer kids (class of 15) like the private's apparently have, certainly not worth the $$$. Some are more than college will cost!

My kids were in a Top public in our area (not DCUM). Their HS was built for 1800, but had 2600 students. majority of their classes were 30+ students, some were closer to 40 (think AP Calc BC, we have 37 students and that's not enough to justify 2 sections so we will just cram them all into a single class)
Our ES are using 28-30 kids.

However, locally to you, it's happening in Howard county and has been for 15+ years. My now in college kid had 30 in their 1st grade class, because there were not enough kids to justify another section until end of October. Then, after getting the extra 5 kids registered, they added a teacher and broke up 1st graders 2 months into the year and put some into the new class. But HoCo has been increasing class sizes for years, every year with budget cuts. So it does happen and its not the best for most kids. Sure my kids did okay, but I'm 100% certain they would have done better with only 20 kids in their classes.

See, this is when the national reach of this website becomes unhelpful. It just isn’t the norm in the DMV school systems where there are 35 or 40 students at a class.

If I were making $1 million a year but living outside of the DMV in a lower cost of living area with public schools with 35 or 40 kids in the class, sure, I’d think about private schools. But that is not the DMV equation.

Who said that PP‘s area was cheaper? You all don’t realize how affordable the DMV is compared to more desirable areas in the country.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is private school really better than top public plus 1:1 tutoring?
Im pretty sure the latter gives better outcomes, unless your looking for your kids to start networking in school for life...

Private schools give 15-16 kids in a classroom vs 30-40 in public. Overall a very different learning environment. And wouldn't it be nice if your kid didn't have to spend 6-7 hours in school and another hour or two in tutoring daily?

Where are public classes 40 kids? Arlington's max ES class size is around 24. We're at one of the option schools so the classes are always at that max. I don't know that the environment would be hugely different if were were 9 fewer kids (class of 15) like the private's apparently have, certainly not worth the $$$. Some are more than college will cost!

My kids were in a Top public in our area (not DCUM). Their HS was built for 1800, but had 2600 students. majority of their classes were 30+ students, some were closer to 40 (think AP Calc BC, we have 37 students and that's not enough to justify 2 sections so we will just cram them all into a single class)
Our ES are using 28-30 kids.

However, locally to you, it's happening in Howard county and has been for 15+ years. My now in college kid had 30 in their 1st grade class, because there were not enough kids to justify another section until end of October. Then, after getting the extra 5 kids registered, they added a teacher and broke up 1st graders 2 months into the year and put some into the new class. But HoCo has been increasing class sizes for years, every year with budget cuts. So it does happen and its not the best for most kids. Sure my kids did okay, but I'm 100% certain they would have done better with only 20 kids in their classes.

See, this is when the national reach of this website becomes unhelpful. It just isn’t the norm in the DMV school systems where there are 35 or 40 students at a class.

If I were making $1 million a year but living outside of the DMV in a lower cost of living area with public schools with 35 or 40 kids in the class, sure, I’d think about private schools. But that is not the DMV equation.

Who said that PP‘s area was cheaper? You all don’t realize how affordable the DMV is compared to more desirable areas in the country.

Even if it isn’t cheaper, it can’t be compared to here because public school class sizes just aren’t that large. Like, ever. It’s not relevant to a discussion of whether it’s worth paying for private in the DMV.

[Anonymous]

We make 850k and fly economy, only time I pay for premium economy is when we travel to Asia. I don’t know who these people are who are traveling business class on 600-800k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We’re around 500k. At a million, private school is a lot more accessible as is three kids.

500k is solidly UMC in a HCOL area.

It’s about the 96th percentile of HHs in the DMV, so UMC is being used a bit loosely here.

You know, you'd think. My parents were dirt poor growing up so I have some perspective even though I grew up middle class. But now I live in DC and our HHI is 400k and I understand that we are rich but we cannot afford to buy a 3br home, nor can we afford private school. I am so grateful that unexpected expenses are not usually big stressors and we can spend some money on a cheap int'l or moderate domestic vacation each year. But also my kids have 2 pairs of shoes and one coat and we don't eat out more than twice a month. We have one 20k car and no debt, but STILL cannot buy a home yet. We were not DINKS for years before having kids and we have no family money so this is probably what separates us from our neighbors who own. But it's insane that we have so much money coming in but feel trapped. Part of that is that retirement and college costs in America are crazy.

You're doing something wrong. We make half your income and are living the same lifestyle, only in a 3BR house that we own in a close-in suburb. Actually, we are beyond childcare costs, so there's that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is private school really better than top public plus 1:1 tutoring?
Im pretty sure the latter gives better outcomes, unless your looking for your kids to start networking in school for life...

Private schools give 15-16 kids in a classroom vs 30-40 in public. Overall a very different learning environment. And wouldn't it be nice if your kid didn't have to spend 6-7 hours in school and another hour or two in tutoring daily?

Where are public classes 40 kids? Arlington's max ES class size is around 24. We're at one of the option schools so the classes are always at that max. I don't know that the environment would be hugely different if were were 9 fewer kids (class of 15) like the private's apparently have, certainly not worth the $$$. Some are more than college will cost!

My kids were in a Top public in our area (not DCUM). Their HS was built for 1800, but had 2600 students. majority of their classes were 30+ students, some were closer to 40 (think AP Calc BC, we have 37 students and that's not enough to justify 2 sections so we will just cram them all into a single class)
Our ES are using 28-30 kids.

However, locally to you, it's happening in Howard county and has been for 15+ years. My now in college kid had 30 in their 1st grade class, because there were not enough kids to justify another section until end of October. Then, after getting the extra 5 kids registered, they added a teacher and broke up 1st graders 2 months into the year and put some into the new class. But HoCo has been increasing class sizes for years, every year with budget cuts. So it does happen and its not the best for most kids. Sure my kids did okay, but I'm 100% certain they would have done better with only 20 kids in their classes.

See, this is when the national reach of this website becomes unhelpful. It just isn’t the norm in the DMV school systems where there are 35 or 40 students at a class.

If I were making $1 million a year but living outside of the DMV in a lower cost of living area with public schools with 35 or 40 kids in the class, sure, I’d think about private schools. But that is not the DMV equation.

Who said that PP‘s area was cheaper? You all don’t realize how affordable the DMV is compared to more desirable areas in the country.

Please elaborate on all of these more desirable areas that are significantly more expensive than the DMV. I can think of about two metro areas that are meaningfully more expensive and I would not want to live in either of them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is private school really better than top public plus 1:1 tutoring?
Im pretty sure the latter gives better outcomes, unless your looking for your kids to start networking in school for life...

Private schools give 15-16 kids in a classroom vs 30-40 in public. Overall a very different learning environment. And wouldn't it be nice if your kid didn't have to spend 6-7 hours in school and another hour or two in tutoring daily?

Where are public classes 40 kids? Arlington's max ES class size is around 24. We're at one of the option schools so the classes are always at that max. I don't know that the environment would be hugely different if were were 9 fewer kids (class of 15) like the private's apparently have, certainly not worth the $$$. Some are more than college will cost!

My kids were in a Top public in our area (not DCUM). Their HS was built for 1800, but had 2600 students. majority of their classes were 30+ students, some were closer to 40 (think AP Calc BC, we have 37 students and that's not enough to justify 2 sections so we will just cram them all into a single class)
Our ES are using 28-30 kids.

However, locally to you, it's happening in Howard county and has been for 15+ years. My now in college kid had 30 in their 1st grade class, because there were not enough kids to justify another section until end of October. Then, after getting the extra 5 kids registered, they added a teacher and broke up 1st graders 2 months into the year and put some into the new class. But HoCo has been increasing class sizes for years, every year with budget cuts. So it does happen and its not the best for most kids. Sure my kids did okay, but I'm 100% certain they would have done better with only 20 kids in their classes.

See, this is when the national reach of this website becomes unhelpful. It just isn’t the norm in the DMV school systems where there are 35 or 40 students at a class.

If I were making $1 million a year but living outside of the DMV in a lower cost of living area with public schools with 35 or 40 kids in the class, sure, I’d think about private schools. But that is not the DMV equation.

Who said that PP‘s area was cheaper? You all don’t realize how affordable the DMV is compared to more desirable areas in the country.

Please elaborate on all of these more desirable areas that are significantly more expensive than the DMV. I can think of about two metro areas that are meaningfully more expensive and I would not want to live in either of them.

The housing markets more expensive than this one are NYC, San Francisco, Honolulu, and LA. We can debate whether these places are more desirable.

[Anonymous]

Anonymous wrote:We make 850k and fly economy, only time I pay for premium economy is when we travel to Asia. I don’t know who these people are who are traveling business class on 600-800k.

We have a HHI of $2-3m and we fly economy plus. We just booked our flights for spring break. Our economy plus tickets to Asia cost $3k. I looked into flying first but just couldn’t do it. Could we afford it? Sure. I don’t think it is worth 10k extra per person.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make 850k and fly economy, only time I pay for premium economy is when we travel to Asia. I don’t know who these people are who are traveling business class on 600-800k.

We have a HHI of $2-3m and we fly economy plus. We just booked our flights for spring break. Our economy plus tickets to Asia cost $3k. I looked into flying first but just couldn’t do it. Could we afford it? Sure. I don’t think it is worth 10k extra per person.

No way it was 3k unless it was for one person. My family of four bought tickets to Asia economy plus and it was nearly 10k.

[Anonymous]

Interesting thread. Our HHI right now is about $700k. We live very comfortably and basically do what we want when we want it. Don’t spring for business class airfare, but we take lots of vacations and stay in nice places. We drive nice cars and buy the things we want when we want them.

I just became a partner in big law, so we’re about to go to $1.5 millon to start. I honestly don’t know what we’re going to do with the extra $$. Our elementary school kids are in public school and we’re happy with that right now. We both went to public schools and did just fine, and don’t really think we’ll go private. I guess we could look for a second house, but where do people buy nice second houses in the DMV? And also, how do you find time to actually use it? Our weekends are already over programmed with sports/friends/birthdays/etc. I still can’t imagine dropping $25k for the family to fly business to Europe, but maybe that will change. I’m not complaining, I’m just honestly stumped on how our life will change. I feel like it’s already so great and we don’t need more, and yet… here it is.

[Anonymous]

Anonymous wrote:Interesting thread. Our HHI right now is about $700k. We live very comfortably and basically do what we want when we want it. Don’t spring for business class airfare, but we take lots of vacations and stay in nice places. We drive nice cars and buy the things we want when we want them.

I just became a partner in big law, so we’re about to go to $1.5 millon to start. I honestly don’t know what we’re going to do with the extra $$. Our elementary school kids are in public school and we’re happy with that right now. We both went to public schools and did just fine, and don’t really think we’ll go private. I guess we could look for a second house, but where do people buy nice second houses in the DMV? And also, how do you find time to actually use it? Our weekends are already over programmed with sports/friends/birthdays/etc. I still can’t imagine dropping $25k for the family to fly business to Europe, but maybe that will change. I’m not complaining, I’m just honestly stumped on how our life will change. I feel like it’s already so great and we don’t need more, and yet… here it is.

I’ll be interested to know what first year partner in big law in the DMV starts at 1.5 million

[Anonymous]

Anonymous wrote:

Anonymous wrote:Interesting thread. Our HHI right now is about $700k. We live very comfortably and basically do what we want when we want it. Don’t spring for business class airfare, but we take lots of vacations and stay in nice places. We drive nice cars and buy the things we want when we want them.

I just became a partner in big law, so we’re about to go to $1.5 millon to start. I honestly don’t know what we’re going to do with the extra $$. Our elementary school kids are in public school and we’re happy with that right now. We both went to public schools and did just fine, and don’t really think we’ll go private. I guess we could look for a second house, but where do people buy nice second houses in the DMV? And also, how do you find time to actually use it? Our weekends are already over programmed with sports/friends/birthdays/etc. I still can’t imagine dropping $25k for the family to fly business to Europe, but maybe that will change. I’m not complaining, I’m just honestly stumped on how our life will change. I feel like it’s already so great and we don’t need more, and yet… here it is.

I’ll be interested to know what first year partner in big law in the DMV starts at 1.5 million

They’re real and they’re spectacular. Welcome to the big leagues.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Interesting thread. Our HHI right now is about $700k. We live very comfortably and basically do what we want when we want it. Don’t spring for business class airfare, but we take lots of vacations and stay in nice places. We drive nice cars and buy the things we want when we want them.

I just became a partner in big law, so we’re about to go to $1.5 millon to start. I honestly don’t know what we’re going to do with the extra $$. Our elementary school kids are in public school and we’re happy with that right now. We both went to public schools and did just fine, and don’t really think we’ll go private. I guess we could look for a second house, but where do people buy nice second houses in the DMV? And also, how do you find time to actually use it? Our weekends are already over programmed with sports/friends/birthdays/etc. I still can’t imagine dropping $25k for the family to fly business to Europe, but maybe that will change. I’m not complaining, I’m just honestly stumped on how our life will change. I feel like it’s already so great and we don’t need more, and yet… here it is.

I’ll be interested to know what first year partner in big law in the DMV starts at 1.5 million

They’re real and they’re spectacular. Welcome to the big leagues.

No, I’m actually serious. As an insider that seems on the high end to me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make 850k and fly economy, only time I pay for premium economy is when we travel to Asia. I don’t know who these people are who are traveling business class on 600-800k.

We have a HHI of $2-3m and we fly economy plus. We just booked our flights for spring break. Our economy plus tickets to Asia cost $3k. I looked into flying first but just couldn’t do it. Could we afford it? Sure. I don’t think it is worth 10k extra per person.

What are you saving for? if you make 2-3M/year, that is the exact time to spend $10K/person when you are taking flights that are 24-30 hours door to door. It means you sleep well, are as rested as you could be when you arrive for your vacation. SO you skip having 2-3 days you are exhausted. Worth every penny for us

[Anonymous]

Anonymous wrote:Interesting thread. Our HHI right now is about $700k. We live very comfortably and basically do what we want when we want it. Don’t spring for business class airfare, but we take lots of vacations and stay in nice places. We drive nice cars and buy the things we want when we want them.

I just became a partner in big law, so we’re about to go to $1.5 millon to start. I honestly don’t know what we’re going to do with the extra $$. Our elementary school kids are in public school and we’re happy with that right now. We both went to public schools and did just fine, and don’t really think we’ll go private. I guess we could look for a second house, but where do people buy nice second houses in the DMV? And also, how do you find time to actually use it? Our weekends are already over programmed with sports/friends/birthdays/etc. I still can’t imagine dropping $25k for the family to fly business to Europe, but maybe that will change. I’m not complaining, I’m just honestly stumped on how our life will change. I feel like it’s already so great and we don’t need more, and yet… here it is.

I agree--a 2nd house was not worth it for us until kids were at college. In MS/HS they won't want to go somewhere every weekend, or for 2 months during the summer. They want to be home.

If you add 750K to your income and do not increase you lifestyle that much, it is very easy to justify spending $25K for 4 to fly to Europe vs 8K (economy isn't that cheap any more especially in the summers). So after taxes you have 300-400K extra. Spending an extra $15K for each vacation/year.

Or do what we do---we go in business and the kids fly economy+