Dual income families, what is your HHI?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:bethesda mortgage: 4700/month

me: 125,000
hub: 160,000

one dear boy

painful.

I'm the $4,800/month from above. so glad to see we have some company. Our incomes are pretty close. Way I look at it, it will be painful for a few years, but sooner or later inflation will kick in and/or our incomes will rise.

Wow, both of your households are big risk takers. We have an HHI of almost $400,000 and our mortgage payment is only $2,800 (though we pay extra). Even at our income level, there's no way I'd feel comfortable spending almost $5K a month on just PITI. I must be very risk averse.

We too have a higher income and lower mortgage, due to the fact that we were lucky and purchased a home pre-bubble, but I don't see these posters are risky at all. If they bring home 65% of their income, they still are bringing home $15,430/mo, back out mortgage and they have over 10K left. Who can't live on 10K/mo??? This is WAYYYYYYYYYYYYYYYYYY better off that the majority of Americans.

Poster-I'd hate to see what you think of the general populace, considering the average Dual HHI is 67k and the average mortgage is $1,400/mo. The average american family only has around $2,700 left over after they pay their mortgage. You think having 10K left over is risky?

I haven't done the calculations, but I don't think there's that much left over at that gross income, after 401(k) contributions, childcare, college savings, food, household utilities and repair, clothing, activities, etc.

You don't have to be a mathematician to realize that there is pleanty left over after a 5K mortgage on a 285K gross income. If the above posters are struggling with this, their mortgage is not their problem, the problem is that they cannot someone how live on the remaining THOUSANDS left over after that is paid. No wonder there is such class warfare going on in this country, a bunch of dumb ass rich people who can't add one plus one and seem to think they are struggling to make do on 10K/month. That is a NET of 120k a year after their mortgage is paid. Pathetic that someone finds that a painful struggle.

[Anonymous]

I question that the original poster forgot to ask is for you to include student loans--if any.

I would be very curious, not nosy, but simply curious to see how many high income families in their 30s and 40s still have $200-300K combined incomes and at least 80K per person in student loans.

What most people never talk about is their student loans.

It is not only how much you make...You cannot ignore the income to (total) loans ratio.

[Anonymous]

Me: 175K
DH: 180K

We have one child, live in FC.

[Anonymous]

We have a pretty high HHI (around 400K), and no debt other than a $2800 mortgage. We'd be rolling in it if it weren't for 60K per year in private school tuition!

[Anonymous]

Anonymous wrote:We have a pretty high HHI (around 400K), and no debt other than a $2800 mortgage. We'd be rolling in it if it weren't for 60K per year in private school tuition!

You are still rolling in it, after school and mortgage, you have about 12K/mo left. That is 144k a year in CASH for other living expenses.

[Anonymous]

I was one of the first posters with the $300K combined income. I find this post fascinating in a completely voyeuristic way! We are also in the market for a new house and we were figuring we could swing a mortgage for $4500 but am now concerned that others in our HHI consider that a tight squeeze in their monthly outlay.

We have no student loans (and no debt other than our $3200 month mortgage and daycare for 2 kids) but are an "older" couple in our mid-40's. I did have student loans though that I paid until I was 32. While I will save for college, my parents expected me to take out loans and wait tables for college and I will have the same expectations for my kids.

[Anonymous]

Anonymous wrote:I question that the original poster forgot to ask is for you to include student loans--if any.

I would be very curious, not nosy, but simply curious to see how many high income families in their 30s and 40s still have $200-300K combined incomes and at least 80K per person in student loans.

What most people never talk about is their student loans.

It is not only how much you make...You cannot ignore the income to (total) loans ratio.

Everyone should include their student loans in their net worth calculation, or it's worthless.

[Anonymous]

Anonymous wrote:I was one of the first posters with the $300K combined income. I find this post fascinating in a completely voyeuristic way! We are also in the market for a new house and we were figuring we could swing a mortgage for $4500 but am now concerned that others in our HHI consider that a tight squeeze in their monthly outlay.

We have no student loans (and no debt other than our $3200 month mortgage and daycare for 2 kids) but are an "older" couple in our mid-40's. I did have student loans though that I paid until I was 32. While I will save for college, my parents expected me to take out loans and wait tables for college and I will have the same expectations for my kids.

Why not buy a cheaper house and be able to contribute more to retirement and college savings, if you choose?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was one of the first posters with the $300K combined income. I find this post fascinating in a completely voyeuristic way! We are also in the market for a new house and we were figuring we could swing a mortgage for $4500 but am now concerned that others in our HHI consider that a tight squeeze in their monthly outlay.

We have no student loans (and no debt other than our $3200 month mortgage and daycare for 2 kids) but are an "older" couple in our mid-40's. I did have student loans though that I paid until I was 32. While I will save for college, my parents expected me to take out loans and wait tables for college and I will have the same expectations for my kids.

Why not buy a cheaper house and be able to contribute more to retirement and college savings, if you choose?

you can DEFINITELY afford a $4.5K / month mortgage at $300K HHI. That is well within the conservative guidelines.

[Anonymous]

$4 million for retirement???

I was thinking $2 million would be sufficient.

[Anonymous]

Anonymous wrote:$4 million for retirement???

I was thinking $2 million would be sufficient.

Sheah, right! How can I afford my daily snack of exotic, nearly-extinct animals without the extra 2 million?! PRINCIPALS, PEOPLE.

[Anonymous]

Anonymous wrote:$4 million for retirement???

I was thinking $2 million would be sufficient.

If your household income is $200,000 when you retire, and your mortgage is paid off, no other debts, kids through college, it likely will be.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$4 million for retirement???

I was thinking $2 million would be sufficient.

Sheah, right! How can I afford my daily snack of exotic, nearly-extinct animals without the extra 2 million?! PRINCIPALS, PEOPLE.

You can spend 4% of your principal each year. If you're living off the proceeds of $2 million, that's $100,000 a year.

[Anonymous]

Anonymous wrote:$4 million for retirement???

I was thinking $2 million would be sufficient.

consider the source. same person who thought that a $4500/month on a 300K+ salary was "wayyyy too risky". I mean,gosh, you'd be practically penniless!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$4 million for retirement???

I was thinking $2 million would be sufficient.

Sheah, right! How can I afford my daily snack of exotic, nearly-extinct animals without the extra 2 million?! PRINCIPALS, PEOPLE.

You can spend 4% of your principal each year. If you're living off the proceeds of $2 million, that's $100,000 a year.

Sadly, nearly-exotic animals are more expensive than ever (I blame Moody's). I need at least $600,000/year to afford my habit. Please advise.