Dual income families, what is your HHI?

[Anonymous]

Ours has ranged from 110k to 210k in our 5 years of marriage. We've lived in the same house the whole time (I bought before we married) but our spending habits changed over the course of our marriage.

When DH and I married, he was finishing grad school. Then he had a one year teaching job. He's also worked as an adjunct and full time outside of his field. Only now am I not the primary wage earner at 105k.

[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?

Why should she? Why not live?

GET THIS....wait....hold onto your seat....you ready? Can you take it?

I don't believe I have an obligation to fully fund my children's college education. Furthermore, if my kids are not serious and don't have the maturity to handle higher education, I don't think I have to fund ANY of it.

There.

[Anonymous]

Anonymous wrote:

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?

Why should she? Why not live?

GET THIS....wait....hold onto your seat....you ready? Can you take it?

I don't believe I have an obligation to fully fund my children's college education. Furthermore, if my kids are not serious and don't have the maturity to handle higher education, I don't think I have to fund ANY of it.

There.

and besides, though this isn't accepted financial advice, but if you pay off your house, then that money can be used to retire somewhere with a lower cost of living.

[Anonymous]

Anonymous wrote:

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?

Why should she? Why not live?

GET THIS....wait....hold onto your seat....you ready? Can you take it?

I don't believe I have an obligation to fully fund my children's college education. Furthermore, if my kids are not serious and don't have the maturity to handle higher education, I don't think I have to fund ANY of it.

There.

To each their own. If a couple finds having a nicer house more important than assisting with their childrens' higher education, that's their value system. It's not "living" necessarily to have a house that requires a $4,500 a month mortgage payment. To me, "living" is having no mortgage at all at age 50.

[Anonymous]

Put another way, you may not be able to afford to stay in DC in retirement, even if you'd like to.

"and besides, though this isn't accepted financial advice, but if you pay off your house, then that money can be used to retire somewhere with a lower cost of living."

[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.

Our student loan debt is not quite as high as what you mentioned (about $130K combined, both for law school), but it does significantly color our financial picture. We're 35 and will be paying around $1,000 a month to repay the loans until our late 40s. Also we didn't save a dime while in school and even racked up some credit card and family debt, so we didn't actually start building any type of nest egg until our early 30s. Then of course there were daycare expenses, etc. With a HHI of $300K I'd still say law school was a good investment and we live a nice life, but certainly not what you'd think based on our age and HHI alone. Bonuses have been the biggest help--DH got a $50K signing bonus a few years ago and usually gets a $30-50K bonus each year. That's included in our HHI but the fact that it comes in a lump sum makes it easier to sock away without ever really feeling like we had it.

[Anonymous]

Anonymous wrote:Put another way, you may not be able to afford to stay in DC in retirement, even if you'd like to.

"and besides, though this isn't accepted financial advice, but if you pay off your house, then that money can be used to retire somewhere with a lower cost of living."

who would want to stay in this overpriced bad-climate cesspool in retirement? SW Florida, here i come ....

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is totally pretentious, but it is anonymous, so what's the harm.

Me: $575K
Spouse: $75K
Rental Income (net of expenses and mortgages) $50K

Total $700K (we are 33 and 34)

what do you do that you make 575K at age 33?

I own a reasonably successful business. Its hard work, but very rewarding in a manner that non business owners cannot imagine (also a headache a manner that non business owners cannot imagine).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Put another way, you may not be able to afford to stay in DC in retirement, even if you'd like to.

"and besides, though this isn't accepted financial advice, but if you pay off your house, then that money can be used to retire somewhere with a lower cost of living."

who would want to stay in this overpriced bad-climate cesspool in retirement? SW Florida, here i come ....

Oh yeah, Miami is ever so much better than DC <major eye roll> What exactly passes for culture and education there? The whole state of Florida is tacky.

[Anonymous]

clearly you failed geography

[Anonymous]

Wow - now I know why I feel poor.

Me - $115 K
DH - $50 K (works in a low paying industry)

Mortgage for a teeny tiny house in Silver Spring = $1800/month
Two kids in daycare = $2000/month

We have no car, school or other debt but we're no where near being both able to max out 401Ks (combined, we put about $18,000-$20,000 towards retirement each year).

[Anonymous]

Anonymous wrote:Wow - now I know why I feel poor.

Me - $115 K
DH - $50 K (works in a low paying industry)

Mortgage for a teeny tiny house in Silver Spring = $1800/month
Two kids in daycare = $2000/month

We have no car, school or other debt but we're no where near being both able to max out 401Ks (combined, we put about $18,000-$20,000 towards retirement each year).

you are fine. you could easily and conservatively afford a household payment of $3,800/month.

[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.

I posted above. We have a HHI of $250K, give or take a bit, and a $5K mortgage. Max out retirement, contribute some to college funds (not planning on fully funding 4 years at a private), 1 in daycare, no student loans or car payments - paid off both early, and have 6 months of living expenses in the bank. We have plenty to live on - house cleaners every other week, occasional meals out, new clothes, do a fairly big house project each year (about $10K), and go on vacations totalling at least $5K each year, if not more. Our goal is to enjoy living life now, while still saving.

You should have no problem with such a mortgage at a $300K HHI. Seriously.

[Anonymous]

Since I just read nine pages of nosiness, I figured that I would share and get flamed. I make $87K, DH $58K. No student loans and daycare for one child is subsidized, so around $450 per month. Our mortgage just went up to $3,700/ month. If we can still save with these expenses (which we can), all of you people that posted earlier with these >$200K salaries can. Seriously, you will be fine.

[Anonymous]

Anonymous wrote:Since I just read nine pages of nosiness, I figured that I would share and get flamed. I make $87K, DH $58K. No student loans and daycare for one child is subsidized, so around $450 per month. Our mortgage just went up to $3,700/ month. If we can still save with these expenses (which we can), all of you people that posted earlier with these >$200K salaries can. Seriously, you will be fine.

Oh and FWIW, we make more $$ than most of our early 30's friends. As an earlier poster said, some of you are REALLY out of touch with reality. Hope you are good tippers!!