New Money Diary in DC - $248k/year

[Anonymous]

https://www.refinery29.com/en-us/manager-washington-248k-joint-money-diary

My iniital thoughts are that they're on track (a bit ahead, actually) for retirement but don't have any dedicated college savings. I know some private school parents just think they'll transfer those payments directly to college but I don't think that logic holds if you're only paying $17k/year. I can see the appeal of a condo that includes everything including utilities/laundry/gym, but they still may regret the decision when it comes time to sell.

Honestly between being overwhelmed by taking care of a house to having her parents give them lump sums for multiple down payments to her parents giving them $10k toward a car purchase when she was 34 (!!), the whole thing reads like cosplaying as grownups while waiting for her parents to die so they can be rich. I have a hard time believing they'll be able to support their son the way her parents are supporting them.

But good for them in being able to have a very low stress life in a HCOL area.

[Anonymous]

She does no work for her salary. She spent the whole day doing errands, chatting to her mom, and doing laundry.

[Anonymous]

Anonymous wrote:She does no work for her salary. She spent the whole day doing errands, chatting to her mom, and doing laundry.

You're forgetting her tablescape!

[Anonymous]

Slow season and she's not surfing DCUM?

[Anonymous]

Would love to be paid weekly.

[Anonymous]

Anonymous wrote:Would love to be paid weekly.

My first job out of college we got a draw in cash 3 weeks a month and then the rest of our salary at the end of the month and it was perfect.

[Anonymous]

Privileged life

[Anonymous]

248k is nothing.

[Anonymous]

I want to do it! I have a story like no other.

[Anonymous]

This was so boring, I’m mad I clicked.

[Anonymous]

They have no interest in saving and investing themselves.They spend most of their money and what they get from the parents. I learned nothing unfortunately.
I love money stories when I can learn or use something.

[Anonymous]

Anonymous wrote:https://www.refinery29.com/en-us/manager-washington-248k-joint-money-diary

My iniital thoughts are that they're on track (a bit ahead, actually) for retirement but don't have any dedicated college savings. I know some private school parents just think they'll transfer those payments directly to college but I don't think that logic holds if you're only paying $17k/year. I can see the appeal of a condo that includes everything including utilities/laundry/gym, but they still may regret the decision when it comes time to sell.

Honestly between being overwhelmed by taking care of a house to having her parents give them lump sums for multiple down payments to her parents giving them $10k toward a car purchase when she was 34 (!!), the whole thing reads like cosplaying as grownups while waiting for her parents to die so they can be rich. I have a hard time believing they'll be able to support their son the way her parents are supporting them.

But good for them in being able to have a very low stress life in a HCOL area.

I read this with interest because some of our particulars are the same, although the income is more recent for us and we have no family help. I think it’s unfair to say that they were “overwhelmed” but taking care of the house-it read to me that they simply didn’t like it! And as far as college goes, I have a feeling that they’re counting on the Bank of Mom & Dad.

I just hope that they reported that 8K/mo on their private school financial aid application…

[Anonymous]

Anonymous wrote:They have no interest in saving and investing themselves.They spend most of their money and what they get from the parents. I learned nothing unfortunately.
I love money stories when I can learn or use something.

I can’t believe these people are actual functioning adults. Had to sell a house and get more money for another down payment because they couldn’t take care of it??? They make $250k a year and couldn’t afford a car without a downpayment gift???

[Anonymous]

Was Wegovy factored into her daily expenses? And who pays $40 for that many streaming services??? I feel like they did not actually account for all costs.

And utilities are included but they still pay for internet? Agree the condo fees are nuts.

[Anonymous]

Anonymous wrote:They have no interest in saving and investing themselves.They spend most of their money and what they get from the parents. I learned nothing unfortunately.
I love money stories when I can learn or use something.

What are you talking about? They have hundreds of thousands saved in 401k and a large inheritance coming. She decided she wants a low stress life with an only child.