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

[Anonymous]

Anonymous wrote:

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.

Me too.

[Anonymous]

Anonymous wrote:.
- We paid off the mortgage last year

Oooof. I have no idea why people who have a mortgage originated more than about 2 years ago would do this. If you refinanced as rates went down it makes zero sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Me too.

Biglaw poster above here. And now I’m curious. What does your biglaw firm pay first year (equity) partners?

[Anonymous]

Anonymous wrote:

Anonymous wrote:.
- We paid off the mortgage last year

Oooof. I have no idea why people who have a mortgage originated more than about 2 years ago would do this. If you refinanced as rates went down it makes zero sense.

Yep, I’m not paying off my 2.whatever mortgage until the day it’s due.

[Anonymous]

More expensive everything: food, vacations, clothing, accessories, jewelry, cars, homes, decor, etc.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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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.

NY, LA, Boston, San Fran, heck even Tampa is more expensive for the desirable areas.

Lol at anyone considering Tampa more expensive or desirable.

NP here - Tampa is more expensive overall but definitely not more desirable. It has some s* parts, but so does DC area, please visit Woodbridge, silver spring, border of MD with dc etc.

I would not say no to this. Tampa has lots of perks.

https://www.redfin.com/FL/Tampa/96-Martinique-Ave-33606/home/47327090

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

NY, LA, Boston, San Fran, heck even Tampa is more expensive for the desirable areas.

Lol at anyone considering Tampa more expensive or desirable.

NP here - Tampa is more expensive overall but definitely not more desirable. It has some s* parts, but so does DC area, please visit Woodbridge, silver spring, border of MD with dc etc.

I would not say no to this. Tampa has lots of perks.

https://www.redfin.com/FL/Tampa/96-Martinique-Ave-33606/home/47327090

Thanks for pointing us to the most expensive house in Tampa, but your premise is provably false. According to Redfin, for December the median home price in Tampa was $417k, almost exactly the same as the median in Prince George's County, which was $415k. By contrast: Silver Spring $545k. DC $600k. Fairfax $638k. Arlington $770k. Bethesda $1.1m. Potomac $1.3m. Vienna $1.3m. McLean $1.3m.

And just for comparison's sake, the median in NYC was $800k (Manhattan $1.3m), San Francisco was $1.2m, Boston $830k.

[Anonymous]

Nobody cares about Tampa. What’s wrong with you people?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

NY, LA, Boston, San Fran, heck even Tampa is more expensive for the desirable areas.

Lol at anyone considering Tampa more expensive or desirable.

NP here - Tampa is more expensive overall but definitely not more desirable. It has some s* parts, but so does DC area, please visit Woodbridge, silver spring, border of MD with dc etc.

I would not say no to this. Tampa has lots of perks.

https://www.redfin.com/FL/Tampa/96-Martinique-Ave-33606/home/47327090

Thanks for pointing us to the most expensive house in Tampa, but your premise is provably false. According to Redfin, for December the median home price in Tampa was $417k, almost exactly the same as the median in Prince George's County, which was $415k. By contrast: Silver Spring $545k. DC $600k. Fairfax $638k. Arlington $770k. Bethesda $1.1m. Potomac $1.3m. Vienna $1.3m. McLean $1.3m.

And just for comparison's sake, the median in NYC was $800k (Manhattan $1.3m), San Francisco was $1.2m, Boston $830k.

If you compare Bethesda, which is probably the best suburb in the DC area with the whole of Tampa, you clearly don’t know what you’re doing. You need to compare it to the top suburb in Tampa, whatever it is called. Also you must factor in the exorbitant price of insurance and real estate taxes in Tampa. That’s all part of the cost of home ownership. I don’t know what this discussion is all about but you’re comparing apples with oranges.

[Anonymous]

Anonymous wrote:

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.

NY, LA, Boston, San Fran, heck even Tampa is more expensive for the desirable areas.

Add in Seattle, San Diego

[Anonymous]

Anonymous wrote:This thread is making me think there’s something to the Succession lines about $5M being poor. Many of the replies here talk about schools and plane tickets as the only real additional benefits. It’s not private jet money.

“ Connor: You can't do anything with five, Greg. Five's a nightmare.

Connor: Oh, yeah. Can't retire. Not worth it to work. Oh, yes, five will drive you un poco loco, my fine feathered friend.

Tom: The poorest rich person in America. The world's tallest dwarf.”

But it is Business/first class money. There is great joy in sitting with your spouse in First class (domestic) and not being the one stuck in a middle seat 4" from someone else's face.
Especially with covid and the odds that person is unmasked. So we now fly first/business class 99% of the time. Kids (teens and 20s) fly economy plus but if the cost for first is not that much we buy it---or if it's a red eye or 6am flight (both kids take 6am flights to leave home to return to college )

[Anonymous]

Went from about $500k to $900k in the last 7 years. No real difference in lifestyle. The extra $200k after tax money gets spent on:
- private school tuition for 2
- savings
- occasional splurges on vacation, such as flying business class to Europe.

Everything else remained the same. Same house, same cars, same hobbies, same friends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

NY, LA, Boston, San Fran, heck even Tampa is more expensive for the desirable areas.

Lol at anyone considering Tampa more expensive or desirable.

NP here - Tampa is more expensive overall but definitely not more desirable. It has some s* parts, but so does DC area, please visit Woodbridge, silver spring, border of MD with dc etc.

I would not say no to this. Tampa has lots of perks.

https://www.redfin.com/FL/Tampa/96-Martinique-Ave-33606/home/47327090

Thanks for pointing us to the most expensive house in Tampa, but your premise is provably false. According to Redfin, for December the median home price in Tampa was $417k, almost exactly the same as the median in Prince George's County, which was $415k. By contrast: Silver Spring $545k. DC $600k. Fairfax $638k. Arlington $770k. Bethesda $1.1m. Potomac $1.3m. Vienna $1.3m. McLean $1.3m.

And just for comparison's sake, the median in NYC was $800k (Manhattan $1.3m), San Francisco was $1.2m, Boston $830k.

Come on now. You know that you cannot get a house in Arlington for $770k or anything in a remotely safe area of DC for $600k.

[Anonymous]

I think we were able to have a really good lifestyle on lower HHI (350-400K) because of some luck. However, if our HHI doubled, I would like to give my kids more financial help.

We have lived a very comfortable life - nice spacious new SFH (low mortgage but average neighborhood), kids in magnet public schools (instead of private), SAH parent (so no childcare cost), free state flagship education for in-demand STEM majors (merit scholarships so minimal college cost), prestigious paid internships for kids closer to home (so no cost of rent money etc).

We have been able to provide our kids all enrichment, international travel opportunities, all expenses paid for college and grad school, new car, paid for wedding, paid seed money to dabble in the stock market etc., will probably pay for downpayment for first home etc.

If I had double the HHI, I would buy them homes and create trusts for them. But, whatever. Apart from that I would like to travel in better style than I normally do. I can be very happy in business class and in luxury hotels and afford private tours.

[Anonymous]

We made exactly 450 in 2023. We have two kids, one in daycare the other in a fantastic public school system. We are very comfortable and dont worry about budgeting or spending on the things we want like vacations or saving. But If we suddenly had 300k more per year I can think of a few big categories that would go towards that aren’t possible now: a second house in our favorite lake area, finish funding college early so that’s done and plan to save enough for early retirement, also probably would have enough to do some of the bigger home renovations at a faster pace.

Private school would definitely be a waste of money in our case and we wouldn’t trade up for a fancier more expensive house.