Cheaper house or better this way??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it. We have two teens, a $3100 mortgage payment (450k mortgage, 20 year loan), and went from making 120k to now 250k, and still that mortgage payment is a drain. We are desperately saving for retirement to make up for those early lean years, and we don’t really have anything left over each month after our expenses and our retirement/529 savings. (With company matches, we save 60k/year in two 401ks, and my retirement calculator still tells me I’ll be short 500/month in retirement.) If someone had told me that one day I’d have a 250k HHI and still have money worries, I’d never have believed them.

Never retire, like the rest of us.

Waaahhh I’m so poor after I save $6000 a month.

$5000, mathematician. And haven’t you read those threads on how two million isn’t enough for a comfortable retirement? We’re nowhere near that. With no pensions coming our way and having only recently become able to max retirement savings, we’re trying to ensure we aren’t a burden on our kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I get it. We have two teens, a $3100 mortgage payment (450k mortgage, 20 year loan), and went from making 120k to now 250k, and still that mortgage payment is a drain. We are desperately saving for retirement to make up for those early lean years, and we don’t really have anything left over each month after our expenses and our retirement/529 savings. (With company matches, we save 60k/year in two 401ks, and my retirement calculator still tells me I’ll be short 500/month in retirement.) If someone had told me that one day I’d have a 250k HHI and still have money worries, I’d never have believed them.

Sorry, you don't have money worries if you save $60K a year and also put money into 529 accounts.

Typical DCUM. “But we’re living paycheck to paycheck after we putt away a ton of money into several different types of tax-advantaged savings accounts!”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP it has to be your unfixed expenses - such as kids activities, eating out, shopping etc., because with your income, and a mortgage that's probably around $3K a month, if not less (just my rough math) I don't understand how this would otherwise be financially difficult. In terms of your property tax, have they really increased that much over the last 10 years? Yes I know they've gone up, but how much?

Mine have gone up 130% in last 10 years.

That means your property value has gone up about that same amount. Congratulations! Lots of folks would love to be in your position.

Not true. People in NoVa are not having success challenging assessed value either. I cannot sell for the assessed value. Comps don’t support it

[Anonymous]

Anonymous wrote:We bought $700,000 house 10 years ago and I feel like we are still struggling to pay the mortgage and taxes (that keep rising!) we have 2 kids - we have 200,000 annual income (no luxurious cars or vacations) but spend money on food and kids activities etc. We still barely have enough retirement savings and we are 50. I am upset because I feel like we should have bought a $300000 house 10 years ago but at least the money is in the home which is appreciating. We don’t know how to save more Inflation- any suggestions for people that are 50 and are feeling the pinch?

Try posting in the Money and Finances forum and add some specificity: what is your PITI? Car payments? How much do you spend on kids activities? How much goes in their 529s? Etc...

https://www.dcurbanmom.com/jforum/forums/show/54.page

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it. We have two teens, a $3100 mortgage payment (450k mortgage, 20 year loan), and went from making 120k to now 250k, and still that mortgage payment is a drain. We are desperately saving for retirement to make up for those early lean years, and we don’t really have anything left over each month after our expenses and our retirement/529 savings. (With company matches, we save 60k/year in two 401ks, and my retirement calculator still tells me I’ll be short 500/month in retirement.) If someone had told me that one day I’d have a 250k HHI and still have money worries, I’d never have believed them.

Never retire, like the rest of us.

Waaahhh I’m so poor after I save $6000 a month.

$5000, mathematician. And haven’t you read those threads on how two million isn’t enough for a comfortable retirement? We’re nowhere near that. With no pensions coming our way and having only recently become able to max retirement savings, we’re trying to ensure we aren’t a burden on our kids.

Of course you are saving for that reason. The point is that you are spending 5000 a month on something, your future retirement savings, and lamenting your income. Your income is literally enough to support two lifestyles right now, your current and your future one. People making less than you would love to be able to do that but cannot. That level of savings is considered a luxury, even if you don’t recognize it as one. Being able to save 2 million dollars for retirement is well above the norm. It is a budget choice and part of your chosen spend just like the others. The majority of people retire and live off far less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it. We have two teens, a $3100 mortgage payment (450k mortgage, 20 year loan), and went from making 120k to now 250k, and still that mortgage payment is a drain. We are desperately saving for retirement to make up for those early lean years, and we don’t really have anything left over each month after our expenses and our retirement/529 savings. (With company matches, we save 60k/year in two 401ks, and my retirement calculator still tells me I’ll be short 500/month in retirement.) If someone had told me that one day I’d have a 250k HHI and still have money worries, I’d never have believed them.

Never retire, like the rest of us.

Waaahhh I’m so poor after I save $6000 a month.

$5000, mathematician. And haven’t you read those threads on how two million isn’t enough for a comfortable retirement? We’re nowhere near that. With no pensions coming our way and having only recently become able to max retirement savings, we’re trying to ensure we aren’t a burden on our kids.

Different PP - but our take home pay is 5000 a month. You're fine.