Money Diary of a Bay Area Housewife with a $1.3M joint income

[Anonymous]

She says they both have family money. Their real net worth is currently in someone else’s name.

[Anonymous]

Their net worth is fine. PP above talking about the difficulty of generating wealth via W-2 income is spot on. It takes a lifetime, even at high 6 or 7 figure income, if you’re living a high 6 or 7 figure income life. And even then the thing moving the needle in the latter part of your working life is all the accumulated investment returns, the payoff on risks you’ve accumulated, etc. It’s not a function of just socking away 10% in a savings account.

[Anonymous]

Why is she paying $450/mo on car insurance? That's nuts.
Why not pay pff $8K car loan completely?

[Anonymous]

Anonymous wrote:I don't think savings are necessarily that low - they are in their 30s and may have just finished paying off significant student debt. This does not say what they are currently investing a month or how much they are putting in a 529 now.

This kind of response makes more sense when the couple is grossing $250k or something. At $1.3M, and especially with her saying "we pay ourselves first!", their net worth makes no sense. I feel like she just doesn't know the balances, though, not that the money isn't there. Because their expenses do not square with their low savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think savings are necessarily that low - they are in their 30s and may have just finished paying off significant student debt. This does not say what they are currently investing a month or how much they are putting in a 529 now.

This kind of response makes more sense when the couple is grossing $250k or something. At $1.3M, and especially with her saying "we pay ourselves first!", their net worth makes no sense. I feel like she just doesn't know the balances, though, not that the money isn't there. Because their expenses do not square with their low savings.

Agreed. Also, it doesn't sound like they have children (yet), so no childcare costs at all, for now.

[Anonymous]

Anonymous wrote:She says they both have family money. Their real net worth is currently in someone else’s name.

She's pointed out that she has "a safety net" and help from her family, and she lived in the bay area with her dad until moving in with her husband.

My guess from reading between the lines when she talks about her family is that she's from one of the many wealthy Asian-American immigrant families in the Bay Area.

[Anonymous]

We have no idea how long they have had that income. Clearly people are making big assumptions about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:She says they both have family money. Their real net worth is currently in someone else’s name.

She's pointed out that she has "a safety net" and help from her family, and she lived in the bay area with her dad until moving in with her husband.

My guess from reading between the lines when she talks about her family is that she's from one of the many wealthy Asian-American immigrant families in the Bay Area.

Yup. They’re probably Taiwanese and he probably was recently promoted. Nothing odd about their net worth at this point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Doesn’t “joint income” imply 2 jobs? I ask this as a SAHM. Also their net worth is crazy crazy low at that income.

This low net worth high income is more often common then not.

It’s extremely hard to get wealthy through a W2 income. People refuse to accept this.

I’m the Pp and our W2 income is 300-400k bonus depending. Our net worth is almost $3M at a similes age.

The exception is not the rule. Why do people like you do this?

[Anonymous]

I would love this woman’s metabolism!

[Anonymous]

How do you get Spotify fro $2.50/month? And why when Apple premier includes Apple Music?

[Anonymous]

This has to be fake, right? No one eats that much and how does he have a salaried job where he gets paid that much but spends his days at aquariums?

[Anonymous]

I think she just doesn’t know about all the accounts.

[Anonymous]

I want to know how all these people manage to go about without ordering stuff online from Amazon on the regular.

[Anonymous]

I don’t really have thoughts about the money, though who is a housewife before kids??? The really shocking thing here is all the food they eat.