Making $500k and not feeling wealthy in NW

[Anonymous]

OP - post your budget. I am sure we can help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

You are making yourself sound like more and more of an idiot. For example, childcare and nanny are the same thing. Your nanny costs are not any higher than the rest of us peons, unless your children require fulltime medical care. If you are not able to live comfortably on $500K, then you are doing it wrong. Period.

You can't read? This is about 300k not 500k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

What the fuck? You think people making 50K a year are lazing around and don't need all the same things done? The fact is you get to pay for the LUXURY of outsourcing with your disposable income. Yes. Disposable.

No one said that people making less are lazing around. When I was making less than 300k a year I had time to work on my house, lawn, clean etc... but my job demands my time at least 12 hours a day including weekends so I can't tend to those other things. When you get paid more you are expected to contribute more time then when you are paid less.

[Anonymous]

Again, you are so myopic you don't see what you're saying. Plenty of people work lower paying jobs who have the same level of time and expectations put on them, and they can't afford to outsource. So you are paying for luxuries that make your life more comfortable.

Quit being pig-headed; just because your old job didn't have high demands doesn't mean others don't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

You are making yourself sound like more and more of an idiot. For example, childcare and nanny are the same thing. Your nanny costs are not any higher than the rest of us peons, unless your children require fulltime medical care. If you are not able to live comfortably on $500K, then you are doing it wrong. Period.

You can't read? This is about 300k not 500k.

Yes but PP is addressing OP who makes 500k. Correct?

[Anonymous]

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

I agree that a nanny is the only work-able childcare option for high dual-income households with people each working 12 hr days. But lawn care? Just because you're earning 300k+ doesn't mean you have to buy the biggest home you can afford. What utility do you gain from that larger home you're mostly just sleeping in 5 days a week? How does that help you function more effectively at your high paying, demanding job? I'm putting that in the "want" category - definitely not a need - and if you choose to go for the bigger home just because you got a salary bump, then the extra costs that go along with it are part of that luxury choice - lawn care, more expensive cleaning services since there's more to clean, higher utilities, etc. If you had stayed in a more modest home, you could have just paid the nanny extra to cover basic housecleaning tasks while the kids are at school (or napping if they're younger).

[Anonymous]

Are you serious? You got some balls to post here and complain about how you don't feel wealthy on $500 000. Boo hoo on going to Delaware for the weekend. Some people can't afford bus fare to see the Potomac. Bitch go sit down somewhere.

[Anonymous]

Anonymous wrote:After taxes (Fed and District), private school for 1 and second coming from local DCPS into private, saving for college, retirement, long term care, helping out family members etc. You feel really squeezed. Our brother inlaw in Houston get to take 3 or 4 vacations a year on about $300k a year, we can only take one real one and then have to huff it to Delaware for the weekend. It kind of is a rat race and we're stuck in this income zone for the foreseeable future (thanks biglaw profit slips).

Here, OP -- how about you consider this and then maybe you'll feel better about your life:

[Anonymous]

OP, you are now realizing that the cake is a lie. Partnership at a big law firm does not mean that you get to have a great life, though it may mean you children do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lose the private school. $60k/year for the next 13 years will be freeing.

We got into a great public school district, make same HHI and don't feel the bite. $910k minimum it would have cost us to put 2 kids K-12 in DC private. We now have their college already funded and oldest is only in 2nd grade.

You could choose not to spend nearly 1 million dollars over the next 12 years by choosing a good public school. Imagine what you could save, could do...with that extra cash flow??? It takes cash to build wealth. In this area---where the good publics rival privates I find it absurd to pay for private education pre-college unless my child had a special need that could only be met through a private school.

And that's why you don't feel stretched on the same income.

[Anonymous]

Anonymous wrote:OP, you are now realizing that the cake is a lie. Partnership at a big law firm does not mean that you get to have a great life, though it may mean you children do.

It does mean you are surrounded by pretentious douchebag lemmings though. I know the environment. They all need to send their kids to the same privates, drive the same type of cars, vacation same places, join the country club, etcetera.

Yuck.

[Anonymous]

Anonymous wrote:OP, you are now realizing that the cake is a lie. Partnership at a big law firm does not mean that you get to have a great life, though it may mean you children do.

You find out too late. You think that after DH makes partner he'll work 50 hour weeks but it's still 80 plus hours, coupled with the fact that you can't just spend that extra money and you really start to resent the system.

[Anonymous]

Good God OP, this is why we don't live in the district any longer, despite having the same income.

Public schools. low mortgage. Lower taxes. No shortage of vacations. College already funded. One income. Condo already purchased for parents, waiting for them to need the help, but being paid for by renters for now.

All impossible when we lived in the district.

[Anonymous]

This has to be a troll. We have a nanny AND a biweekly housekeeper AND lawn service and still feel very, very comfortable and lucky on $250K. I get that your house and lawn are bigger, but it doesn't cost twice as much to run your household as it does mine. You are a gross overconsumer, and whining about it to boot.

[Anonymous]

$500k would about triple our income - and we cover our basic expenses now without having to stretch too much, so I am not sure how that could result in anything less than a huge increase in discretionary income!! Are you guys literally eating money or something?