Ok can we stop saying $300k is "rich" in DC?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

I earn $110,000 as a single and am very comfortable. Save about 20% of my income for retirement, with plenty left over for travel, entertainment, designer shoes, a nice property in an UMC neighborhood, and charitable donations. And did I mention the shoes?

I don't see how a couple earning $300,000 doesn't recognize that they are in the top 2% or 3%. That's wealthy in my book.

House in good schools and it's new?

[Anonymous]

http://www.businessinsider.com/expensive-us-cities-2017-6/#2-bridgeport-stamford-norwalk-connecticut-8

[Anonymous]

I get paid tomorrow. I have $13 in my bank account. I do have $240 hidden in my underwear drawer. But that is IT. That is all the money I have access to. "You need a budget" I take home $2600/month and my set bills are ~$1800 so I am doing okay not drowning in housing costs. But that leaves $800/month. About $200/week for EVERYTHING. Groceries mainly. And gas. And summer camp/childcare. I spend all year starting in January looking for scholarships and free camps for my kid but I still end up having to spend several hundred dollars to fill in the gaps. And we all know something always comes up, property taxes, car registration, drivers license renewal, professional license renewal, CEUs, dentist bill, whatever.

I can completely understand why somebody making $300,000 a year does not feel rich in this area. But please recognize that you probably could access more than $253 at the end of the month if you needed to.

[Anonymous]

Anonymous wrote:I get paid tomorrow. I have $13 in my bank account. I do have $240 hidden in my underwear drawer. But that is IT. That is all the money I have access to. "You need a budget" I take home $2600/month and my set bills are ~$1800 so I am doing okay not drowning in housing costs. But that leaves $800/month. About $200/week for EVERYTHING. Groceries mainly. And gas. And summer camp/childcare. I spend all year starting in January looking for scholarships and free camps for my kid but I still end up having to spend several hundred dollars to fill in the gaps. And we all know something always comes up, property taxes, car registration, drivers license renewal, professional license renewal, CEUs, dentist bill, whatever.

I can completely understand why somebody making $300,000 a year does not feel rich in this area. But please recognize that you probably could access more than $253 at the end of the month if you needed to.

Guessing your salary is in the 40s

Curious if you are on any assistance

What do you think about people getting assistance instead of working like you are

[Anonymous]

Anonymous wrote:

Anonymous wrote:Affluent

Not wealthy

Wealthy is making 300K a year by earning 3% on $10 million.


300K as a wage earner is affluent - doing amazingly well. We aren't going to feel rich until we can do it all without earning a wage each week

$320 here. My husband commutes three hours a day to earn half of that. He certainly doesn't feel rich, but yes, we are comfortable, at least on the weekends.

Why do you do it? Why do any of you do it? If you're making 300k IN DC (or olney or wherever) then you are affluent enough to move.
We moved. We are rich and wealthy and rested and happy.
-yes I still can't quit DCUM

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$300k in high COL areas is far from rich. You get all the negatives of actually being rich like high taxes. But none of the support of being poor like college financial aid for children. $250-$500k is an economic death zone. Sure you may get a better annual vacation or nicer car than someone making $50k, but the day to day quality of life is not that much different.

This

For a two-income couple in DC making 300k, if one makes 200k and the other makes 100k, the entire second income is taxed at 51.6 percent (35 percent federal - AMT phaseout bracket, 8.95 percent DC, 7.65 percent SS/Medicare).

What's your point? Progressive tax rate. Yours first 200k are not tax at that rate. Nice try. In the worst possible case (self employed, no deductions besides state tax, no kids) you get 44%, very easy to run the numbers. Doubt it's you.

Point is that we are taxed like rich people, but can't afford a four bedroom house with a small yard, decent public schools, and less than 45 minute commute - which seems like something rich people should be able to afford. And is something that is easily affordable in most parts of the country on 200k which has a much lower tax burden.

Huh, maybe it turns out that ignoring public infrastructure, failing to tax appropriately, and screwing the poor (who rely first and foremost on public infrastructure) has trickle-UP affects? So even the "rich" get screwed! Perhaps you ought to make common cause with the ACTUAL poor people and fight for things like denser development and better public transportation (to reduce commute); better schools (to increase location options); single-payer health care (to reduce insurance premiums); protect social security; and progressive housing policy?

#truth

+2

I support all these things, I just think I am doing more than my share in paying taxes to pay for things like that, and if we need more money, we should raise taxes on investment income and not on wages.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I get paid tomorrow. I have $13 in my bank account. I do have $240 hidden in my underwear drawer. But that is IT. That is all the money I have access to. "You need a budget" I take home $2600/month and my set bills are ~$1800 so I am doing okay not drowning in housing costs. But that leaves $800/month. About $200/week for EVERYTHING. Groceries mainly. And gas. And summer camp/childcare. I spend all year starting in January looking for scholarships and free camps for my kid but I still end up having to spend several hundred dollars to fill in the gaps. And we all know something always comes up, property taxes, car registration, drivers license renewal, professional license renewal, CEUs, dentist bill, whatever.

I can completely understand why somebody making $300,000 a year does not feel rich in this area. But please recognize that you probably could access more than $253 at the end of the month if you needed to.

Guessing your salary is in the 40s

Curious if you are on any assistance

What do you think about people getting assistance instead of working like you are

I am not on any assistance. My salary is a hair over 50. I was on assistance right after my divorce with my little girl was tiny. And frankly I don't have any bad feelings to people who are choosing to be on welfare instead of working. It is a very difficult decision, and I like to assume that people are making the best decisions that they can. It helps me sleep at night and wake up at 6 AM ready to start a new day

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Affluent

Not wealthy

Wealthy is making 300K a year by earning 3% on $10 million.


300K as a wage earner is affluent - doing amazingly well. We aren't going to feel rich until we can do it all without earning a wage each week

$320 here. My husband commutes three hours a day to earn half of that. He certainly doesn't feel rich, but yes, we are comfortable, at least on the weekends.

Why do you do it? Why do any of you do it? If you're making 300k IN DC (or olney or wherever) then you are affluent enough to move.
We moved. We are rich and wealthy and rested and happy.
-yes I still can't quit DCUM

Don't think same opportunities exist for us outside the beltway. Definitely plan to move to lower COL area once we build up a sizable nest egg. Although personally, I know that we're not the type to want to make too many cutbacks in retirement, so that better be a big nestegg.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

Do you realize what a nitwit you sound like? The luxury your income is paying for is living in Upper Northwest and paying for private school. Do you not see that many many people with incomes lower than yours cannot afford those?

Just because you choose to spend your money on different things doesn't make the money not exist. Where you live and where your kids go to school is in fact a luxury. Even if you're not wiping your bum with hundred dollar bills.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

Do you realize what a nitwit you sound like? The luxury your income is paying for is living in Upper Northwest and paying for private school. Do you not see that many many people with incomes lower than yours cannot afford those?

Just because you choose to spend your money on different things doesn't make the money not exist. Where you live and where your kids go to school is in fact a luxury. Even if you're not wiping your bum with hundred dollar bills.

Spoiler: on $300k you likely can't afford DC privates for 2 kids. Gasp!

[Anonymous]

Our HHI is $2 million. We are mid 40's. Both work full time. I think of us as middle class- couple kids in private, live in NW. We both have graduate degrees, but everyone in DC has graduate degrees and is highly intelligent and ambitious. I just figured everyone had seven figure HHI. How can a 40's plus couple, both working full time, both smart and ambitious with graduate degrees have a $300k HHI or a $500k HHI? I bet the stats people are quoting here are from single earner households and many dont have college degrees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

Do you realize what a nitwit you sound like? The luxury your income is paying for is living in Upper Northwest and paying for private school. Do you not see that many many people with incomes lower than yours cannot afford those?

Just because you choose to spend your money on different things doesn't make the money not exist. Where you live and where your kids go to school is in fact a luxury. Even if you're not wiping your bum with hundred dollar bills.

Spoiler: on $300k you likely can't afford DC privates for 2 kids. Gasp!

Who cares? It's a tiny marginal improvement you buy sending your kids to DC privates. You, rich person, could get a comparable education living outside DC or at least living in non-trendy parts of DC that would leave you with more money for school.