controversial opinion: money & finances edition

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt


Looks like you're a bit of your league

Just curious - are you both women or men? What's your occupation?

[Anonymous]

Anonymous wrote:I don't understand people on this board who think "new money" is an effective put down.

I love having money and I love spending it on fun stuff. We bought 2 luxury cars, we spend 50k on vacations every year, we go out to eat and to the theater, concerts, all the time, I have a bunch of high end designer shoes and purses, etc. etc. Does that make me "new money"? You betcha. And it's soooo fun not to have to live like a hoarder or a miser because I know more is coming in every year!

Do you and your spouse both work?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt


Looks like you're a bit of your league

These figures are meaningless without including your age

[Anonymous]

Declining marginal returns to $$ are real.

Save a million? Awesome!! Life changing vs. being broke.

Another million? What a great safety net!

Another million? Good job. You should be set for life now.

Another million? Your kids or charitable causes will surely appreciate this.

After that, who cares? You'll just live your life obsessed with $$ or consume way too much of the earth's resources.

[Anonymous]

Also:

A lot of people in this area get $$$ from family. Some so much that they don't actually need to work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt


Looks like you're a bit of your league

These figures are meaningless without including your age

215.

I know, now you are not that impressed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt


Looks like you're a bit of your league

These figures are meaningless without including your age

215.

I know, now you are not that impressed.

Omg I’m sitting in my car waiting to pick up my daughter, laughing my ass off!

[Anonymous]

That was chuckle worthy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anyone who makes $200k plus and is "scraping by" has poor judgment.

So is having two kids poor judgment? Because the average daycare in this area is $2,100. Per child. You can probably find a cheap nanny for $3k per month. Let’s say your mortgage is at least $3k. You also need to save at least $500 per month per kid in a 529. This means you have $7k of fixed expenses and you probably bring home around $10k per month.

That being said, I waited until I was older to have kids and we make way more than 200k. But I absolutely understand why once you have kids in this area it’s hard to get by on 200k and have anything leftover unless you want to live with your family in a one bedroom apartment, not save for college etc. Having one parent quit working only helps in the short term and will screw you in retirement.

Having kids is a huge cost with daycare and pp is right about having a parent quit while the kids are little. We actually saved a lot because I was working on my dissertation for 18 months, so I got time home and there is no weird gap in my resume. But otherwise, kids will kill you if you just make 200k in a place like DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who makes $200k plus and is "scraping by" has poor judgment.

So is having two kids poor judgment? Because the average daycare in this area is $2,100. Per child. You can probably find a cheap nanny for $3k per month. Let’s say your mortgage is at least $3k. You also need to save at least $500 per month per kid in a 529. This means you have $7k of fixed expenses and you probably bring home around $10k per month.

That being said, I waited until I was older to have kids and we make way more than 200k. But I absolutely understand why once you have kids in this area it’s hard to get by on 200k and have anything leftover unless you want to live with your family in a one bedroom apartment, not save for college etc. Having one parent quit working only helps in the short term and will screw you in retirement.

Having kids is a huge cost with daycare and pp is right about having a parent quit while the kids are little. We actually saved a lot because I was working on my dissertation for 18 months, so I got time home and there is no weird gap in my resume. But otherwise, kids will kill you if you just make 200k in a place like DC.

I am the OP, and I do have kids in daycare in DC so I know of what I speak. Kids will not "kill you" if you make 200k in DC. I stand by my statement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who makes $200k plus and is "scraping by" has poor judgment.

So is having two kids poor judgment? Because the average daycare in this area is $2,100. Per child. You can probably find a cheap nanny for $3k per month. Let’s say your mortgage is at least $3k. You also need to save at least $500 per month per kid in a 529. This means you have $7k of fixed expenses and you probably bring home around $10k per month.

That being said, I waited until I was older to have kids and we make way more than 200k. But I absolutely understand why once you have kids in this area it’s hard to get by on 200k and have anything leftover unless you want to live with your family in a one bedroom apartment, not save for college etc. Having one parent quit working only helps in the short term and will screw you in retirement.

Having kids is a huge cost with daycare and pp is right about having a parent quit while the kids are little. We actually saved a lot because I was working on my dissertation for 18 months, so I got time home and there is no weird gap in my resume. But otherwise, kids will kill you if you just make 200k in a place like DC.

I am the OP, and I do have kids in daycare in DC so I know of what I speak. Kids will not "kill you" if you make 200k in DC. I stand by my statement.

There's a big price difference between a daycare with staff qualified (like actual masters degrees) in early childhood education and a random grandmother in your building

[Anonymous]

Owning or storing a gun on home or business premises should come with a gigantic, enormously expensive insurance rider.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who makes $200k plus and is "scraping by" has poor judgment.

So is having two kids poor judgment? Because the average daycare in this area is $2,100. Per child. You can probably find a cheap nanny for $3k per month. Let’s say your mortgage is at least $3k. You also need to save at least $500 per month per kid in a 529. This means you have $7k of fixed expenses and you probably bring home around $10k per month.

That being said, I waited until I was older to have kids and we make way more than 200k. But I absolutely understand why once you have kids in this area it’s hard to get by on 200k and have anything leftover unless you want to live with your family in a one bedroom apartment, not save for college etc. Having one parent quit working only helps in the short term and will screw you in retirement.

Having kids is a huge cost with daycare and pp is right about having a parent quit while the kids are little. We actually saved a lot because I was working on my dissertation for 18 months, so I got time home and there is no weird gap in my resume. But otherwise, kids will kill you if you just make 200k in a place like DC.

I am the OP, and I do have kids in daycare in DC so I know of what I speak. Kids will not "kill you" if you make 200k in DC. I stand by my statement.

There's a big price difference between a daycare with staff qualified (like actual masters degrees) in early childhood education and a random grandmother in your building

OP here. Yes, your statement is true but I stand by mine as well. We pay for a credentialed center and it costs us about $1700/mo. for 1 kid. The other kid is in pre-K, which is free in DC starting at age 3. The after-care at school is very cheap. None of this should "kill you" on $200k in salary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt


Looks like you're a bit of your league

These figures are meaningless without including your age

They are meaningful at any age

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt


Looks like you're a bit of your league

These figures are meaningless without including your age

They are meaningful at any age

You can’t compare who’s ahead, as the 2 posters seem to want to do, without knowing age. Plus $300K HHI $7.5M net worth screams 2 big law associates around age 30 with trust funds. $15M debt poster seems older because it’s harder to accumulate that much debt at a young age.