How much of your income are you able to save?

[Anonymous]

Zero - HHI $150K. We have a 400K mortgage and fulltime childcare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

[Anonymous]

"Minus taxes, yes. Youngest is not quite one yet so doesn't cost much. But it's pretty easy and we live well (eat out, go on vacation etc). I find myself staggered that people spend such ludicrous amounts of money here. I genuinely can't understand what you are spending it on (though our housing costs are low)."

Well, I spend your yearly income on my home & taxes, to start - 50K/year for my mortgage (+T+I) for a 2000 sq. ft. SFH in a neighborhood with good schools. And another 35K in taxes.

[Anonymous]

We make around $400k gross. We max out our 401k and then save a bit more - in total about 10% of gross take home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

Sales taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

And you'd be wrong. Sales tax, FICA and property tax jack up the burden on lower income people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

So you live on $52,000 a year with two kids???

Minus taxes, yes. Youngest is not quite one yet so doesn't cost much. But it's pretty easy and we live well (eat out, go on vacation etc). I find myself staggered that people spend such ludicrous amounts of money here. I genuinely can't understand what you are spending it on (though our housing costs are low).

How low are your housing costs? They must be under $2k, which is already pretty low for DC area. Otherwise, seems unlikely that you could clothe, feed, transport, etc., more than one kid and still "live well." If you're able to do all that with a mortgage of more than $2k, please start another thread and reveal your secrets!!

[Anonymous]

We make $150K gross and save $33K per year so 22%. We live in a modest house that we bought in 2001.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

You are delusion if you think that sales taxes makes a big difference. Our federal and state taxes are over 100k. You don't even make enough to spend 100k and sorry but 5% of that is peanuts.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

And you'd be wrong. Sales tax, FICA and property tax jack up the burden on lower income people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

You are delusion if you think that sales taxes makes a big difference. Our federal and state taxes are over 100k. You don't even make enough to spend 100k and sorry but 5% of that is peanuts.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

And you'd be wrong. Sales tax, FICA and property tax jack up the burden on lower income people.

This is the 90k poster. I am not the same person you have been arguing with abut my tax burden. However you seem to have forgottenhow percentages work. Sure you might pay a lot more tax than me butyou started that you pay more sa percentage which is very different. I would guess that you pay less than 20 percent taxes, like most rich people. Excluding sales tax, I think last year,.according to Turbo Tax my tax burden was about 28 percent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

You are delusion if you think that sales taxes makes a big difference. Our federal and state taxes are over 100k. You don't even make enough to spend 100k and sorry but 5% of that is peanuts.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

And you'd be wrong. Sales tax, FICA and property tax jack up the burden on lower income people.

This is the 90k poster. I am not the same person you have been arguing with abut my tax burden. However you seem to have forgottenhow percentages work. Sure you might pay a lot more tax than me butyou started that you pay more sa percentage which is very different. I would guess that you pay less than 20 percent taxes, like most rich people. Excluding sales tax, I think last year,.according to Turbo Tax my tax burden was about 28 percent.

You would be dead wrong and have no understanding of math. We pay more than you in taxes. First we don't have a mortgage (we rent) and second ever damn deduction is phased out (student loan interest for example).

[Anonymous]

Np. HHI (one income) of 962K. MD and Federal taxes totaled 350K so a tax burden of 36%. Saved about 250K. Income will be lower and taxes will be higher in 2013.

[Anonymous]

Anonymous wrote:We make $150K gross and save $33K per year so 22%. We live in a modest house that we bought in 2001.

Correct, if you bought before 2004 you're biggest expense housing is low. Most of us younger folks had to buy (some at the peak) at a much higher price and can't save as much. Hopefully housing will continue going up until we are in your position.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I make 90k and save $18k per year in my 401k, plus $6500 per year in savings, at least $2400 in college savings for the kids, $10k in Roth IRAs and at least $1500 in extra mortgage payments. That adds up to more than $38k which is more than 40 percent of gross.

If I can do that with 2 kids and only one of us working and a sub $100k salary those of you with HHIs in the hundreds of thousands and less than 20 percent are doing something wrong.

We pay a much bigger percentage of our incomes in taxes than you do and can shelter and get less breaks than you do. Maybe I should judge you for not earning as much as I do?

<facepalm> This might (MIGHT!) be true if you only include income taxes. But that would be idiotic. Counting all of the other taxes, the first PP's tax burden is significantly higher than yours.

You are delusion if you think that sales taxes makes a big difference. Our federal and state taxes are over 100k. You don't even make enough to spend 100k and sorry but 5% of that is peanuts.

No way. Federal income tax, state income tax, FICA, property, sales, what else am I missing? I am willing to beg a very large sum of money that we pay a greater percentage.

And you'd be wrong. Sales tax, FICA and property tax jack up the burden on lower income people.

This is the 90k poster. I am not the same person you have been arguing with abut my tax burden. However you seem to have forgottenhow percentages work. Sure you might pay a lot more tax than me butyou started that you pay more sa percentage which is very different. I would guess that you pay less than 20 percent taxes, like most rich people. Excluding sales tax, I think last year,.according to Turbo Tax my tax burden was about 28 percent.

You would be dead wrong and have no understanding of math. We pay more than you in taxes. First we don't have a mortgage (we rent) and second ever damn deduction is phased out (student loan interest for example).

Are you completely STUPID? How can you claim that I have no understanding of math!!!! Staggered. YOU are the one who bought up percentages. Let's look at this.

I earn 90k and pay 28 percent that means that I would pay a little over $25k in taxes total.
If you earn 400k and pay 28 percent that would mean that you pay 112k in taxes.

112k is a lot more than 25k, yes, but it is THE SAME PERCENTAGE of income!

Let's say that your total tax burden is in fact 92k, with an income of 400k. 92k is 23 percent of 400k. HENCE in this example, I am the one paying a higher percentage EVEN THOUGH THE ABSOLUTE DOLLAR AMOUNT FOR THE 400k EARNER IS MORE.

End the basic math lesson. Considering you allegedly earn so much money you're pretty dumb when it comes to math. Obviously these are examples because I DON"T KNOW HOW MUCH TAX YOU PAY! But it would be a good idea for you at your age to have a basic understanding of what a percentage is, especially if you are going to spout off about them.

[Anonymous]

Oh and BTW, rich dumb poster, we don't even itemize anymore because we don't have enough deductions and aren't paying enough mortgage interest anymore. So the fact that you rent and we own doesn't really have any bearing here.