450k HHI- lifestyle questions

[Anonymous]

I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.

[Anonymous]

Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.

Depends where you live. I will put my DD's schools up against any private school. We selected the house (granted a shit shack) based on the schools.

And I do not make 450K...I make about 1/3 of that...

but, my middle class budget is:

Takehome:
7500/mo

Expenses:
2100 Housing
800 Cars
750 medical
750 food
200 utilities
400 telecom/cable

So, I have a positive cash flow nominally of $2500/mo, which I spend on DD's saxophone reeds and guinea pig bedding (at least it seems that way).

[Anonymous]

Anonymous wrote:A graduating doctor or lawyer doesn't make $450K. An established doctor or lawyer might. At which point, if they have half a brain, they would pay off their loans.

And if you're making $450k and can't pay cash for a car, you're doing something very wrong.

The healthcare I'll give you. Since you live in the US, where healthcare is reserved for the people who can pay out of pocket.

Our HII is less and we pay cash for our cars and don't have a house note. People are crazy to carry so much debt! In a span of a day, you can lose everything if someone loses their job. Wow, just amazed at the people who claim to be smart and aren't financially savvy.

[Anonymous]

Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.

I think you are commenting on my post about sending our kids to public school. We toured the VA privates and liked our FCPS better. Our kids are not deprived. We plan to pay for college and grad school tuition for them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.

Depends where you live. I will put my DD's schools up against any private school. We selected the house (granted a shit shack) based on the schools.

And I do not make 450K...I make about 1/3 of that...

but, my middle class budget is:

Takehome:
7500/mo

Expenses:
2100 Housing
800 Cars
750 medical
750 food
200 utilities
400 telecom/cable

So, I have a positive cash flow nominally of $2500/mo, which I spend on DD's saxophone reeds and guinea pig bedding (at least it seems that way).

Well at least you made me smile. The rest of this thread is ridiculous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A graduating doctor or lawyer doesn't make $450K. An established doctor or lawyer might. At which point, if they have half a brain, they would pay off their loans.

And if you're making $450k and can't pay cash for a car, you're doing something very wrong.

The healthcare I'll give you. Since you live in the US, where healthcare is reserved for the people who can pay out of pocket.

Our HII is less and we pay cash for our cars and don't have a house note. People are crazy to carry so much debt! In a span of a day, you can lose everything if someone loses their job. Wow, just amazed at the people who claim to be smart and aren't financially savvy.

Agreed. If I made 450k no way would I max out a mortgage. No need for that.

[Anonymous]

Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.

This is such a fallacy. There are plenty of public schools that can hold their own with private schools, and not all kids can get into a big 3, and also, for some folks this allows them to pay for college for their children.

[Anonymous]

So many middle of the road earners on this thread that couldn't even imagine what life is like in other HHI brackets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ok, here we go. Let's say 20k take-home each month.

5k - Mortgage with taxes, etc.
4k - Private school tuition for two children
1k - Student loan payment
1k - 2 car payments
1k - Groceries and other household items
1k - Utilities, including cable and phone
2k - Nanny
1k - Private therapy for various family members
1k - Yard work, home maintenance, housekeeping, dry cleaning etc.

This adds up to 17k. I'm sure I am forgetting things. After all people do buy clothing, get hair cuts, go on vacations, buy birthday presents, eat out, sign their kids up for activities, donate money to charities and places of worship, and try to save for college and retirement funds.

Are you serious about the student loans? We're a two lawyer family that graduated with 450,000 IN DEBT. Do you have any idea how long that takes to pay off and how much money it requires? They're not exactly interest free.

Why would someone making $450K still have student loans or any car loan? And why wouldn't they have insurance to cover all that rich-people therapy?

You seriously took on $450K in debt to become a lawyer?

[Anonymous]

Anonymous wrote:Ok, here we go. Let's say 20k take-home each month.

5k - Mortgage with taxes, etc.
4k - Private school tuition for two children
1k - Student loan payment
1k - 2 car payments
1k - Groceries and other household items
1k - Utilities, including cable and phone
2k - Nanny
1k - Private therapy for various family members
1k - Yard work, home maintenance, housekeeping, dry cleaning etc.

This adds up to 17k. I'm sure I am forgetting things. After all people do buy clothing, get hair cuts, go on vacations, buy birthday presents, eat out, sign their kids up for activities, donate money to charities and places of worship, and try to save for college and retirement funds.

1000 for therapy? Come on.

[Anonymous]

Anonymous wrote:450k is not rich and a nanny costs at least 3100 a month.

Give me a break!!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ok, here we go. Let's say 20k take-home each month.

5k - Mortgage with taxes, etc.
4k - Private school tuition for two children
1k - Student loan payment
1k - 2 car payments
1k - Groceries and other household items
1k - Utilities, including cable and phone
2k - Nanny
1k - Private therapy for various family members
1k - Yard work, home maintenance, housekeeping, dry cleaning etc.

This adds up to 17k. I'm sure I am forgetting things. After all people do buy clothing, get hair cuts, go on vacations, buy birthday presents, eat out, sign their kids up for activities, donate money to charities and places of worship, and try to save for college and retirement funds.

1000 for therapy? Come on.

Um, yeah. How much do you think good therapists in the DC area charge these days?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ok, here we go. Let's say 20k take-home each month.

5k - Mortgage with taxes, etc.
4k - Private school tuition for two children
1k - Student loan payment
1k - 2 car payments
1k - Groceries and other household items
1k - Utilities, including cable and phone
2k - Nanny
1k - Private therapy for various family members
1k - Yard work, home maintenance, housekeeping, dry cleaning etc.

This adds up to 17k. I'm sure I am forgetting things. After all people do buy clothing, get hair cuts, go on vacations, buy birthday presents, eat out, sign their kids up for activities, donate money to charities and places of worship, and try to save for college and retirement funds.

1000 for therapy? Come on.

Um, yeah. How much do you think good therapists in the DC area charge these days?

Private school tuition for two kids is nearly $7k per month.

[Anonymous]

Anonymous wrote:

Do you have any idea how much student debt a graduating doctor or lawyer carries these days? Car notes because we always have to have newish cars, and don't you know that the best therapists never accept insurance? We pay out of pocket for ALL of our routine medical care.

lol

[Anonymous]

Anonymous wrote:So many middle of the road earners on this thread that couldn't even imagine what life is like in other HHI brackets.

The concerns up thread about people with a 450K HHI carrying a mortgage is proof of that.