Life is Easy in NW DC on $300k, AMA

[Anonymous]

300k is not scrapping but at the same time, it's not really how I want to live.

I like being able to spend 50k a year or more on travel. I like driving 6 figure cars. I want my kids to go to any college they want. Sue me.

[Anonymous]

Anonymous wrote:300k is not scrapping but at the same time, it's not really how I want to live.

I like being able to spend 50k a year or more on travel. I like driving 6 figure cars. I want my kids to go to any college they want. Sue me.

Not OP, but I think OP's point was that it is possible to be very comfortable in this area on 300k, contrary to some commentary on DCUM. Not that everyone ONLY needs 300k to be comfortable. Sounds like you define "comfortable" differently, which is fine. You do you, PP!

[Anonymous]

Is your DW from a wealthy family? Who helped with your down payment?

[Anonymous]

Anonymous wrote:Is your DW from a wealthy family? Who helped with your down payment?

No, DW is not from a wealthy family (her parents were both teachers) and nobody helped us with a downpayment.

[Anonymous]

Anonymous wrote:Is your DW from a wealthy family? Who helped with your down payment?

Not OP, but I don't think it's reasonable to assume that someone had help with a downpayment just because they bought a house in DC. Plenty of people buy a condo or townhouse with little down and then roll the equity into a downpayment on the forever home.

[Anonymous]

Sounds like you are maxing 401ks, putting a decent amount in 529s, and putting a lot into other savings. I’m not sure how this adds up in light of your mortgage.

[Anonymous]

Anonymous wrote:300k is not scrapping but at the same time, it's not really how I want to live.

I like being able to spend 50k a year or more on travel. I like driving 6 figure cars. I want my kids to go to any college they want. Sue me.

OP here. More power to you! I have no problem whatsoever with people striving for more. Go get it!

[Anonymous]

You make $300k now, but did you perhaps make more before (for instance big law)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is your DW from a wealthy family? Who helped with your down payment?

Not OP, but I don't think it's reasonable to assume that someone had help with a downpayment just because they bought a house in DC. Plenty of people buy a condo or townhouse with little down and then roll the equity into a downpayment on the forever home.

Not an assumption. It’s just a question to help me understand the full context. Maybe yes, maybe no.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is your DW from a wealthy family? Who helped with your down payment?

No, DW is not from a wealthy family (her parents were both teachers) and nobody helped us with a downpayment.

Did your DW have student loans?

[Anonymous]

Anonymous wrote:Sounds like you are maxing 401ks, putting a decent amount in 529s, and putting a lot into other savings. I’m not sure how this adds up in light of your mortgage.

I'm wondering about this as well. Something doesn't seem to be adding up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is your DW from a wealthy family? Who helped with your down payment?

Not OP, but I don't think it's reasonable to assume that someone had help with a downpayment just because they bought a house in DC. Plenty of people buy a condo or townhouse with little down and then roll the equity into a downpayment on the forever home.

Not an assumption. It’s just a question to help me understand the full context. Maybe yes, maybe no.

I guess the question would be "did you have help with your down payment" and not "who helped with your down payment" if it's not an assumption that they received help.

[Anonymous]

Anonymous wrote:Sounds like you are maxing 401ks, putting a decent amount in 529s, and putting a lot into other savings. I’m not sure how this adds up in light of your mortgage.

Where's the confusion? PITI is 3500/mo or 42k/year. We also max 401ks (36k/yr), put 10k/year into 529s, and put ablout 30-40k per year into brokerage account.

[Anonymous]

Anonymous wrote:You are doing it right.

I think many people think they should be swimming in money Scrooge McDuck style and if they are not, well, they are poor.

Obviously you have a nice life. Good job.

Wait, $15K to charity - what charities specifically? Your public school? Your church?

[Anonymous]

Anonymous wrote:You make $300k now, but did you perhaps make more before (for instance big law)?

I did start out in biglaw, but my wife was making much less at that time. I'm a Fed making 160, and my wife makes 140k now. I think the most we've ever made combined was about $325 in my last year of biglaw.