If you make 500-600k range and are married with kids
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Anonymous
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We were at 600 last year. This year might be about 500.
Mortgage $3,600 Aftercare, camps, or kid activities $1,300 Groceries and eating out $1,700 529s $1,000 Max out 401ks Commuting and other car expenses $1,200 We also spend a fair bit on vacations. |
Anonymous
Yes, $25/hr for 55 hours a week plus insurance. It's a lot but the going rate for professional nannies . She cares for a baby and then shuttles 2 kids under 5 to activities, does the laundry, prepares dinner, etc. definitely a luxury but it allows us both to work and spend more time with the kids. |
Anonymous
Fellow working mom here. I'd almost suggest you break up the nanny job into 2 jobs rather than having 1 nanny work 55 hours/week. |
Anonymous
| Max out 1 401k, 3800 mortgage, 1200 college savings. |
Anonymous
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$500k
PITI: $4900 Nanny: $4000 Sports & Activities (kids are mid-elementary school): $800 529s: $1500 Investment: $1500 Max out 401ks (x2) |
Anonymous
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When we had a 500k income,
Mortgage $4800 Daycare 3000 Car lease 600 Insurance 300 Credit card bill was around 5000-10000 per month. We charged everything. Biggest charge expense was travel. HHI is now 1.5m and we are moving. New mortgage will be 15000 Housekeeper 2000 Credit card 5-20k biggest expense still travel. We saved a lot at 500k and also at 1.5m. |
Anonymous
15,000 mortgage. Wow. Where do you live? |
Anonymous
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Mortgage $5,400
Retirement $4,000 Childcare $4,500-5,000 Car $600 529 $400 Other savings $1,500 |
Anonymous
This is my fear of getting a nanny or moving to a more expensive house. Our salary is only 375k (bonus a lot more) and we save at least 5k per month after retirement. I can’t imagine earning 500k and only being able to save 1500 a month! The 401ks won’t be nearly enough to support you in retirement. |
Anonymous
To out things in perspective - pp earns 41k a month pretax and can only find 1,500 to invest. Wow. |
Anonymous
Why in the world do you have 2 kids in daycare on top of that??? We too had a nanny (not for $25/he either!) and sent our kids to a PT preschool 3 days a week before they started K. Despite that my 2nd grader is reading at a 4th grade level and my 6th grader is in AAP, fluent in German, and taking Algebra 1. Why in they neck are you warehousing your older children in a institution when you have options? |
Anonymous
Yup. We make that and save 7k/mo (this is above and beyond 401k max and IRA max) and I feel like we spend like crazy. We could be investing much more. Our mortgage is half that. And we did AUPairs. |
Anonymous
Pretax is interesting but not relevant at our tax level, especially with a two income hh. We bring home about $17k a month. Between investment, 401ks and 529s we save $72k a year. We are both mid 40s and have $2.1 million in retirement, $300k in an investment account, $265k in 529s, $100k in an emergency fund and $600k in equity in our house. Our only debt is our mortgage. I’m comfortable where we are. |
Anonymous
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750k. late 40s.
No mortgage. Own three houses including main residence outright. We earn enough to both pay down the mortgage AND invest in equities. Main outgoings are Tax Nanny/ Housekeeper/ lawn/ cleaning: 3k per month vacations Rest is all savings. |
Anonymous
I guess? Most people on this board are dual income with a higher HHI. Bringing home 17k a month and only saving $1.5 is kind of pathetic. Also not sure how at 500k you bring home only 17k per month. We of course max out everything and at close to 400k we bring home 16k per month. |