UMC deep in the negative

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Geez if $220K is UMC then I must be rich and never got the memo

$220K is solidly UMC if you aren't stupid with money.

You don't DESERVE or are ENTITLED to fancy vacations. If you lease a high-end car, you're a fool. Save up the money for that kitchen remodel first, before you pull the trigger. Smart people at any income level live within their means and don't pretend to be what they're not.

If you don't think $220K is UMC, you don't know how money or the real world work, period.

NP. Rage much?

NP, I think PP is spot on.

+2. Point to what isn't accurate or logical about that statement, other than the fact that you maybe don't like caps for emphasis? -np

NP. Umm, let's try the DC housing market. A family of four with two kids in daycare, setting aside $ for college and aggressively saving for retirement leaves only room for a modest home by DCUM standard.

NP.. Depending on where OP lives, in the wealthier part of DC proper, $220k is about median income.

http://www.city-data.com/city/Washington-District-of-Columbia.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Geez if $220K is UMC then I must be rich and never got the memo

$220K is solidly UMC if you aren't stupid with money.

You don't DESERVE or are ENTITLED to fancy vacations. If you lease a high-end car, you're a fool. Save up the money for that kitchen remodel first, before you pull the trigger. Smart people at any income level live within their means and don't pretend to be what they're not.

If you don't think $220K is UMC, you don't know how money or the real world work, period.

NP. Rage much?

NP, I think PP is spot on.

+2. Point to what isn't accurate or logical about that statement, other than the fact that you maybe don't like caps for emphasis? -np

NP. Umm, let's try the DC housing market. A family of four with two kids in daycare, setting aside $ for college and aggressively saving for retirement leaves only room for a modest home by DCUM standard.

Different poster. I have those stats and a 4-bedroom, 3-level SFH I purchased in 2013 for $505K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Geez if $220K is UMC then I must be rich and never got the memo

$220K is solidly UMC if you aren't stupid with money.

You don't DESERVE or are ENTITLED to fancy vacations. If you lease a high-end car, you're a fool. Save up the money for that kitchen remodel first, before you pull the trigger. Smart people at any income level live within their means and don't pretend to be what they're not.

If you don't think $220K is UMC, you don't know how money or the real world work, period.

NP. Rage much?

NP, I think PP is spot on.

+2. Point to what isn't accurate or logical about that statement, other than the fact that you maybe don't like caps for emphasis? -np

NP. Umm, let's try the DC housing market. A family of four with two kids in daycare, setting aside $ for college and aggressively saving for retirement leaves only room for a modest home by DCUM standard.

This is the key phrase.

[Anonymous]

OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

[Anonymous]

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Ok then. Your net worth is not negative $700kt. It's negative $460k. You have $425k in assets (your home) and $885k in liabilities (your mortgage and your student loans). Did you and your spouse attend lower ranked law schools? Why do your jobs pay so little if you paid so much for the degrees?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Ok then. Your net worth is not negative $700kt. It's negative $460k. You have $425k in assets (your home) and $885k in liabilities (your mortgage and your student loans). Did you and your spouse attend lower ranked law schools? Why do your jobs pay so little if you paid so much for the degrees?

Actually this isn't right either. What's the balance in your retirement accounts? They are assets, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Holy Shi*T You have $575,000 in student loans? That is insane. My DH went to law school and I went to grad school and we have about $260,000 in student loans and I thought that was crippling.

The only positive of law school for DH is that he is now making $400K and we are going to pay off his loans in another 5 years.

One of you needs to go into private private practice and pay off your loans.

[Anonymous]

Why are you only making 220k if your loans are over half a million dollars?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Ok then. Your net worth is not negative $700kt. It's negative $460k. You have $425k in assets (your home) and $885k in liabilities (your mortgage and your student loans). Did you and your spouse attend lower ranked law schools? Why do your jobs pay so little if you paid so much for the degrees?

We went to 2nd tier schools with major application flaws that meant no scholarship such as low undergrad GPA or LSAT.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your mortgage debt does not lower your net worth if it, you know, comes with a house.

+1 are you underwater on the house? on the green side, you should be soft-counting the value of your house. I say soft-counting because eggs and hatching and all, but it is a more realistic financial picture.

OP here, you both identified why I am in the legal field working in a non-financial practice! I am not underwater on my house but only 2 years into a 30 year mortgage. Taking the mortgage and equity out of the picture would put me at less than negative half a million. That certainly seems more surmountable even if it takes a decade or so.

To the others offering lifestyle advice: thank you, but I am learning as I go. I don't have major credit card debt now as I learned that lesson carrying maxed out credit cards through undergrad and law school. I have no idea how griping about owning a townhouse is "keeping up with the Joneses" or living beyond my means as we are very comfortable even after replacing the HVAC and poor DIY renovations from the previous cheap skate owner. Again, I am just asking when the upper middle class life, which is obviously a status worth striving for here in the US, becomes comfortable.

It becomes comfortable when you can afford to live an UMC lifestyle. You’re not there yet.

+1. You are not UMC; you are pretending to be. Which a lot of people do, I grant you, but when you owe $700,000, you are not UMC, you are poor. You should be living like you're poor until you are debt-free.

This.
You are in a lot of debt, you are not UMC. An UMC lifestyle becomes comfortable when you can ACTUALLY afford it, which you can't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Ok then. Your net worth is not negative $700kt. It's negative $460k. You have $425k in assets (your home) and $885k in liabilities (your mortgage and your student loans). Did you and your spouse attend lower ranked law schools? Why do your jobs pay so little if you paid so much for the degrees?

We went to 2nd tier schools with major application flaws that meant no scholarship such as low undergrad GPA or LSAT.

You felt entitled to a “high-falutin’” education that you could neither afford nor earn through merit? Wow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Ok then. Your net worth is not negative $700kt. It's negative $460k. You have $425k in assets (your home) and $885k in liabilities (your mortgage and your student loans). Did you and your spouse attend lower ranked law schools? Why do your jobs pay so little if you paid so much for the degrees?

We went to 2nd tier schools with major application flaws that meant no scholarship such as low undergrad GPA or LSAT.

You felt entitled to a “high-falutin’” education that you could neither afford nor earn through merit? Wow.

Yes. My family is highly impressed with my accomplishments which is why I'm stuck whining about my station in life on an anonymous forum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP needs to be more specific. What is the house worth and what did he pay for it? What's the exact student loan amount? I don't think the OP has any idea of what "net worth" means. We need to do the math for her.

Thanks for the assistance. $310,000 mortgage and "estimated" value of $425. Combined student loans are $575,000.

Ok then. Your net worth is not negative $700kt. It's negative $460k. You have $425k in assets (your home) and $885k in liabilities (your mortgage and your student loans). Did you and your spouse attend lower ranked law schools? Why do your jobs pay so little if you paid so much for the degrees?

We went to 2nd tier schools with major application flaws that meant no scholarship such as low undergrad GPA or LSAT.

You felt entitled to a “high-falutin’” education that you could neither afford nor earn through merit? Wow.

Yes. My family is highly impressed with my accomplishments which is why I'm stuck whining about my station in life on an anonymous forum.

Live your choices. You made some bad ones.

[Anonymous]

You can’t take on a large mortgage when you still have student loans. Only way this works out is if you don’t have kids.