Study shows that 350k/year is barely scrapping by as middle class

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

BTW - my DH works in DC. His daily commute is between an hour to hour and a half each way. This is a financial decision. We could live in DC or a more ritzy zipcode and it would mean that I was working too. The tightrope that we would have had to walk with our kids education, quality of life, savings, childcare, family obligations etc, would not have been funny.

I hope these people understand that they cannot build wealth if they are under huge debt. They are living in a house of cards.

[Anonymous]

The thing about this area is that many of the jobs don't exist anywhere else but here. Thus, many people are stuck with high housing and daycare costs PLUS student loan burdens.


It's reaching critical mass with many Fed families desperate to accept positions elsewhere in the U.S. or abroad. The young GS-7 is living in a group house and still getting subsidized by the Bank of Mom & Dad.

[Anonymous]

Anonymous wrote:The thing about this area is that many of the jobs don't exist anywhere else but here. Thus, many people are stuck with high housing and daycare costs PLUS student loan burdens.


It's reaching critical mass with many Fed families desperate to accept positions elsewhere in the U.S. or abroad. The young GS-7 is living in a group house and still getting subsidized by the Bank of Mom & Dad.

We are a Fed family that chose to not live in DC but the suburbs, while one of us chose to commute to DC for work. In our frugal days, DH was van-pooling to get to DC, because we had only one car and gas was expensive. If you can pay for all your needs and wants and save the amount that is required for kids college and your retirement and get the match, and then still have 1 K left, that is huge amount! Are these people for real?

How about not shopping at WF or Amazon Prime and instead checking out Aldi's?

[Anonymous]

They can cut down - food expenses, social expenses, vacations, car. Go with a 2nd hand prius instead.

Their mortgage was not that high, and they have no student debt. They are saving for college and for retirement and have a 4 Mil insurance policy. This is a cushy lifestyle and not that of MC.

$70 bucks a day for food? They need to pack their lunch and brew their own coffee.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

Why do they need to live frugally? Do you think they aren’t saving enough? I’m being serious. Should someone earning $350k really have to shop at Goodwill?

[Anonymous]

350,000 is the 99th percentile of American wage earners. If they’re barely “scrapping” by, then who is doing well? Is this one of those black is white, white is black Orwellian things? Where we are somehow to believe that the poor have it better than the rich?

[Anonymous]

If HHI incomes below $250k in HCOL areas are not middle class, then families in the $100-250k HHI range should be getting a healthy amount of financial aid for their kids. Like someone pointed out, some jobs only exist here. Sometimes it is also the only place where you have a critical mass of professional prospects. Lots of reasons people can’t always just up and leave an area like DC when they are working age (eg 50s).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

You're right. I'm not living off Ramen Noodles for 2 years or driving an hour each way to work so I never see my kids. If that's what it takes to be set for life off a $350k HHI, then I'll happily live closer to the edge. Quite frankly, living off Ramen Noodles and Goodwill isn't even a MC lifestyle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

BTW - my DH works in DC. His daily commute is between an hour to hour and a half each way. This is a financial decision. We could live in DC or a more ritzy zipcode and it would mean that I was working too. The tightrope that we would have had to walk with our kids education, quality of life, savings, childcare, family obligations etc, would not have been funny.

I hope these people understand that they cannot build wealth if they are under huge debt. They are living in a house of cards.

***Applause***. I’d even go further and say that anyone who’s making even $150k HHI has more than enough as well, dual income or not. Make a budget people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

BTW - my DH works in DC. His daily commute is between an hour to hour and a half each way. This is a financial decision. We could live in DC or a more ritzy zipcode and it would mean that I was working too. The tightrope that we would have had to walk with our kids education, quality of life, savings, childcare, family obligations etc, would not have been funny.

I hope these people understand that they cannot build wealth if they are under huge debt. They are living in a house of cards.

Yes most single earners I know live far out. It’s harder when you have two parents commuting to DC though- even just in case one of you needs to get back in an emergency. but there are still plenty of small older houses in Silver Spring, PG county etc. that are in reasonable commuting distance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security)
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize etc)
4) No debt (except the 2K in monthly mortgage).
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs. What kind of moron cannot be set for life with a 350K HHI or even 200K HHI? The entitlement on DCUM is amazing.

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI. But hey if it makes you feel better about yourself to call names, have at it!

+1. PP is living in another world. A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area. HUGE HUGE difference.

No, no. These guys are morons.
No apologies. At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.
In short, we made every financial decisions to get out of student debt, save like crazy, and we economized until we were at a financial place where we wanted to be. We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match. But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too. There is no way this is a MC life style. This is all a bunch of BS.

Again, you’re clueless. Most dual income families in DC can’t stagger schedules so that they do NOT require childcare. Our jobs don’t work like that. Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids? Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t. Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill. They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350. Driving an hour to live in a low-cost area is a decision that is not acceptable to them.
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations. So, this is not a MC life style.

You're right. I'm not living off Ramen Noodles for 2 years or driving an hour each way to work so I never see my kids. If that's what it takes to be set for life off a $350k HHI, then I'll happily live closer to the edge. Quite frankly, living off Ramen Noodles and Goodwill isn't even a MC lifestyle.

If you are under massive student loans then you pay it off as soon as you can. For that you choose to economize. Not wanting to economize for anuthing and then bitching about scrapping by on $350K HHI is hilarious.

I cannot afford my cocaine habit on my 500K HHI. Woe is me!!!

[Anonymous]

Anonymous wrote:The thing about this area is that many of the jobs don't exist anywhere else but here. Thus, many people are stuck with high housing and daycare costs PLUS student loan burdens.


It's reaching critical mass with many Fed families desperate to accept positions elsewhere in the U.S. or abroad. The young GS-7 is living in a group house and still getting subsidized by the Bank of Mom & Dad.

What? Lobbying?