A Week In Washington, DC, On A Joint $655,000 Income - Money Diary

[Anonymous]

Anonymous wrote:ok, key financial break down here:

Occupation: Surgeon
Industry: Health Care
Age: 33
Location: Washington, DC
Joint Salary: $655,000 (My salary is $515,000 and my husband's is $120,000 — he is eligible for quarterly bonuses and I will be eligible for performance-based bonuses starting in summer 2020)
My Paycheck (biweekly): $12,178
My Husband's Paycheck (biweekly): $3,084
Gender Identity: Woman
Monthly Expenses
Property Taxes: $1,000 (We purchased our 4bd/4ba townhouse using money I inherited from my great grandparents, so we only have to pay property tax)
Utilities: $300-$400
Student Loans: $0 (My husband just finished paying off his law school loans. My parents covered my undergrad and med school tuition.)
Retirement: We each contribute $775 per paycheck to our individual 401(k). Additionally, we contribute $6,000 to additional tax-managed investment accounts. (This account is managed by our family office staff.)
Charitable Giving: $3,000 (given to the family office for directed giving.)
Dog Day Care: $1,400
Pet Insurance: $28
Health Insurance: Mine is covered through my employer, my husband pays $212 per month for his health plan
Vision and Dental: $38 for both of us through my company's health insurance
Insurance (Car/Home/Life): $480
Theatre Tickets: $690 annually for season tickets to an experimental theatre company in DC
Boat Club Dues: $750 annually
Work Parking: $115
Netflix: $13
Apple Music: $11
Coffee Bean Delivery: $40
Gym Membership: $352.12 for my husband and I (my husband expenses $50/month)
Credit Card Annual Fee: $550
Cleaning/Laundry Service: $800
Husband's Fraternity Alumni Dues: $50 annually
My Sorority Alumni Dues: $33

Weekly Total Spent: $8,391.29

Wait, they spend 8.3k/week? So $436k/yr in expenses not including taxes? On a gross of $655k? So after taxes they don't really save anything?

[Anonymous]

Anonymous wrote:

Anonymous wrote:ok, key financial break down here:

Occupation: Surgeon
Industry: Health Care
Age: 33
Location: Washington, DC
Joint Salary: $655,000 (My salary is $515,000 and my husband's is $120,000 — he is eligible for quarterly bonuses and I will be eligible for performance-based bonuses starting in summer 2020)
My Paycheck (biweekly): $12,178
My Husband's Paycheck (biweekly): $3,084
Gender Identity: Woman
Monthly Expenses
Property Taxes: $1,000 (We purchased our 4bd/4ba townhouse using money I inherited from my great grandparents, so we only have to pay property tax)
Utilities: $300-$400
Student Loans: $0 (My husband just finished paying off his law school loans. My parents covered my undergrad and med school tuition.)
Retirement: We each contribute $775 per paycheck to our individual 401(k). Additionally, we contribute $6,000 to additional tax-managed investment accounts. (This account is managed by our family office staff.)
Charitable Giving: $3,000 (given to the family office for directed giving.)
Dog Day Care: $1,400
Pet Insurance: $28
Health Insurance: Mine is covered through my employer, my husband pays $212 per month for his health plan
Vision and Dental: $38 for both of us through my company's health insurance
Insurance (Car/Home/Life): $480
Theatre Tickets: $690 annually for season tickets to an experimental theatre company in DC
Boat Club Dues: $750 annually
Work Parking: $115
Netflix: $13
Apple Music: $11
Coffee Bean Delivery: $40
Gym Membership: $352.12 for my husband and I (my husband expenses $50/month)
Credit Card Annual Fee: $550
Cleaning/Laundry Service: $800
Husband's Fraternity Alumni Dues: $50 annually
My Sorority Alumni Dues: $33

Weekly Total Spent: $8,391.29

Wait, they spend 8.3k/week? So $436k/yr in expenses not including taxes? On a gross of $655k? So after taxes they don't really save anything?

This entire thread is a good example of why lifestyle creep ruins even the nominally wealthy among us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:ok, key financial break down here:

Occupation: Surgeon
Industry: Health Care
Age: 33
Location: Washington, DC
Joint Salary: $655,000 (My salary is $515,000 and my husband's is $120,000 — he is eligible for quarterly bonuses and I will be eligible for performance-based bonuses starting in summer 2020)
My Paycheck (biweekly): $12,178
My Husband's Paycheck (biweekly): $3,084
Gender Identity: Woman
Monthly Expenses
Property Taxes: $1,000 (We purchased our 4bd/4ba townhouse using money I inherited from my great grandparents, so we only have to pay property tax)
Utilities: $300-$400
Student Loans: $0 (My husband just finished paying off his law school loans. My parents covered my undergrad and med school tuition.)
Retirement: We each contribute $775 per paycheck to our individual 401(k). Additionally, we contribute $6,000 to additional tax-managed investment accounts. (This account is managed by our family office staff.)
Charitable Giving: $3,000 (given to the family office for directed giving.)
Dog Day Care: $1,400
Pet Insurance: $28
Health Insurance: Mine is covered through my employer, my husband pays $212 per month for his health plan
Vision and Dental: $38 for both of us through my company's health insurance
Insurance (Car/Home/Life): $480
Theatre Tickets: $690 annually for season tickets to an experimental theatre company in DC
Boat Club Dues: $750 annually
Work Parking: $115
Netflix: $13
Apple Music: $11
Coffee Bean Delivery: $40
Gym Membership: $352.12 for my husband and I (my husband expenses $50/month)
Credit Card Annual Fee: $550
Cleaning/Laundry Service: $800
Husband's Fraternity Alumni Dues: $50 annually
My Sorority Alumni Dues: $33

Weekly Total Spent: $8,391.29

Wait, they spend 8.3k/week? So $436k/yr in expenses not including taxes? On a gross of $655k? So after taxes they don't really save anything?

They save $6000+$775 per month towards retirement, so ~$81,300 per year. You posted it yourself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ok, key financial break down here:

Occupation: Surgeon
Industry: Health Care
Age: 33
Location: Washington, DC
Joint Salary: $655,000 (My salary is $515,000 and my husband's is $120,000 — he is eligible for quarterly bonuses and I will be eligible for performance-based bonuses starting in summer 2020)
My Paycheck (biweekly): $12,178
My Husband's Paycheck (biweekly): $3,084
Gender Identity: Woman
Monthly Expenses
Property Taxes: $1,000 (We purchased our 4bd/4ba townhouse using money I inherited from my great grandparents, so we only have to pay property tax)
Utilities: $300-$400
Student Loans: $0 (My husband just finished paying off his law school loans. My parents covered my undergrad and med school tuition.)
Retirement: We each contribute $775 per paycheck to our individual 401(k). Additionally, we contribute $6,000 to additional tax-managed investment accounts. (This account is managed by our family office staff.)
Charitable Giving: $3,000 (given to the family office for directed giving.)
Dog Day Care: $1,400
Pet Insurance: $28
Health Insurance: Mine is covered through my employer, my husband pays $212 per month for his health plan
Vision and Dental: $38 for both of us through my company's health insurance
Insurance (Car/Home/Life): $480
Theatre Tickets: $690 annually for season tickets to an experimental theatre company in DC
Boat Club Dues: $750 annually
Work Parking: $115
Netflix: $13
Apple Music: $11
Coffee Bean Delivery: $40
Gym Membership: $352.12 for my husband and I (my husband expenses $50/month)
Credit Card Annual Fee: $550
Cleaning/Laundry Service: $800
Husband's Fraternity Alumni Dues: $50 annually
My Sorority Alumni Dues: $33

Weekly Total Spent: $8,391.29

Wait, they spend 8.3k/week? So $436k/yr in expenses not including taxes? On a gross of $655k? So after taxes they don't really save anything?

They save $6000+$775 per month towards retirement, so ~$81,300 per year. You posted it yourself.

They also have a "family office" and bought a house with cash they inherited from their great grandparents. Most people never see a dime from grandparents, much less get hundreds of thousands from GREAT grandparents. If they're getting enough cash from a great grandparent dying, they'll be getting even more from the grandparents and even more from their parents. They clearly have vast generational wealth, any savings they have is simply a hedge against the unlikely event they don't inherit the millions (maybe hundreds of millions) in family money they have coming.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ok, key financial break down here:

Occupation: Surgeon
Industry: Health Care
Age: 33
Location: Washington, DC
Joint Salary: $655,000 (My salary is $515,000 and my husband's is $120,000 — he is eligible for quarterly bonuses and I will be eligible for performance-based bonuses starting in summer 2020)
My Paycheck (biweekly): $12,178
My Husband's Paycheck (biweekly): $3,084
Gender Identity: Woman
Monthly Expenses
Property Taxes: $1,000 (We purchased our 4bd/4ba townhouse using money I inherited from my great grandparents, so we only have to pay property tax)
Utilities: $300-$400
Student Loans: $0 (My husband just finished paying off his law school loans. My parents covered my undergrad and med school tuition.)
Retirement: We each contribute $775 per paycheck to our individual 401(k). Additionally, we contribute $6,000 to additional tax-managed investment accounts. (This account is managed by our family office staff.)
Charitable Giving: $3,000 (given to the family office for directed giving.)
Dog Day Care: $1,400
Pet Insurance: $28
Health Insurance: Mine is covered through my employer, my husband pays $212 per month for his health plan
Vision and Dental: $38 for both of us through my company's health insurance
Insurance (Car/Home/Life): $480
Theatre Tickets: $690 annually for season tickets to an experimental theatre company in DC
Boat Club Dues: $750 annually
Work Parking: $115
Netflix: $13
Apple Music: $11
Coffee Bean Delivery: $40
Gym Membership: $352.12 for my husband and I (my husband expenses $50/month)
Credit Card Annual Fee: $550
Cleaning/Laundry Service: $800
Husband's Fraternity Alumni Dues: $50 annually
My Sorority Alumni Dues: $33

Weekly Total Spent: $8,391.29

Wait, they spend 8.3k/week? So $436k/yr in expenses not including taxes? On a gross of $655k? So after taxes they don't really save anything?

They save $6000+$775 per month towards retirement, so ~$81,300 per year. You posted it yourself.

They also have a "family office" and bought a house with cash they inherited from their great grandparents. Most people never see a dime from grandparents, much less get hundreds of thousands from GREAT grandparents. If they're getting enough cash from a great grandparent dying, they'll be getting even more from the grandparents and even more from their parents. They clearly have vast generational wealth, any savings they have is simply a hedge against the unlikely event they don't inherit the millions (maybe hundreds of millions) in family money they have coming.

+1 note her parents fully paid for medical school. Also, a lot of what was listed were annual or monthly expenses. They just all hit in that week? Seems like weird accounting!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ok, key financial break down here:

Occupation: Surgeon
Industry: Health Care
Age: 33
Location: Washington, DC
Joint Salary: $655,000 (My salary is $515,000 and my husband's is $120,000 — he is eligible for quarterly bonuses and I will be eligible for performance-based bonuses starting in summer 2020)
My Paycheck (biweekly): $12,178
My Husband's Paycheck (biweekly): $3,084
Gender Identity: Woman
Monthly Expenses
Property Taxes: $1,000 (We purchased our 4bd/4ba townhouse using money I inherited from my great grandparents, so we only have to pay property tax)
Utilities: $300-$400
Student Loans: $0 (My husband just finished paying off his law school loans. My parents covered my undergrad and med school tuition.)
Retirement: We each contribute $775 per paycheck to our individual 401(k). Additionally, we contribute $6,000 to additional tax-managed investment accounts. (This account is managed by our family office staff.)
Charitable Giving: $3,000 (given to the family office for directed giving.)
Dog Day Care: $1,400
Pet Insurance: $28
Health Insurance: Mine is covered through my employer, my husband pays $212 per month for his health plan
Vision and Dental: $38 for both of us through my company's health insurance
Insurance (Car/Home/Life): $480
Theatre Tickets: $690 annually for season tickets to an experimental theatre company in DC
Boat Club Dues: $750 annually
Work Parking: $115
Netflix: $13
Apple Music: $11
Coffee Bean Delivery: $40
Gym Membership: $352.12 for my husband and I (my husband expenses $50/month)
Credit Card Annual Fee: $550
Cleaning/Laundry Service: $800
Husband's Fraternity Alumni Dues: $50 annually
My Sorority Alumni Dues: $33

Weekly Total Spent: $8,391.29

Wait, they spend 8.3k/week? So $436k/yr in expenses not including taxes? On a gross of $655k? So after taxes they don't really save anything?

They save $6000+$775 per month towards retirement, so ~$81,300 per year. You posted it yourself.

They also have a "family office" and bought a house with cash they inherited from their great grandparents. Most people never see a dime from grandparents, much less get hundreds of thousands from GREAT grandparents. If they're getting enough cash from a great grandparent dying, they'll be getting even more from the grandparents and even more from their parents. They clearly have vast generational wealth, any savings they have is simply a hedge against the unlikely event they don't inherit the millions (maybe hundreds of millions) in family money they have coming.

She got millions, possibly hundreds of millions from her great grandparents