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

[Anonymous]

I’m glad that there are people like this couple because it feeds into my general suspicion that people who earn much more than we do do not lead very rich lives at all. I have 2 kids in dc and earn $145k with one spouse currently looking for work, so just a sole earner. And we’re doing just fine. Meanwhile people earning $350k are barely surviving. Its also how you look at it. We have one non luxury car, kids go to public school, we don’t have a maid or nanny (kids had daycare but are older now), we have a couple nice vacations a year. That’s plenty for us. We feel lucky!

[Anonymous]

Anonymous wrote:I’m glad that there are people like this couple because it feeds into my general suspicion that people who earn much more than we do do not lead very rich lives at all. I have 2 kids in dc and earn $145k with one spouse currently looking for work, so just a sole earner. And we’re doing just fine. Meanwhile people earning $350k are barely surviving. Its also how you look at it. We have one non luxury car, kids go to public school, we don’t have a maid or nanny (kids had daycare but are older now), we have a couple nice vacations a year. That’s plenty for us. We feel lucky!

Yeah we are similar and it totally helps when daycare is done!

[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 in debt, you are poor. Does not matter what you earn. If you cannot pay off your debt for years (except mortgage)., you are actually in line for more than 2 years of ramen noodles and goodwill. Probably, your kids will also have student debt and the circle will continue. Wanting more for your children mean getting out of student debt as fast as you can, building wealth, making sure that they finish college and professional education without crippling student debt. You model the financial behavior that your kids will follow. Good luck to them.

[Anonymous]

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

So what should I do about preschool? There isn’t a preschool less than 25k for a full day program within an hour of my house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

So what should I do about preschool? There isn’t a preschool less than 25k for a full day program within an hour of my house.

Most of us “poor” (the median wage earners) people don’t do preschool, much-less full day preschool. If you can afford it though go for it, more power to ya! It just pisses me off that so many on here consider it a required expense for the MC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

So what should I do about preschool? There isn’t a preschool less than 25k for a full day program within an hour of my house.

Most of us “poor” (the median wage earners) people don’t do preschool, much-less full day preschool. If you can afford it though go for it, more power to ya! It just pisses me off that so many on here consider it a required expense for the MC.

Well 60 percent of American 3-5 year olds attend preschool. I attended preschool and grew up solidly middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

I'm not sure why you are nitpicking their 401k, thats one of the better things they are doing with this income. 38k ~ 11% income saved, 12k into 529 another 3.4% so just under 15% of their income goes directly to savings. Granted the 529 is going to get spent on kids education later and is not retirement savings but thats the target savings rate most financial writers say to aim for.

What about the tax bill? $92,000? They pay the IRS enough to make an entire second family UMC!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

So what should I do about preschool? There isn’t a preschool less than 25k for a full day program within an hour of my house.

Most of us “poor” (the median wage earners) people don’t do preschool, much-less full day preschool. If you can afford it though go for it, more power to ya! It just pisses me off that so many on here consider it a required expense for the MC.

You should have a family member stay at home with them until they are old enough for school

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

So what should I do about preschool? There isn’t a preschool less than 25k for a full day program within an hour of my house.

Some are pretty expensive, but plenty are less than 200 a week on https://www.care.com/preschools/washington-dc which is still less than half the cost the chart shows.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

For real. Preschool that costs half the median wage in this country?
A separate category for entertainment and travel?
400 dollars a month on clothes? What do they do, wear something 2-4 times then throw it away?
70 dollars a DAY on FOOD?! 25k a year?
38k put in a 401k? That’s MORE THAN TWICE the yearly salary of someone making the federal minimum wage.
Spending close to 60k on school+childcare for two kids? That’s about what the median family EARNS in one year!

And then still having 1,456 left over at the end of the year?! Unbelievable how clueless some of you are. Absolutely unbelievable. I actually hope those of you posting “oh 200k isn’t much, oh 300k isn’t that much” are trolling, because if not then I’m just speechless.


And y’all wonder why the rest of the country either wants to either tax the hell out of you (‘cause I guarantee you when all the dems talk about raising taxes on the rich, they’re talking about you ), or holds you in such disdain that they voted for Trump. Smfh.

So what should I do about preschool? There isn’t a preschool less than 25k for a full day program within an hour of my house.

Most of us “poor” (the median wage earners) people don’t do preschool, much-less full day preschool. If you can afford it though go for it, more power to ya! It just pisses me off that so many on here consider it a required expense for the MC.

Well 60 percent of American 3-5 year olds attend preschool. I attended preschool and grew up solidly middle class.

I guarantee you 60% did not and do not attend one 2000/month .

[Anonymous]

Anonymous wrote:

Anonymous wrote:

How a family of four lives very comfortably achieving the American Dream off $350,000 in an expensive metropolitan area

By the way, I fixed the title of the chart.

[Anonymous]

I have no idea how a 2 kid family in NW DC gets by on $350k a year unless no private school. To have a nice house, send kids to private, 2 nice vacations, newer cars, and properly save for retirement, you need minimum of $550k.

[Anonymous]

Anonymous wrote:I have no idea how a 2 kid family in NW DC gets by on $350k a year unless no private school. To have a nice house, send kids to private, 2 nice vacations, newer cars, and properly save for retirement, you need minimum of $550k. [/quote

Yes, indeed, private school, newer cars and nice vacations are simply mandatory.

[Anonymous]

Anonymous wrote:I have no idea how a 2 kid family in NW DC gets by on $350k a year unless no private school. To have a nice house, send kids to private, 2 nice vacations, newer cars, and properly save for retirement, you need minimum of $550k.

I call troll. Moving on.