Networth Doesn't Mean Much in DC it seems

[Anonymous]

DH and I are fiscally conservative and try to save as much as possible. We are 40 years old and work hard. Our HHI is about 300K and networth is about $2 million. Yet we don't live that lifestyle. It feels in DC it doesn't go far at all. We have a cleaning service that comes in once a month. We go out to eat at mom and pop restaurants (so nothing fancy). We drive and Corolla (3 years old) and Sienna (9 years old). I still worry a lot about funding kids 529s. We have 2 kids that will be heading to college in about 9 years and so far we have only been able to fund about $67k in total (for both kids). There is no way that we will be able to pay for the kids college fully. On paper we looks good.

Mutual Funds $207k
Retirement $710k
529 $67K
Cash $55k
Property $1million (net of loans)

So why do I feel like we have to think about every dollar that we spend all the time? Am I worrying for nothing? Should I worry more?

We have 3 properties (2 rentals and 1 main). The rental properties are paid off and our house has a 15 year mortgage. It should be paid off by the time the kids are in their second year of college. But I still don't feel that we are in a good enough position.

We do go a couple of vacations a year. Nothing fancy. Just rent a beach house or do a road trip.

I guess I am looking for advice and maybe someone can just tell me that I am worrying too much. Or else let me know if I am not saving enough.

[Anonymous]

this again?

[Anonymous]

Here we go... It is like the song that never ends.

[Anonymous]

Omg stfu already whiny 300k earners.

[Anonymous]

jeez - yes you are worrying too much.

also its ridiculous that you can't pay for your kids college. you have $1M alone in real estate.

start moving $ into 529 to shelter it as much as possible. do the 529 in dc and open a second one with a better plan (eg utah).

[Anonymous]

Your kids might do a lot better if they have to pay for some of their college. Makes them frugal and feel like they have skin in the game!

I had a full ride scholarship, but my first job would have given me 10k towards my student loans. I regret that I didn't have any student loans to get that free 10k with!

[Anonymous]

Anonymous wrote:DH and I are fiscally conservative and try to save as much as possible. We are 40 years old and work hard. Our HHI is about 300K and networth is about $2 million. Yet we don't live that lifestyle. It feels in DC it doesn't go far at all. We have a cleaning service that comes in once a month. We go out to eat at mom and pop restaurants (so nothing fancy). We drive and Corolla (3 years old) and Sienna (9 years old). I still worry a lot about funding kids 529s. We have 2 kids that will be heading to college in about 9 years and so far we have only been able to fund about $67k in total (for both kids). There is no way that we will be able to pay for the kids college fully.On paper we looks good.

Mutual Funds $207k
Retirement $710k
529 $67K
Cash $55k
Property $1million (net of loans)

So why do I feel like we have to think about every dollar that we spend all the time? Am I worrying for nothing? Should I worry more?

We have 3 properties (2 rentals and 1 main). The rental properties are paid off and our house has a 15 year mortgage. It should be paid off by the time the kids are in their second year of college. But I still don't feel that we are in a good enough position.

We do go a couple of vacations a year. Nothing fancy. Just rent a beach house or do a road trip.

I guess I am looking for advice and maybe someone can just tell me that I am worrying too much. Or else let me know if I am not saving enough.

And imagine what would have happened if you had 10 million in real estate - you wouldn't be able vacation at all!

Seriously. When you save and invest all your money then, yeah, there is nothing left. That holds irrespective of income/wealth.

[Anonymous]

Anonymous wrote:this again?

+1

[Anonymous]

More my diamond shoes are too tight. Lol.

[Anonymous]

Anonymous wrote:DH and I are fiscally conservative and try to save as much as possible. We are 40 years old and work hard. Our HHI is about 300K and networth is about $2 million. Yet we don't live that lifestyle. It feels in DC it doesn't go far at all. We have a cleaning service that comes in once a month. We go out to eat at mom and pop restaurants (so nothing fancy). We drive and Corolla (3 years old) and Sienna (9 years old). I still worry a lot about funding kids 529s. We have 2 kids that will be heading to college in about 9 years and so far we have only been able to fund about $67k in total (for both kids). There is no way that we will be able to pay for the kids college fully. On paper we looks good.

Mutual Funds $207k
Retirement $710k
529 $67K
Cash $55k
Property $1million (net of loans)

So why do I feel like we have to think about every dollar that we spend all the time? Am I worrying for nothing? Should I worry more?

We have 3 properties (2 rentals and 1 main). The rental properties are paid off and our house has a 15 year mortgage. It should be paid off by the time the kids are in their second year of college. But I still don't feel that we are in a good enough position.

We do go a couple of vacations a year. Nothing fancy. Just rent a beach house or do a road trip.

I guess I am looking for advice and maybe someone can just tell me that I am worrying too much. Or else let me know if I am not saving enough.

"that lifestyle" is a lifestyle of people who do not save all their money. you cannot be "saving as much as possible" and, at the same time, live large, consume some luxuries (luxury cars, vacations, food, clothing...). this has nothing to do with DC. either you want to save "as much as possible", which means, by definition, not spending on any luxuries (because they are never a necessity no matter the income), or, you want to live a wealthy lifestyle, which means that you will need to spend some of your money on luxuries and therefore won't be "saving as much as possible". you can not possibly do both, even if your HHI was 3 mil and you lived in middle of nowhere.

[Anonymous]

cry me a fucking river, OP

[Anonymous]

Anonymous wrote:DH and I are fiscally conservative and try to save as much as possible. We are 40 years old and work hard. Our HHI is about 300K and networth is about $2 million. Yet we don't live that lifestyle. It feels in DC it doesn't go far at all. We have a cleaning service that comes in once a month. We go out to eat at mom and pop restaurants (so nothing fancy). We drive and Corolla (3 years old) and Sienna (9 years old). I still worry a lot about funding kids 529s. We have 2 kids that will be heading to college in about 9 years and so far we have only been able to fund about $67k in total (for both kids). There is no way that we will be able to pay for the kids college fully. On paper we looks good.

Mutual Funds $207k
Retirement $710k
529 $67K
Cash $55k
Property $1million (net of loans)

So why do I feel like we have to think about every dollar that we spend all the time? Am I worrying for nothing? Should I worry more?

We have 3 properties (2 rentals and 1 main). The rental properties are paid off and our house has a 15 year mortgage. It should be paid off by the time the kids are in their second year of college. But I still don't feel that we are in a good enough position.

We do go a couple of vacations a year. Nothing fancy. Just rent a beach house or do a road trip.

I guess I am looking for advice and maybe someone can just tell me that I am worrying too much. Or else let me know if I am not saving enough.

No, you're not worrying enough! worry more

[Anonymous]

I normally am sympathetic to these..... But one thing I've learned is that if you try to save aggressively you'll always feel poor. We make $300k as well and save close to $80k a year. Once I realized that I let off the savings a bit and suddenly felt much more comfortable. In your case it should be beyond trivial to do given that you have 2 rental properties!

[Anonymous]

Anonymous wrote:this again?

+1,000. This just seems like spam to me at this point - there have been multiple threads on this EXACT topic in the last few weeks. Enough!

[Anonymous]

"networth" is not a word.

If you live in a $1m house with a net worth of $2m on 300k HHI, you are not 'saving as much as possible.' I'm not saying you need to, but you are spending - on your house.

Also, you're annoying.