Can we afford to SAH?

[Anonymous]

DH makes $250k, stable govt job. I'm a pregnant with first child, thinking I want to leave my job and SAH. I'm AMA so we want to have this baby and a sibling soon thereafter if we can. I'm currently making $150k. We own 5 properties (one we live in, and 4 rentals that pay for themselves and generate about $1000 in monthly income total). Or I should say the bank owns our properties, each one is mortgaged but we expect to pay off within 10-15 years. Living on a single income, is this something that can support a family of 4 in Clarendon?

[Anonymous]

No idea what your expenses are. Do you currently live on DH's salary alone?

[Anonymous]

Anonymous wrote:No idea what your expenses are. Do you currently live on DH's salary alone?

We have normal/average expenses I guess. No debt except $50k in student loans, which we could pay off but the interest rate is insanely low (2%). We live on less than DH's salary and bank the rest (college, retirement savings, invest etc)

[Anonymous]

LOL. What government job has a 250k salary? Did I miss something? Who can't live on 250k in this area? You didn't even say what your mortgage is, or what your budget is. You just want a reaction. You can live on a 60k salary on this area if you want to, you just have to budget.

This seems like a trolly post.

[Anonymous]

It depends on the lifestyle you want. If you and DH are smart enough to do a total of $400K jobs, plus manage four rental properties, you should be able to put together a budget that will tell you what your life will be like if you add a child and give up your salary.

I'm also wondering if you're a troll. If not, this posting should go into some sort of Dcum Hall of Fame.

[Anonymous]

Anonymous wrote:LOL. What government job has a 250k salary? Did I miss something? Who can't live on 250k in this area? You didn't even say what your mortgage is, or what your budget is. You just want a reaction. You can live on a 60k salary on this area if you want to, you just have to budget.

This seems like a trolly post.

Not a troll, just wondering how expensive kids are. I'm not a mom yet so I put it out there. DH's salary can obviously support the two of us, but what if we become a family of 4?

[Anonymous]

Anonymous wrote:DH makes $250k, stable govt job. I'm a pregnant with first child, thinking I want to leave my job and SAH. I'm AMA so we want to have this baby and a sibling soon thereafter if we can. I'm currently making $150k. We own 5 properties (one we live in, and 4 rentals that pay for themselves and generate about $1000 in monthly income total). Or I should say the bank owns our properties, each one is mortgaged but we expect to pay off within 10-15 years. Living on a single income, is this something that can support a family of 4 in Clarendon?

Is he the vice-president of the US?

[Anonymous]

Anonymous wrote:

Anonymous wrote:LOL. What government job has a 250k salary? Did I miss something? Who can't live on 250k in this area? You didn't even say what your mortgage is, or what your budget is. You just want a reaction. You can live on a 60k salary on this area if you want to, you just have to budget.

This seems like a trolly post.

Not a troll, just wondering how expensive kids are. I'm not a mom yet so I put it out there. DH's salary can obviously support the two of us, but what if we become a family of 4?

If you don't know whether you can manage a family of 4 on 250k with 5 properties and one SAH parent, you should probably never, ever, ever have children. I just want to put that out there.

[Anonymous]

is your DH an associate supreme court justice or chairman of the SEC or something? what govt job pays 250k?

[Anonymous]

Anonymous wrote:is your DH an associate supreme court justice or chairman of the SEC or something? what govt job pays 250k?

I know of many that do. I'm 31 and make 150k. Next salary grade should pay me 175k and that will be at 32. If I were in my 40s I would be making over 200k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:is your DH an associate supreme court justice or chairman of the SEC or something? what govt job pays 250k?

I know of many that do. I'm 31 and make 150k. Next salary grade should pay me 175k and that will be at 32. If I were in my 40s I would be making over 200k.

Many? Like what? There are MANY government employees on this board who would be interested in this info...

[Anonymous]

Sounds like you're already living on only his salary, right? Just make sure you have plenty of savings, including for the rental properties. You'll save significantly on taxes by not working. In other words, he should be able to adjust his withholding.

[Anonymous]

The top of a GS 15 is around $155K. SES positions can be more than that, especially with the bonus.

I really do wonder what OP is thinking? How do you think the rest of the people in this area are getting by? You have little debt. You have income-producing rental properties and you have a working spouse with $250K -- if you can't make it on that, then your problem is on the spending side of the equation.

If you plan to spend a lot of money on private schools -- well, then you may have a problem with "just" $250K -- but even then, you should be able to make it. A person can only consume so much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:LOL. What government job has a 250k salary? Did I miss something? Who can't live on 250k in this area? You didn't even say what your mortgage is, or what your budget is. You just want a reaction. You can live on a 60k salary on this area if you want to, you just have to budget.

This seems like a trolly post.

Not a troll, just wondering how expensive kids are. I'm not a mom yet so I put it out there. DH's salary can obviously support the two of us, but what if we become a family of 4?

Kids are expensive as you make them. If you are staying home - the expenses are negligible at first.

[Anonymous]

Will you be able to get your old position/salary back easily in case you don't enjoy staying at home?