If you classify yourself as UMC, how much do you spend in total each month?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college.

This exactly.

We are in our 40s, and our HHI is around $550K. We don't budget, but this thread got me to sit down and do the math. Last year, we paid around $140K in taxes. We spent a little over $15K/month, including mortgage ($3K/month, bought a modest house >10 years ago), travel (spent $30K last year, primarily on one big trip), classes/camps for the kids ($16K/year), food, entertainment, utilities, charity, etc. We don't have car payments, significant medical expenses or child care expenses. We paid off my student loans, so our only debt is our mortgage (rate is around 2.25% after refinancing a few years ago). It looks like we put $200K+ toward 529s, retirement and after-tax savings last year.

We're not fancy people (2 non-luxury cars, no high-end designer duds). We have tried to be intentional about keeping lifestyle creep to a manageable level and banking our increase in HHI over the years. We spend on kids' activities, travel (although this is very recent, as our HHI has grown), and takeout (we're busy, and I'm not a great planner). We are primarily saving for retirement, college and other expenses down the road.

You are not umc and live very comfortably.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college.

I guess they do spend about $100k more in taxes. We both save for college although my savings only covers in state. While you think you are so smart for thinking that someone saving $4000 per year by not doing sports or scouts, or math tutoring or vacations or whatever per kid somehow would be so much better off saving a grand total of about $75k over the course of a child's 20 year upbringing, the reality is that we just think you get paid too much for your "job" but this is the capitalistic society we live in so we accept living at the median income which is higher than other countries. The electrician in my home is doing as much as you are likely in this world. The average expenditure per person in DC is $80k and 50% of people in the US have debt and I have no debt so I'm not going to lose sleep over $4000 per year I could maybe not spend on my kids if they just stayed home and played video games every day. Didn't even include gas before or show how a lot of the cost is over the summer when there is no school. Anyway, the average family in the US spends $80k with a average income of $70k, and the average person in the DC area spends $80k with an average income of $52k, so it's very likely that most people in order to raise their children in this area are going to be spending $100k a year for a family of four. Could they save $10k more per year? Sure, but really the middle class and lower class people in this world also get the right to enjoy their lives without pinching every penny and clipping every coupon and just think you get paid more than you should as a human and not a superhero.

Nothing in that whole lengthy screed justifies living so much above your means. I have to assume you plan to inherit your retirement fund. Otherwise I think any sane person would find living hand to mouth like this very stressful.

I don't live above my means. I don't SAVE. People that make the median income don't have ways to save. It's that simple. Costs are associated with what people can pay which is always the max. and you all are the ones that are always driving up costs. The US is in debt. I'm not. If you make over the median income, great for you that you can save, but don't expect us at and below it to be able to have savings funds.

How is the US debt relevant to your specific debt free life...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college.

This exactly.

We are in our 40s, and our HHI is around $550K. We don't budget, but this thread got me to sit down and do the math. Last year, we paid around $140K in taxes. We spent a little over $15K/month, including mortgage ($3K/month, bought a modest house >10 years ago), travel (spent $30K last year, primarily on one big trip), classes/camps for the kids ($16K/year), food, entertainment, utilities, charity, etc. We don't have car payments, significant medical expenses or child care expenses. We paid off my student loans, so our only debt is our mortgage (rate is around 2.25% after refinancing a few years ago). It looks like we put $200K+ toward 529s, retirement and after-tax savings last year.

We're not fancy people (2 non-luxury cars, no high-end designer duds). We have tried to be intentional about keeping lifestyle creep to a manageable level and banking our increase in HHI over the years. We spend on kids' activities, travel (although this is very recent, as our HHI has grown), and takeout (we're busy, and I'm not a great planner). We are primarily saving for retirement, college and other expenses down the road.

The average wage in the US is $30k and $50k in DC. it takes an average person 18 years for every 1 year of your income. Get over yourself that you are such a saver. You just have a lot of money and there is only so much that one person can spend on themselves without feeling guilt. That is what this thread is about. People with a lot of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college.

I guess they do spend about $100k more in taxes. We both save for college although my savings only covers in state. While you think you are so smart for thinking that someone saving $4000 per year by not doing sports or scouts, or math tutoring or vacations or whatever per kid somehow would be so much better off saving a grand total of about $75k over the course of a child's 20 year upbringing, the reality is that we just think you get paid too much for your "job" but this is the capitalistic society we live in so we accept living at the median income which is higher than other countries. The electrician in my home is doing as much as you are likely in this world. The average expenditure per person in DC is $80k and 50% of people in the US have debt and I have no debt so I'm not going to lose sleep over $4000 per year I could maybe not spend on my kids if they just stayed home and played video games every day. Didn't even include gas before or show how a lot of the cost is over the summer when there is no school. Anyway, the average family in the US spends $80k with a average income of $70k, and the average person in the DC area spends $80k with an average income of $52k, so it's very likely that most people in order to raise their children in this area are going to be spending $100k a year for a family of four. Could they save $10k more per year? Sure, but really the middle class and lower class people in this world also get the right to enjoy their lives without pinching every penny and clipping every coupon and just think you get paid more than you should as a human and not a superhero.

Nothing in that whole lengthy screed justifies living so much above your means. I have to assume you plan to inherit your retirement fund. Otherwise I think any sane person would find living hand to mouth like this very stressful.

I don't live above my means. I don't SAVE. People that make the median income don't have ways to save. It's that simple. Costs are associated with what people can pay which is always the max. and you all are the ones that are always driving up costs. The US is in debt. I'm not. If you make over the median income, great for you that you can save, but don't expect us at and below it to be able to have savings funds.

How is the US debt relevant to your specific debt free life...

This capitalistic land cannot keep itself debt free, so why is it expecting all of its citizens to be dept free and having their own savings plans? You have some nerve actually being high income, thinking yourself upper middle class, and berating people simply for not having a large savings fund who make 1/5 of your income.

[Anonymous]

Upper middle income in DC per the definition is $150-$220k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college.

This exactly.

We are in our 40s, and our HHI is around $550K. We don't budget, but this thread got me to sit down and do the math. Last year, we paid around $140K in taxes. We spent a little over $15K/month, including mortgage ($3K/month, bought a modest house >10 years ago), travel (spent $30K last year, primarily on one big trip), classes/camps for the kids ($16K/year), food, entertainment, utilities, charity, etc. We don't have car payments, significant medical expenses or child care expenses. We paid off my student loans, so our only debt is our mortgage (rate is around 2.25% after refinancing a few years ago). It looks like we put $200K+ toward 529s, retirement and after-tax savings last year.

We're not fancy people (2 non-luxury cars, no high-end designer duds). We have tried to be intentional about keeping lifestyle creep to a manageable level and banking our increase in HHI over the years. We spend on kids' activities, travel (although this is very recent, as our HHI has grown), and takeout (we're busy, and I'm not a great planner). We are primarily saving for retirement, college and other expenses down the road.

The average wage in the US is $30k and $50k in DC. it takes an average person 18 years for every 1 year of your income. Get over yourself that you are such a saver. You just have a lot of money and there is only so much that one person can spend on themselves without feeling guilt. That is what this thread is about. People with a lot of money.

PP here. 100% agree we’re rich — not DCUM mega-rich, but objectively rich — and I disagree with the “UMC” categorization that OP used in the title. I just answered her question bc our HHI falls in the range in question.

Also totally agree with you that it’s immoral and appalling to spend more on myself when there is so much poverty in the world. In fact, it bothers me that we save as much as we do instead of increasing our giving. But spouse and I aren’t on the same page on this. Having said that, we are giving well into 5 digits annually and are increasing our giving every year. It’s a work in progress.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college.

I guess they do spend about $100k more in taxes. We both save for college although my savings only covers in state. While you think you are so smart for thinking that someone saving $4000 per year by not doing sports or scouts, or math tutoring or vacations or whatever per kid somehow would be so much better off saving a grand total of about $75k over the course of a child's 20 year upbringing, the reality is that we just think you get paid too much for your "job" but this is the capitalistic society we live in so we accept living at the median income which is higher than other countries. The electrician in my home is doing as much as you are likely in this world. The average expenditure per person in DC is $80k and 50% of people in the US have debt and I have no debt so I'm not going to lose sleep over $4000 per year I could maybe not spend on my kids if they just stayed home and played video games every day. Didn't even include gas before or show how a lot of the cost is over the summer when there is no school. Anyway, the average family in the US spends $80k with a average income of $70k, and the average person in the DC area spends $80k with an average income of $52k, so it's very likely that most people in order to raise their children in this area are going to be spending $100k a year for a family of four. Could they save $10k more per year? Sure, but really the middle class and lower class people in this world also get the right to enjoy their lives without pinching every penny and clipping every coupon and just think you get paid more than you should as a human and not a superhero.

Nothing in that whole lengthy screed justifies living so much above your means. I have to assume you plan to inherit your retirement fund. Otherwise I think any sane person would find living hand to mouth like this very stressful.

I don't live above my means. I don't SAVE. People that make the median income don't have ways to save. It's that simple. Costs are associated with what people can pay which is always the max. and you all are the ones that are always driving up costs. The US is in debt. I'm not. If you make over the median income, great for you that you can save, but don't expect us at and below it to be able to have savings funds.

How is the US debt relevant to your specific debt free life...

This capitalistic land cannot keep itself debt free, so why is it expecting all of its citizens to be dept free and having their own savings plans? You have some nerve actually being high income, thinking yourself upper middle class, and berating people simply for not having a large savings fund who make 1/5 of your income.

I was not the PP you mentioned.. I was a random person just asking this question.

And yes, why in the world would we expect the government to have our back? Have your own back..aka savings. The US government is one of the least efficient organizations (in terms of it's budget) in the modern world.

[Anonymous]

HHI 550k-700k range depending on DH's business profits.

PITI: 2500
Food: 1k
Household spending: 500
Travel budget: 1k
Car Insurance: 100
Utility: 150-200 (we have solar so electricity is heavily reduced)
No gas costs because we drive an eV
Healthcare: 1200
Restaurants: 500
Kids extracurriculars: 1000
Aftercare/camp: 500
529: 1000

So we spend roughly 10k a month

[Anonymous]

Anonymous wrote:HHI 550k-700k range depending on DH's business profits.

PITI: 2500
Food: 1k
Household spending: 500
Travel budget: 1k
Car Insurance: 100
Utility: 150-200 (we have solar so electricity is heavily reduced)
No gas costs because we drive an eV
Healthcare: 1200
Restaurants: 500
Kids extracurriculars: 1000
Aftercare/camp: 500
529: 1000

So we spend roughly 10k a month

Dang - that's really good!

Have you lived in your home for a long time? Or just a large downpayment? $2500/mo is cheaper than a 1bdr apt!

[Anonymous]

15-20k a month but we make 800k so we save a lot too

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 550k-700k range depending on DH's business profits.

PITI: 2500
Food: 1k
Household spending: 500
Travel budget: 1k
Car Insurance: 100
Utility: 150-200 (we have solar so electricity is heavily reduced)
No gas costs because we drive an eV
Healthcare: 1200
Restaurants: 500
Kids extracurriculars: 1000
Aftercare/camp: 500
529: 1000

So we spend roughly 10k a month

Dang - that's really good!

Have you lived in your home for a long time? Or just a large downpayment? $2500/mo is cheaper than a 1bdr apt!

DP here. We pay $3300/month on a 15 year mortgage. We bought in 2013 for $610k. Home is now probably worth upper 900's.

[Anonymous]

Divorced mom if 2 kids in college

$180K HHI

10-11K/mth

I go into my savings for college about $8K/year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 550k-700k range depending on DH's business profits.

PITI: 2500
Food: 1k
Household spending: 500
Travel budget: 1k
Car Insurance: 100
Utility: 150-200 (we have solar so electricity is heavily reduced)
No gas costs because we drive an eV
Healthcare: 1200
Restaurants: 500
Kids extracurriculars: 1000
Aftercare/camp: 500
529: 1000

So we spend roughly 10k a month

Dang - that's really good!

Have you lived in your home for a long time? Or just a large downpayment? $2500/mo is cheaper than a 1bdr apt!

Our purchase price was 900k in 2010. We put down 180k and started off with a 15 year loan. We also paid an additional 200k when we refinanced in 2018 because DH wanted to start a business and I wanted to ensure we can live on my one paycheck. We refinanced again in 2021 for a 10 year loan at 2.125%. We owe 150k now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI 550k-700k range depending on DH's business profits.

PITI: 2500
Food: 1k
Household spending: 500
Travel budget: 1k
Car Insurance: 100
Utility: 150-200 (we have solar so electricity is heavily reduced)
No gas costs because we drive an eV
Healthcare: 1200
Restaurants: 500
Kids extracurriculars: 1000
Aftercare/camp: 500
529: 1000

So we spend roughly 10k a month

Dang - that's really good!

Have you lived in your home for a long time? Or just a large downpayment? $2500/mo is cheaper than a 1bdr apt!

Our purchase price was 900k in 2010. We put down 180k and started off with a 15 year loan. We also paid an additional 200k when we refinanced in 2018 because DH wanted to start a business and I wanted to ensure we can live on my one paycheck. We refinanced again in 2021 for a 10 year loan at 2.125%. We owe 150k now.

Can we swap mortgages?

[Anonymous]

We make about $175k. Spend $6k to 10k a month.