Parents of three kids: what is your combined household income?

[Anonymous]

300k in Gaithersburg. We made it werk

[Anonymous]

Anonymous wrote:$680K + $5 million trust. Managing director track (MD expected next 2 years) for one spouse and in succession plan for head of department at mid cap company where manager (head of dept) wants to retire in a few years for another spouse. Hoping $800K in 2 years and around $1 million in 4-5 years. Kids are 7 months, 2, and almost 5. Expecting a total grind over the next 4-5 years but I know we can do it. I wish our family was close by or retired but they all work. Hoping they’ll retire in a few years and be in good enough health to occasionally help.

Rough life with that trust

[Anonymous]

Anonymous wrote:Thanks all! OP here. We have two under three and are at about 400k. We do not have family near by, which is a huge bummer. The expenses for two are already outrageous so trying to weigh practical considerations with the desire to have three.

We’re at 500k, have two, and I feel similarly about finances.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thanks all! OP here. We have two under three and are at about 400k. We do not have family near by, which is a huge bummer. The expenses for two are already outrageous so trying to weigh practical considerations with the desire to have three.

We’re at 500k, have two, and I feel similarly about finances.

We are at $320,000 with 3 kids and we’re ok. It feels tight of course but our kids play travel sports, have private sports and music lessons, and tutoring, we take vacations abroad, we contribute to college funds, retirement, etc. although we will be cutting back on luxuries (eg travel) to fund private high school. We don’t outsource anything either and don’t have any family nearby.

Our mortgage is $2500 a month and we have no other debt. But I truly am fascinated with those who make more than us who feel they still don’t have enough. What are ppl spending money on? I am also fascinated by ppl who have more kids and make less than us. We are ok at 3 but the decision not to have 4 was purely because our finances couldn’t handle another one at the standard of living we’ve been accustomed to.

[Anonymous]

$90,000

[Anonymous]

$85K. We value people and companionship not possessions and consumption.

[Anonymous]

Anonymous wrote:$85K. We value people and companionship not possessions and consumption.

Lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks all! OP here. We have two under three and are at about 400k. We do not have family near by, which is a huge bummer. The expenses for two are already outrageous so trying to weigh practical considerations with the desire to have three.

We’re at 500k, have two, and I feel similarly about finances.

We are at $320,000 with 3 kids and we’re ok. It feels tight of course but our kids play travel sports, have private sports and music lessons, and tutoring, we take vacations abroad, we contribute to college funds, retirement, etc. although we will be cutting back on luxuries (eg travel) to fund private high school. We don’t outsource anything either and don’t have any family nearby.

Our mortgage is $2500 a month and we have no other debt. But I truly am fascinated with those who make more than us who feel they still don’t have enough. What are ppl spending money on? I am also fascinated by ppl who have more kids and make less than us. We are ok at 3 but the decision not to have 4 was purely because our finances couldn’t handle another one at the standard of living we’ve been accustomed to.

It’s not tight. You live comfortably to put it nicely.

[Anonymous]

200k. We are not flush but not stressed about money. Kids are 2, 4, and 6.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$680K + $5 million trust. Managing director track (MD expected next 2 years) for one spouse and in succession plan for head of department at mid cap company where manager (head of dept) wants to retire in a few years for another spouse. Hoping $800K in 2 years and around $1 million in 4-5 years. Kids are 7 months, 2, and almost 5. Expecting a total grind over the next 4-5 years but I know we can do it. I wish our family was close by or retired but they all work. Hoping they’ll retire in a few years and be in good enough health to occasionally help.

Rough life with that trust

I'm in awe of wanting family close by to help. You can comfortably afford to pay for help. IF you want two parents with big jobs, you need to pay for 24/7 nannies.

[Anonymous]

Vacations definitely get trickier with three kids because this world is made for families of four in so many ways. But we’re so happy we had our 3rd. He is a joy.

[Anonymous]

Anonymous wrote:Vacations definitely get trickier with three kids because this world is made for families of four in so many ways. But we’re so happy we had our 3rd. He is a joy.

So true. With 2 kids you can get the less expensive rental car, get one hotel room for vacations etc.

Since our 3 kids are young, Great Wolf Lodge is getting a lot of our money since they figured out how to make rooms that sleep more than 4.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks all! OP here. We have two under three and are at about 400k. We do not have family near by, which is a huge bummer. The expenses for two are already outrageous so trying to weigh practical considerations with the desire to have three.

We’re at 500k, have two, and I feel similarly about finances.

We are at $320,000 with 3 kids and we’re ok. It feels tight of course but our kids play travel sports, have private sports and music lessons, and tutoring, we take vacations abroad, we contribute to college funds, retirement, etc. although we will be cutting back on luxuries (eg travel) to fund private high school. We don’t outsource anything either and don’t have any family nearby.

Our mortgage is $2500 a month and we have no other debt. But I truly am fascinated with those who make more than us who feel they still don’t have enough. What are ppl spending money on? I am also fascinated by ppl who have more kids and make less than us. We are ok at 3 but the decision not to have 4 was purely because our finances couldn’t handle another one at the standard of living we’ve been accustomed to.

Thank you - for us it’s mortgage and childcare. We bought in 2023. Timing isn’t always in your favor

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks all! OP here. We have two under three and are at about 400k. We do not have family near by, which is a huge bummer. The expenses for two are already outrageous so trying to weigh practical considerations with the desire to have three.

We’re at 500k, have two, and I feel similarly about finances.

We are at $320,000 with 3 kids and we’re ok. It feels tight of course but our kids play travel sports, have private sports and music lessons, and tutoring, we take vacations abroad, we contribute to college funds, retirement, etc. although we will be cutting back on luxuries (eg travel) to fund private high school. We don’t outsource anything either and don’t have any family nearby.

Our mortgage is $2500 a month and we have no other debt. But I truly am fascinated with those who make more than us who feel they still don’t have enough. What are ppl spending money on? I am also fascinated by ppl who have more kids and make less than us. We are ok at 3 but the decision not to have 4 was purely because our finances couldn’t handle another one at the standard of living we’ve been accustomed to.

Your mortgage is very low. Maybe you are older and have been using the property ladder to reinvest equity? If we wanted this mortgage, we would have to live very far from our in-person jobs and have a brutal commute. We live closer and have a much bigger mortgage. We are still comfortable, since we have a higher income than you, but that is the explanation for why our lifestyle is the same as yours on a bigger income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks all! OP here. We have two under three and are at about 400k. We do not have family near by, which is a huge bummer. The expenses for two are already outrageous so trying to weigh practical considerations with the desire to have three.

We’re at 500k, have two, and I feel similarly about finances.

We are at $320,000 with 3 kids and we’re ok. It feels tight of course but our kids play travel sports, have private sports and music lessons, and tutoring, we take vacations abroad, we contribute to college funds, retirement, etc. although we will be cutting back on luxuries (eg travel) to fund private high school. We don’t outsource anything either and don’t have any family nearby.

Our mortgage is $2500 a month and we have no other debt. But I truly am fascinated with those who make more than us who feel they still don’t have enough. What are ppl spending money on? I am also fascinated by ppl who have more kids and make less than us. We are ok at 3 but the decision not to have 4 was purely because our finances couldn’t handle another one at the standard of living we’ve been accustomed to.

You obviously don’t send your kids to Big3 private. $160k in tuition grosses up to at least $200k in gross income.

If you bought a house recently your mortgage, taxes etc could easily be $7000+ per month. So, $84k per year grosses up to say $110k of income.

Yeah, you still have $200k remaining to pay for everything else….but numbers for things can start adding up quickly.