Family budget if your HHI is around 375k

[Anonymous]

Anonymous wrote:

Anonymous wrote:Depending on what your deductions look like, you could be left with anywhere from 21--24k a month- what does your actual net look like? At your income level you should really be maxing out all retirement accounts simply for the tax breaks.

Are you able to game your AMT? Do you have disparate incomes and a hefty childcare bill that could make a work break economically advantageous?

A $4500 mortgage can be fine or insane on that income depending on what your other non-negotiable expenses are. We can't give budget advice unless you say what you can't compromise on. No example is going to help you overcome 200k in student loans or a 3 grand a month nanny.

That's way too much as a projected net. We make $430K, and our take home is just a hair over $16,000. We do have life insurance taken out of gross in addition to maxing retirement contributions and medical, dental, vision insurance, but it's hard to believe that any two breadwinners making $37K can net $24K a month.

We net around $26k a month but I am a 1099 part timer. DH nets about $21k per month (think his total gross per year is around $380k). I make about $5k per month (no taxes taken out). We write off a lot and the taxes we pay are negligible at year end. This year DH did some consulting work so we had to write a $15k check. If he didn't do the extra consulting work, I pay less than $5k in taxes.

[Anonymous]

For all the talk about budgeting, what kills us is our fixed costs. 13k net a month after retirement, taxes and healthcare. Of course it's affluent, even in DC metro.

But it's the housing and child care that smashes you. If you work in DC and choose to live there or close in, it's a double whammy with high housing cost and absurd child care fees.

We also made the poor choice of buying into a subpar school district so child care costs are soon turning into private school tuition. Envying my friends on the cusp of entering their kids into good public schools and freeing themselves of the child care expenses!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depending on what your deductions look like, you could be left with anywhere from 21--24k a month- what does your actual net look like? At your income level you should really be maxing out all retirement accounts simply for the tax breaks.

Are you able to game your AMT? Do you have disparate incomes and a hefty childcare bill that could make a work break economically advantageous?

A $4500 mortgage can be fine or insane on that income depending on what your other non-negotiable expenses are. We can't give budget advice unless you say what you can't compromise on. No example is going to help you overcome 200k in student loans or a 3 grand a month nanny.

That's way too much as a projected net. We make $430K, and our take home is just a hair over $16,000. We do have life insurance taken out of gross in addition to maxing retirement contributions and medical, dental, vision insurance, but it's hard to believe that any two breadwinners making $37K can net $24K a month.

We net around $26k a month but I am a 1099 part timer. DH nets about $21k per month (think his total gross per year is around $380k). I make about $5k per month (no taxes taken out). We write off a lot and the taxes we pay are negligible at year end. This year DH did some consulting work so we had to write a $15k check. If he didn't do the extra consulting work, I pay less than $5k in taxes.

This is why I wish my income was from a business although your true net would be after taxes given you have a 1099.

We earn about 460 and net about 22 but do not have a mortgage to write off.

[Anonymous]

Oh and meant to add your net would also be after *real* expenses and write offs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depending on what your deductions look like, you could be left with anywhere from 21--24k a month- what does your actual net look like? At your income level you should really be maxing out all retirement accounts simply for the tax breaks.

Are you able to game your AMT? Do you have disparate incomes and a hefty childcare bill that could make a work break economically advantageous?

A $4500 mortgage can be fine or insane on that income depending on what your other non-negotiable expenses are. We can't give budget advice unless you say what you can't compromise on. No example is going to help you overcome 200k in student loans or a 3 grand a month nanny.

That's way too much as a projected net. We make $430K, and our take home is just a hair over $16,000. We do have life insurance taken out of gross in addition to maxing retirement contributions and medical, dental, vision insurance, but it's hard to believe that any two breadwinners making $37K can net $24K a month.

We net around $26k a month but I am a 1099 part timer. DH nets about $21k per month (think his total gross per year is around $380k). I make about $5k per month (no taxes taken out). We write off a lot and the taxes we pay are negligible at year end. This year DH did some consulting work so we had to write a $15k check. If he didn't do the extra consulting work, I pay less than $5k in taxes.

This is why I wish my income was from a business although your true net would be after taxes given you have a 1099.

We earn about 460 and net about 22 but do not have a mortgage to write off.

OK, I did not realize how much DH earned. He makes $450 per year and not $380. Last year, he made about 380. His net pay every pay cycle is $10,500 or $21k per month after maxing out 401k. I think he could probably get some taxes back if it were not for my part time earnings. After childcare deductions, mortgage, charity, etc., we have negligible taxes to pay at year end.

So our net $26k per month is based on $510k of annual earnings.

[Anonymous]

Anonymous wrote:
$1000 charity/Synagouge dues

I don't know if this typo was intentional or not. If not, it was an awfully funny one!

[Anonymous]

Any of these people ever hear of LIVING BELOW YOUR MEANS?? Sounds like ya'll will be working till you drop dead to pay for all of your "stuff!"

[Anonymous]

Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

[Anonymous]

Anonymous wrote:Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

Wow you are so smug. Well some of us have designer shoes and bags and a big investment and retirement fund. And some of us *gasp* enjoy our jobs.

[Anonymous]

Anonymous wrote:Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

While I generally agree with you that people spend far too much / save too little, this thread is full of folks making $500K a year. I'd be willing to bet none of them will be remotely in trouble in retirement. My salary is a piddly shit $190K by comparison and well be fine....

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

While I generally agree with you that people spend far too much / save too little, this thread is full of folks making $500K a year. I'd be willing to bet none of them will be remotely in trouble in retirement. My salary is a piddly shit $190K by comparison and well be fine....

My DH earns about 700k per year and I earn about 200k. We live in a home that is below our means, drive nice cars, vacation in style, etc. We still manage to save $100-200k per year. Sure, we could save more but we like to enjoy our lifestyle.

[Anonymous]

Anonymous wrote:Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

I think it is because this generation now is willing to pay anything for housing and education. Not because they want to pay so much but people panic they won't be in the right neighborhood or school system or college and everyone just keeps bidding/paying higher so the cost for these two basic needs is crazy now eating up HHI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

While I generally agree with you that people spend far too much / save too little, this thread is full of folks making $500K a year. I'd be willing to bet none of them will be remotely in trouble in retirement. My salary is a piddly shit $190K by comparison and well be fine....

My DH earns about 700k per year and I earn about 200k. We live in a home that is below our means, drive nice cars, vacation in style, etc. We still manage to save $100-200k per year. Sure, we could save more but we like to enjoy our lifestyle.

Do you ever worry about replacing that sort of income? We earn about 450k right now and I try to plan assuming we will earn less in the future but it is hard. I want to be conservative but even when we save up a million that will only generate 40-50k a year in income (maybe more).

[Anonymous]

PP, we are just about $450 ourselves, but don't worry about replacing that income, because we live on less than 200K and have no mortgage. We could certainly spend less, and will have more once we're done paying for college and saving for retirement. Plus, at this HHI level, we've amassed almost 3 million already and we're 15 years away from retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our monthly take home is $20,000 - and we are RETIRED! And we have this nice income because we weren't foolish like so many of you living WAY WAY WAY above your means trying to keep up with the Joneses - keeping up "appearances" that you have more than you really do - (you know the designer handbags, shoes, clothing, cars). And you know what - we still save some of this monthly income - if there's something we may want, we can buy it, but we don't just spend it to spend it!

I'm convinced, most of the young people today will have to work till you're dead - no pensions, no social security. You have to start saving for your own retirement now. But hey, at least you'll have all those designer shoes and purses, right?!

While I generally agree with you that people spend far too much / save too little, this thread is full of folks making $500K a year. I'd be willing to bet none of them will be remotely in trouble in retirement. My salary is a piddly shit $190K by comparison and well be fine....

My DH earns about 700k per year and I earn about 200k. We live in a home that is below our means, drive nice cars, vacation in style, etc. We still manage to save $100-200k per year. Sure, we could save more but we like to enjoy our lifestyle.

Do you ever worry about replacing that sort of income? We earn about 450k right now and I try to plan assuming we will earn less in the future but it is hard. I want to be conservative but even when we save up a million that will only generate 40-50k a year in income (maybe more).

PP here. We are in our early 30's and have 2 young children. We have several million in life insurance and about $500k saved. Hope to have about $2 million by age 40 and $6 million by age 65.