I hate being stuck at $230k HHI and feel poor AF

[Anonymous]

250k isn't much in the DC area where the rich start at 500k

Boomers need to get a grip

Alabama: $470,341
Alaska: $542,824
Arizona: $564,031
Arkansas: $450,700
California: $844,266
Colorado: $709,092
Connecticut: $952,902
Delaware: $529,928
Florida: $694,987
Georgia: $585,397
Hawaii: $495,263
Idaho: $560,040
Illinois: $660,810
Indiana: $473,685
Iowa: $483,985
Kansas: $554,912
Kentucky: $445,294
Louisiana: $458,269
Maine: $502,605
Maryland: $633,333
Massachussetts: $903,401
Michigan: $504,671
Minnesota: $626,451
Mississippi: $381,919
Missouri: $500,626
Montana: $559,656
Nebraska: $535,651
Nevada: $603,751
New Hampshire: $659,037
New Jersey: $817,346
New Mexico: $411,395
New York: $776,662
North Carolina: $559,762
North Dakota: $585,556
Ohio: $500,253
Oklahoma: $460,172
Oregon: $571,813
Pennsylvania: $588,702
Rhode Island: $548,531
South Carolina: $508,427
South Dakota: $590,373
Tennessee: $548,329
Texas: $631,849
Utah: $630,544
Vermont: $518,039
Virginia: $643,848
Washington: $804,853
West Virginia: $367,582
Wisconsin: $517,321
Wyoming: $656,118

https://katiecouric.com/lifestyle/finance/am-i-rich-how-much-money-to-be-wealthy-in-us/

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's your budget? You bring home probably around $10,000 or $11,000 a month, right? And pay, what, $3000 or $3500 towards your mortgage? Where does the rest of it go?

I wish it were this month per month. After taxes health care and 401k max, $230k is trash income. Like I said, I make about $150k and after taxes, 401k healthcare and all of the deductions, I'm only pulling $5000 per mo. My spouse who makes $72k and who contributes only 13% only pulls home about $3500 per mo after contributions, tax, and other deductions. Total take home is about $8500 per mo. Mortgage is $3100 for a $560k loan at 2.87% interest. Internet 80, gas + electric =$200-300, entertainment on streaming apps = $50, groceries = $500-600 per mo..other crap for gas, clothes etc. Not even counting. Then when you get hit with surprise car and hkuse repairs I just get crushed. I feel so stupidly poor on this salary. How the hell do American families making less than $100k survive? The median hhi is well below $100k, so clearly people with families are doing it. I'm also dumbfounded by the savings levels and invesmtnet levels by people on this forum purportedly to be single moms making $140-170k who claim claim to have $50k in emergency savings, $700k in retirement, and $100k saved for college. Yeah sure, do you ever have a home repair, major car repair, or need a new car? I just can't believe these #s on this forum.

Well I’m single and make a little more than $200k. I am under 35 but I do have more than $50k in cash savings. I’m saving up for a house and I work in a field with large bonuses.

[Anonymous]

Anonymous wrote:250k isn't much in the DC area where the rich start at 500k

Boomers need to get a grip

Alabama: $470,341
Alaska: $542,824
Arizona: $564,031
Arkansas: $450,700
California: $844,266
Colorado: $709,092
Connecticut: $952,902
Delaware: $529,928
Florida: $694,987
Georgia: $585,397
Hawaii: $495,263
Idaho: $560,040
Illinois: $660,810
Indiana: $473,685
Iowa: $483,985
Kansas: $554,912
Kentucky: $445,294
Louisiana: $458,269
Maine: $502,605
Maryland: $633,333
Massachussetts: $903,401
Michigan: $504,671
Minnesota: $626,451
Mississippi: $381,919
Missouri: $500,626
Montana: $559,656
Nebraska: $535,651
Nevada: $603,751
New Hampshire: $659,037
New Jersey: $817,346
New Mexico: $411,395
New York: $776,662
North Carolina: $559,762
North Dakota: $585,556
Ohio: $500,253
Oklahoma: $460,172
Oregon: $571,813
Pennsylvania: $588,702
Rhode Island: $548,531
South Carolina: $508,427
South Dakota: $590,373
Tennessee: $548,329
Texas: $631,849
Utah: $630,544
Vermont: $518,039
Virginia: $643,848
Washington: $804,853
West Virginia: $367,582
Wisconsin: $517,321
Wyoming: $656,118

https://katiecouric.com/lifestyle/finance/am-i-rich-how-much-money-to-be-wealthy-in-us/

$250 isn't much because the top 1% earns three times as much? That's a dumb take.

[Anonymous]

Why do you need a sfh if you don’t have kids? I know apt rent isn’t cheap but you could prob pay less for a 1 br apt. Or rent out a room or your basement. That would give you some $. Be glad you aren’t paying for childcare…

[Anonymous]

Also a 1 br apt or th rental would save you $ on repairs

[Anonymous]

What is your net worth, OP?

[Anonymous]

Anonymous wrote:Nowhere do you say that you and DH invest what's left over and have for yours. You go on and on about weddings and car breaking down. I doubt they happen to you more often that other people, and no childcare!
Learn to invest your money and stop eating so much ($800?)at 40.
I turned $60k into $300k in 3 years, and this was when I had no idea what I was doing. Since it was so darn interesting that it happened, I started to really get into it. Now I have extra money to play with and simply grow small amount.
You have the extra money every month, but instead of growing it, you concentrate on "I have no money left".

How do you 'not eat so much'?

$600-800 is peanuts these days. Yesterday I spent $101 on a little bit of beef, cabbage, mushrooms, some oils and sauces, some berries, and some onions. $101 friggin dollars for what is probably only about 3 days worth of food. Prices for everything are absurd these days. And is was at Hmart, which is supposed to be a cheaper grocer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nowhere do you say that you and DH invest what's left over and have for yours. You go on and on about weddings and car breaking down. I doubt they happen to you more often that other people, and no childcare!
Learn to invest your money and stop eating so much ($800?)at 40.
I turned $60k into $300k in 3 years, and this was when I had no idea what I was doing. Since it was so darn interesting that it happened, I started to really get into it. Now I have extra money to play with and simply grow small amount.
You have the extra money every month, but instead of growing it, you concentrate on "I have no money left".

How do you 'not eat so much'?

$600-800 is peanuts these days. Yesterday I spent $101 on a little bit of beef, cabbage, mushrooms, some oils and sauces, some berries, and some onions. $101 friggin dollars for what is probably only about 3 days worth of food. Prices for everything are absurd these days. And is was at Hmart, which is supposed to be a cheaper grocer.

Beef at HMart can be really expensive

[Anonymous]

Anonymous wrote:Why do you need a sfh if you don’t have kids? I know apt rent isn’t cheap but you could prob pay less for a 1 br apt. Or rent out a room or your basement. That would give you some $. Be glad you aren’t paying for childcare…

Many people don't want to live in apartments. Apartment living is terrible and can make you go insane if you are permanently stuck next to a neighbor who is noisy or who smokes weed every damn day, because it can come through the walls..


Hell no to apartments.

[Anonymous]

Anonymous wrote:What is your net worth, OP?

In total, only about $280k.

It took a long time to pay off student loans, then got hit with job losses which blew up savings, then had to go to grad school to break through a glass ceiling.....I've really only had a stable professional job for about 5 years. Life has sucked and thrown S my way multiple times. So yes, that's why I have no choice but to max 401k as much as I can because I got destroyed by student loans, recessions, job losses, and time spent for more education to try to advace my career.

[Anonymous]

OP, your income isn't extravagant for the DC area. You will have to budget, especially as you are maxing out your retirement. But you don't have kids so no worries about daycare, summer camps, and college savings? You should be FINE.

To stop the feeling of living paycheck to paycheck, you should get YNAB and track expenses diligently, and set aside money in sinking funds for predictable expenses.

Car repair is mostly predictable. Set aside $400 every month (or whatever the right amount is) for car repair.
Home repair is mostly predictable. Set aside 1-2% of the home value every year for home repair. Not redecorating, just maintenance. That's about $375-$750/month.

[Anonymous]

And yes to answer one of your questions - easily 50% of US Households are saving NOTHING for retirement. NOTHING.

[Anonymous]

Anonymous wrote:
This year has been bad. We had to spend $10k installing brand new brick steps because the stairs to our house were terrible, crumbling, and.had a bad foundation. Right exact at the same.time, a bad storm ruined our fence and we had to replace 100' for about $4k. Simultaneously, our 2016 Mazda needed a lot of maintenance and required about $4000 in repairs etc. Just non-stop hit after hit.

The $10,000 repair for new brick steps was a surprise I am sure. Did you have anything already budgeted for home repair?

Was $10,000 the cheapest repair you could do? Did you get a few quotes? I would think that rebuilding new steps to like a porch would be more like $5000-$7000 and I wonder how good you are at finding the cheapest acceptable options. The same thing for the $4000 for 100 ' of fence. Did you get three quotes first?

What was wrong with your Mazda? Are you going to the dealer or to a local mechanic? Are you getting fleeced basically?

[Anonymous]

You didn't mention expenses like holiday/birthday/gifts, vacation, dining out, clothing, entertainment, alcohol, household stuff (Amazon), new electronics, hobbies. I'm skeptical you only spend $600/month on food for two people. These are categories where it is very easy to overspend without being mindful.

[Anonymous]

Anonymous wrote:Why do you need a sfh if you don’t have kids? I know apt rent isn’t cheap but you could prob pay less for a 1 br apt. Or rent out a room or your basement. That would give you some $. Be glad you aren’t paying for childcare…

Also a 1 br apt or th rental would save you $ on repairs

You are confirming OP’s point. $230k isn’t enough to live a comfortable life. If you can only make it by being a renter an renting a 1bd apartment, or renting out a room or your basement, I can’t imagine how people that are making less are surviving.