$500k is middle class in DC now

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My monthly expenses for a family of four, 1.5mn modest outside beltway NoVa house, two cars.

Mortgage (PITI): 3,500
Utilities: 500
Cleaning and landscaping: 500
Daycare for kid no.2: 1000
Food: 2000
Kids activities for kid no.1: 1000
2 Car maintenance and gas: 500
529 saving: 1000
other expenses: 1000
Total: 9000

Our take home pay after maxing retirement, health insurance and group life insurance: 19,000
Monthly saving: 10,000 for vacations, house remodel, saving,
Gross HHI 350k

We are very fugal, but otherwise feel comfortable. If you can accept public school, 350k can get you there.

How is your take home $19k? At the same gross income, after maxing out just one 401k, we have about $16k. Did you owe any taxes?

PP here. Sorry our expenses are 11k instead of 9. My brain wasn’t working .

One of us is World Bank so the salary is exempt from US income tax, hence the higher take home

Life is much easier when you pay half the income tax as the rest of us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What’s a USC?

University of South Carolina

[Anonymous]

Anonymous wrote:

Anonymous wrote:Disagree with pp posting about how the middle class largely struggles. Plenty of people out there who are teachers, nurses, municipal employees, etc doing just fine on a 100-200k hhi

I'm the poster that talked about how the middle class struggles. But I'll clarify. I've lived in a few different places around the world, including one in which we had no running water and no electricity. I watched people struggle, really struggle, not what many define as struggling. I've watched mothers hold their babies dying of malnutrition or dehydration. When a family makes more than 90K a year total, they're in the top 10% of the world in terms of income. If a family makes more than 173K they are in the top 10% of the U.S. So, while historically, my two teacher family would be considered middle class mostly because of our profession, we are in the top 10% of the entire U.S. We are not middle class. We make a LOT of money. A LOT.

Thank you for your perspective. That must have been heartbreaking to see.

We all need to remember how truly blessed we are to even be typing on a forum like this. So much of the world is hurting and this area worries too much about what model year Mercedes they’re driving.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Disagree with pp posting about how the middle class largely struggles. Plenty of people out there who are teachers, nurses, municipal employees, etc doing just fine on a 100-200k hhi

I'm the poster that talked about how the middle class struggles. But I'll clarify. I've lived in a few different places around the world, including one in which we had no running water and no electricity. I watched people struggle, really struggle, not what many define as struggling. I've watched mothers hold their babies dying of malnutrition or dehydration. When a family makes more than 90K a year total, they're in the top 10% of the world in terms of income. If a family makes more than 173K they are in the top 10% of the U.S. So, while historically, my two teacher family would be considered middle class mostly because of our profession, we are in the top 10% of the entire U.S. We are not middle class. We make a LOT of money. A LOT.

Thank you for your perspective. That must have been heartbreaking to see.

We all need to remember how truly blessed we are to even be typing on a forum like this. So much of the world is hurting and this area worries too much about what model year Mercedes they’re driving.

So heartbreaking that PP had to use other people's misery to get sympathy for themselves.

[Anonymous]

Anonymous wrote:No, 500K is not middle class anywhere in the world.

Please remember that middle class means camping vacations, one very old car, a house that needs repairs, community college or an apprenticeship. Middle class means eating ALL meals at home except maybe going out once a week, it means making all your coffee at home, it means doing all your own cleaning, all your own yardwork. Middle class is kids who share bedrooms, buying some of your clothes new, really struggling to save money. Middle class folks really struggle. Their kids ride their bikes in the dark home from their jobs in high school. That's middle class.

Middle class is NOT: 2 new cars, vacations that involve airplanes, eating out often, hiring a 1x a week cleaner, a 500K home or a 500K income.

We have a new worth over $2M and take camping vacations, have two very old cars, and a house that needs repairs. We go out to eat maybe once a month, make all our coffee at home, do all our own cleaning, all our own yard work. I think that's why we have a net worth over $2M.

I have friends and relatives in DC and I am constantly amazed how much money they spend while simultaneously talking about how much everything costs. Last time I was there we went out to eat 5 times in 2.5 days. I spent more at restaurants than I spent on the plane ticket. It was nuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, 500K is not middle class anywhere in the world.

Please remember that middle class means camping vacations, one very old car, a house that needs repairs, community college or an apprenticeship. Middle class means eating ALL meals at home except maybe going out once a week, it means making all your coffee at home, it means doing all your own cleaning, all your own yardwork. Middle class is kids who share bedrooms, buying some of your clothes new, really struggling to save money. Middle class folks really struggle. Their kids ride their bikes in the dark home from their jobs in high school. That's middle class.

Middle class is NOT: 2 new cars, vacations that involve airplanes, eating out often, hiring a 1x a week cleaner, a 500K home or a 500K income.

We have a new worth over $2M and take camping vacations, have two very old cars, and a house that needs repairs. We go out to eat maybe once a month, make all our coffee at home, do all our own cleaning, all our own yard work. I think that's why we have a net worth over $2M.

I have friends and relatives in DC and I am constantly amazed how much money they spend while simultaneously talking about how much everything costs. Last time I was there we went out to eat 5 times in 2.5 days. I spent more at restaurants than I spent on the plane ticket. It was nuts.

And what’s the point of having a net worth of $2m if you can’t have a decent house, drive decent cars, take nice vacations, and enjoy life. But who knows , maybe that’s actually the life you’re dreaming of.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, 500K is not middle class anywhere in the world.

Please remember that middle class means camping vacations, one very old car, a house that needs repairs, community college or an apprenticeship. Middle class means eating ALL meals at home except maybe going out once a week, it means making all your coffee at home, it means doing all your own cleaning, all your own yardwork. Middle class is kids who share bedrooms, buying some of your clothes new, really struggling to save money. Middle class folks really struggle. Their kids ride their bikes in the dark home from their jobs in high school. That's middle class.

Middle class is NOT: 2 new cars, vacations that involve airplanes, eating out often, hiring a 1x a week cleaner, a 500K home or a 500K income.

We have a new worth over $2M and take camping vacations, have two very old cars, and a house that needs repairs. We go out to eat maybe once a month, make all our coffee at home, do all our own cleaning, all our own yard work. I think that's why we have a net worth over $2M.

I have friends and relatives in DC and I am constantly amazed how much money they spend while simultaneously talking about how much everything costs. Last time I was there we went out to eat 5 times in 2.5 days. I spent more at restaurants than I spent on the plane ticket. It was nuts.

And what’s the point of having a net worth of $2m if you can’t have a decent house, drive decent cars, take nice vacations, and enjoy life. But who knows , maybe that’s actually the life you’re dreaming of.

Maybe, I dunno, they want to be able to send their kids to top colleges & top med/law schools debt-free?

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, 500K is not middle class anywhere in the world.

Please remember that middle class means camping vacations, one very old car, a house that needs repairs, community college or an apprenticeship. Middle class means eating ALL meals at home except maybe going out once a week, it means making all your coffee at home, it means doing all your own cleaning, all your own yardwork. Middle class is kids who share bedrooms, buying some of your clothes new, really struggling to save money. Middle class folks really struggle. Their kids ride their bikes in the dark home from their jobs in high school. That's middle class.

Middle class is NOT: 2 new cars, vacations that involve airplanes, eating out often, hiring a 1x a week cleaner, a 500K home or a 500K income.

We have a new worth over $2M and take camping vacations, have two very old cars, and a house that needs repairs. We go out to eat maybe once a month, make all our coffee at home, do all our own cleaning, all our own yard work. I think that's why we have a net worth over $2M.

I have friends and relatives in DC and I am constantly amazed how much money they spend while simultaneously talking about how much everything costs. Last time I was there we went out to eat 5 times in 2.5 days. I spent more at restaurants than I spent on the plane ticket. It was nuts.

This sounds terrible. My own parents lived like this and my mom will pass away with millions. I will keep a large portion of it invested but certainly plan to enjoy using some of it for a new boat, family vacations etc. I think it’s sad to sacrifice so much just to save up a large sum of money. If your 2 million is in retirement, then it makes more sense. If not, I’d try to live a little.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This board is getting more and more like the ONion by the day.

Getting? It’s been the onion for years now lol. I only come here for a good laugh. Not to get any actual real info.

+1000 to this. I mostly hate-read now and occasionally get a chuckle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, 500K is not middle class anywhere in the world.

Please remember that middle class means camping vacations, one very old car, a house that needs repairs, community college or an apprenticeship. Middle class means eating ALL meals at home except maybe going out once a week, it means making all your coffee at home, it means doing all your own cleaning, all your own yardwork. Middle class is kids who share bedrooms, buying some of your clothes new, really struggling to save money. Middle class folks really struggle. Their kids ride their bikes in the dark home from their jobs in high school. That's middle class.

Middle class is NOT: 2 new cars, vacations that involve airplanes, eating out often, hiring a 1x a week cleaner, a 500K home or a 500K income.

We have a new worth over $2M and take camping vacations, have two very old cars, and a house that needs repairs. We go out to eat maybe once a month, make all our coffee at home, do all our own cleaning, all our own yard work. I think that's why we have a net worth over $2M.

I have friends and relatives in DC and I am constantly amazed how much money they spend while simultaneously talking about how much everything costs. Last time I was there we went out to eat 5 times in 2.5 days. I spent more at restaurants than I spent on the plane ticket. It was nuts.

This sounds terrible. My own parents lived like this and my mom will pass away with millions. I will keep a large portion of it invested but certainly plan to enjoy using some of it for a new boat, family vacations etc. I think it’s sad to sacrifice so much just to save up a large sum of money. If your 2 million is in retirement, then it makes more sense. If not, I’d try to live a little.

See -- that's the difference between you and me. I find camping, gardening and cooking to be fun and satisfying. Paying for them doesn't give me any pleasure at all.

And we've traveled to 44 states and 37 countries. That I do find fun, although probably not the way you would.

[Anonymous]

Anonymous wrote:My monthly expenses for a family of four, 1.5mn modest outside beltway NoVa house, two cars.

Mortgage (PITI): 3,500
Utilities: 500
Cleaning and landscaping: 500
Daycare for kid no.2: 1000
Food: 2000
Kids activities for kid no.1: 1000
2 Car maintenance and gas: 500
529 saving: 1000
other expenses: 1000
Total: 9000

Our take home pay after maxing retirement, health insurance and group life insurance: 19,000
Monthly saving: 10,000 for vacations, house remodel, saving,


How is utilites only $500? (gas, electric, water, cellphone, internet, cable, streaming services, etc....??)

Gross HHI 350k

We are very fugal, but otherwise feel comfortable. If you can accept public school, 350k can get you there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My monthly expenses for a family of four, 1.5mn modest outside beltway NoVa house, two cars.

Mortgage (PITI): 3,500
Utilities: 500
Cleaning and landscaping: 500
Daycare for kid no.2: 1000
Food: 2000
Kids activities for kid no.1: 1000
2 Car maintenance and gas: 500
529 saving: 1000
other expenses: 1000
Total: 9000

Our take home pay after maxing retirement, health insurance and group life insurance: 19,000
Monthly saving: 10,000 for vacations, house remodel, saving,


How is utilites only $500? (gas, electric, water, cellphone, internet, cable, streaming services, etc....??)

Gross HHI 350k

We are very fugal, but otherwise feel comfortable. If you can accept public school, 350k can get you there.

We have solar panels, so electricity is 5 dollars. Gas averages about 150, water 50, internet 80, cellphone 50, no cable. It’s actually 350 only. Some month we have very high gas bill like 400. Our 5,000 sqft house is 40 years old, so is not that gas efficient. We are trying to do better insulation wise, so can save more in the future.