Reply to Goldman Sachs: 40% of $400-500K and $500K+ households “live paycheck to paycheck”

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Reply to "Goldman Sachs: 40% of $400-500K and $500K+ households “live paycheck to paycheck”"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We make about $450k. We max out most deductions, have a $4,800 mortgage payment, no daycare or debt and we pay cash for cars and vacations, and I can not fathom paying for a nanny, dual private, country club, and cleaning. When college comes we have savings. No quarterly tax payments (we're regular employees). [/quote]

Must be nice to have such a low mortgage [/quote]

Two GS-15 Fed on 375K HHI.  No mortgage on a 3.5M home in McLean, no car payment on two 2024 Lexus vehicles, 2M in TSP and 4M in investment.  I only pay utilities, property tax, home insurance, home maintenance.  I am a sucker for guitar and piano.  I recently bought a 150K piano and three vintage guitars for 40K each, without breaking a sweat.  Still have a lot left over on both paychecks.[/quote]

Have you ever had or do you plan to have daycare, school, or college costs?[/quote]

For new families, day care is so costly, mortgage rates are still high, you have to start saving in a 529 plan from birth to have enough to pay for college, and health care costs are rising, and many have student loan payments.  We older millennials or Gen Xers with 2.8% mortgages and older kids can't really compare ourselves to the late twenties cohort just starting to settle down and have kids with two working parents.  [/quote]

This. We’ve got a $6K PITI on $700K mortgage. Neighbors who refinanced during COVID pay same PITI on their $1.3M mortgages. That’s a $600K decrease in buying power over 3-4 years. [/quote]

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