Reply to $14k net HHI - Budget Input

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The cars alone are clearly a problem.  What's the story there?[/quote]

+1. Geez that is a LOT to spend on cars. What kind are they? [/quote]

Never mind, I read the rest of the post. I'd say things like the preschool and nanny are fine--if you have two working parents, full-time childcare is necessary.

Agree that the mortgate is good.

However, the cars! What is up with that? Why do you think you need two luxury cars? That's insane.

FWIW, we have a HHI of appox. $1.2M, and we have two Toyotas. Most of the families we know in our income have two cars, one of which is usually a minivan (Honda Odyssesy or Toyota Sienna) or a three-row SUV (Acuras MDX or Toyota Highlanders), and the other car may either be a luxury car (Audis seem to be popular) or a Prius or a Subaru station wagon. We have been sending our kids to private school for almost 10 years now (tuition is our biggest monthly expense), so I feel like I have observed a lot of families that have high incomes. About 20% are flashy (Mercedes SUV, LV bags, etc.), but the rest of us are not. I think that when you have a certain income, you are more interested in preserving it and are pretty practical (but not uncomfortably frugal) rather than interested in keeping up with the Joneses.
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You make 1.2m, it doesn't matter at all if you go out tomorrow and drop 200k on a car.  Plus, I sending your kids to private schools (which in this area is like 40k a year) is flashy.  It is just DC style flashy.  
[/quote]

But the point is that OP is wrong in thinking that she should be able to afford fancy cars because peer group seems to be driving Mercedes SUVs. PPs is explaining that if the families she knows with HHIs in the 7 figures are driving minivans, then OP is way off base in thinking that two luxury vehicles per household is somehow normal or expected.[/quote]

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