Reply to Is 250k a bad salary now for a man?

Forum Index » Relationship Discussion (non-explicit)

Reply to "Is 250k a bad salary now for a man?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is a wonderful salary. I could make this HHI work and meet all the goals for our family - SFH, foreign vacations, socializing, cars, tutors, ECs, cleaning lady, 2 kids college.

- SAHM[/quote]

Where do you live and how much is your mortgage payment? Here's a rough estimate of cost breakdowns for a family of two:

$250,000 Gross Income 
401(k) Deferral– $24,500
All Taxes (~23.7%)– $59,170
Net Take-Home Pay~$166,330
Annual Mortgage Payment (Assume a $600k mortgage @ 6.25%) -  $44,328
Annual College Savings (2 kids)– $30,000

Remaining Cash Flow~$92,002/yr (this would have to cover cars, food, ECs, cleaning lady, vacations, utilities, cell phones, insurance, cable, entertainment, eating out).  I couldn't do it, but admittedly, my kids are in expensive sports, and I like some creature comforts, like getting my hair professionally colored and cut, and going to pilates.  [/quote]

92k for cars, food, ECs, cleaning lady, vacations, and all your other bills doesn't actually sound that hard to me, but I don't go to pilates so maybe that's it.

$15k/yr college savings sounds excessive to me. We do 8-10k per kid and are in great shape right now with kids in late elementary. But also we aren't over-investing in 529s. We will stop contributing once they each hit 150k. We have other savings sprinkled over a variety of vehicles, including treasury bonds, plus we expect to be able to cash flow some college expenses because our house will be paid off long before our kids hit college.

We bought a townhome prior to having kids and paid the mortgage down aggressively so when we sold it after 10 years (at 35 and 32, with two young kids) we had no mortgage. We took the proceeds and put them toward our house. Currently worth 1.2 million, we only have 300k left on the mortgage, currently pay 35k/yr.

So on your budget, assuming other numbers were accurate, we have more like 120k after taxes, retirement, college savings, and mortgage. Maybe I can go to pilates after all!![/quote]

I made a point above about how $250k is actually a fine salary for those of us who have been in the housing market for a while.  But if you're a young couple saving for a down payment and getting a mortgage at current rates, it's tough.

Also, I don't think $150k per kid is going to cut it for college costs, even for in-state tuition, but I hope I am wrong.  We are tarketing $350k per kid before we stop contributions.  We both went to expensive schools, so we feel like we should pay it forward. [/quote]

Wowza, sounds like your kids are pretty dumb. I guess the apple doesn’t fall far from the tree…[/quote]

I mean, we are targeting the cost of our alma mater, which doesn't give any merit aid, so your ad hominem is the dumb thing here. [/quote]

The fact that dumb parents send their dumb kids to their alma mater only reinforces my point, actually.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics