Reply to Life is Easy in NW DC on $300k, AMA

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Reply to "Life is Easy in NW DC on $300k, AMA"

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[quote=Anonymous][quote=Anonymous]I see so much confusion on here, and I thought I'd try to clear some stuff up.  My central point is that life is easy, downright cushy even, on $300k per year gross income in the DC area.  My wife (38) and I (40) raise our two kids (6 and 3) in upper NW DC and our gross income in 2016 was $300k.  People who suggest they are scraping by at this income are either deluding you or deluding themselves.

I am happy to answer any questions and dispel any other related myths you may see on DCUM.

Some of our details:
[b]- ~$300k gross income
- $about 70k in total income and payroll taxes[/b]
- PITI is about $3500 (we bought a 4 BR house near AU park in 2012 for low $800s. Before that we owned a small condo in Logan Circle)
- Public school (but we did daycare for both kids from 4 months - 3 years)
- I graduated from law school in 2004 with about $150k in student loans.  Those are all paid off now.
- We don't do fancy luxury cars, but it's not bargain basement either.  The last car we bought was in 2012 and it cost about $30k.  
- We eat at nice restaurants weekly, travel several times a year, and buy more consumer goods (clothes for her, gadgets for him) than we probably should
- We save amply $36k per year in the 401k/TSP, $10k per year in the 529s, and $30-40k in the taxable brokerage account.  Our savings balances include $750k in retirement accounts, $60k in 529s (kids are still young), and $250k in taxable brokerage accounts.
- We give to charity an amount that I think is generous, about $5k per year usually. 
[/quote]

So OP, your take home is 230K out of 300? [/quote]

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