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Reply to "Millenial Money - House Poor in Fairfax"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't understand the math at all. We make $260HHI. After all taxes and maxing out 401k, our take home is only about $9800/mo. How are they taking home $14k+ after taxes? Contributing small amounts to retirement? Buying a $1.2M home with 6+% interest. Idiots. They should have bought less than $700k. [/quote] Millennials can't afford to max out retirement and probably factor in their house tax deduction for their exception [/quote] What do you mean Millennials can't afford to max out 401k? If you have $280 HHI, you can absolutely max out your 401k, it just takes not living in a stupid $1.2M home. Expensive homes are so overrated. Between insurance costs going up, taxes that always go up, and never ending repairs that cost thousands, the more expensive the home the more money you dump into a black abyss of taxes, insurance, and repairs. [/quote]
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