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Money and Finances
Reply to "What income is needed to live the american dream - close in DC area?"
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[quote=Anonymous]250-260k is the answer (if the 2 kids are early elementary. If they’re in daycare and at the same time,bump this up closer to 300k), Specifically, that gives an effective tax rate of between 15-18% with state and local taxes of 5-6%. 700k house :(assuming you put down 20%) means $2500 approx PITI + 500/month to save in a house repairs fund. - 3k Retirement- if early in your careers, something in the range of 3k/month into 401ks will do it. College savings for 2 young kids, for 100% funding at in state public- 2k/month 2 cars, insurance, fuel- used, 25-35k each car financed - $1,600/mo Comfortable domestic vacation for 4 at 8k (650/mo) Additional Rainy day savings, 1k/month Household- groceries + some eating out), Utilities, phone, cable; life insurance, clothing misc, kids activities- 3,500 Charitable giving- 200/month And then adjust according to your priorities and preferences. [/quote]
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