Reply to lifestyle for $500K HHI

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[quote=Anonymous][quote=Anonymous]I'm the closer to 400k poster. I am not complaining at all and feel fortunate. Take home (after maxing out 401k) is about 20k/month. We bought townhouse a few years ago for 800k- mortgage (everything in) is about 4k. Childcare about 3k a month. Loans 1200. Car 350. Insurance etc about another 500. College savings another 1k/month. Groceries, going out, clothes, classes, parking, gifts, family travel, alarm service, exterminator, out of pocket medical, a kid spills juice on your laptop and you need to replace it, it adds up. We still manage to save fine and we are in good shape. But add another 6k a month for 2 kids to attend a top private school here or increase our mortgage another 2-3k to have the million dollar home, there is no way we could do it responsibly.
I think net worth is far more relevant. We make a lot but these salaries are new for us (last 3 years). We both grew up with little so we didn't have a lot of money coming into our marriage. I see people whose parents give them 100k for a down payment, or who pick up the cost of school a few years, or pay for a wedding, or a trip, or anything - we never had any of that. Again, I know we are fortunate. But to afford some of the things I mentioned I imagine we would need to be earning our current salaries for much longer.[/quote]

You don't have to send your child to private school.  That will open up quite a bit for you to buy a SFH and save more.[/quote]

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