Reply to How do so many young families have $80k SUVs?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think a lot of it is spouses with high paying jobs plus family money.  My kids public school is filled with these families. We live in an old tiny house in Bethesda, and I’m always amazed at all my kids friends who live in $2.5 million plus houses, drive expensive cars, send kids to sleepover camp that’s at least $15k per kid, mom’s have multiple expensive purses, fancy vacation etc.  I assume spouses are making big salaries and grandparents help too. [/quote]

We know people who grew up wealthy and jointly make around $250-300K and live like they make $1M, because they want to maintain the type of lifestyle they grew up in and are able to use family money to do so (ie, supplement their HHI income). If you don’t have family money, or a lot of it, accept that it’s not going to be an apples to apples comparison.

Most SAHMs who are under 35 and have kids in elementary school (ages 5+) didn’t make tons and tons of money between the ages of 23-30. Most college grads are not going to Jane Street or Citadel immediately following graduation.[/quote]

Inherited wealth is definitely the biggest driver of the inequities you may see. My husband and I are always in awe about how parents of our kids friends have these glam low paying jobs, or are SAHP, and send their kids to private school despite having limited income that we can discern.  But these kids have wealthy grandparents who gifted them their homes outright and pay the grandkids' tuition,  while we pay a big mortgage each month on a home we paid for ourselves.   [/quote]

I disagree with the "most SAHMs under 35 with kids didn't make tons ".  Most of the SAHMs I knew in my 30s actually DID.  They gave up high paying/good jobs to SAHM with their kids. Some for 5-7 years, others for longer term.  I personally was making 6 figures at 29 when I quit to SAHP (this was 27 years ago, so that was great pay).  No regrets[/quote]

My wife worked full time for 14 years at a good job with a 401k and pension plan. She gave it up at 36 to be a SAHM. She looks younger than her age. But she now as we become empty nestor does have her own million dollar 401k and a bit of a pension.  She was luckier than me got a great job straight out of college. Actually started the week after graduation. And did not job hop. Some Moms by 32-36 had a full career and saved for retirement. Graduate no debt like wife, start a good job right away with a good 401k match, save up money, then get married, buy a house with a big downpayment.

My wifes friend got married at 38 and had two kids at 39 and 42. She retired after second one born. Came back and gave notice. The women was an SVP with 21 years of work and people were like how can you afford to stay home. She was like I am retired, Some women have very big jobs at a very young age. My daughters friend is 24 and makes 140K. I am pretty sure if she got married at 34 she could stay home. By then she would have made two million plus in salary if counting raises.

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