Reply to Do you worry about your kids being able to maintain your current lifestyle?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I mean, my kids are 7 and 9 so, no, I do not actively worry about this.

We have a significantly lower HHI than you, but it is still way more money than my or DH's parents made. Cost of living in this area is way more than where we grew up too. We do not get financial help from family.

I hope to make sure my kids understand that they are not going to move our of our house into their own equivalent house and that the nice things we are able to do for them are us both working hard. I think they do know that already.

Honestly though, OP, if you do not plan to help your kids some in adulthood, why are you grinding to make over half a million dollars a year? Paid for college, money for a wedding (if they choose to marrry), downpayment for a home, paying for them to attend immediately family vacations are all things that my friends with wealthier parents have that make life a lot easier. It's not a trust fun or paying for daily living expenses but it sure helps and you likely could afford it. [/quote]

Making $500K is not enough for all of that in a HCOLA.  Sure, you pay for college and wedding, but you are not giving them a significant downpayment on that income where you have a lifestyle that requires much of it to live yourself.

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I don’t think that’s right. If you bought or refinanced in 2021 with good interest rates, you can have a moderate mortgage I. A great neighborhood. If you have 500k pre tax, you’re likely taking home 350k after tax. You could very comfortably live on 125k a year with public school (assuming you’re out of the daycare years). If you’re saving and investing the balance, you’ll have a shit ton of money by the time your kids are adults.

Of course, if the lifestyle you want to maintain involves 130k/yr in private school tuition, new $50,000 cars every few years, and a country club membership, well, then you’re right that there won’t be a lot of wealth accumulated. [/quote]

The bought or refinanced 2021-2022 is the key part here. We bought in 2024 and pay $7K PITI on a $750K mortgage for a modest 1400 square foot cape. Unfortunately we weren't born in time to buy earlier. [/quote]

You can always assume a loan if you can bring sufficient equity to the table. It’s a good option and more available than you might think in the DMV.

But yes, reasonable mortgages in this area on new buys seem to be a thing of the past.[/quote]

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