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Reply to "If you're not rich, are you just screwed? "
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[quote=Anonymous]DH and I are both government employees in our early 30s with a HHI of $175k. We bought our first home last year for $600k in our ideal neighborhood, but got a 2 BR SFH instead of a 3 BR (we could not afford a 3BR in this neighborhood). It's also a bit of a fixer that we're DIYing slowly but surely. Our PITI is about $3,000 a month, but is doable. We have no debt (besides the house) and daycare costs $1,125 per month. Our mortgage + daycare expenses account for about half of our take-home pay. Sure it's a stretch, but we are still able to live comfortably and contribute to retirement and a 529 as well as save a bit for the future. The key is to know your budget and to stick with it. We hope to build an addition or sell in about 5 years (depending on if we have another child). Luckily, we both have earning potential in our careers. So no, you don't have to be "rich", but you do have to prioritize.[/quote]
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