Reply to 1.6MM home- how much would you want to be making?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here- thanks very much for the comments, greatly appreciate the feedback.

My kids are 5 and 2 - one just started kindergarten (public school), and the other has some activities during the week (little gym, etc.)

Here is the math I'm doing (may be wrong/short-sighted, so any suggestions are appreciated):

310K / 12 = 25833 gross monthly
* .67 (for 33% tax) = 17300 net monthly income
- 7000 PITI (if I put down 28-30% instead of 20%)
- 1500 housing costs (utilities, house cleaning, yard work, etc.)
- 5500 all other expenses, an average over 12 months, includes all necessary and luxury expenses such as food/groceries/restaurants, shopping, clothes, travel, etc.
- 175 car insurance (2 cars)

= a bit above $3K left

Now a few notes:

1) 401K:  i'm currently contributing 6% of main-job income with 50% match (around 13K per year)

2) I fully expect both my main job as well as my side job to increase income over the next couple of years (possibly 50K more over the next 1-2 years)

3) DW may go back part-time in the future (she's a hygienist), after the youngest gets to kindergarten, probably can bring in 1.5K net monthly income

Thoughts?  Thanks again for the feedback/comments so far.
[/quote]

How about health insurance and the actual 401k deduction from your salary?

More house equals more costs. When we bought our 6000 sf house, we spent 50k in furniture when we moved in.[b] There is a lot of maintenance and upgrades. [/b]You may need blinds, drapes, carpets, lighting, etc.

You have no emergency funds.[/quote]

This! We spent a LOT of money at Home Depot in the months right after we moved in.

Also, what about college funds for the kids?

I would not be comfortable only saving 3k a year plus what? 13k in your 401k? You will be really behind in retirement and if anything goes wrong - need a new tire, a boiler, spent more on food on your vacation than you budgeted for - you will be effed. [/quote]

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