Reply to Ok can we stop saying $300k is "rich" in DC?

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Reply to "Ok can we stop saying $300k is "rich" in DC?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Married with 1 kid, living in NWDC.  HHI is about $275k gross.  We feel pretty dang well-off.  Here is where our money goes:

- Taxes: $65k (includes federal, DC, and FICA)
- House: $40k (includes PITI plus HOA plus utilities)
- Daycare: $22k
- Student loans+kid's 529: $16k
- Restaurants: $11k
- Travel: $9k
- Groceries: $8k
- Insurance + Medical: $8k
- Clothing: $6k
- Cable and Cell phones: $5k
- Discretionary/uncategorized/entertainment: $12k
- Savings: $73k (includes 401k, IRA, brokerage, etc.)

It's hard to feel anything other than "rich" when you're living well and still saving $70k per year.  I don't know how the rest of you feel, but spending nearly $1k every month on restaurants is downright luxurious.  (We like to cook generally, but when we go out to eat we usually go somewhere nice).

This isn't to brag but rather aims to give a reality check to people who say $300k is "middle class" in NW DC.  It isn't.  It's extremely comfortable and privileged.[/quote]

You are pretty broke assest wise as savings on 73k including 401ks is very small. The stock mkt is doing great and if you work for a company with a good 401k match 73k is like four years of savings. I am 12 years from retirement and have 1.3 million in my 401ks. And I know folks with two million dollar 401ks. I don't feel well off as I don't touch that money. I also have around 500k saved for kids college. 200k emergency fund, two million in real estate and a few hundred grand in muni bonds.

I am firmly middle class. Drive a used car, eat fast food, shop at Kohls, use coupons, wife cuts kids hair, don't have maid, kids parties at home and wife makes food.

Well off is over ten million assets and one million income or greater. [/quote]

You don't feel well off because you don't touch that money?   You ARE well off because you HAVE that money. Which you will eventually touch.  [/quote]

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