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 may have good cash flow, but you are not rich.  You are one job layoff, illness, or stock market crash away from a financial crisis.  [/quote]

Actually, there's a lot here that could be cut back in case of job loss: the restaurants, the travel, the cable/phones, the savings, the clothing, the other entertainment. And you'd still eat well with that grocery budget.[/quote]

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