Reply to Study shows that 350k/year is barely scrapping by as middle class

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We live in NW DC and this article is basically about us. We are more like $310K a year and I can account for our budget differences in property taxes, childcare, and food. But otherwise it's not that far off from what we spend. Our mortgage payment plus taxes is about the same as the mortgage payment here.

That said, we are 40, keep a liquid cash savings cushion of about 40K, have just shy of 1M in 401k, are on a path to retire around 60 and have about 75% of kids college in the bank by the time they get there. So we're comfortable, but we're driving non-flashy cars, living in a 3 bedroom house, going to public school, and living what's otherwise a pretty non-rich person lifestyle.[/quote]

So what are you spending money on? Vacation, clothes, eating out, activities?

1M retirement savings is good but not where the majority of your money is going.[/quote]

Not PP but I’d assume

- college savings (is over $1k per month per kid)
- childcare (at least 3k per month for 2 kids)
- mortgage for a home where kids can attend public school.

I’m a little bit higher of an income and calculated that 85% of my 450k HHI goes towards savings, taxes, mortgage, college savings and childcare.  
[/quote]

Well, yeah.  If you're counting savings then most of your money should be going toward those things.  Unless the ideal lifestyle is for 60% of your income to be spent on caviar or something?

520K HHI here, with about 14% of that left after you tackle everything on your list.  Which doesn't make me feel poor, it makes me feel good about my investment balances.[/quote]

Of course you don't feel poor, you make 520k.  Huge huge difference! Guess you don't work in math field?[/quote]

You've lost the thread of the conversation.  I'm responding to someone who makes $450k.  There is not a "Huge huge difference" between that and my HHI.  Guess you don't work in a "reading field"? [/quote]

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