Reply to 200k HHI is just getting by Six-Figure Salary No Longer Means You're Rich 5k leftover see this chart

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Reply to "200k HHI is just getting by Six-Figure Salary No Longer Means You're Rich 5k leftover see this chart"

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[quote=Anonymous][quote=Anonymous]OK, I'll jump in. I make 200K per year.  I just did a back of the envelope calculation on just the following expenses:

401K
Non-optional Profit Sharing at my firm
childcare for two kids (one in preschool and aftercare instead of full time child care)
mortgage, tax escrow included
taxes (ball parked at about 30% including state and local)
food for four at $800/month

The calculation does not include utilities, gas, car payments (cars are 10 and 15 yrs old), insurance, clothes for anyone, any college savings, commuting costs, children's activities not associated with childcare, charity, vacations or eating out and I had [b]$7400 [/b]left at the bottom line.  Having to fix our basement after a flood last year wiped that out.  The year before, it was a new furnace.

Granted, I do get that forced profit sharing for retirement, but that means I don't get to touch it until retirement. I am hopefully building some equity in our house, but I don't think much in the way of profit, since the house next door has not sold in the four months on the market for just above what we paid for ours 13 years ago.

I am also luckily married to an elementary school teacher, who manages to clear, after taxes, health insurance and retirement, about $24K per year to cover that other stuff (20 paychecks at $1200).  We don't have child care expenses during the summer except for when the school system schedules between PGCPS and MCPS don't overlap.  Last year, because PGCPS extended a week longer than MCPS and started a week earlier and teacher work days, we had to pay for 2-4 weeks of childcare during the summer for a preschooler and school aged child (last year, about $1000).

Please, tell me how we are rich again,?  Is it because I might have a modest retirement when it comes?
[/quote]
Who are you comparing yourself to when determining your richness value?  Donald Trump?  Family of four living in your area earning a median HHI?  Family of four living in your area earning only half the median HHI?  Family of four living in your area earning twice the median HHI?  Family of four living in your area earning four times the median HHI?

Who you compare to makes all the difference in determining how rich you are.[/quote]

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