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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

Did you just get a new job offer for $310? It doesn't sound like you know exactly what your take home pay is. Check your direct deposit. It is never exactly 33% tax.[/quote]

I know my DH has fed, state, ss, health, vision, 401k, etc taken out. It is more than 33%.[/quote]

It's way more.  It's closer to 50 percent including retirement.  [/quote]

PP here. DH's salary is 309k. I just checked. He gets $7075 per pay cycle or $14,150 per month. Definitely not 17k+ as OP projected.[/quote]

$7075 per pay cycle is $1529 a month, not $14,150. But otherwise I agree, deductions on that salary will be higher once SS, healthcare etc are included[/quote]

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