Reply to Washingtonians say $3 million = "wealthy", $720K = comfortable"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I tend to agree with the 3 million number. [b] HHI is 300,000 in Northern VA and I feel broke. [/b]

My Net Worth is around 1.3 million but most of it is not liquid.  I often told my spouse that we would feel comfortable if we had 2-3 million in the bank, liquid.  [/quote]

You got budget problems.  Seriously. [/quote]

Umm not really.

Take Home after only 401K: $15,000ish (depends on time of year) a month

Monthly Expenses
Mortgage (first and HELOC): $4300
Two Luxury SUVs: $2000
Eating Out: $2500
Entertainment $1500
Clothes and other Miscellaneous $500
Utilities, Cable, Etc. $1000
Gardener, Tutor, Maid Service, etc.  $1200
Groceries $1000
Gas $500
Insurance and other similar Crap $1000 (Homewowners, Life, Disability, etc)

[/quote]

Your finances are WAY OUT OF CONTROL, despite having a relatively high net worth.

You are wasting 116 dollars on food every day.  Your eating out budget should not be bigger than your grocery budget. Are you eating out every day, spending $83 a day eating out?  Thats INSANE.  Cut it back to once a week at most for the whole family.  You could save 2000 a month more easily just off that.

$2,000 on luxury SUVs is wasteful.  That is a huge depreciating asset.  Get a more reasonable car and cut the payments to $800 a month if you absolutely have to have brand new vehicles.

Your gas bill is insane because you are driving SUVs around.  If you have to get an SUV get a diesel (not that you have many choices), or one with a v6, or 4 cylander turbo that has plenty of power but returns far better fuel economy.

If you cut back on your expenses, you could easily find another $5,000 to put away a month. In 10 years time, you will have close to another million in net worth from your savings alone.[/quote]

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