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Money and Finances
Reply to "Goldman Sachs: 40% of $400-500K and $500K+ households “live paycheck to paycheck”"
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[quote=Anonymous]It seems that most people in the wealthy DMV suburbs (Bethesda, McLean, etc.) are making something like $300-$600 in income, mostly depending on whether both spouses work. It is not possible to afford a $2.5M home mortgage, two private school tuitions followed by full-pay college, 2-3 $50K cars, fund the 401(K), pay for cleaners / lawn, and maintain a "high end" lifestyle (clothes, charity giving, shops, dining) and have anything left. Math: $10K mortgage; $2K car payments; $8K tuition; $3K 401(K) = $276 a year or around $425 pre-tax. You have to cut something or have family money. I assume in most cases it's family money--mainly grandparents paying tuition. It's really tuition that is the dagger.[/quote]
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