Reply to Scraping by on $500k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We don't feel stretched on $275k gross with 2 young kids (toddler and infant). In fact we feel quite comfortable.  Live in nice NW DC neighborhood (small-ish condo of 11 sq. ft), saving $75-80k per year, plus $4-5k per 529, and we have room for what we consider to be nice luxuries like restaurants (about $12k per year) and travel (about $10k per year) and donating to charities we support (about $3k per year).  One kid is in daycare ($20k per year) and the other is in free public preK.

I honestly can't imagine how anyone would feel "stretched" on $500k.  You're only "stretched" if you can't see how a lot of your spending (fancy houses, cars, private schools, nannies, etc.) is a luxury, not a necessity.[/quote]

What do you net per month out of that $275K?

You save $80-90K per year.  What's your mortgage/PITI?[/quote]

Our PITI is about 2650.  I should mention that the savings figure I used includes the employer match portion of our 401k contributions.  Here was our total actual spending on about $273k gross from last year:
- taxes: $66k
- daycare: 20k
- student loans: 5k
- 529 savings: 10k
- retirement savings (incl. employer match): 55k
- brokerage account savings: 19k
- housing (PITI + HOA + utilities + maintenance): 42k
- essentials (insurance, groceries, clothes, etc.): 24k
- discretionary (entertainment, travel, restaurants, etc.): 32k[/quote]

Cars? (loan, insurance, maintenance)
Life insurance?
Health insurance[/quote]

No cars.  We rent a car a few times a year, and use taxis/uber a fair amount -- all that is included in "travel."  Our life insurance policies are $20 year/$750k term life policies that cost about $450 (him) and $300 (her).  That is included within essentials (see, "insurance" in the parenthetical there?).  Also included in "essentials" is medical insurance which cost us $3k last year.  Dental ($250ish per year) and vision ($50ish per year) are also included within essentials "insurance" category. [/quote]

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