Reply to Upper and UMC Ppl: Do you Actually Know Anyone Living Beyond their Means?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people on DCUM would say I'm living beyond my means.  I make $300k/year but bought a close-in house with a big yard that was too expensive ($4200/month).  I max out retirement, but don't save a penny more than $18k/year.  My 529s are low (my parents didn't pay for my college and I don't see the need; if the kids are smart enough they can get a scholarship, if not they can do ROTC).  We have a house cleaner and a lawn guy and a dog walker.  I pay for my parents' housing (including mortgage, utilities, upkeep) so that they can be the ones to watch our kids instead of sending them to a daycare.  It's worth it to me -- I don't feel like taking my equity and downsizing to a smaller house with a longer commute.  Everyone has different priorities.[/quote]

Do you have an emergency fund? What does your debt look like outside of mortgage?[/quote]

This is my life. Our HHI is $275k and our mortgage is $4400. Our daycare expenses are $2600/mo.
We max my husband’s TSP and my Roth 401k plus my $15k limit for ESPP. We fund our kids 529s on target to pay for 4yrs of undergrad. We still manage to save some money. We still go on vacation 1-2x a year. We eat out 1x a week on average. We aren’t eating PB&J. [/quote]

How?!?!   You’re pulling in less than 16k a month because we make 375k and that’s how much we bring home.  So let’s assume 12k take home pay.

You’re spending 7k on it just on your mortgage and daycare.  So you have 5k remaining.  You’re telling me that with 5k left you fund multiple 529s, dine out, go on vacation, buy clothing and birthday presents, home repairs, cars, etc?   I’m not buying it.

Also how are you contributing to a Roth given you’re over the income threshold?  I assume you mean a bsckdoor Roth?  You don’t list your own 401k but only a Roth.

The numbers don’t add up unless you don’t have cars, are extremely frugal with groceries, rarely buy any clothing and go on super inexpensive vacations.  [/quote]

Pp here.  I just noticed the ESPP of 1k per month.  So you’re actually saying you do everything including multiple 529s on 4K per month?[/quote]

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