Reply to What is considered a "good salary" in the DMV?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.[/quote]

You don't has an income problem, you have a spending problem.[/quote]

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics". [/quote]

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.[/quote]

Millennials with 240k income living in a 500k condo to have a commute of under an hour to work and be able to afford daycare and summer care for school aged kids. We definitely have an income problem. [b]Saving 30% of our income for retirement and college savings for 2 kids, 5% for emergency fund/cash reserves[/b], no debt except mortgage with 20% down. We are working on it- DH is trying to get a promotion but it is difficult because in his sector so few people are retiring at the traditional retirement age. No pension in his industry. I'm maxed out in earnings in my career with a master's degree.[/quote]

Saving 35% of your income means your income is fine though.[/quote]

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