Reply to What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m coming to the sad realization that the basics of a good middle class lifestyle cost a fortune around here.  A house with Bedrooms for all the kids, college, annual family vacation, saving for retirement.  Is 600k the point where all this becomes doable without financial strain?[/quote]

600k will be ample.

A house is gonna run 6k/mo
College savings 6k/mo
Vacations 2k/mo
2 60k cars every 5 years over 20 years is going to be 1,666/mo
Food/dining out 2500/mo
Utilities/lawn 1,000/mo

Assuming 2 workers 40k 401k annual deductions, 12k annual health and then 25% taxes, you're left with 411k or 34k net/mo.

Minus out the above UMC "essentials" at 20k/mo, you are left with 14k to do ad you wish. Home repairs, investing, luxuries, private school, household help...ect

This is a very very nice lifestyle. You'll be hurting if you don't do hand me down cars for your teens otnifbyounoptnfor private. That does of thing will make you feel "broke"
[/quote]

You are way underestimating taxes.  I just got done with our taxes at a tad over $600k, and with federal (including FICA (two earners), medicare and additional medicare) and state (MD), our taxes were $206k.  [/quote]

I'm basing it on what we owe, minus investment income. I pay about 25% in taxes once I back out 2 401ks and health insurance (obviously this takes into account other deductions). [/quote]

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