Reply to In your opinion, how much salary would a person need to make per year to life comfortably in DC?

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Reply to "In your opinion, how much salary would a person need to make per year to life comfortably in DC?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Depends what you consider comfortable & if you need childcare or not... if you do, I'd say $300K.

We are at $220K:
We put $25K into 401Ks (plus match)
$12K into basic savings per year
Our mortgage is $25K a year
Prop tax is $6K a year
Nanny expenses are $36K a year
Cars cost $8K a year
Food, internet, etc is about $24K a year 
Home upkeep: $5 to $10K a year
Income taxes is about $50K 
Vacations: $5K
School: $11K

With $300K I could:
Max out both 401Ks (+10k)
Contribute substantially to 529 plans (+10k)
Afford more vacations a year (+5k)
Consider private school if necessary (+30K)
Have a maid (5K)
[/quote]

With that HHI, it is insane that you do not max out 401ks.  Our HHI is $160k and we have maxed ours out from the start.

You could max yours out if you wanted to.[/quote]

True... we are working on it. Some stuff is pretty fixed/cut already ... Our mortgage isnt absurd - its $2K a month. The nanny is needed cause we both work (and have been on waitlists for daycare). I have no cable. We neighbor lets us use his wifi. [b]We shop at trader joes, etc.... [/b]But we have about $1.5M so far saved up so we are paying off the cars ($20K) from that and the extra $8K a year that gives us means we can max the 401K without changing our monthly cash flow. Still, an extra $80K a year would really make things comfy. 
[/quote]

Are you saying that like it's the frugal choice?[/quote]

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