Reply to Middle class professionals: tell me about your finances

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[quote=Anonymous][quote=Anonymous]We are 45/53 and now make 255k/combined--- we broke 200k about 5 years ago when DH got a new job and went from 85 to 130,which allowed us to start saving more aggressively.

we have a 650k mortgage (ouch) and 30-35k/year child care costs (includes DH's oldest child's tuition).

I have 250k in retirement; 125k in investment account. DH has 350k in retirement and we jointly have 175k in investment from sale of home. We have about another 200k in equity in our current home.

Kids (elementary) have college funds, which get a combined 18k/year (12k each from grandparents and 6k from us). by the time they get to college, should have around 300k/each, I guess--unless grandparents kick the bucket or change their tune.

I have no idea if this is good, bad or okay for us the future.

I feel like we are behind on retirement. I started my first living wage job at almost 30 (when I finished a phd program and then post doc). DH started late because he was financially irresponsible before we met and barely saved for retirement. Once married, I insisted that he max out his retirement....and when our salaries rose, I then maxed mine. We continue to max ours and will do so until retirement.

Given our salaries, I think we could do a *much* better job of saving--we travel, eat out, spend $ on things we don't need. I feel like we need some financial discipline. DH grew up with no money, his parents are old and broke (we support them partially) and [b]he makes grand gestures0=--insists on taking everyone (if we go out with others) to dinner and paying 400$ for example.[/b] I grew up wealthier, but we were pretty frugal.

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I could not live with that.  It would drive me crazy.

Is DH's child in college?[/quote]

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