Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This makes me panic. T[b]here is now way after taxes and retirement savings you still have 70% of your take home.[/b] You should not count on the pension or kids going to in state college. There are all unknowns until she actually retires and college is next year.

You must have posted here because you know this wasn’t a good move. Done deal?[/quote]

PP, you are right, and I should have clarified....the $15,500 gross salary is gross after pre-tax deductions of retirement savings and health insurance costs.   Once taxes are taken out, net is $11,000.   
[/quote]

I don't think you're saving enough for retirement or your kids' college tuition.

One or both of you needs a raise. [/quote]

Have you stopped saving for retirement? What about healthcare and taxes?

We were at your income a few years ago with a $420K mortgage. Our income has risen by 75K (we are at 250K now) and our taxes have gone up a lot with that increase. We do contribute to all pre-tax offerings at work as much as is allowed, but our net is a bit lower than yours due to the increase in taxes. A lot of tax credits phase out completely in this income range.

Something to think about. If you are going for increasing income, you'll want a 150k-200k increase.[/quote]

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