Reply to lifestyle for $500K HHI

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[quote=Anonymous]We make closer to $400k/year but get a lot of extras (example: college is paid for by work).  1 toddler.

We do per month
$4000 mortgage
$4000 nanny
$1500 food and eating out (we love fancy food)
$200 clothes - nice but not upscale designer  - business casual at work
$400 car maintenance + gas (we drive old cars, buy used)
$1500 credit card -- stuff for kids, etc.
$3000-4000 savings
$500 utilities
$1000 home renovations and maintenance (on average)
No student loans -- savings includes education since we don't need to pay for college.

Probably a few other things, we vacation but not at resorts - maybe a beach weekend and extend a work trip to somewhere nice. Generally use frequent flyer miles to go and stay in simple places or visit family.  We love "experience" trips but resorts, cruises or the Four Seasons are not our style.

We plan on private school where we live, which will replace the nanny cost.

I think the biggest affects to lifestyle for a particular income are moving (selling a house in this bracket costs 6 figures in lost expenses) and divorce.  Also our city is expensive but slightly lower COL than DC.  That is, the fanciest private schools cost $25k a year, not $40k, for example.

I agree that if you are not feeling comfortable and secure on $500k/year you should consider getting a financial manager to help you out.

Even in DC or Manhattan you should be doing most of what you want on that money (reality check, that's better than 99% of the population of one of the richest countries on earth), although you won't have a private jet, a closet full of Hermes bags or a Bentley, and maybe that's harder if your friends are all richer than you.
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