Anonymous
10/17/2017 11:11
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
New poster. I wouldn't have said anything if you'd simply said "We give to charity about $5k per year usually." But you specifically added "an amount that I think is generous."
We're also at the same income, similar children ages, similar mortgage costs, etc., and have been gradually upping charitable giving to $15,000, which is still only about 5% of our gross income. One recommendation (https://www.thelifeyoucansave.org/take-the-pledge) is 7.5% at that income level.
The recommended percentage on this site is insane. It has mine at over 13% or around $130K - yeah OK
By the way, if PP thinks $5K is generous, then it is. Its a personal choice.
Anonymous
10/17/2017 11:10
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:I see so much confusion on here, and I thought I'd try to clear some stuff up. My central point is that life is easy, downright cushy even, on $300k per year gross income in the DC area. My wife (38) and I (40) raise our two kids (6 and 3) in upper NW DC and our gross income in 2016 was $300k. People who suggest they are scraping by at this income are either deluding you or deluding themselves.
I am happy to answer any questions and dispel any other related myths you may see on DCUM.
Some of our details:
- ~$300k gross income
- $about 70k in total income and payroll taxes
- PITI is about $3500 (we bought a 4 BR house near AU park in 2012 for low $800s. Before that we owned a small condo in Logan Circle)
- Public school (but we did daycare for both kids from 4 months - 3 years)
- I graduated from law school in 2004 with about $150k in student loans. Those are all paid off now.
- We don't do fancy luxury cars, but it's not bargain basement either. The last car we bought was in 2012 and it cost about $30k.
- We eat at nice restaurants weekly, travel several times a year, and buy more consumer goods (clothes for her, gadgets for him) than we probably should
- We save amply $36k per year in the 401k/TSP, $10k per year in the 529s, and $30-40k in the taxable brokerage account. Our savings balances include $750k in retirement accounts, $60k in 529s (kids are still young), and $250k in taxable brokerage accounts.
- We give to charity an amount that I think is generous, about $5k per year usually.
It helps that your student loans are paid off. Did DW have any?
Do you travel much?
Also curious what your monthly spend is. . .
Not disputing, just wondering what I can expect once my hefty law school loans are paid off (still have a ways to go).
Anonymous
10/17/2017 11:07
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
Charity is a personal choice. Nobody should be judged by how much or how little they give to charity.
Anonymous
10/17/2017 10:57
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
New poster. I wouldn't have said anything if you'd simply said "We give to charity about $5k per year usually." But you specifically added "an amount that I think is generous."
We're also at the same income, similar children ages, similar mortgage costs, etc., and have been gradually upping charitable giving to $15,000, which is still only about 5% of our gross income. One recommendation (https://www.thelifeyoucansave.org/take-the-pledge) is 7.5% at that income level.
I do agree that we should do better. I aspire to do better. Thanks for your comment.
Anonymous
10/17/2017 10:56
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:You are doing it right.
I think many people think they should be swimming in money Scrooge McDuck style and if they are not, well, they are poor.
Obviously you have a nice life. Good job.
Or even [shudders] middle class
Anonymous
10/17/2017 10:55
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
New poster. I wouldn't have said anything if you'd simply said "We give to charity about $5k per year usually." But you specifically added "an amount that I think is generous."
We're also at the same income, similar children ages, similar mortgage costs, etc., and have been gradually upping charitable giving to $15,000, which is still only about 5% of our gross income. One recommendation (https://www.thelifeyoucansave.org/take-the-pledge) is 7.5% at that income level.
Anonymous
10/17/2017 10:55
Subject: Life is Easy in NW DC on $300k, AMA
I think, OP, that you should do whatever you want with your income but if your financial life is really easy and cushy then maybe increasing charitable contributions would be a good place to focus.
Anonymous
10/17/2017 10:53
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
I wasn't going to say it because I was sure someone else would. I think it's fine that OP is giving $5k, but I don't think OP should've mentioned that's a generous amount on $300k. It should've been stated without commentary.
Stated without commentary: Thanks.
Anonymous
10/17/2017 10:50
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
I did expect to receive some comments like this, and I chose to disclose our charitable contributions anyway. I applaud your generosity and aspire to do better. Thanks.
Anonymous
10/17/2017 10:49
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
I wasn't going to say it because I was sure someone else would. I think it's fine that OP is giving $5k, but I don't think OP should've mentioned that's a generous amount on $300k. It should've been stated without commentary.
Anonymous
10/17/2017 10:48
Subject: Life is Easy in NW DC on $300k, AMA
Anonymous wrote:I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
That didn't take long! Man. This place.
Anonymous
10/17/2017 10:48
Subject: Life is Easy in NW DC on $300k, AMA
You are doing it right.
I think many people think they should be swimming in money Scrooge McDuck style and if they are not, well, they are poor.
Obviously you have a nice life. Good job.
I think many people think they should be swimming in money Scrooge McDuck style and if they are not, well, they are poor.
Obviously you have a nice life. Good job.
Anonymous
10/17/2017 10:46
Subject: Life is Easy in NW DC on $300k, AMA
I don't think $5K per year to charity on an income of $300K is the least bit generous.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
We have a similar income and two kids but we give around $15K which I also don't consider enough or particularly generous.
We are so privileged and fortunate. $5K? Good grief.
Anonymous
10/17/2017 10:41
Subject: Life is Easy in NW DC on $300k, AMA
OP here to add, I realize this is a bit masturbatory. I know we have it easy, and I'm not looking for any positive feedback. I just get frustrated by the $300k "scraping by" posts and wanted to push back on it a bit.
Anonymous
10/17/2017 10:38
Subject: Life is Easy in NW DC on $300k, AMA
I see so much confusion on here, and I thought I'd try to clear some stuff up. My central point is that life is easy, downright cushy even, on $300k per year gross income in the DC area. My wife (38) and I (40) raise our two kids (6 and 3) in upper NW DC and our gross income in 2016 was $300k. People who suggest they are scraping by at this income are either deluding you or deluding themselves.
I am happy to answer any questions and dispel any other related myths you may see on DCUM.
Some of our details:
- ~$300k gross income
- $about 70k in total income and payroll taxes
- PITI is about $3500 (we bought a 4 BR house near AU park in 2012 for low $800s. Before that we owned a small condo in Logan Circle)
- Public school (but we did daycare for both kids from 4 months - 3 years)
- I graduated from law school in 2004 with about $150k in student loans. Those are all paid off now.
- We don't do fancy luxury cars, but it's not bargain basement either. The last car we bought was in 2012 and it cost about $30k.
- We eat at nice restaurants weekly, travel several times a year, and buy more consumer goods (clothes for her, gadgets for him) than we probably should
- We save amply $36k per year in the 401k/TSP, $10k per year in the 529s, and $30-40k in the taxable brokerage account. Our savings balances include $750k in retirement accounts, $60k in 529s (kids are still young), and $250k in taxable brokerage accounts.
- We give to charity an amount that I think is generous, about $5k per year usually.
I am happy to answer any questions and dispel any other related myths you may see on DCUM.
Some of our details:
- ~$300k gross income
- $about 70k in total income and payroll taxes
- PITI is about $3500 (we bought a 4 BR house near AU park in 2012 for low $800s. Before that we owned a small condo in Logan Circle)
- Public school (but we did daycare for both kids from 4 months - 3 years)
- I graduated from law school in 2004 with about $150k in student loans. Those are all paid off now.
- We don't do fancy luxury cars, but it's not bargain basement either. The last car we bought was in 2012 and it cost about $30k.
- We eat at nice restaurants weekly, travel several times a year, and buy more consumer goods (clothes for her, gadgets for him) than we probably should
- We save amply $36k per year in the 401k/TSP, $10k per year in the 529s, and $30-40k in the taxable brokerage account. Our savings balances include $750k in retirement accounts, $60k in 529s (kids are still young), and $250k in taxable brokerage accounts.
- We give to charity an amount that I think is generous, about $5k per year usually.