Anonymous wrote:

Anonymous wrote:How are 29 year old Feds making any money, even the lawyers? The 29 year olds I know are MAYBE GS-14s at the high end. That's not much more than $200k dual. Hell, I just turned 29 and I'm in the equivalent of a GS-13 position and thought I was doing well for myself.

If you are a lawyer fresh out of law school, they start you at a GS-11 or 12. It usually takes a few years to get to a GS-14. Most people are at least in their early 30s when this happens.

Not necessarily...I graduated with my masters at 23 and did 2 years of private consulting. Started the government at 25 at a GS-11. From there, I got a promotion each year until I reached GS-14 at 28. I got my GS-15 at 31.

Anonymous wrote:Initial post was about a 29 year old buying a million dollar home. While it can happen, a fed or consultant from one of the firms at that age ain't that person without mommy and daddy shelling out cash.

This isn't true. DH and I bought our current house in our late 20s. It was 900K plus over 100k we spent renovating it before we moved in. We paid the 20% down and paid for the renovation in cash. We saved up all that money (easy to do because we had no kids and were frugal). We are both feds and at the time of the purchase we were both high GS-14s. Now, we have lived in our house for 6 years and paid down our mortgage to less than 500k and have a healthy TSP fund plus other investments. We are saving less now because of childcare costs but we are still very frugal (lots of hand me downs from the neighbors' kids).

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Anonymous wrote:I must be doing something wrong with my life. 29 affording a million dollar home. Jesus!

Yeah, you weren't born to multimillionaire parents. I can't believe the wealth here among young people. And no, being a dual fed couple or a law firm associate does not quite make it add up. No one can deny that there are a lot of people here with inherited wealth. There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s. Wow.

Actually it does. You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture.

Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years? Just wondering.

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington. When we moved our landlord raised rent to $1.300.

4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

1. My income over the 4 years averaged close to $100,000 and I stated that we saved my "take home" of $70,000 for 4 years which was -- as you pointed out $280,000
2. My husband's income over the 4 years averaged closed to $125,000 and we save about $30,000 a year from his income
3. When we were married, we brought individual savings to the marriage -- he had $60,000 and I had about $40,000
4. We qualified for a $1,149,000 jumbo mortgage at 3.75 percent because we had high credit scores and had paid off student loans and had not other debt
5. We had all of our belongings in the 572 square foot studio. The only thing we did not have in the apartment were the two bikes we rode to work. We stored them on the balcony.

We thought it was a real way to live because we knew where we wanted to live, the type of house we wanted, and the plans we had if my mother and his parents chose to live with us as they grew older.

We had Thanksgiving in our new home with family and friends. They did not seem to think we had done anything unique.

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:I must be doing something wrong with my life. 29 affording a million dollar home. Jesus!

Yeah, you weren't born to multimillionaire parents. I can't believe the wealth here among young people. And no, being a dual fed couple or a law firm associate does not quite make it add up. No one can deny that there are a lot of people here with inherited wealth. There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s. Wow.

Actually it does. You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture.

Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years? Just wondering.

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington. When we moved our landlord raised rent to $1.300.

Wow, enjoy that mortgage and taxes! We live in a $600k paid off house. For what you spend on taxes alone every year, we send our kids to private school and pay for international vacations.

Fortunately, we travel internationally for work and are able to blend vacations in with business travel. No children yet, but expecting first in February We will do parochial schools, but they are less expensive than private schools.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are some seriously bitter PPs who feel the need to tear down people who (a) are good savers/investors, (b) live differently than they do, (c) don't have student loans (for whatever reason), and/or (d) have high incomes early in their career.

Your endless harping reeks of jealousy. Give it a rest.

Ah "jealousy," the rejoinder every trust fund baby or otherwise lucky person person hurls in response to someone calling them out on being spoiled, ungrateful, out of touch, self-righteous, stuck up, or smug. Perhaps you forgot, but the OP was complaining about her million dollar house at age 29, which doesn't look the mansion she envisioned. Others are acting like they are Suze Orman because they came out of college/grad school after their parents paid for everything and they were able to save for a house. Still others are the martyr saints who lived in a studio apartment while the rest of the devil-may-care heathens were living it up in two bedroom apartments. There is enough smugness on these threads to fill the Atlantic Ocean, and this is understandably annoying to some people. But you can go on believing that it is just raw jealousy if it assuages your guilt.

Maybe jealously isn't the right word. Regretting your own life choices perhaps? Is that better? Sorry that you weren't bright enough for that full-ride scholarship to the state school, sorry you didn't bust your a$$ in school to get a high-paying job, sorry you were busy drinking away your 20s instead of saving/investing/buying RE early, etc. Sorry all around. Sorry sad sack.

OP was commenting on how crazy RE prices are. Do you disagree? You're too busy obsessing on how he/she could/could not afford it.

Geez, what a b!tch. You don't know squat about me. I don't regret any of my life choices, I am incredibly successful, and I got two graduate degrees with honors in my 20s (while drinking and having the time of my life, thank you very much). Maybe you should knock back a few, it might loosen up the rod you have jammed up your back. If you are so perfect and successful and you made all of the right life decisions, why are you not a nicer, happier person. Maybe working and saving has yielded you some $$, but it obviously hasn't done much else for you.

Anonymous wrote:

Anonymous wrote:There are some seriously bitter PPs who feel the need to tear down people who (a) are good savers/investors, (b) live differently than they do, (c) don't have student loans (for whatever reason), and/or (d) have high incomes early in their career.

Your endless harping reeks of jealousy. Give it a rest.

Ah "jealousy," the rejoinder every trust fund baby or otherwise lucky person person hurls in response to someone calling them out on being spoiled, ungrateful, out of touch, self-righteous, stuck up, or smug. Perhaps you forgot, but the OP was complaining about her million dollar house at age 29, which doesn't look the mansion she envisioned. Others are acting like they are Suze Orman because they came out of college/grad school after their parents paid for everything and they were able to save for a house. Still others are the martyr saints who lived in a studio apartment while the rest of the devil-may-care heathens were living it up in two bedroom apartments. There is enough smugness on these threads to fill the Atlantic Ocean, and this is understandably annoying to some people. But you can go on believing that it is just raw jealousy if it assuages your guilt.

Maybe jealously isn't the right word. Regretting your own life choices perhaps? Is that better? Sorry that you weren't bright enough for that full-ride scholarship to the state school, sorry you didn't bust your a$$ in school to get a high-paying job, sorry you were busy drinking away your 20s instead of saving/investing/buying RE early, etc. Sorry all around. Sorry sad sack.

OP was commenting on how crazy RE prices are. Do you disagree? You're too busy obsessing on how he/she could/could not afford it.

Anonymous wrote:There are some seriously bitter PPs who feel the need to tear down people who (a) are good savers/investors, (b) live differently than they do, (c) don't have student loans (for whatever reason), and/or (d) have high incomes early in their career.

Your endless harping reeks of jealousy. Give it a rest.

Ah "jealousy," the rejoinder every trust fund baby or otherwise lucky person person hurls in response to someone calling them out on being spoiled, ungrateful, out of touch, self-righteous, stuck up, or smug. Perhaps you forgot, but the OP was complaining about her million dollar house at age 29, which doesn't look the mansion she envisioned. Others are acting like they are Suze Orman because they came out of college/grad school after their parents paid for everything and they were able to save for a house. Still others are the martyr saints who lived in a studio apartment while the rest of the devil-may-care heathens were living it up in two bedroom apartments. There is enough smugness on these threads to fill the Atlantic Ocean, and this is understandably annoying to some people. But you can go on believing that it is just raw jealousy if it assuages your guilt.

There are some seriously bitter PPs who feel the need to tear down people who (a) are good savers/investors, (b) live differently than they do, (c) don't have student loans (for whatever reason), and/or (d) have high incomes early in their career.

Your endless harping reeks of jealousy. Give it a rest.

Anonymous wrote:

Anonymous wrote:4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

You are forgetting market returns, which have been substantial for those who started investing mostly after the crash and went 100% equities.

My wife and I on a biglaw + 60k government salary saved $700k in four years once loans were paid. In a one bedroom.

Then I quit biglaw, we bought a house, my wife temporarily stopped working and we have two kids, so now we save like 15% of our income -- hopefully just temporary and we will resume saving more later -- but it can be done. (But our house is $750k not $1.3 million and we live in the burbs).

We also know a couple that live in a $1.9 million home in Chevy Chase. DH works for his dad's small but successful law firm. DW is doing informational interviews. No kids yet.

So points can be taken on both sides of this.

But almost every financial advisor and a chorus of DCUM posts recommends money that you need in the near term like a down payment in safe investments, not gambling on a stock run up in your 4 year window.

Anonymous wrote:4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

You are forgetting market returns, which have been substantial for those who started investing mostly after the crash and went 100% equities.

My wife and I on a biglaw + 60k government salary saved $700k in four years once loans were paid. In a one bedroom.

Then I quit biglaw, we bought a house, my wife temporarily stopped working and we have two kids, so now we save like 15% of our income -- hopefully just temporary and we will resume saving more later -- but it can be done. (But our house is $750k not $1.3 million and we live in the burbs).

We also know a couple that live in a $1.9 million home in Chevy Chase. DH works for his dad's small but successful law firm. DW is doing informational interviews. No kids yet.

So points can be taken on both sides of this.

Anonymous wrote:

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Anonymous wrote:I must be doing something wrong with my life. 29 affording a million dollar home. Jesus!

Yeah, you weren't born to multimillionaire parents. I can't believe the wealth here among young people. And no, being a dual fed couple or a law firm associate does not quite make it add up. No one can deny that there are a lot of people here with inherited wealth. There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s. Wow.

Actually it does. You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture.

Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years? Just wondering.

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington. When we moved our landlord raised rent to $1.300.

4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

This is real. Plenty of people live in studios. Not everyone has a ton of belongings and requires a huge apartment or house in the burbs. Especially not two successful people in their 20s or 30s who probably spend most of their time at the office or out and about. Comments like these must come from people who grew up in middle America.

No, very few professional *couples* live in studios. Many some struggling artists in NYC but you know mom and dad have all their books and childhood affects (along with help with rent) back home.

A studio for two working adults? For years? That's your answer?

And you know they made more money than they let on, unless they have magic multiplication and mortgage from a fairy godmother.

Spot on.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I must be doing something wrong with my life. 29 affording a million dollar home. Jesus!

Yeah, you weren't born to multimillionaire parents. I can't believe the wealth here among young people. And no, being a dual fed couple or a law firm associate does not quite make it add up. No one can deny that there are a lot of people here with inherited wealth. There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s. Wow.

Actually it does. You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture.

Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years? Just wondering.

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington. When we moved our landlord raised rent to $1.300.

4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

This is real. Plenty of people live in studios. Not everyone has a ton of belongings and requires a huge apartment or house in the burbs. Especially not two successful people in their 20s or 30s who probably spend most of their time at the office or out and about. Comments like these must come from people who grew up in middle America.

No, very few professional *couples* live in studios. Many some struggling artists in NYC but you know mom and dad have all their books and childhood affects (along with help with rent) back home.

A studio for two working adults? For years? That's your answer?

And you know they made more money than they let on, unless they have magic multiplication and mortgage from a fairy godmother.

Anonymous wrote:Yes.... be very frugal, live in a studio for years, and all to end up living in a house that would likely cost 1/3 what you paid in most American cities while still offering you a comparable QOL.

Pat yourself on the back.

Yes, a million+ bucks doesn't go far in the DC area. You're really no better off than people living in 400-500k houses in most American cities. The extra wealth will only manifest itself if you cash out and leave the DC area permanently.

+10,000.

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Anonymous wrote:

Anonymous wrote:I must be doing something wrong with my life. 29 affording a million dollar home. Jesus!

Yeah, you weren't born to multimillionaire parents. I can't believe the wealth here among young people. And no, being a dual fed couple or a law firm associate does not quite make it add up. No one can deny that there are a lot of people here with inherited wealth. There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s. Wow.

Actually it does. You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture.

Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years? Just wondering.

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington. When we moved our landlord raised rent to $1.300.

4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

This is real. Plenty of people live in studios. Not everyone has a ton of belongings and requires a huge apartment or house in the burbs. Especially not two successful people in their 20s or 30s who probably spend most of their time at the office or out and about. Comments like these must come from people who grew up in middle America.

Cue the flyover country bashing.

Well if you aren't aware that married couples in urban areas live in studio apartments you deserve to be bashed....

OK. Relax. Don't get defensive. Enjoy your studio apartment with your DH. Hope you like him!

It is pretty unusual for a well educated professional couple with a large enough disposable income to live in a studio. Even in the DC area.

It's their choice, of course, but outside places like NYC people who live in studios are either incredibly frugal or have no money. It's definitely not the norm. Another example of how the DC market is increasingly out of step with the rest of America and why the higher prices paid don't translate into a better QOL.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I must be doing something wrong with my life. 29 affording a million dollar home. Jesus!

Yeah, you weren't born to multimillionaire parents. I can't believe the wealth here among young people. And no, being a dual fed couple or a law firm associate does not quite make it add up. No one can deny that there are a lot of people here with inherited wealth. There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s. Wow.

Actually it does. You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture.

Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years? Just wondering.

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington. When we moved our landlord raised rent to $1.300.

4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here.

This is real. Plenty of people live in studios. Not everyone has a ton of belongings and requires a huge apartment or house in the burbs. Especially not two successful people in their 20s or 30s who probably spend most of their time at the office or out and about. Comments like these must come from people who grew up in middle America.

Cue the flyover country bashing.

Well if you aren't aware that married couples in urban areas live in studio apartments you deserve to be bashed....