Anonymous
01/30/2020 14:39
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
I am the PP that posted we have a 700K income but unlike this PP I don't feel strapped. I am a lawyer - I went to law school on scholarship and am a partner in a mid-size firm. My husband is also a lawyer but an academic and does consulting on the side. We don't even come CLOSE to 90K a year for child care - that number truly boggles my mind.
That pp is the poster child for living it up on a high income and saving little. Pp must have also bought an overpriced house. They seem to overspend on everything minus vacations and cars.
What a weird comment. I specifically note that we are saving for retirement and college, which is part of why we are not “living it up.”
Anonymous
01/30/2020 14:36
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
I am the PP that posted we have a 700K income but unlike this PP I don't feel strapped. I am a lawyer - I went to law school on scholarship and am a partner in a mid-size firm. My husband is also a lawyer but an academic and does consulting on the side. We don't even come CLOSE to 90K a year for child care - that number truly boggles my mind.
That pp is the poster child for living it up on a high income and saving little. Pp must have also bought an overpriced house. They seem to overspend on everything minus vacations and cars.
What a weird comment. I specifically note that we are saving for retirement and college, which is part of why we are not “living it up.”
Anonymous
01/30/2020 14:34
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
I am the PP that posted we have a 700K income but unlike this PP I don't feel strapped. I am a lawyer - I went to law school on scholarship and am a partner in a mid-size firm. My husband is also a lawyer but an academic and does consulting on the side. We don't even come CLOSE to 90K a year for child care - that number truly boggles my mind.
That pp is the poster child for living it up on a high income and saving little. Pp must have also bought an overpriced house. They seem to overspend on everything minus vacations and cars.
Anonymous
01/30/2020 14:26
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
I am the PP that posted we have a 700K income but unlike this PP I don't feel strapped. I am a lawyer - I went to law school on scholarship and am a partner in a mid-size firm. My husband is also a lawyer but an academic and does consulting on the side. We don't even come CLOSE to 90K a year for child care - that number truly boggles my mind.
Anonymous
01/30/2020 14:22
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Ummm... is it at least 250-300k after taxes? Because that's what I'd think.
You sound like all the NYT profiles of millionaires who "really don't have a lot of extra money" after they pay for private school tuition, a mortgage on a $1M home, $20k in vacations, $20k in camps, max out all their retirement and college savings and spend $1k a month on "incidentals" and such. They have nothing left over!!!
Even people with student loans and huge medical bills and supporting their other relatives-- you realize that people making much less also often have the same obligations, right?
Oy.
Anonymous
01/30/2020 14:21
Subject: Re:Is anyone reason for not having more kids $$$?
I feel like this thread is not meant for people with HHI of $700K, $300K. We have a $150K HHI and we send two kids to private preschool/daycare. We managed. So, no, we can't afford to have a third kid, and money is not the only reason. Time, energy, and we will need $$ for IVF. Both kids were conceived via IVF and we paid for those ourselves, no insurance.
Anonymous
01/30/2020 14:10
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
That’s my point. To make this money we both had to go to an overpriced law school (I got into UVA Law in state and just tuition today for in state is $48k; full cost of attendance is around $70k/yr). Then you have to pay someone else to do all the stuff you can’t because you’re in this job—cleaning, laundry, a million other little “convenience taxes” because you don’t have time to be something other than “terrible with money.”
No tears for me. I chose this and I’m happy. And I don’t stress about money and mostly get to do whatever I want. But sending a 3rd kid to private school is probably not realistic.
Sending your kids to private school seems fiscally irresponsible when you still have student loans and even have car loans!!!
I went to Harvard and NYU and get the high price tags of college and grad school. That is why I want to be able to pay for my kids’ college, grad school and a down payment on a house for them. It looks like college alone will be 500k for each of my kids.
Anonymous
01/30/2020 14:07
Subject: Is anyone reason for not having more kids $$$?
Yes, it's our #1 reason. We're saving to buy a house, still paying off student loans, enjoy taking vacations when possible, and don't have to strictly budget food and entertainment. We'd have to significantly alter our lifestyle to afford a second child.
Reason #2 (and it's a very close second) is that we have a pretty damn easy kid. I don't want to roll the dice and end up with a terror.
Reason #2 (and it's a very close second) is that we have a pretty damn easy kid. I don't want to roll the dice and end up with a terror.
Anonymous
01/30/2020 14:01
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
That’s my point. To make this money we both had to go to an overpriced law school (I got into UVA Law in state and just tuition today for in state is $48k; full cost of attendance is around $70k/yr). Then you have to pay someone else to do all the stuff you can’t because you’re in this job—cleaning, laundry, a million other little “convenience taxes” because you don’t have time to be something other than “terrible with money.”
No tears for me. I chose this and I’m happy. And I don’t stress about money and mostly get to do whatever I want. But sending a 3rd kid to private school is probably not realistic.
Anonymous
01/30/2020 13:55
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
be in an entirely different field of work. I don't even really know what professions make this much.
Anonymous
01/30/2020 13:53
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
What would you have to do to make 3x your income?
Anonymous
01/30/2020 13:52
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
Before taxes it is 3x what we make and we live pretty well. not luxury but we travel, do most things we want to do.
If I have 3x my salary I would be living it up.
If people aren't living well on 700k then they must be terrible with money
Anonymous
01/30/2020 13:50
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
Posts like yours make no sense when you can afford three in private and a very comfortable lifestyle.
Posts like yours don’t make a lot of sense to me either TBH
Anonymous
01/30/2020 13:49
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Both in biglaw. Both still have student loans ($60k/yr). Need lots of childcare to cover all the hours necessary to stay in biglaw ($90k). Plus, as mentioned, private school tuition ($40k). PITI ($45k). Boring older cars but not paid off ($10k). Not much by way of tax loopholes so obviously pay huge federal, state, and county bills. Contribute federal max to retirement and save for college.
Before anyone jumps in with “no sympathy” not looking for any! But another kids’ tuition is pretax like what, $70k in earnings?
Anonymous
01/30/2020 13:44
Subject: Is anyone reason for not having more kids $$$?
Anonymous wrote:Anonymous wrote:Anonymous wrote:We want a third but since the eldest is already in private school I don’t know how we could do it. HHI of 700k but unlike PP we don’t take luxury vacations or have luxury cars.
then what on earth do you do with all your money?
Dp here. 700k after taxes isn’t as much as you think.
We have a higher HHI and we send our 3 kids to public.
We'd be living very well on that income. It is a lot of money.