this thread is flame, but might as well be real because most people in this country are horrible with money. most people, if their HHI increased to half a million, probably would just start buying more useless shit and think to themselves "gee, $500k isn't all that much! we can barely save anything!"

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:After taxes (Fed and District), private school for 1 and second coming from local DCPS into private, saving for college, retirement, long term care, helping out family members etc. You feel really squeezed. Our brother inlaw in Houston get to take 3 or 4 vacations a year on about $300k a year, we can only take one real one and then have to huff it to Delaware for the weekend. It kind of is a rat race and we're stuck in this income zone for the foreseeable future (thanks biglaw profit slips).

Here, OP -- how about you consider this and then maybe you'll feel better about your life:

Really really not a helpful info graphic. Seriously, in all of TX or Montana, you can't pay your rent on minimum wage? That's a dead give away that this graphic is based on unrealistic ideals.

What single-income minimum wage worker is renting a 2 bedroom and expecting it to cost 1/3 of their income? The only group this picture speaks to is single parents with at least two kids who earn minimum wage and don't have other financial support. Otherwise, if you're renting a 2 bedroom apt, then you probably have at least two income earners. Kind of misleading to plop a picture of the entire US in the middle of the page and then only speak to a situation that makes sense for this very specific group. Most people on minimum wage are not renting a 2 bedroom as a solo breadwinner and they're certainly not expecting it to cost them 1/3 of their income.

And you know this how?

Anonymous wrote:

Anonymous wrote:After taxes (Fed and District), private school for 1 and second coming from local DCPS into private, saving for college, retirement, long term care, helping out family members etc. You feel really squeezed. Our brother inlaw in Houston get to take 3 or 4 vacations a year on about $300k a year, we can only take one real one and then have to huff it to Delaware for the weekend. It kind of is a rat race and we're stuck in this income zone for the foreseeable future (thanks biglaw profit slips).

Here, OP -- how about you consider this and then maybe you'll feel better about your life:

Really really not a helpful info graphic. Seriously, in all of TX or Montana, you can't pay your rent on minimum wage? That's a dead give away that this graphic is based on unrealistic ideals.

What single-income minimum wage worker is renting a 2 bedroom and expecting it to cost 1/3 of their income? The only group this picture speaks to is single parents with at least two kids who earn minimum wage and don't have other financial support. Otherwise, if you're renting a 2 bedroom apt, then you probably have at least two income earners. Kind of misleading to plop a picture of the entire US in the middle of the page and then only speak to a situation that makes sense for this very specific group. Most people on minimum wage are not renting a 2 bedroom as a solo breadwinner and they're certainly not expecting it to cost them 1/3 of their income.

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

Let's see, if you spent $2000 per year on lawn care, $3000 per year on house cleaning, $50K per year on a nanny (why would you need additional childcare if you have a nanny?!?) that's still only about $55K. You're saying that taking those expenses out from $300K plus taxes of say $75K, that you cannot otherwise live on $175K per year net. There are many, many families with HHI under $100K where one or both parents are working 60-80 hours per week just to make ends meet because they have very low salaries. Those workers have many of the same problems you have, they just have to make more economical choices. I'm sorry, but if you choose a high end lifestyle and spend all of your money, that doesn't make you more sympathetic. There are many people who make significantly less than you that have all of the same demands on their time, many of whom have to pick soime of the support that you have and still make ends meet. We make $200K, both work full-time, still provide for our two children, still get housecleaners, still live in a large house and we can still save for retirement, college, yada yada yada. And we find ourselves not onloy very comfortable but very lucky instead of overentitled like you.

Anonymous wrote:



Let's say you made very little like 40k a year.

Then at age 32 you started making 350k a year, have two kids and need to buy a house.

You don't have time to save, if we tried to save for a downpayment on a decent house we wouldn't have it until the kids are moved out.

What don't you get.

This ain't detroit a house costs at least 1.5 million.

You know what, this just makes you an eye-rolling moron. If you were used to making 40K a year, then had 2 kids and started to make $350K, then you could increase your spending to $100K per year to accommodate those 2 children and still put close to $200K into savings. After 2 years, you'd have close to $400K for a downpayment on a house. If you make over $300K and cannot save enough money for a downpayment on a house before your kids are 18, then you really need a financial planner because you have very poor money management skills.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

What is this "wreeping"?

We make $290,000 and don't have any of those services. Our lawn looks kind of crappy and our house is kind of messy but we choose to spend money on other things. Yes, we do spend free time cleaning and weeding but we don't complain about it.

Sad

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

What is this "wreeping"?

We make $290,000 and don't have any of those services. Our lawn looks kind of crappy and our house is kind of messy but we choose to spend money on other things. Yes, we do spend free time cleaning and weeding but we don't complain about it.

Anonymous wrote:

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

What is this "wreeping"?

Anonymous wrote:It's funny that people think that those making 300K or more are just lazying around.

We are constantly working and because of that we have other expensese that need to be paid because we don't have time to do them.

1) Lawn care
2) Nanny
3) Childcare
4) Cleaning


etc...

Once you add all of those things up the lifestyle at 300k is not that comfortable. Maybe once we get into the 5-600k you start experience more disposable income, but at 300k you have to pay for a bunch of stuff you have to outsource.

On top of that around 300k you lose a lot of tax deductions so you are basically in limbo in terms of wreeping the benefits of making more. The tax benefits you lose at 3-400k are the same ones that you lose at 500k and higher.

What is this "wreeping"?

It's simple - you are not struggling just because you spend all of your money.

Anonymous wrote:After taxes (Fed and District), private school for 1 and second coming from local DCPS into private, saving for college, retirement, long term care, helping out family members etc. You feel really squeezed. Our brother inlaw in Houston get to take 3 or 4 vacations a year on about $300k a year, we can only take one real one and then have to huff it to Delaware for the weekend. It kind of is a rat race and we're stuck in this income zone for the foreseeable future (thanks biglaw profit slips).

refuse to read 12 pages of replies but you cannot be for real. you are for sure a 15 yr old bored because you have a snow day.

We make exactly half that and feel pretty darn lucky and comfortable. and we live in Bethesda - shock right? FWIW we don't huff it to Delaware for the weekend either. We take 2 nice vacations a year, still put money away for retirement but aren't stupid enough to send anyone to private school.

Anonymous wrote:I can only conclude that "feeling wealthy" means "not ever having to think about money ever." So if you ever even have to check the balance on your accounts or can't afford the too of the market, you don't "feel wealthy." There seems to be no way to "feel wealthy" unless you are as rich as the richest person around.

This is absurd. I think about money; I can't afford everything I want; but I feel wealthy because I have enough money to save and spend on what I value without worrying. And yes, we live in NWDC.

500k is less than the median income of many neighborhoods in the area

the articles also mention that it is very common to have dual professionals in the dc area making 300k but it's not wealthy.

http://higley1000.com/archives/638

http://www.cnbc.com/id/101448625

Anonymous wrote:

Anonymous wrote:OP, you are now realizing that the cake is a lie. Partnership at a big law firm does not mean that you get to have a great life, though it may mean you children do.

You find out too late. You think that after DH makes partner he'll work 50 hour weeks but it's still 80 plus hours, coupled with the fact that you can't just spend that extra money and you really start to resent the system.

Too late for what? If you don't like the system that you choose to be part of, then get out. Get different jobs, a smaller house, etc. (see above). But don't complain about how hard life is for you. You chose it then and you choose it now. You can choose a different life if you are willing to give up some income.

Also, not working so hard at your job that you can't spend the entire day on DCUM......