Anonymous
01/14/2011 14:07
Subject: Dual income families, what is your HHI?
"We lived on $65K/year (my salary) for the 3 years my DH was in law school. Maxed out retirement, traveled every year (internationally), saved at least $15K/year for down payment. We shopped at WF and had a cheap, no frills apt with no cable, but lots of other entertainment.
I don't get people who need $200K to get by (though we make that now, we bank a LOT). Our mortgage now is only a little more than our rent used to be. Our DC costs us a little extra ($2000/month), but that's why we waited until we made more to have a kid, and we still save a ton.
Are all y'all living high on the hog? What am I doing right/wrong here?"
I don't think your version of "maxing out retirement" is the same as others' - are you saving at least 30K/year for retirement plus another 10K or more a year for college? Those are the numbers we need to save to get to a moderately comfortable retirement and have enough saved to pay for most of college (public school).
I don't get people who need $200K to get by (though we make that now, we bank a LOT). Our mortgage now is only a little more than our rent used to be. Our DC costs us a little extra ($2000/month), but that's why we waited until we made more to have a kid, and we still save a ton.
Are all y'all living high on the hog? What am I doing right/wrong here?"
I don't think your version of "maxing out retirement" is the same as others' - are you saving at least 30K/year for retirement plus another 10K or more a year for college? Those are the numbers we need to save to get to a moderately comfortable retirement and have enough saved to pay for most of college (public school).
Anonymous
01/14/2011 12:34
Subject: Re:Dual income families, what is your HHI?
We lived on $65K/year (my salary) for the 3 years my DH was in law school. Maxed out retirement, traveled every year (internationally), saved at least $15K/year for down payment. We shopped at WF and had a cheap, no frills apt with no cable, but lots of other entertainment.
I don't get people who need $200K to get by (though we make that now, we bank a LOT). Our mortgage now is only a little more than our rent used to be. Our DC costs us a little extra ($2000/month), but that's why we waited until we made more to have a kid, and we still save a ton.
Are all y'all living high on the hog? What am I doing right/wrong here?
actually I would love to know! what was your rent? Did you have/pay for health insurance/car payments/transportation? I'm figuring after tax income is 50k??, down 30k after your savings for house/retirement. THen you have rent--another 15k?. take out 2k for your international trip (which is low for 2 people, my last trip to europe the plane ticket was 980). and that is about 75.00/week for everything else: food, entertainment, utilities, necessities, transportation, copays, etc.
Anonymous
01/14/2011 12:23
Subject: Re:Dual income families, what is your HHI?
Anonymous wrote:Just remember ...kids grow up in a flash. They need you. In the afternoon, after school, when they are sick, to see you in their schools,etc. I am a cancer survivor and cancer woke me up to the fact that none of us will live forever. Don't waste those precious moments with your children because you were slaving away at the law firm. Life goes very quickly and so does childhood.
I appreciate what you are saying, but as a WOHM (yes, I work in BigLaw), I just don't feel like I should completely sacrifice my career for what would end up being an extra hour, maybe 2 hours, with my kids in the early evening after school. My son's elementary school lets out at 4 pm (he gets home about 30 minutes later). Depending on my work flow, I can usually get home between 6 and 7 depending on traffic. So...I'm missing out on 2 hours (on average), but I still have the flexibility to leave early for doctor appointments, etc. when needed. And my DH also can get home by 6 every day.
If I gave up my career, there would be MUCH more pressure on my DH. He would probably end up working a LOT longer days, so he would see the kids less. Right now, we BOTH get to have dinner with the kids, as a family. I feel like that is important.
I don't mean this to start a WOHM vs. SAHM debate. But I feel like the quoted poster thinks that those of us who work, and bring home some big bucks, completely neglect our kids. That hasn't happened to me. Maybe I'm lucky b/c I'm senior enough to set my own schedule and do work in the evenings. In any case, it works for us...
Anonymous
01/14/2011 12:21
Subject: Re:Dual income families, what is your HHI?
We lived on $65K/year (my salary) for the 3 years my DH was in law school. Maxed out retirement, traveled every year (internationally), saved at least $15K/year for down payment. We shopped at WF and had a cheap, no frills apt with no cable, but lots of other entertainment.
I don't get people who need $200K to get by (though we make that now, we bank a LOT). Our mortgage now is only a little more than our rent used to be. Our DC costs us a little extra ($2000/month), but that's why we waited until we made more to have a kid, and we still save a ton.
Are all y'all living high on the hog? What am I doing right/wrong here?
I don't get people who need $200K to get by (though we make that now, we bank a LOT). Our mortgage now is only a little more than our rent used to be. Our DC costs us a little extra ($2000/month), but that's why we waited until we made more to have a kid, and we still save a ton.
Are all y'all living high on the hog? What am I doing right/wrong here?
Anonymous
01/14/2011 12:06
Subject: Re:Dual income families, what is your HHI?
Anonymous wrote:Anonymous wrote:What a depressing, miserable post. I am astonished at the postings, though. And depressed. Where are the folks who are teachers, social workers, nurses, etc. Don't they visit DC Urban Moms? Are most of these people attorneys?
This was my thought too. We're at $156K and I felt like we were doing just fine, until I read this post. Sheesh.
You are! It's all perspective. We make about $40K less than you, and we're a happy, healthy family.
Anonymous
01/14/2011 10:44
Subject: Re:Dual income families, what is your HHI?
Anonymous wrote:I have to say that I just feel kind of sick reading these. Its like watching a car wreck--can't turn away, but I know I should.
We are in our 40s, with 2 kids, and just hit 150k. We dont have a lot saved for college, we don't have a fancy or big house, we have 1 10 year old car. But I feel fortunate when compared to so many people, just not the folks on DCUM.
I also am not sure you can equate number of years spent in higher education with amount of money (eg doctors versus lawyers versus running your own business, etc). And then there is the issue of job satisfaction. Sure, corporate lawyers make a lot of money. I went and got a PhD in the humanities which took me out of the work force for a long time and now I"m in a non profit field. I suppose if at the time I had kids, I might have taken a different path to build a more secure financial future, but I am doing something that I enjoy and I believe is contributing a little bit in a positive way. I've got a wonderful job, as does my husband, who is in a creative field. So, maybe we traded financial security for intellectual and spiritual satisfaction. But we still have enough to live and raise our kids decently and hopefully with good values.
all that being said, yes, there is a big part of me that is envious. I think it's probably a normal reaction, but i don't like feeling that way.
trust me, you are doing fine. I left a big law firm last year and sooo many of the equity partners were just miserable stressed out screwed up bastards. divorced, neurotic, etc. (Not all, obviously, but a great deal). then again, plenty of $80K/year teachers are stressed out and miserable too. So, the point is, not sure if wealth has too much to do with happiness.
Anonymous
01/14/2011 10:41
Subject: Re:Dual income families, what is your HHI?
I have to say that I just feel kind of sick reading these. Its like watching a car wreck--can't turn away, but I know I should.
We are in our 40s, with 2 kids, and just hit 150k. We dont have a lot saved for college, we don't have a fancy or big house, we have 1 10 year old car. But I feel fortunate when compared to so many people, just not the folks on DCUM.
I also am not sure you can equate number of years spent in higher education with amount of money (eg doctors versus lawyers versus running your own business, etc). And then there is the issue of job satisfaction. Sure, corporate lawyers make a lot of money. I went and got a PhD in the humanities which took me out of the work force for a long time and now I"m in a non profit field. I suppose if at the time I had kids, I might have taken a different path to build a more secure financial future, but I am doing something that I enjoy and I believe is contributing a little bit in a positive way. I've got a wonderful job, as does my husband, who is in a creative field. So, maybe we traded financial security for intellectual and spiritual satisfaction. But we still have enough to live and raise our kids decently and hopefully with good values.
all that being said, yes, there is a big part of me that is envious. I think it's probably a normal reaction, but i don't like feeling that way.
We are in our 40s, with 2 kids, and just hit 150k. We dont have a lot saved for college, we don't have a fancy or big house, we have 1 10 year old car. But I feel fortunate when compared to so many people, just not the folks on DCUM.
I also am not sure you can equate number of years spent in higher education with amount of money (eg doctors versus lawyers versus running your own business, etc). And then there is the issue of job satisfaction. Sure, corporate lawyers make a lot of money. I went and got a PhD in the humanities which took me out of the work force for a long time and now I"m in a non profit field. I suppose if at the time I had kids, I might have taken a different path to build a more secure financial future, but I am doing something that I enjoy and I believe is contributing a little bit in a positive way. I've got a wonderful job, as does my husband, who is in a creative field. So, maybe we traded financial security for intellectual and spiritual satisfaction. But we still have enough to live and raise our kids decently and hopefully with good values.
all that being said, yes, there is a big part of me that is envious. I think it's probably a normal reaction, but i don't like feeling that way.
Anonymous
01/14/2011 10:32
Subject: Re:Dual income families, what is your HHI?
Anonymous wrote:What a depressing, miserable post. I am astonished at the postings, though. And depressed. Where are the folks who are teachers, social workers, nurses, etc. Don't they visit DC Urban Moms? Are most of these people attorneys?
This was my thought too. We're at $156K and I felt like we were doing just fine, until I read this post. Sheesh.
Anonymous
01/14/2011 10:01
Subject: Re:Dual income families, what is your HHI?
my house payment is $5K/month and I don't even like my house that much ...
Anonymous
01/14/2011 09:54
Subject: Dual income families, what is your HHI?
PP this is a post for people to crow and preen over home much they make. It's not a thread for normal people than earn modest amounts of money. My husband and I are in the service industry and just hit 130K last year. And I participate on DCUM far more than any one person should. 
Anonymous
01/14/2011 09:40
Subject: Re:Dual income families, what is your HHI?
What a depressing, miserable post. I am astonished at the postings, though. And depressed. Where are the folks who are teachers, social workers, nurses, etc. Don't they visit DC Urban Moms? Are most of these people attorneys?
Anonymous
01/14/2011 09:04
Subject: Dual income families, what is your HHI?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:bethesda mortgage: 4700/month
me: 125,000
hub: 160,000
one dear boy
painful.
I'm the $4,800/month from above. so glad to see we have some company. Our incomes are pretty close. Way I look at it, it will be painful for a few years, but sooner or later inflation will kick in and/or our incomes will rise.
Wow, both of your households are big risk takers. We have an HHI of almost $400,000 and our mortgage payment is only $2,800 (though we pay extra). Even at our income level, there's no way I'd feel comfortable spending almost $5K a month on just PITI. I must be very risk averse.
At 400k, you're either extremely risk averse or cheap.
No, neither. We have significant financial obligations to support extended family and we tithe off gross.
Anonymous
01/14/2011 09:03
Subject: Dual income families, what is your HHI?
Anonymous wrote:Anonymous wrote:ME 150K fed
DH 750K law firm partner
Live in NWDC, hopefully soon moving to Maryland
DH physician/surgeon $300,000. About 10 years of training post graduate. What a shame the attorney who puts in 3 lousy years is earning that kind of money. I won't show this to him...how depressing. Law-ridiculous profession...ridiculous salaries. Tragic.
Well if your DH had been better in reading than math/science, he too could be earning the big bucks. I really don't think $300K is anything to whine about. How much do YOU make?
Anonymous
01/14/2011 09:01
Subject: Dual income families, what is your HHI?
Anonymous wrote:How much do people typically save for college per month per kid?
We started out saving $250 per month per kid, and then when the oldest turned 6, I panicked and we upped it to $300 per child per month. Hope it will be enough!
Anonymous
01/14/2011 09:01
Subject: Re:Dual income families, what is your HHI?
Anonymous wrote:Anonymous wrote:FWIW, I make $83,000, a nurse, and am 49 years old. One kid. Public School. Hubby makes $125,000 same age..Federal.
Do any of these high earners ever see their children??? Ever?
No one we cannot afford Bethesda.
Clearly you haven't looked hard at the market in Bethesda lately. We have an HHI of 150K year with two in daycare, and we feel like we can afford Bethesda. Not the biggest grandest house in Bethesda, but there's home out there in the 650K range which would be completely reasonable on your HHI.
Buying a 650k house on a HHI of 208K? We make 100k more than that and the is no way we'd take on a mortgage for 520K (assuming 20% down) at that income level. Frankly, i would not take on a mortgage we could not sustain on ONE income. That would be a horrible feeling to have to have 2 incomes to pay my mortgage, especially in today's uncertain economy.
We make $60K less than that with one in DC and we are fine. Housing prices will eventually go up again. How much do you spend on vacations?