Anonymous
03/22/2018 09:58
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:$500k
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
This is my fear of getting a nanny or moving to a more expensive house. Our salary is only 375k (bonus a lot more) and we save at least 5k per month after retirement. I can’t imagine earning 500k and only being able to save 1500 a month! The 401ks won’t be nearly enough to support you in retirement.
To out things in perspective - pp earns 41k a month pretax and can only find 1,500 to invest. Wow.
Pretax is interesting but not relevant at our tax level, especially with a two income hh. We bring home about $17k a month. Between investment, 401ks and 529s we save $72k a year.
We are both mid 40s and have $2.1 million in retirement, $300k in an investment account, $265k in 529s, $100k in an emergency fund and $600k in equity in our house. Our only debt is our mortgage. I’m comfortable where we are.
I guess? Most people on this board are dual income with a higher HHI. Bringing home 17k a month and only saving $1.5 is kind of pathetic.
Also not sure how at 500k you bring home only 17k per month. We of course max out everything and at close to 400k we bring home 16k per month.
Anonymous
03/22/2018 09:18
Subject: If you make 500-600k range and are married with kids
750k. late 40s.
No mortgage. Own three houses including main residence outright. We earn enough to both pay down the mortgage AND invest in equities. Main outgoings are
Tax
Nanny/ Housekeeper/ lawn/ cleaning: 3k per month
vacations
Rest is all savings.
No mortgage. Own three houses including main residence outright. We earn enough to both pay down the mortgage AND invest in equities. Main outgoings are
Tax
Nanny/ Housekeeper/ lawn/ cleaning: 3k per month
vacations
Rest is all savings.
Anonymous
03/22/2018 06:43
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:Anonymous wrote:$500k
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
This is my fear of getting a nanny or moving to a more expensive house. Our salary is only 375k (bonus a lot more) and we save at least 5k per month after retirement. I can’t imagine earning 500k and only being able to save 1500 a month! The 401ks won’t be nearly enough to support you in retirement.
To out things in perspective - pp earns 41k a month pretax and can only find 1,500 to invest. Wow.
Pretax is interesting but not relevant at our tax level, especially with a two income hh. We bring home about $17k a month. Between investment, 401ks and 529s we save $72k a year.
We are both mid 40s and have $2.1 million in retirement, $300k in an investment account, $265k in 529s, $100k in an emergency fund and $600k in equity in our house. Our only debt is our mortgage. I’m comfortable where we are.
Anonymous
03/22/2018 06:33
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:Anonymous wrote:$500k
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
This is my fear of getting a nanny or moving to a more expensive house. Our salary is only 375k (bonus a lot more) and we save at least 5k per month after retirement. I can’t imagine earning 500k and only being able to save 1500 a month! The 401ks won’t be nearly enough to support you in retirement.
To out things in perspective - pp earns 41k a month pretax and can only find 1,500 to invest. Wow.
Yup. We make that and save 7k/mo (this is above and beyond 401k max and IRA max) and I feel like we spend like crazy. We could be investing much more. Our mortgage is half that. And we did AUPairs.
Anonymous
03/22/2018 06:29
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:Anonymous wrote:Mortgage - $6600
Daycare (2 Kids) - $3500
Nanny - $6500
Those are the largest monthly expenses, but of course there are many others...waiting until all 3 kids age out of daycare.
You pay your nanny $78K/yr?
Yes, $25/hr for 55 hours a week plus insurance. It's a lot but the going rate for professional nannies . She cares for a baby and then shuttles 2 kids under 5 to activities, does the laundry, prepares dinner, etc. definitely a luxury but it allows us both to work and spend more time with the kids.
Why in the world do you have 2 kids in daycare on top of that??? We too had a nanny (not for $25/he either!) and sent our kids to a PT preschool 3 days a week before they started K. Despite that my 2nd grader is reading at a 4th grade level and my 6th grader is in AAP, fluent in German, and taking Algebra 1. Why in they neck are you warehousing your older children in a institution when you have options?
Anonymous
03/22/2018 06:25
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:$500k
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
This is my fear of getting a nanny or moving to a more expensive house. Our salary is only 375k (bonus a lot more) and we save at least 5k per month after retirement. I can’t imagine earning 500k and only being able to save 1500 a month! The 401ks won’t be nearly enough to support you in retirement.
To out things in perspective - pp earns 41k a month pretax and can only find 1,500 to invest. Wow.
Anonymous
03/22/2018 06:19
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:$500k
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
This is my fear of getting a nanny or moving to a more expensive house. Our salary is only 375k (bonus a lot more) and we save at least 5k per month after retirement. I can’t imagine earning 500k and only being able to save 1500 a month! The 401ks won’t be nearly enough to support you in retirement.
Anonymous
03/22/2018 00:37
Subject: If you make 500-600k range and are married with kids
Mortgage $5,400
Retirement $4,000
Childcare $4,500-5,000
Car $600
529 $400
Other savings $1,500
Retirement $4,000
Childcare $4,500-5,000
Car $600
529 $400
Other savings $1,500
Anonymous
03/21/2018 23:00
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:When we had a 500k income,
Mortgage $4800
Daycare 3000
Car lease 600
Insurance 300
Credit card bill was around 5000-10000 per month. We charged everything. Biggest charge expense was travel.
HHI is now 1.5m and we are moving.
New mortgage will be 15000
Housekeeper 2000
Credit card 5-20k biggest expense still travel.
We saved a lot at 500k and also at 1.5m.
15,000 mortgage. Wow. Where do you live?
Anonymous
03/21/2018 21:54
Subject: Re:If you make 500-600k range and are married with kids
When we had a 500k income,
Mortgage $4800
Daycare 3000
Car lease 600
Insurance 300
Credit card bill was around 5000-10000 per month. We charged everything. Biggest charge expense was travel.
HHI is now 1.5m and we are moving.
New mortgage will be 15000
Housekeeper 2000
Credit card 5-20k biggest expense still travel.
We saved a lot at 500k and also at 1.5m.
Mortgage $4800
Daycare 3000
Car lease 600
Insurance 300
Credit card bill was around 5000-10000 per month. We charged everything. Biggest charge expense was travel.
HHI is now 1.5m and we are moving.
New mortgage will be 15000
Housekeeper 2000
Credit card 5-20k biggest expense still travel.
We saved a lot at 500k and also at 1.5m.
Anonymous
03/21/2018 16:35
Subject: Re:If you make 500-600k range and are married with kids
$500k
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
PITI: $4900
Nanny: $4000
Sports & Activities (kids are mid-elementary school): $800
529s: $1500
Investment: $1500
Max out 401ks (x2)
Anonymous
03/21/2018 14:10
Subject: If you make 500-600k range and are married with kids
Max out 1 401k, 3800 mortgage, 1200 college savings.
Anonymous
03/21/2018 13:59
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:Anonymous wrote:Mortgage - $6600
Daycare (2 Kids) - $3500
Nanny - $6500
Those are the largest monthly expenses, but of course there are many others...waiting until all 3 kids age out of daycare.
You pay your nanny $78K/yr?
Yes, $25/hr for 55 hours a week plus insurance. It's a lot but the going rate for professional nannies . She cares for a baby and then shuttles 2 kids under 5 to activities, does the laundry, prepares dinner, etc. definitely a luxury but it allows us both to work and spend more time with the kids.
Fellow working mom here. I'd almost suggest you break up the nanny job into 2 jobs rather than having 1 nanny work 55 hours/week.
Anonymous
03/21/2018 07:48
Subject: Re:If you make 500-600k range and are married with kids
Anonymous wrote:Anonymous wrote:Mortgage - $6600
Daycare (2 Kids) - $3500
Nanny - $6500
Those are the largest monthly expenses, but of course there are many others...waiting until all 3 kids age out of daycare.
You pay your nanny $78K/yr?
Yes, $25/hr for 55 hours a week plus insurance. It's a lot but the going rate for professional nannies . She cares for a baby and then shuttles 2 kids under 5 to activities, does the laundry, prepares dinner, etc. definitely a luxury but it allows us both to work and spend more time with the kids.
Anonymous
03/21/2018 07:38
Subject: If you make 500-600k range and are married with kids
We were at 600 last year. This year might be about 500.
Mortgage $3,600
Aftercare, camps, or kid activities $1,300
Groceries and eating out $1,700
529s $1,000
Max out 401ks
Commuting and other car expenses $1,200
We also spend a fair bit on vacations.
Mortgage $3,600
Aftercare, camps, or kid activities $1,300
Groceries and eating out $1,700
529s $1,000
Max out 401ks
Commuting and other car expenses $1,200
We also spend a fair bit on vacations.