Anonymous
Post 07/10/2015 08:40     Subject: Re:450k HHI- lifestyle questions
Absolutely the fear is sustainability. That's a reason why I don't want to enroll my kids in private. Who knows if I can stay in BigLaw or earn the equivalent for that long! This is a big fear of mine, to be honest. I stress out about it a lot.
Anonymous
Post 07/09/2015 21:56     Subject: 450k HHI- lifestyle questions
Woe is us, the struggle is real.

I am one of the PP.
Anonymous
Post 07/09/2015 19:11     Subject: 450k HHI- lifestyle questions
Yes, we're also at $375 and wonder how long we'll sustain it. It's kind of a bummer. We work hard but we can't really enjoy the money because we feel the need to save it in case it ends. I know-cry me a river-but it is something we do think about.
Anonymous
Post 07/09/2015 17:05     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We are also around $350-450 HHI depending on bonuses. We did hit $450 last year. Two kids. $4400 mortgage, $3000 childcare, every household expense we can goes on credit cards and it generally comes out to $4-5k/month. The rest we save in 401k, 529 plans for the kids, and an investment account. My view is that we are very comfortable and I would never say we have money worries. We have the flexibility to do what we want without worrying, though I wouldn't say we live extravagantly. We don't even have more than one car, and it's a Honda.

DH believes our jobs and paychecks at this level are not guaranteed (we are both lawyers, one in biglaw, so he's right to some extent) and he feels financially insecure even though we have a lot in savings. He's crying wolf a bit because he clearly doesn't feel insecure enough to cut back on buying lunch every day, last minute weekend trips, new kitchen toys and expensive food purchases, etc. But anyway, I think that's another way people can feel that way at this HHI, if they worry it won't last.


We are very similar with probably slightly higher fixed expenses. Our income is closer to 500k, but we think we can't rely on it (one of us is also in BigLaw) and it is hard to imagine being able to save enough to replace it.


I suspect that a lot of people who make this kind of income have similar concerns. We get used to some of the perks of income at this level, and worry that we won't be able to save enough to keep up the lifestyle if the income ever shrinks.


I think this is true. We are slightly less - $360k - but the big fear is sustainability.
Anonymous
Post 07/09/2015 17:00     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:We are also around $350-450 HHI depending on bonuses. We did hit $450 last year. Two kids. $4400 mortgage, $3000 childcare, every household expense we can goes on credit cards and it generally comes out to $4-5k/month. The rest we save in 401k, 529 plans for the kids, and an investment account. My view is that we are very comfortable and I would never say we have money worries. We have the flexibility to do what we want without worrying, though I wouldn't say we live extravagantly. We don't even have more than one car, and it's a Honda.

DH believes our jobs and paychecks at this level are not guaranteed (we are both lawyers, one in biglaw, so he's right to some extent) and he feels financially insecure even though we have a lot in savings. He's crying wolf a bit because he clearly doesn't feel insecure enough to cut back on buying lunch every day, last minute weekend trips, new kitchen toys and expensive food purchases, etc. But anyway, I think that's another way people can feel that way at this HHI, if they worry it won't last.


We are very similar with probably slightly higher fixed expenses. Our income is closer to 500k, but we think we can't rely on it (one of us is also in BigLaw) and it is hard to imagine being able to save enough to replace it.


I suspect that a lot of people who make this kind of income have similar concerns. We get used to some of the perks of income at this level, and worry that we won't be able to save enough to keep up the lifestyle if the income ever shrinks.
Anonymous
Post 07/09/2015 11:14     Subject: 450k HHI- lifestyle questions
Anonymous wrote:We are also around $350-450 HHI depending on bonuses. We did hit $450 last year. Two kids. $4400 mortgage, $3000 childcare, every household expense we can goes on credit cards and it generally comes out to $4-5k/month. The rest we save in 401k, 529 plans for the kids, and an investment account. My view is that we are very comfortable and I would never say we have money worries. We have the flexibility to do what we want without worrying, though I wouldn't say we live extravagantly. We don't even have more than one car, and it's a Honda.

DH believes our jobs and paychecks at this level are not guaranteed (we are both lawyers, one in biglaw, so he's right to some extent) and he feels financially insecure even though we have a lot in savings. He's crying wolf a bit because he clearly doesn't feel insecure enough to cut back on buying lunch every day, last minute weekend trips, new kitchen toys and expensive food purchases, etc. But anyway, I think that's another way people can feel that way at this HHI, if they worry it won't last.


We are very similar with probably slightly higher fixed expenses. Our income is closer to 500k, but we think we can't rely on it (one of us is also in BigLaw) and it is hard to imagine being able to save enough to replace it.
Anonymous
Post 07/08/2015 16:06     Subject: 450k HHI- lifestyle questions
They didn't get full ride, only full tuition, bc they have to pay housing, etc. But, she did get a full ride to another public school. Smart, lovely kid who doesn't play sports and doesn't have a *hook* as far as I know. Didn't start a charity or create an app with a million downloads.

It said in the paper that consumers don't actually know the actual price of college, but I think those at the HHI we're discussing should be prepared to pay the advertised prices.
Anonymous
Post 07/08/2015 14:45     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.


This is such a fallacy. There are plenty of public schools that can hold their own with private schools, and not all kids can get into a big 3, and also, for some folks this allows them to pay for college for their children.


+1 Our friends at $200k HHI just got free tuition at very good private college. At $450K, I trust we will be full pay. We live in DC and out-of-state tuition at top publics are $50k, so we are planning on spending $400k for 2 kids.

Re health insurance, a partner will pay full freight. So that's $24k annual premium for family plus $6k deductible.


They got a full ride at 200k HHI? Wow I'm surprised. I guess I have a lot to learn about this. Luckily DD is only a rising second grader.


Not likely a full ride based on finanical need. Colleges sometimes want students with specific talents or demographic profile. Talents don't need to be sports. It can music, dance, math, etc, etc. So it's not safe to assume that because you make 200k you will be able to find a place that will grant your kid financial aid.
Anonymous
Post 07/08/2015 14:43     Subject: 450k HHI- lifestyle questions
full ride at 200k? Are they reporting all their income?
Anonymous
Post 07/08/2015 14:39     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.


This is such a fallacy. There are plenty of public schools that can hold their own with private schools, and not all kids can get into a big 3, and also, for some folks this allows them to pay for college for their children.


+1 Our friends at $200k HHI just got free tuition at very good private college. At $450K, I trust we will be full pay. We live in DC and out-of-state tuition at top publics are $50k, so we are planning on spending $400k for 2 kids.

Re health insurance, a partner will pay full freight. So that's $24k annual premium for family plus $6k deductible.


They got a full ride at 200k HHI? Wow I'm surprised. I guess I have a lot to learn about this. Luckily DD is only a rising second grader.
Anonymous
Post 07/08/2015 14:34     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.


This is such a fallacy. There are plenty of public schools that can hold their own with private schools, and not all kids can get into a big 3, and also, for some folks this allows them to pay for college for their children.


+1 Our friends at $200k HHI just got free tuition at very good private college. At $450K, I trust we will be full pay. We live in DC and out-of-state tuition at top publics are $50k, so we are planning on spending $400k for 2 kids.

Re health insurance, a partner will pay full freight. So that's $24k annual premium for family plus $6k deductible.


Don't you hate it when people ride on other's coat tails? It's terrible we basically pay full price so that lazy jim who wants to work 40 hours a week and his wife SAH gets free tution from my two income household.
Anonymous
Post 07/08/2015 14:34     Subject: 450k HHI- lifestyle questions
I'm pp and not complaining, just pointing out.
Anonymous
Post 07/08/2015 14:31     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:I love the people who spend $ on luxuries for themselves but send their kids to public. Good priorities there.


This is such a fallacy. There are plenty of public schools that can hold their own with private schools, and not all kids can get into a big 3, and also, for some folks this allows them to pay for college for their children.


+1 Our friends at $200k HHI just got free tuition at very good private college. At $450K, I trust we will be full pay. We live in DC and out-of-state tuition at top publics are $50k, so we are planning on spending $400k for 2 kids.

Re health insurance, a partner will pay full freight. So that's $24k annual premium for family plus $6k deductible.
Anonymous
Post 07/08/2015 01:20     Subject: 450k HHI- lifestyle questions
We use flushable wipes, if we made more we could install a standalone bidet
Anonymous
Post 07/08/2015 00:47     Subject: 450k HHI- lifestyle questions
Anonymous wrote:
Anonymous wrote:We have more obligations than you do. Charities, fundraisers, etc. the expectations are higher.


We currently donate 7-10% of our gross income. Is that the same at that level? The statistics do not bear this out.


Before Obama became president, he donates less than 2% of his income. I am not president so I follow his lead.