Anonymous wrote:How much do you need to make for the following:
- Single family home within a 45 minute commute of downtown DC
- 2 cars
- Save for retirement at age 65
- Pay for college, 2-3 kids
- 1 week domestic family vacation every year
- No financial stress about all the regular, and unplanned, maintenance, repairs, etc
I live a similar lifestyle except the house which is a townhouse about 1hr from DC. Current spending about 8-9k a month. If we were to move up to a $1M SFH our mortgage would jump by $4k a month so 12-13k spending. Now add few thousand a month for retirement and medium term savings and you need 15-16k after taxes.
Bare minimum $250k and that doesn’t give you much room to save. Ideally $300k+ and probably $400k+ to really feel like you can be comfortable