Anonymous
07/30/2014 11:31
Subject: Re:What's your family size and how much do you spend each month total?
Anonymous wrote:No. I am a teacher and have a sizable chunk of my salary put in a pension. I also have money taken out and put into a 401K.
Are you the teacher making $50K a year? How much do you live on after contributing to your pension and 401(k)?
Anonymous
07/30/2014 11:29
Subject: Re:What's your family size and how much do you spend each month total?
Anonymous wrote:I agree with the PP. I'm a single mom to one school aged child. I make around $50K per year and I feel well off. We have enough to eat, we live in a safe home, my son goes to a great public school, I have enough to pay all of my bills. Yet someone else would say someone earning $50K can't possibly live well in this area. We can and we do.
To me, living well is going on vacation, buying new clothes, having money to go out to dinner and shows, and contributing to charitable causes important to us.
Anonymous
07/30/2014 11:28
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We are a family of 4 with 2 kids under 5, and we spend on average about $11k a month.
WOW!!! Seriously? We spend about $4k and I think we're well off.
You aren't.
Yes, we are. We have everything we need and then some. You need a reality check if you can't understand that. Take a good hard look at the people you see every day and how they live. We have a nice house and a nice car and food in the fridge, heating and shelter, clothes on our backs, regular vacations, books and toys for the kids. Just because you are extravagant and don't understand the value of money doesn't make you "better" than someone who knows what it means.
Our HHI is about $90k and that is a LOT of money. It truly is. I am grateful for what we have and that we are not struggling.
You don't have to save enough to pay your kids' college educations in full, unlike families who make more. We need to save $500,000 to pay for our two childrens' educations through the end of college, no prayer of financial aid.
What's that got to do with anything? this thread is about spending not saving. I actually think that our college savings and retirement are in pretty good shape, but that's for another thread. (Also, $500k for two kids is beyond ridiculous - where are you sending them?).
The top twenty private colleges are runnning $60K a year these days, and my kids aren't even college aged yet.
Anonymous
07/30/2014 11:26
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We are a family of 4 with 2 kids under 5, and we spend on average about $11k a month.
WOW!!! Seriously? We spend about $4k and I think we're well off.
You aren't.
Yes, we are. We have everything we need and then some. You need a reality check if you can't understand that. Take a good hard look at the people you see every day and how they live. We have a nice house and a nice car and food in the fridge, heating and shelter, clothes on our backs, regular vacations, books and toys for the kids. Just because you are extravagant and don't understand the value of money doesn't make you "better" than someone who knows what it means.
Our HHI is about $90k and that is a LOT of money. It truly is. I am grateful for what we have and that we are not struggling.
We save more than 90K a year. Different scale of living.
Anonymous
07/30/2014 11:25
Subject: Re:What's your family size and how much do you spend each month total?
Anonymous wrote:Oh and I don't know anyone whose parents paid for the tuition in full for college. I went to a prep school and none of my friends' parents did this. Even the ones who were rich. Everyone took out loans and I will expect my child to do so too.
You must mean fully private loans, not the subsidized USG loans. My parents were middle class and paid the tuition in full for my college and my brother's, and I fully expect to do the same. That's one of the reasons I kept working full time even though my husband makes $180K.
Anonymous
07/30/2014 11:13
Subject: Re:What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:I agree with the PP. I'm a single mom to one school aged child. I make around $50K per year and I feel well off. We have enough to eat, we live in a safe home, my son goes to a great public school, I have enough to pay all of my bills. Yet someone else would say someone earning $50K can't possibly live well in this area. We can and we do.
Are you planning to live on social security in retirement?
Not the PP, but same demographics on just under 70K a year. I feel the same. I have a pension, save 15% towards retirement (plus match), and mortgage will be paid off the year my little one hits undergrad. I'll be 44. Can retire at 50. Live in DC and love our place. I probably eat out and travel more than the average person on DCUM. Childcare costs are $0, mortgage is super low, SL debt is nearly paid off and $60/month. My ex and I stagger our schedules to avoid before/aftercare fees.
Anonymous
07/30/2014 10:59
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We are a family of 4 with 2 kids under 5, and we spend on average about $11k a month.
WOW!!! Seriously? We spend about $4k and I think we're well off.
You aren't.
Yes, we are. We have everything we need and then some. You need a reality check if you can't understand that. Take a good hard look at the people you see every day and how they live. We have a nice house and a nice car and food in the fridge, heating and shelter, clothes on our backs, regular vacations, books and toys for the kids. Just because you are extravagant and don't understand the value of money doesn't make you "better" than someone who knows what it means.
Our HHI is about $90k and that is a LOT of money. It truly is. I am grateful for what we have and that we are not struggling.
You don't have to save enough to pay your kids' college educations in full, unlike families who make more. We need to save $500,000 to pay for our two childrens' educations through the end of college, no prayer of financial aid.
What's that got to do with anything? this thread is about spending not saving. I actually think that our college savings and retirement are in pretty good shape, but that's for another thread. (Also, $500k for two kids is beyond ridiculous - where are you sending them?).
Why is that beyond ridiculous. Look out the window.
A good private school, today, in 2014 dollars, full cost of attendance is maybe $50K. $200K in today's dollars. Using the rule of 72 that means it doubles in 18 years so a newborn could expect the cost to be $400K - this for undergrad.
Anonymous
07/30/2014 10:40
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:Also, we're counting on our kids being smart or athletic. The athletic part is probably a bust given their parents, so they'll just have to be smart!
When you have a higher HHI, your kids can be as smart as you want, you're still not going to get aid (other than loans). You're sort of in the HHI sweet spot for being able to get aid.
Oh, boo hoo, poor little rich kids.
Have you ever heard of merit scholarships?
Anonymous
07/30/2014 10:29
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Also, we're counting on our kids being smart or athletic. The athletic part is probably a bust given their parents, so they'll just have to be smart!
When you have a higher HHI, your kids can be as smart as you want, you're still not going to get aid (other than loans). You're sort of in the HHI sweet spot for being able to get aid.
Anonymous
07/30/2014 10:07
Subject: What's your family size and how much do you spend each month total?
Also, we're counting on our kids being smart or athletic. The athletic part is probably a bust given their parents, so they'll just have to be smart!
Anonymous
07/30/2014 10:01
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We are a family of 4 with 2 kids under 5, and we spend on average about $11k a month.
WOW!!! Seriously? We spend about $4k and I think we're well off.
You aren't.
Yes, we are. We have everything we need and then some. You need a reality check if you can't understand that. Take a good hard look at the people you see every day and how they live. We have a nice house and a nice car and food in the fridge, heating and shelter, clothes on our backs, regular vacations, books and toys for the kids. Just because you are extravagant and don't understand the value of money doesn't make you "better" than someone who knows what it means.
Our HHI is about $90k and that is a LOT of money. It truly is. I am grateful for what we have and that we are not struggling.
You don't have to save enough to pay your kids' college educations in full, unlike families who make more. We need to save $500,000 to pay for our two childrens' educations through the end of college, no prayer of financial aid.
What's that got to do with anything? this thread is about spending not saving. I actually think that our college savings and retirement are in pretty good shape, but that's for another thread. (Also, $500k for two kids is beyond ridiculous - where are you sending them?).
Anonymous
07/30/2014 09:58
Subject: Re:What's your family size and how much do you spend each month total?
Oh and I don't know anyone whose parents paid for the tuition in full for college. I went to a prep school and none of my friends' parents did this. Even the ones who were rich. Everyone took out loans and I will expect my child to do so too.
Anonymous
07/30/2014 09:56
Subject: Re:What's your family size and how much do you spend each month total?
No. I am a teacher and have a sizable chunk of my salary put in a pension. I also have money taken out and put into a 401K.
Anonymous
07/30/2014 09:37
Subject: Re:What's your family size and how much do you spend each month total?
Anonymous wrote:I agree with the PP. I'm a single mom to one school aged child. I make around $50K per year and I feel well off. We have enough to eat, we live in a safe home, my son goes to a great public school, I have enough to pay all of my bills. Yet someone else would say someone earning $50K can't possibly live well in this area. We can and we do.
Are you planning to live on social security in retirement?
Anonymous
07/30/2014 09:36
Subject: What's your family size and how much do you spend each month total?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We are a family of 4 with 2 kids under 5, and we spend on average about $11k a month.
WOW!!! Seriously? We spend about $4k and I think we're well off.
You aren't.
Yes, we are. We have everything we need and then some. You need a reality check if you can't understand that. Take a good hard look at the people you see every day and how they live. We have a nice house and a nice car and food in the fridge, heating and shelter, clothes on our backs, regular vacations, books and toys for the kids. Just because you are extravagant and don't understand the value of money doesn't make you "better" than someone who knows what it means.
Our HHI is about $90k and that is a LOT of money. It truly is. I am grateful for what we have and that we are not struggling.
You don't have to save enough to pay your kids' college educations in full, unlike families who make more. We need to save $500,000 to pay for our two childrens' educations through the end of college, no prayer of financial aid.