Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When you're older and look back at you life, are you really going to say, "I'm glad we spent the money and got a Tesla."

Maybe you will, but that's weird to me.

You can make it work. You seem like fiscally responsible people, so if that's what you want to prioritize, I'm sure you can do it.

I'd take some of that money and go on some really great family vacations when the kids are a bit older, but that's just me.

When OP's older and look back at her life, is she really going to say "I'm glad I had a net worth of 1.16 million in my mid-30s instead of a net worth of 1.14 million. Totally better than having that nice, cutting edge car we'd been eyeing for years?"

You don't seem to understand the concept of the time value of money.

You don't seem to understand grammatical tenses?

Anonymous wrote:

Anonymous wrote:When you're older and look back at you life, are you really going to say, "I'm glad we spent the money and got a Tesla."

Maybe you will, but that's weird to me.

You can make it work. You seem like fiscally responsible people, so if that's what you want to prioritize, I'm sure you can do it.

I'd take some of that money and go on some really great family vacations when the kids are a bit older, but that's just me.

When OP's older and look back at her life, is she really going to say "I'm glad I had a net worth of 1.16 million in my mid-30s instead of a net worth of 1.14 million. Totally better than having that nice, cutting edge car we'd been eyeing for years?"

You don't seem to understand the concept of the time value of money.

Same age as you, same HHI, and we have a LOT more money invested, and our house is paid off.

You DEFINITELY can not responsibly buy a Tesla, and speaking as a DH who is interested in cars and technology, I can understand how your DH is intrigued by the idea, but owning one (and knowing how much it cost him) would be more of a mental burden.

Your 3.9% mortgage isn't even that great of a deal, and it's not giving you "leverage," as you claim, since you don't even have the equivalent amount of money invested to lever. It's just debt.

You married a wise man; follow his lead, and you won't have to end up like your broke parents.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:http://www.paycheckcity.com/calculator/salary/

240,000 Salary

Pay Frequency Bi-weekly

Married

0 Exemptions

State Maryland

Deduction 1: 401K=20%

Deduction 2: 529=4%

Net Pay $3,866.67

Which is $8300 / month.

$3866 bi-weekly = $7732, not $8300

Nope. Those spam letters saying you can pay off your mortgage 8 years early must blow your mind!

Anonymous wrote:I say buy a Tesla when you need a car, and not before.

+1. In a nutshell.

Anonymous wrote:

Anonymous wrote:OP here. oh, I know what it feels like being under the microscope now.

Here is more information for those curious about our budget:

Income: 10,200 (after 401K, FSA, other deduction)
Condo Rent: 1760
Total:11,960

Mortgage (piti):4250
Condo expense:1300
daycare:2050
Roth IRA:917
529: 833
food:1000
utilities: 550 (include cell/internet)
car: 200 (insurance and gas)
entertainment: 200
clothing: 150
Total: 11450

There is 500 dollar left each month usually and bonus once an year (5k-10k). We do a big vacation with the money.

Yes the saving we have are a combination of what the in-laws gave us on the last couple of years and when we use to have less kids hence less daycare and 529 contribution.

I feel naked now!

OP, we have somewhat similar financials, though higher HHI ($280) and smaller mortgage ($3100), if a bit less from our rental property. Plenty in savings/529 etc., plus we'll both have pensions. We actually are springing for a Model X, after running the numbers every which way and realizing that we can totally afford it. We don't tend to take big vacations, and if you figure the monthly payments will be ~$1,000/month or $12K/year, people easily spend that through various means we don't (travel, nannies, etc.). We're fine with doing largely driving vacations, especially since we won't be paying for gas. We just had our third kid and our current car is an elderly Prius, so needed something larger.

Just a word about the test drive: I agreed to it for my DH, thinking that would satiate him and then we could go get our Honda Odyssey. Nope. Only made him lust after the car more, and he's a hugely geeky engineer (and I'm a moderately geeky scientist), not a car guy. But we're both excited about it and if this is our one extravagance, so be it. I probably wouldn't do it in your case, unless you put enough down that you can cover it monthly--but I also like more of a cushion in my budget. Wait for the Model Y, perhaps?

You and the OP are major geeks...get a life both of you!

Anonymous wrote:OP here. oh, I know what it feels like being under the microscope now.

Here is more information for those curious about our budget:

Income: 10,200 (after 401K, FSA, other deduction)
Condo Rent: 1760
Total:11,960

Mortgage (piti):4250
Condo expense:1300
daycare:2050
Roth IRA:917
529: 833
food:1000
utilities: 550 (include cell/internet)
car: 200 (insurance and gas)
entertainment: 200
clothing: 150
Total: 11450

There is 500 dollar left each month usually and bonus once an year (5k-10k). We do a big vacation with the money.

Yes the saving we have are a combination of what the in-laws gave us on the last couple of years and when we use to have less kids hence less daycare and 529 contribution.

I feel naked now!

OP, we have somewhat similar financials, though higher HHI ($280) and smaller mortgage ($3100), if a bit less from our rental property. Plenty in savings/529 etc., plus we'll both have pensions. We actually are springing for a Model X, after running the numbers every which way and realizing that we can totally afford it. We don't tend to take big vacations, and if you figure the monthly payments will be ~$1,000/month or $12K/year, people easily spend that through various means we don't (travel, nannies, etc.). We're fine with doing largely driving vacations, especially since we won't be paying for gas. We just had our third kid and our current car is an elderly Prius, so needed something larger.

Just a word about the test drive: I agreed to it for my DH, thinking that would satiate him and then we could go get our Honda Odyssey. Nope. Only made him lust after the car more, and he's a hugely geeky engineer (and I'm a moderately geeky scientist), not a car guy. But we're both excited about it and if this is our one extravagance, so be it. I probably wouldn't do it in your case, unless you put enough down that you can cover it monthly--but I also like more of a cushion in my budget. Wait for the Model Y, perhaps?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:http://www.paycheckcity.com/calculator/salary/

240,000 Salary

Pay Frequency Bi-weekly

Married

0 Exemptions

State Maryland

Deduction 1: 401K=20%

Deduction 2: 529=4%

Net Pay $3,866.67

Which is $8300 / month.

$3866 bi-weekly = $7732, not $8300

Which would assume there are exactly 4 weeks in each month. There are not.

Bi-weekly has 26 pay periods and Semi- Monthly has 24, when you spread the extra 2, yes you reach 8300.00.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:http://www.paycheckcity.com/calculator/salary/

240,000 Salary

Pay Frequency Bi-weekly

Married

0 Exemptions

State Maryland

Deduction 1: 401K=20%

Deduction 2: 529=4%

Net Pay $3,866.67

Which is $8300 / month.

$3866 bi-weekly = $7732, not $8300

Which would assume there are exactly 4 weeks in each month. There are not.

Anonymous wrote:

Anonymous wrote:http://www.paycheckcity.com/calculator/salary/

240,000 Salary

Pay Frequency Bi-weekly

Married

0 Exemptions

State Maryland

Deduction 1: 401K=20%

Deduction 2: 529=4%

Net Pay $3,866.67

Which is $8300 / month.

$3866 bi-weekly = $7732, not $8300

Anonymous wrote:My parents saved very little (good income, good life, generous with others but very little left). My in-laws save too much (in the last couple of years, they gave their kids 28K each due to estate planning but argue about taking a few hundred dollars flight because it is too expensive).

I am hoping to strike a balance. Enjoy our life now, save enough to enjoy retirement. My husband is more like his parents (he keeps adding oil to his 10 year old dented Civic, sticking two kids back there despite the two doors model and claims it is fine).

Our finance:
We are both mid thirties
240K HHI
200K equity in our 900K house
80K equity in our 230k condo rental
760K in our 401K/roth IRAs (we contribute 47K to these accounts each year)
20K in 529 for 1 and 3 year old (we contribute 10K to these accounts each year)
100K in saving/bonds/general-investing for Emg/whatever
cars are paid but oldish (10 and 9 year old).

My husband is wonderful and he is not into worldly goods/or cars. But he keep talking about how nice the Tesla "concept" is (he did not say he wants one because "the Civic is good for at least another 2 years!"). He commutes 45 min-1 hr each way. I think he will enjoy the Tesla and financial we can take it (80K!) but close.What say you DCUM, should I talk him into it? or am I veering toward spending too much?

I am eerily similar in many ways:

my parents are struggling with retirement after living the good life for years and I have always been determined to save and spend wisely
DH's parents are much more disciplined (less so than your DH's - but still on the "not living life in perfect balance" side)
240 HHI
200k equity on 900k house with 28 years to go at 4%
slightly more equity on the rental house, slightly less in the 401ks
similar 529 savings with slightly older kids
larger emergency fund, but if it weren't for the old house we would be directing more of that to 401ks like you
cars are 4 and 7 and paid off

DH is also not particularly into worldly goods, though cars would be the one thing to get his notice. We've both been driving Hyundais for the past 15 years, so when he said he wanted to put in a deposit for a Tesla I told him to go for it. When it's available in a couple of years we can reassess where we are with our current cars and our liquid savings, but he also has a 45 min - 1 hour commute (though only 3 days a week) and we're a couple of engineering geeks we agreed that it wasn't a crazy idea.

DH's co-worker was an early adopter and DH has driven his Tesla a number of times over the past year or so and absolutely loves the car.

I don't think your should talk him into it, but if it's something that he decides that he wants I see no reason not to support him in it.

My neighbors were in a similar position. Bought a new car, not a Tesla but about $80K. She lost her good job in a good field. We are all shocked that 1.5 years later, she still can not find a job. They are going to the dealer this weekend to sell back their $80K car, and also making various other financial cuts.

I wouldn't buy it. Paying 1/3 of you net income for a car is irresponsible, but then a lot of irresponsible people buy cars that are too expensive

OP here. oh, I know what it feels like being under the microscope now.

Here is more information for those curious about our budget:

Income: 10,200 (after 401K, FSA, other deduction)
Condo Rent: 1760
Total:11,960

Mortgage (piti):4250
Condo expense:1300
daycare:2050
Roth IRA:917
529: 833
food:1000
utilities: 550 (include cell/internet)
car: 200 (insurance and gas)
entertainment: 200
clothing: 150
Total: 11450

There is 500 dollar left each month usually and bonus once an year (5k-10k). We do a big vacation with the money.

Yes the saving we have are a combination of what the in-laws gave us on the last couple of years and when we use to have less kids hence less daycare and 529 contribution.

I feel naked now!

Anonymous wrote:

Anonymous wrote:http://www.paycheckcity.com/calculator/salary/

240,000 Salary

Pay Frequency Bi-weekly

Married

0 Exemptions

State Maryland

Deduction 1: 401K=20%

Deduction 2: 529=4%

Net Pay $3,866.67

Which is $8300 / month.

And I'm not sure the taxes work out correctly because all the income is being attributed to 1 person. There may be a marriage penalty. Also, health insurance is generally pretax, but the 529 is only pretax for state, not federal or FICA.

Anonymous wrote:

Anonymous wrote:http://www.paycheckcity.com/calculator/salary/

240,000 Salary

Pay Frequency Bi-weekly

Married

0 Exemptions

State Maryland

Deduction 1: 401K=20%

Deduction 2: 529=4%

Net Pay $3,866.67

Which is $8300 / month.

Bi-weekly Gross Pay$9,230.77
Federal Withholding$1,991.98
Social Security$572.31
Medicare$133.85
Maryland$450.58
529$769.00
401k$693.00
Net Pay
Net Pay$4,620.05

Which is $10,010 / month. There you go.