Anonymous
03/28/2017 11:23
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:We feel stretched on 750k. Three kids in daycare, two SUVs, a couple vacations a year, housecleaner, $8k mortgage, home maintenance and landscaping, and a modest vacation home...it adds up a lot faster than it seems.
8K mortgage?
well some are screaming troll. but in this area - there are plenty of people stupid enough to spend that much on a house.
Anonymous
03/27/2017 19:20
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:18K for three vacations a year? Cry me a river.
No one is "scraping by" with that budget.
That is fairly modest with 500 K HHI, most people in that range who I know spend more (we spend more with ~300 K HHI).
Their problem is not vacation - they reportedly spend same on charity (hard to believe, for lawyers especially).
Their main problem is a 1.5 M house with corresponding mortgage and prop. taxes, apparently bought with little down.
We grossed $532,000 in 2016. We spent $5,000 on vacations. And we have no mortgage.
Then you are not very smart. I wouldn't want a sad life like that.
I LOVE vacations.
$5000 won't even cover one nice vacation, well barely.
NP. I like vacations too, and I spend a lot more than $5k per year on them. But, different people enjoy different things. That's okay. You sound like a jerk for insulting someone just because they like different things than you do. Just because this person doesn't prioritize vacations doesn't make them stupid or sad.
I agree with you. I live travel and especially love taking the kids to new places. Id give up a lot before i gave up travel. But to each his own.
Anonymous
03/27/2017 17:23
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:We feel stretched on 750k. Three kids in daycare, two SUVs, a couple vacations a year, housecleaner, $8k mortgage, home maintenance and landscaping, and a modest vacation home...it adds up a lot faster than it seems.
You feel stretched because you spend all of your money. Stop doing it. Or stop complaining. You make more than 10x the median HHI. I am embarrassed for you.
No way this is real. They have a vacation home and no nanny?
Anonymous
03/27/2017 17:04
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:18K for three vacations a year? Cry me a river.
No one is "scraping by" with that budget.
That is fairly modest with 500 K HHI, most people in that range who I know spend more (we spend more with ~300 K HHI).
Their problem is not vacation - they reportedly spend same on charity (hard to believe, for lawyers especially).
Their main problem is a 1.5 M house with corresponding mortgage and prop. taxes, apparently bought with little down.
We grossed $532,000 in 2016. We spent $5,000 on vacations. And we have no mortgage.
Then you are not very smart. I wouldn't want a sad life like that.
I LOVE vacations.
$5000 won't even cover one nice vacation, well barely.
NP. I like vacations too, and I spend a lot more than $5k per year on them. But, different people enjoy different things. That's okay. You sound like a jerk for insulting someone just because they like different things than you do. Just because this person doesn't prioritize vacations doesn't make them stupid or sad.
Anonymous
03/27/2017 16:42
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:18K for three vacations a year? Cry me a river.
No one is "scraping by" with that budget.
That is fairly modest with 500 K HHI, most people in that range who I know spend more (we spend more with ~300 K HHI).
Their problem is not vacation - they reportedly spend same on charity (hard to believe, for lawyers especially).
Their main problem is a 1.5 M house with corresponding mortgage and prop. taxes, apparently bought with little down.
We grossed $532,000 in 2016. We spent $5,000 on vacations. And we have no mortgage.
Then you are not very smart. I wouldn't want a sad life like that.
I LOVE vacations.
$5000 won't even cover one nice vacation, well barely.
Anonymous
03/27/2017 16:29
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:Serious Question
Aren't all those mortgages on those 1-1.2 million houses all over the place now 6,000k+ at least after taxes
Shows you why we should cap the mortgage deduction but that's a whole other issue
No. Around $5k including taxes.
We have a 1.2 mil house. We live in a state with no state income tax but higher property taxes. We put 20% down. Our payment (which includes insurances and real estate taxes) is $5,300 a month.
Anonymous
03/27/2017 16:26
Subject: Re:Scraping by on $500k
Anonymous wrote:We feel stretched on 750k. Three kids in daycare, two SUVs, a couple vacations a year, housecleaner, $8k mortgage, home maintenance and landscaping, and a modest vacation home...it adds up a lot faster than it seems.
8K mortgage?
Anonymous
03/27/2017 15:24
Subject: Re:Scraping by on $500k
Anonymous wrote:We feel stretched on 750k. Three kids in daycare, two SUVs, a couple vacations a year, housecleaner, $8k mortgage, home maintenance and landscaping, and a modest vacation home...it adds up a lot faster than it seems.
It is nice having things and house help, but feeling stretched at that point is a choice.
Anonymous
03/27/2017 14:27
Subject: Scraping by on $500k
Anonymous wrote:Surprise! If you spend all of your money, you will have none.
I am going to frame this and hand it to my children when they start out on their own.
Anonymous
03/27/2017 13:34
Subject: Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We don't feel stretched on $275k gross with 2 young kids (toddler and infant). In fact we feel quite comfortable. Live in nice NW DC neighborhood (small-ish condo of 11 sq. ft), saving $75-80k per year, plus $4-5k per 529, and we have room for what we consider to be nice luxuries like restaurants (about $12k per year) and travel (about $10k per year) and donating to charities we support (about $3k per year). One kid is in daycare ($20k per year) and the other is in free public preK.
I honestly can't imagine how anyone would feel "stretched" on $500k. You're only "stretched" if you can't see how a lot of your spending (fancy houses, cars, private schools, nannies, etc.) is a luxury, not a necessity.
What do you net per month out of that $275K?
You save $80-90K per year. What's your mortgage/PITI?
Our PITI is about 2650. I should mention that the savings figure I used includes the employer match portion of our 401k contributions. Here was our total actual spending on about $273k gross from last year:
- taxes: $66k
- daycare: 20k
- student loans: 5k
- 529 savings: 10k
- retirement savings (incl. employer match): 55k
- brokerage account savings: 19k
- housing (PITI + HOA + utilities + maintenance): 42k
- essentials (insurance, groceries, clothes, etc.): 24k
- discretionary (entertainment, travel, restaurants, etc.): 32k
Cars? (loan, insurance, maintenance)
Life insurance?
Health insurance
No cars. We rent a car a few times a year, and use taxis/uber a fair amount -- all that is included in "travel." Our life insurance policies are $20 year/$750k term life policies that cost about $450 (him) and $300 (her). That is included within essentials (see, "insurance" in the parenthetical there?). Also included in "essentials" is medical insurance which cost us $3k last year. Dental ($250ish per year) and vision ($50ish per year) are also included within essentials "insurance" category.
Anonymous
03/27/2017 13:27
Subject: Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:We don't feel stretched on $275k gross with 2 young kids (toddler and infant). In fact we feel quite comfortable. Live in nice NW DC neighborhood (small-ish condo of 11 sq. ft), saving $75-80k per year, plus $4-5k per 529, and we have room for what we consider to be nice luxuries like restaurants (about $12k per year) and travel (about $10k per year) and donating to charities we support (about $3k per year). One kid is in daycare ($20k per year) and the other is in free public preK.
I honestly can't imagine how anyone would feel "stretched" on $500k. You're only "stretched" if you can't see how a lot of your spending (fancy houses, cars, private schools, nannies, etc.) is a luxury, not a necessity.
What do you net per month out of that $275K?
You save $80-90K per year. What's your mortgage/PITI?
Our PITI is about 2650. I should mention that the savings figure I used includes the employer match portion of our 401k contributions. Here was our total actual spending on about $273k gross from last year:
- taxes: $66k
- daycare: 20k
- student loans: 5k
- 529 savings: 10k
- retirement savings (incl. employer match): 55k
- brokerage account savings: 19k
- housing (PITI + HOA + utilities + maintenance): 42k
- essentials (insurance, groceries, clothes, etc.): 24k
- discretionary (entertainment, travel, restaurants, etc.): 32k
Cars? (loan, insurance, maintenance)
Life insurance?
Health insurance
Anonymous
03/27/2017 13:24
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:18K for three vacations a year? Cry me a river.
No one is "scraping by" with that budget.
That is fairly modest with 500 K HHI, most people in that range who I know spend more (we spend more with ~300 K HHI).
Their problem is not vacation - they reportedly spend same on charity (hard to believe, for lawyers especially).
Their main problem is a 1.5 M house with corresponding mortgage and prop. taxes, apparently bought with little down.
We grossed $532,000 in 2016. We spent $5,000 on vacations. And we have no mortgage.
I should say that we do have a small house, and two cars which are 7 and 8 years old. But we have no debt and our net worth is around $5 million.
So, serious question, not meant at all to be snarky. If you make half a million dollars a year, have a net worth of $5 million, and no mortgage - why don't you spend more that $5000 a year on travel? Just don't want to? It's certainly not that you can't afford it. That's a perfectly acceptable position, if it makes you happy, but it's not the norm. Most people, even those without a $5 million net worth and no mortgage payment, spend a lot more than 1% of their gross income on vacations.
Husband doesn't like to travel. Kids are teenagers and are very busy at home with sports, jobs and social life.
Anonymous
03/27/2017 11:41
Subject: Scraping by on $500k
Anonymous wrote:Anonymous wrote:We don't feel stretched on $275k gross with 2 young kids (toddler and infant). In fact we feel quite comfortable. Live in nice NW DC neighborhood (small-ish condo of 11 sq. ft), saving $75-80k per year, plus $4-5k per 529, and we have room for what we consider to be nice luxuries like restaurants (about $12k per year) and travel (about $10k per year) and donating to charities we support (about $3k per year). One kid is in daycare ($20k per year) and the other is in free public preK.
I honestly can't imagine how anyone would feel "stretched" on $500k. You're only "stretched" if you can't see how a lot of your spending (fancy houses, cars, private schools, nannies, etc.) is a luxury, not a necessity.
What do you net per month out of that $275K?
You save $80-90K per year. What's your mortgage/PITI?
Our PITI is about 2650. I should mention that the savings figure I used includes the employer match portion of our 401k contributions. Here was our total actual spending on about $273k gross from last year:
- taxes: $66k
- daycare: 20k
- student loans: 5k
- 529 savings: 10k
- retirement savings (incl. employer match): 55k
- brokerage account savings: 19k
- housing (PITI + HOA + utilities + maintenance): 42k
- essentials (insurance, groceries, clothes, etc.): 24k
- discretionary (entertainment, travel, restaurants, etc.): 32k
Anonymous
03/27/2017 11:30
Subject: Re:Scraping by on $500k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:18K for three vacations a year? Cry me a river.
No one is "scraping by" with that budget.
That is fairly modest with 500 K HHI, most people in that range who I know spend more (we spend more with ~300 K HHI).
Their problem is not vacation - they reportedly spend same on charity (hard to believe, for lawyers especially).
Their main problem is a 1.5 M house with corresponding mortgage and prop. taxes, apparently bought with little down.
We grossed $532,000 in 2016. We spent $5,000 on vacations. And we have no mortgage.
I should say that we do have a small house, and two cars which are 7 and 8 years old. But we have no debt and our net worth is around $5 million.
So, serious question, not meant at all to be snarky. If you make half a million dollars a year, have a net worth of $5 million, and no mortgage - why don't you spend more that $5000 a year on travel? Just don't want to? It's certainly not that you can't afford it. That's a perfectly acceptable position, if it makes you happy, but it's not the norm. Most people, even those without a $5 million net worth and no mortgage payment, spend a lot more than 1% of their gross income on vacations.
Anonymous
03/27/2017 11:27
Subject: Scraping by on $500k
Anonymous wrote:Surprise! If you spend all of your money, you will have none.
This is the best comment on the whole thread.