Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Right, because you have a government pension and healthcare waiting for you at the end of the rainbow. A couple make $208k without those benefits would have to be aggressive savers to live in close in DC.

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

Honestly. How old are you guys and what is your NW? Maybe it’s a lot and you don’t think so?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.

Unless you are in McLean you are not shelling out $1m for a basic shack. A ginormous MCMansion? Probably not but there’s tons of in between.

Where have you been in the last year? There's another thread right now about how even places like Kingman Park have seen houses selling for 800-900k. It's absolutely insane for new buyers.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.

+1

Millennials with 240k income living in a 500k condo to have a commute of under an hour to work and be able to afford daycare and summer care for school aged kids. We definitely have an income problem. Saving 30% of our income for retirement and college savings for 2 kids, 5% for emergency fund/cash reserves, no debt except mortgage with 20% down. We are working on it- DH is trying to get a promotion but it is difficult because in his sector so few people are retiring at the traditional retirement age. No pension in his industry. I'm maxed out in earnings in my career with a master's degree.

Saving 35% of your income means your income is fine though.

What a "good salary" is depends on your spending habits and how many people are depending on that income in your family.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.

+1

Millennials with 240k income living in a 500k condo to have a commute of under an hour to work and be able to afford daycare and summer care for school aged kids. We definitely have an income problem. Saving 30% of our income for retirement and college savings for 2 kids, 5% for emergency fund/cash reserves, no debt except mortgage with 20% down. We are working on it- DH is trying to get a promotion but it is difficult because in his sector so few people are retiring at the traditional retirement age. No pension in his industry. I'm maxed out in earnings in my career with a master's degree.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.

Unless you are in McLean you are not shelling out $1m for a basic shack. A ginormous MCMansion? Probably not but there’s tons of in between.

There's really not. If you want a decent school district - and I'm not talking about GREAT, just decent - the 3 bedroom 1800sqft townhouses built in the 90s are now going for 800k near me

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.

Unless you are in McLean you are not shelling out $1m for a basic shack. A ginormous MCMansion? Probably not but there’s tons of in between.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".

Different generations talking past each other. Sure, if you bought your close-in house for $175k back in 1992, then of course you're doing fine now coasting on 200k. But nowadays young professionals must often shell out $1M+ for a basic shack and 2k+/mo in daycare alone. Not to mention crushing student loans. Maybe it doesn't take 700, but more than 200 for sure. And frankly the old boomer sermon about how millennials would be doing just fine if they only learned to spend their money more wisely is getting a bit tiring.

Anonymous wrote:

Anonymous wrote:Our 450k combined barely covers the basics. Sorry, but I'd say at least 700+ to be comfortably UMC and be able to splurge once in a while.

You don't has an income problem, you have a spending problem.

+1
DW and I are both 50 and have been with the public schools for 28 years. Our HHI will be $208k next year and we are more than "covering the basics".