household income over $500k. not even UMC
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Date: October 25th, 2017 8:57 AM Author: Sickened national queen of the night
CR. $500k is probably $25k monthly take home after taxes and 401(lk).
$5k on food and entertainment
$4k on drugs and alcohol
$3k on weekend travel
$3k on car leases and weekend Ubers
$2k into savings
$2k into clothing purchases
$1k on gym membership (towel service upgrade)
$1k tithe to church
$1k on poasting insurance
= only $3k left on rent. LJL at ever buying a place or having kids.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524015) |
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Date: October 25th, 2017 9:56 AM Author: Thriller state keepsake machete
Dear god. Wife and I have HHI of around $225k.
Our take home after taxes and contributions is around $12,000.
This is just mind boggling to me.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524328) |
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Date: October 25th, 2017 10:16 AM Author: indigo bateful ape locale
Not if you are maxing out a 401k or putting in even $10k a year.
Just because you aren't using it in immediate future doesn't mean it doesn't count. It's just like saving for college. There is absolutely utility in it now.
You are so delusional that it's hard to even discuss these things with you.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524461)
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Date: October 25th, 2017 10:35 AM Author: indigo bateful ape locale
lol. Nice goal post move.
I assume you are for higher taxes then?
Also I don't think a decent retirement is free anywhere chief. Those people live very poor when it's gov't funded.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524614) |
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Date: October 25th, 2017 10:10 AM Author: indigo bateful ape locale
Thats a lie.
$41,000 x .60 (40% taken out for FICA, taxes etc.)= $24,600
$1800 off a month for maxing out 2 401ks (that's after tax cost from $3000 a month)
$1000 a month AT MOST for health insurance.
That leaves you with over $20,000
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524424) |
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Date: October 25th, 2017 9:46 AM Author: Dead abusive mexican
My $500k budget:
$25k/month (assuming kids + dog):
$2k car + insurance + gas + repairs
$2k nanny
$2k 401k contribution
$1k various insurances
$2k college fund
$2k food
$6k housing (mortgage, taxes, repairs, furniture, basic utilities)
$1.3k various tech spending (computers, phones, internet/cable, etc.)
$700 student loans
$1k clothes
$1k miscellaneous shopping/dog stuff/etc.
$1k travel
$3k savings
That's it, you're tapped out. It is UMC, but not crazy money.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524255) |
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Date: October 25th, 2017 10:02 AM Author: Dead abusive mexican
We don't either at this point (nor do we have a $500k/salary).
But I'm just looking at our just over $300k HHI and while we're ok, we don't have a nice house or paying childcare. It is pretty easy to extrapolate.
Also, this assumes nothing crazy happens (a major illness, car explodes and insurance doesn't cover it, etc.)
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524364) |
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Date: October 25th, 2017 10:22 AM Author: Pale institution puppy
LOL @ putting a $2k monthly line item in for this.
computers and phones barely get better each year. just take care of your shit and this is a few hundred bucks a year max.
kids don't need phones/tablets and certainly don't need the latest ones.
you're delusional.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524503) |
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Date: October 25th, 2017 10:35 AM Author: Pale institution puppy
*gets gaped ITT*
*SLAMS MacBook shut, cracking the screen*
“Mandy babe would you mind picking me up one of them laptops again? Yeah third time this week huh.”
Seriously I imagine you living like some 90s gangster with a big projection tv, bumpin speakers, every video game crammed into a rathole apartment.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524609) |
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Date: October 25th, 2017 10:21 AM Author: beady-eyed weed whacker chapel
TBF, 529 and 401ks still count as savings.
Nanny is $4k/month.
Spending $2k/month on tech and $1k/mo on clothes and misc insurance is way too high. The only insurance you pay for are cars and homeowners.
There’s no reason you can’t easily save at least $150k/year (not counting maxed out 401ks) at $500k and if you can’t, you’re likely being too extravagant.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524496) |
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Date: October 25th, 2017 10:50 AM Author: beady-eyed weed whacker chapel
Health/dental is a pretax item that does not count as an expense post net take home. 401k shouldn’t either. Lol at paying for life and disability insurance. Most companies have free basic life and disability insurance (like $50k policy) and lol at scam of paying for more than that.
Basically you live the lifestyle of making $300-350k at $500k, $600k, and even $700k and you end up saving all your money. Keep your ikea furniture and 5 year old phones/laptops.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524725)
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Date: October 25th, 2017 11:32 AM Author: Dead abusive mexican
Your bump of nanny to $4k/month swallows this difference anyway.
The only thing I took out initially was taxes.
LOL @ needing to have old tech and shitty IKEA furniture on $500k/year.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525018) |
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Date: October 25th, 2017 12:25 PM Author: beady-eyed weed whacker chapel
Lol at you being a MFE.
$25k net would be after 401k withholding. Your fed effective tax rate at $500k with mortgage interest deduction and state tax deduction ends up at only around 25%.
Nanny costs go up but I’d adjust down at least 4-5 categories you have that shaves off a lot more than $2k/mo.
And yes, we still have ikea furniture and old tech and we spend $1000/year on clothes.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525354) |
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Date: October 25th, 2017 12:07 PM Author: Dead abusive mexican
TVs, speakers, 4 phones, 5 laptops (including 1 or more gaming laptops), software, video games, drones, various IoT stuff, smart watches, etc.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525260) |
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Date: October 25th, 2017 12:16 PM Author: fragrant light house
And then again next year.
And the year after that.
Forever.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525314) |
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Date: October 25th, 2017 10:30 AM Author: Maroon soul-stirring cuckoldry son of senegal
$500k/year = $25k/month = unlivable based upon *this* kind of budget ...
... TEEHEE food & alcohol & drugs & towel service upgrades are expensive AF because life makes us consume to distract from ARE reality, anxiety, depression, etc.
http://xoxohth.com/thread.php?thread_id=3774063&forum_id=2#34524015
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524572) |
Date: October 25th, 2017 10:30 AM Author: mauve out-of-control tattoo crotch
enjoy being forced to helicopter commute into the city from Morristown every day, because you'll never be able to afford MFH, faggot!
http://www.flyblade.com/
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34524573) |
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Date: October 25th, 2017 12:03 PM Author: odious stock car
No. This wealth vs income argument is an old and tired one, but by the time you're making $500k you are definitely rich, even if you haven't yet accumulated many assets. $500k income is the freedom to live comfortably in nearly any place on earth, you will save for retirement, take quality vacations, afford nannies, nice vehicles, a nice home or luxury building, have good health care and insurance, and never want for anything. You are rich, even if you never save a dime. The lifestyle you can carry indefinitely is an affluent one.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525234) |
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Date: October 25th, 2017 12:13 PM Author: Pale institution puppy
Only if your salary carries indefinitely. Many people who make that much have a hard time sustaining it. There are very few stable careers where you're guaranteed $500k+ income for life, maybe a surgeon. Living rich because you had a decent salary for a couple years is hoodrat behavior.
Look at all the lawyers on here who used to be pulling 300-400 getting pushed out and going in-house for 150. Were they rich? No. They could rent a nice life for a few years if they spent all their money with no savings.
All that matters is wealth.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525296) |
Date: October 25th, 2017 11:49 AM Author: Scarlet mentally impaired becky senate
wife and i make 550k a year and we easily save 100k a year.
Monthly
Mortgage tax and insurance 4k
cars 1700 (includes a newish audis S7 and brand new Q7)
self employment 401k 4800
company 401k 1200
Childcare 1600
allowance 2k (1k each)
personal chef 1500
groceries 400
2 10k vacations a year
2 shopping trips a year
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525115) |
Date: October 25th, 2017 11:54 AM Author: Rambunctious Hell
This thread is dumb, but $500k HHI is probably the minimum you need to have a remotely UMC life in MFH.
Assuming you max out your 401ks, that is roughly $19k per month in take home. I know because I have made this amount living in MFH.
$6k for a nice 2br with doorman a reasonable distance from work. (Average 2BR on UWS is $5,800 these days. https://www.rentcafe.com/average-rent-market-trends/us/ny/manhattan/. Realistically, the best you can do on this is probably 4.5k if you are willing to live in a walkup, which is a pain with a baby.
$2k for food, utilities, house cleaning, cell phone bills, dry cleaning, etc. for family of 3.
$4k for daycare, after care, baby sitter, and "classes" for kid/going to other kids birthday parties.
$1k per month (annualized) for travel and vacation expenses (grandparents need to see kid, etc.)
$1.5k per month (annualized) everything else - birthday/wedding gifts, clothes, haircuts, gym membership/hobby, etc.
So you are basically saving $4.5k per month/$54k per year. An apartment that could comfortably accommodate a family of 4 (don't you want to have another?!) below 110th street is $1.75-$2M, requiring a $350,000-400,000 cash downpayment, with 2 years' mortgage and maintenance in liquid assets remaining. (So, another $150-200k liquid.) Assuming you are starting from scratch, it would take you like 8 years to get there.
Private school - a defining characteristic of the UMC in other areas - is a definite no at $50k per year. http://www.trinityschoolnyc.org/page/admissions/tuition--financial-aid. You can barely afford to have the two kids and a nanny on $500k while building some cash savings.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525148) |
Date: October 25th, 2017 12:33 PM Author: indigo bateful ape locale
How come the "value" of living in MFH is never discussed in these budgets? You don't just get a 2 BR condo for $6k but you are getting a 2 BR in MFH. You can't whine about what little you get for that $6k compared to other places and then leave out that you are also purchasing a status symbol and the actual utility of living in the city.
That utility needs to be included in what you are buying with your mortgage etc. You can't leave it out when defining UMC and comparing yourself to flyover.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34525389) |
Date: October 25th, 2017 7:57 PM Author: Rambunctious Hell
The arm flapping autists in this thread complaining about strivers and shit don't understand what it used to mean to be UMC. It meant working a respected professional job, putting 2-3 kids through private schooling without them incurring debt, maybe owning a modest vacation home, retiring in your mid 60s, and never really worrying about money (though never flying first class, owning a Bentley, or being a member at Winged Foot). You are not living this lifestyle in MFH on $500k of HHI working biglaw hours (i.e., where you have to pay for childcare and other conveniences).
If you don't believe me look at the of counsel at your MFH biglaw firms. How many of them are raising kids in MFH? Zero. You'd be lucky if you could find one that even lives in the 5 boroughs.
(http://www.autoadmit.com/thread.php?thread_id=3774063&forum_id=2#34528418) |
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