re: What is a good income to raise kids on?

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Wife and I bring in around 70k, she only works part time while in school, graduates in May. Once she graduates her entire paycheck goes to savings. We typically save 1k a month, do whatever we want, go on multiple vacations. Hell we just went to Hawaii for 14 days and Vegas for New Years.



kids?

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That, and so what? Yes, a good life can be had on your income, assuming we live like you do (not a slight, I'm sure you're acting responsibly).

But we eat out all the time because we work all the time. We spend money in our free time for the same reason (we have more money than time in some ways). Part of that goes with the jobs (and the income).

Clearly your "do whatever we want" is different than ours. That is a good thing for you, but doesn't apply to everyone.

Now, if you travel, eat out, live in relatively expensive housing, have expensive hobbies and have a house full of toys and luxury items, I am certainly interested in how you're doing it.

Great place for a career. No way in hell that I'll retire anywhere near here.

I can't stand the keeping up with the Joneses mentality around here. Have a friend with a huge house in Great Falls. Just him and his wife. I went on a trip with him last fall and he was talking about downsizing to a townhouse of 6000-7000 square feet. I told him he's insane. It's just him and his wife but to him everything is about status. He cares more about what other people think about what he owns than he actually cares about the stuff he has. Ridiculous.

Actually, we did make a kid in Hawaii so we have one on the way.

My point was on 1 income we are throwing at least 1k a month into savings while still doing what we want. The wife will be a full time nurse in May. I don't see how you can't raise a kid on around 70k or so.

Yes we have nice vehicles. 2008 and 2012. I put the max into my 401k. We went smart on the house and got a 2 bedroom 2 bath while saving to skip the middle of the road house.

ETA:I have the terrible hobby of home brewing and craft beer. If the wife knew how much I spent on beer each month she may kill me.

I don't see how a single income less than 60k can raise kids without needing govt assistance. And that's a "meh" upbringing, but doable.

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But there is always some underlying Dave Ramsey hostility in these threads whereby if you want to make more, you're by negative implication not saving or not living prudently

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Exactly. It is like the tax bracket argument that if I make more I'll be in a higher tax bracket and have less money. Huh? What moron believes that crap.

I'm always looking to earn more. The more I earn now and save the faster I get to living the lifestyle I really want to live and where I want to live it. I'm about simplifying my life in the future, not making it more complicated.

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Great place for a career. No way in hell that I'll retire anywhere near here.

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I could retire to a couple acres out in Leesburg or even further out. Pretty mountains, less bs

but Id rather get away from this weather

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Exactly. It is like the tax bracket argument that if I make more I'll be in a higher tax bracket and have less money. Huh? What moron believes that crap.

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Do people really say this?

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Or what if youre a starting engieenr, and your wife wont work

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Theres your problem, but I assume you know that.

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Actually, we did make a kid in Hawaii so we have one on the way.

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My point was on 1 income we are throwing at least 1k a month into savings while still doing what we want. The wife will be a full time nurse in May. I don't see how you can't raise a kid on around 70k or so.

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You certainly can raise 1 kid on 70k and be comfortable. Two kids? ehhhh....you can do it, but it'll be tight and no more Hawaiian vacations.

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throwing at least 1k a month into savings

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1k a month is eaten up by Diapers, formula, and really good daycare. My daycare for two children runs me just below 1600/month. It's about half that for 1 child. I"m in the Houston area for reference.

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Yes we have nice vehicles. 2008 and 2012

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Then you'll be needing another in about 3-4 years or at least having to put money into it.

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I put the max into my 401

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Great job. BUt, now you have to put a solid amount into a 529 too. I guess you don't have to, but...

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We went smart on the house and got a 2 bedroom 2 bath while saving to skip the middle of the road house.

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I wouldn't buy a 2 BR house, but that's just my preference. I have guests frequently and two kids. Plus 2 BR homes are typically harder to sell, unless it's a townhome of some sort in a flourishing metro area.

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:I have the terrible hobby of home brewing and craft beer. If the wife knew how much I spent on beer each month she may kill me.

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You may find time a bit short for this hobby. $ too if you want to keep saving the amount you are.

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Yep. According to CNN's calculator, 100k in BR is equivalent to 156k in Arlington.

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100k in BR is 148k here.

You can still comfortably support a family on 100k here and save money, but will not be wealthy by any means. Housing is the biggest killer locally.