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re: How does a family do it financially
Posted on 6/5/22 at 5:46 pm to tigerbacon
Posted on 6/5/22 at 5:46 pm to tigerbacon
Our household income is around 400k and I’m not sure we could afford to miss a few paychecks.
2
Posted on 6/5/22 at 5:46 pm to tigerbacon
Children are grown, home paid for, student loans paid for, my car has a note. We both work part time and are able to save about $800 a month. We help our children/grandchildren on occasions. We are mindful but extremely grateful to be able to save
Posted on 6/5/22 at 5:46 pm to tigerbacon
Both maxing 401ks, like to dine out, 18% mortgage, save $1500 - sounds about right. Probably dropping 1k+ on restaurants, but if that’s y’all’s thing go for it
Posted on 6/5/22 at 5:47 pm to lsupride87
quote:
18% of take home pay seems really low to me
Our mortgage is 13% of our take home income.
Posted on 6/5/22 at 5:48 pm to fallguy_1978
Then you likely bought a house a long time ago, make a lot of money, or live in a very cheap house
Posted on 6/5/22 at 5:49 pm to tigerbacon
quote:
We both max out our 401k’s.
You're putting $40k in your 401k
Posted on 6/5/22 at 5:51 pm to Mingo Was His NameO
40k would be combined
Posted on 6/5/22 at 5:52 pm to fallguy_1978
quote:
I think you should still find a way to max out your 401k match but much of the rest isn't necessary.
But what if you want to retire before age 67 and do more than just “exist” during retirement?
Posted on 6/5/22 at 5:52 pm to lsupride87
Im not talking about take home im talking gross income like what lenders look at and I assume op was talking about.
Posted on 6/5/22 at 5:54 pm to lsupride87
quote:
Then you likely bought a house a long time ago, make a lot of money, or live in a very cheap house
A little bit of all but we aren't rich. We bought a house way under what we could afford when prices were still depressed from the last housing collapse. We also had a kid in private school at the time so we factored that in but we don't anymore.
Posted on 6/5/22 at 5:54 pm to deeprig9
Gotcha 
Posted on 6/5/22 at 5:54 pm to tigerbacon
It is all about priorities. Those of us who are older have been through rough financial times before. Many of us adopted habits like saving a percentage of each paycheck, finding the best prices on things we need, etc.
Posted on 6/5/22 at 5:54 pm to deeprig9
quote:
I assume op was talking about.
Why would you assume that when it is pretty obvious that's not it
Posted on 6/5/22 at 5:55 pm to PhiTiger1764
quote:
But what if you want to retire before age 67 and do more than just “exist” during retirement?
Eating out 3 days per week and stuff like that? That's not necessary.
Posted on 6/5/22 at 5:56 pm to PhiTiger1764
quote:You don’t need to max out your retirement accounts for that
But what if you want to retire before age 67 and do more than just “exist” during retirement?
If you truly max out your accounts as a couple for 30 years, you are going to have a shite ton saved for retirement
Posted on 6/5/22 at 5:57 pm to lsupride87
quote:
You don’t need to max out your retirement accounts for that
I think you should max out the match, not necessarily the government maximum. That's 50-100% returns you're leaving on the table if you don't
ETA - this assumes that you have a company match
This post was edited on 6/5/22 at 5:59 pm
Posted on 6/5/22 at 6:00 pm to fallguy_1978
quote:
Eating out 3 days per week and stuff like that? That's not necessary.
I was more talking about the reasonable mortgage, saving $1500 month, maxing retirement.
I agree that maxing two 401ks is overkill. But you have to do more than “max out the match.”
Posted on 6/5/22 at 6:04 pm to PhiTiger1764
quote:
I agree that maxing two 401ks is overkill. But you have to do more than “max out the match.”
When you are young and your expenses are high not really. Unless your match sucks. If it's 6% that's probably pretty sufficient for awhile but you'll be able to pay in more as you get older most likely. We were never more broke than being in our late 20s with kids paying daycare etc.
Posted on 6/5/22 at 6:05 pm to tigerbacon
quote:
How does a family do it financially
By having already owned a home before the pandemic. First time home buyers today who also have kids (especially if paying for daycare)? Sucks to suck.
Posted on 6/5/22 at 6:05 pm to Mingo Was His NameO
quote:
Why would you assume that when it is pretty obvious that's not it
I re-read op, I still don't see where it's obvious he is talking about take-home regarding his mortgage payment. Secondly, I guess working in the mortgage business for years as a loan officer had me thinking like everyone else in the business thinks- gross income when measuring DTI and PITI payments. Now kindly frick off, Mingo.
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