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re: Perfect Annual Salary?
Posted on 7/28/13 at 1:15 pm to wegotdatwood
Posted on 7/28/13 at 1:15 pm to wegotdatwood
quote:
My goal is to max out both ROTH's each year.
That's a good plan. That would be Baby Step 4. I'm kind of sort of there.
quote:
How much is an average daycare for a newborn per month?
quote:
We have one kid on the way.
It's not the end of the world, financially, but you will quickly begin to question where all the money went. There is too much emotionality involved in children's expenses. Getting a handle on it early and rediscovering the great and powerful, ancient word, "No" will be key to your survival.
1
Posted on 7/28/13 at 1:27 pm to Ace Midnight
That $100k estimate is pretty accurate. It's not as much as it seems, and it doesn't stretch very far. Health care, family costs, and reasonable "living" expenses (ie eating out, golf, 1-2 small trips in summer, etc.).
Daycare for a newborn, in greater BR area, is about $125-200/week. That shite will add up quick, although it is tax deductible. Not to mention cost of diapers, formula, milk, food, etc. plus clothes (they grow like weeds), toys, bottles, etc.
I'd be "happy" with a household income around $250k at this point (effectively 1.5x current, 27yo wife/child). This would allow me to live in a bigger house, support additional kid soon, contribute more to retirement than current, and maintain current vehicle notes/status.
Daycare for a newborn, in greater BR area, is about $125-200/week. That shite will add up quick, although it is tax deductible. Not to mention cost of diapers, formula, milk, food, etc. plus clothes (they grow like weeds), toys, bottles, etc.
I'd be "happy" with a household income around $250k at this point (effectively 1.5x current, 27yo wife/child). This would allow me to live in a bigger house, support additional kid soon, contribute more to retirement than current, and maintain current vehicle notes/status.
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