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It's increasingly common for financially well-off people to marry other financially well-off people, perhaps contributing to income inequality. So, if you both
by nshelly 9y ago
It's increasingly common for financially well-off people to marry other financially well-off people, perhaps contributing to income inequality. So, if you both share parenting duties (1-3 hours a day of individual work plus daytime child care, and being flexible with night time duties), it's doable if one of you has a high-paying steady job and the other is taking on more risk. In fact, with marginal tax rates in CA and NY approaching 50% it might actually be more efficient for one spouse to receive compensation through building equity.
Alternatively saving a lot of money before you have kids and living frugally by working in a lower cost metro area or renting outside of SF/Palo Alto can work. It's obviously a risk so you and your family has to be on board.
- Spooky23 9y agoLiving in the SF Bay Area is like the anti-pattern for gathering wealth. You make lots of money, but it's a bad cash flow story.
- jogjayr 9y agoThat's not necessarily true, especially if you work in tech.
- wpietri 9y agoIt depends on how willing you are to live below your means, and below what your peers in other regions have. The programmers I know outside the Bay Area (or NYC) own houses with yards that have plenty of room for kids. Even relatively young ones. To buy the median single family home in San Francisco or San Mateo country, the minimum salary is circa $290,000. [1] [1] http://www.mercurynews.com/2017/08/11/bay-area-real-estate-to-buy-a-median-priced-home-you-now-need-income-over-179000/ http://www.mercurynews.com/2017/08/11/bay-area-real-estate-t...
- jogjayr 9y agoOTOH if you live below your means, the outsized salaries make wealth accumulation far easier than anywhere else.