3 ms·

If you are single maybe. I think of a middle class man being what my old man was. Single income, wife stayed home and he provided for everyone. 4 kids. Good l

by geggam 7y ago

If you are single maybe. I think of a middle class man being what my old man was. Single income, wife stayed home and he provided for everyone. 4 kids. Good luck having 2 homes and some porsches with only 500k in the valley supporting a wife and kids

brokensegue 7y ago
plenty of people support a family on $60k/yr so take the remaining 440k minus taxes and buy two porsches outright. You should be able to save enough for a down-payment on each house given a year of saving.
- geggam 7y ago
  No one supports a family on 60k a year. Healthcare alone for a family runs 20k/yr plus simply for insurance
  - brokensegue 7y ago
    You typically get free insurance when you have a job paying 500k/yr...
    - geggam 7y ago
      Its not free. CFO is very aware of your total cost and its starting to show up on W2's.
      - brokensegue 7y ago
        that's besides that point? When you quote 500k/yr salary that typically includes perks like insurance. But are we really quibbling about $20k in expenses on a 500k salary? Even if I grant you 80k/yr to run your family that still leaves more than enough for your two porsches.
jjeaff 7y ago
A $2.5m mortgage would cost you around $13k a month, Porsche lease less than $1k a month. You've got about $15k a month left in take home pay what in the world are you going to spend that on and still feel middle class?
- geggam 7y ago
  Just to follow up here. 500k/yr is around 41k a month. Figure you are going to be paying about 40% in taxes or 16,400 a month in taxes you get 24600 left Considering you just spent 14k on a house and car you get 10,600k left. Groceries for a family in the bay runs around 2k a month so now you are down to 8k a month. Wife needs a car plus you need insurance gas and maintenance. Parking runs what $45 / day or 1350... lunches run around 30/day or 900... you haven't paid for clothes or extra curricular activities ( karate lessons 1k / month ) Family is not cheap, Family in the bay is hella expensive
  - jjeaff 7y ago
    Are these karate lessons taught by Bruce Lee reincarnate? Because that is the only way anyone is paying $1000 month.

by geggam 7y ago

brokensegue 7y ago

plenty of people support a family on $60k/yr so take the remaining 440k minus taxes and buy two porsches outright. You should be able to save enough for a down-payment on each house given a year of saving.

geggam 7y ago
No one supports a family on 60k a year. Healthcare alone for a family runs 20k/yr plus simply for insurance
- brokensegue 7y ago
  You typically get free insurance when you have a job paying 500k/yr...
  - geggam 7y ago
    Its not free. CFO is very aware of your total cost and its starting to show up on W2's.
    - brokensegue 7y ago
      that's besides that point? When you quote 500k/yr salary that typically includes perks like insurance. But are we really quibbling about $20k in expenses on a 500k salary? Even if I grant you 80k/yr to run your family that still leaves more than enough for your two porsches.

jjeaff 7y ago

A $2.5m mortgage would cost you around $13k a month, Porsche lease less than $1k a month. You've got about $15k a month left in take home pay what in the world are you going to spend that on and still feel middle class?

geggam 7y ago
Just to follow up here. 500k/yr is around 41k a month. Figure you are going to be paying about 40% in taxes or 16,400 a month in taxes you get 24600 left Considering you just spent 14k on a house and car you get 10,600k left. Groceries for a family in the bay runs around 2k a month so now you are down to 8k a month. Wife needs a car plus you need insurance gas and maintenance. Parking runs what $45 / day or 1350... lunches run around 30/day or 900... you haven't paid for clothes or extra curricular activities ( karate lessons 1k / month ) Family is not cheap, Family in the bay is hella expensive
- jjeaff 7y ago
  Are these karate lessons taught by Bruce Lee reincarnate? Because that is the only way anyone is paying $1000 month.