4 little kids in north jersey. How much do I need to make (HHI) to live comfortably

likefunny
Posting as :
works at
You are currently posting as works at

Depends on your definition of a comfortable life and savings & investment goals.

If you send kids to daycare, it costs about $2k a kid per month — $2.5 if you include other activities. A nanny may be a cheaper option.

Mortgage can be anywhere between 3k (if you were one of the lucky ones that refinanced during covid) to 10k or more a month, depending on the town and the kind of housing you want — e.g., do each of the four kids need a separate bedroom.

What are your plans for college? If you intend on covering all or most of the fee, you may need to set aside a decent amount for 529s.

What about your own retirement? If you intend to max out on all — 401ks, IRAs, and HSA, that’s approximately 70k a year.

In our house we prioritize savings and investments — max out on all investment vehicles (Roth wherever possible), put about 15k a year per kid in 529s, have a super low mortgage, and one car loan. At over 500k HHI, we don’t sweat the small stuff but routinely find ourselves thinking twice before deciding on expensive night outs or vacations.

Not sure if that helps OP.

like

400k. 100k per child rule of thumb

funny

200k. If kids are in private school and / or do a lot of pricey extra curriculars, I’d say 350k

like

Define live comfortably

Pay expenses, and not live paycheck to paycheck

How skilled are these kids? Are we talking coders or burger flippers?

Related Posts

Are bars now open later in the city? Saw people still hanging out at places after midnight, on my way back from a friend's. Curious what the deal is

like

Anyone at Deloitte ny in M&A or due diligence willing to chat?

like

Hi all
Please drop a ❤️ to unlock my DM. Thank you in advance😊

like

Hi everyone, I'm new to Canada and want to start my career here in the Financial and Banking industry. I have passed the CFA level 2 exam and was wondering if I have to complete the Canadian Securities Course (CSC) as most of the job postings here mention about it. I saw that if someone passes at least the CFA level 1 exam then the requirement of CSC is exempted. Can anyone enlighten me about this? As the CSC exam costs above 1000 CAD, I wanted to be sure if I need it before investing behind it.

like

How do I jump ship from FP&A? My dream job used to be education or something more creative and I want to make that switch.

like

Hi ZSers, is EBl round the final round at ZS
for BTAC profile coz it was the only round I
had after my written test. If yes when can I
expect to hear back from hiring team?

like

Did anyone else watch the One Show special awards ceremony earlier? Did you also find it irritating?

like

If you are a experienced CAD drafter with experience in environmental remediation, we’re hiring. I’d be happy to discuss the opportunity

Account Manager: Look, I get it, you’re one of those hip white-sneaker-wearing creatives, but I know what the client really wants...

likefunny

What do you value most to make a work environment attractive to you?

like

How much do banks like Citi, Barclaya, BofA, Amex pay data science employees with 5-6 yrs of exp and what band?

likehelpful
like

Hi Fishes.I have a H1B petition and about to get visa stamped.Petition vid for another 1 year .I need to know can Visa be transferred after interview to new employer without cancelling the Visa by current employer?

like

Does anyone know when agile promotions will be communicated to the counselors?

like

Which certifications are considered high value right now?

like

The most interesting lesson you learns during covid?

like

Can someone share referrals for Azure/AWS Devops entry to mid level job openings they have in Noida/NCR.

Thanks so much in advance..

like

Anyone who knows you will be returning F2F: have your administratirs said what band/chorus classes can or cannot do when you return? I was told today at my school, there will be NO singing or playing instruments INSIDE of the building, and we're supposed to come up with ways to make that work.

Hi,
Planning to visit wonderla Bangalore, just wondering where can we get employee benefits. In my last organization there were setnof restaurant, amusement parks which had off on my ID.

like
like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal