My wife and I have a combined income of $600K and yet we still struggle with money in the big city and wonder how we will be able to afford having 2-3 children. Everything (a house, daycare/school, etc.) has just gotten so expensive. When/how did this happen??

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

You need to talk to a financial planner or something. I bought an apartment, paid off law school loans, have two kids, and have plenty socked away for retirement on a lot less than that.

like

HCOL city with relatively high taxes too

In NYC this is not a huge amount of money people - they are probably losing 60% of the gross between taxes, childcare and cost of living. Factor in student loans and it is less money in the pot. The burbs have high property taxes, you must have a car, and you lose hours a day with the kids on commute, plus you still need babysitter.

like

All of this.

like

My partner and I lived on $250K last year with two kids and one in private school in a HCOL. You’ll be fine.

like

You mean NY?

like

I would say that any of those cities, the way to go is move to the suburbs. That should provide lower cost and decent public schools, childcare will still be expensive but nothing you cannot afford with that income. I live in HCOL city and was doing OK with 250k combined income, didn’t have a car and lived in small apartment with one kid because for us the important part was to live in the city. We lived close to parks and museums to be able to entertain our one kid with cheap activities. Once our income increased and we needed extra space because of second kid in the way we found a cheap place that was not super fancy staying in the same area and bought a used car, etc. I guess my point is that you guys should move to the suburbs or stay in the city but sacrifice “luxury”.

like

I just switched to govt work so I can actually spend time with my kid. My husband and I will be earning under $200k combined (but I saved a lot when I was in big law, our savings/investments may cushion the daycare blow). We should only have 1 kid due to our low salaries. if BBB passes we could have 2 (it won’t).

like

Could you provide an overview of your budget? Maybe we can help identify where your costs are out of alignment with expectations.

like

If I were you, I’d give ourselves like 150k a year budget and save the rest. My partner and I make like 500k a year and im guessing we combined spend 200k ish (a little more than I’d like bc we are not married / have separate expenses)

like

Best of luck!!! You and your partner will be able to do it when you set your mind to it and get some clarity in overall direction.

First thing you should do is make a budget and track spending...Fidelity Full View is a great resource where you can link all of your bank accounts and credit cards, etc and you can assign categories to your inflows and outflows. It sound like you don't have kids now, and no couple should be struggling on $600k household income...after tax, HSA, 401(k), IRA, necessities (housing, utilities, insurance), you should still have a few hundred thousand leftover. I imagine there is a lot of fat in the spending that can pretty easily be cut out. But first, you need to figure out what is draining your cash flow so much.

like

I'd say also be careful about who you select for a financial planner. There are lots of people out there who want nothing more than to charge you 1%+ of your assets every year to give you not such great advice. The most important thing first is to figure out where exactly all your money is going each month.

Even assuming maxing out 401ks and IRAs, paying health insurance premiums (the most common paycheck deductions other than taxes), I'd have to guess you're taking home at least 30k monthly if your annual gross is $600k. If you have a nice apartment in a big city, let's say that's $7k in rent. If you're eating out a lot, let's say another $3k on food monthly ($100/day). That still leaves $20k of your take-home. If you add in two high-end car payments and insurance, that would still likely leave you well over $10k each month.

like

My partner and I make about that much and we’re saving like 40% of our income. What are you biggest expenses?

like

How much is your rent/housing per month?

Related Posts

Hi Chicago - just moved here from the UK (via 7 years in Germany) and looking to make some great new friends.

Moved to River North and into trivia nights, most sports, movies etc and would love to find some people open to adding a city newbie to the group!

42m if that matters 🤷🏻‍♂️😁

like

I recently bought my 1st home in TX. I want to get into real estate and eventually own/rent out multiple homes. Are there any good recommendations/tips on books/articles/websites that others have used to get started?

I've read about HELOC and cash out refinance to get a 2nd home but articles are so scattered that it gets confusing which is better in terms of tax benefits and immediate costs, etc. Anything others have found helpful that summarized how to get started would be great!

like

Left KPMG last year and still haven’t received my W-2 form yet. Does anyone know where to get this info?

like

What are some side hustles you’re doing? I’m looking for ways to make additional money.

like

For those who cold call on 401k plans, what is your approach?

like

Is 80k cash + 20k company share a good deal for a junior dev role in the bay area?🙏

like

What if someone resigns after declaration of bonus but is not on payroll at the time of disbursement, can he/she expect it in FnF settlement?

funnylike

When a private company is acquired, can preferred shares and RSU’s legally be paid out in a different price per share?

like

Do you think it is easier to overcome cheating in a relationship that has or does not have children involved? Listening to an interesting podcast and would love to know peoples take on the topic

like

Hpw do I buy alt coins? Deloitte, a u tattooing?

like

Looking for suggestions on stocks to invest for beginners? Any suggestions on YouTube channels or articles/people to follow to read and stay updated on these things?

like

What are some of the best books you’ve read about people and investing? Such as dealing with people (business psychology almost) and then investing (real estate more specifically)!

I am looking for books that give practical advice, not just big picture theory and motivation.

like

How do you vet tax accountants to tell if they're good or not? How much do you spend on them for annual filing?

like

Best way to buy equity in pre IPO startups?

like

I need a financial miracle to afford my postgraduate degree. I have 6 months until the first bill. Experts on this sub, is there a crypto Hail Mary I should look into?

I’ve been doing some reading around Crypto but don’t currently hold any positions.

I haven’t managed to get any confirmed scholarships or financial aid packages so this post, as you can tell, comes from a place of exhausting every possible option. Any help massively appreciated.

like

How do they verify your health status when getting life insurance online?

Post Photo
likefunny

Any advice 24m

Never dated before. What confrontational questions I should get out of the way?

Both looking for marriage. Get to know each other a little bit then bring up marriage with parents.

like

Big Law Dads: How much time do you usually take off when your wife has a baby? And do you actually get to take off, or do you just end up working from home half the time? My wife is due Mid-December, and I’m staffed on 4 M&A deals trying to close by year end, so it’s not looking promising.

likehelpful

Consultant making 75K. Can’t really save much after 401K and $1300 rent. Should I have more left over every month than I do? Almost $0 right jow

like

What areas have had the most rent reductions in Manhattan?

like

More Posts

New to IT B2B marketing. Any advice on how to educate myself with IT? Any classes, books, etc. that you recommend?

like

The job search is so nerve wrecking.

like

Coinbase should do a Black Friday sale.

like

Worst and best consulting companies to work in for Real Estate?

like

Anyone have ideas for jobs that are a mix between administration and clinical work? I went to school for community health and have a lot of manager/patient coordinator experience under my belt, but I'm also a volunteer EMT and would like to start using those skills in my next job that I'm searching for.

Most titles I've found interesting are along the "medical assistants" role, but don't fit the bill cause I don't have an MA license

like

EYGDS vs Deloitte USI - which one is better for US taxation teams

like

Looking for a career opportunity that I can make $100k+. I have been in dental for about 10 years and held a ton of roles ranging from front desk to operations and training. I feel like I have so much experience and an amazing skillset to bring to an organization but struggling to know where to go, HELP! **open to leaving dental

like

Any mass hiring happening for freshers??????

like

Hi ZSers,
Anyone looking for a male flatmate or looking for a flat? I have to move in before 18th of July. Any leads would be appreciated.
Thanks in advance!

like

yeah am a noob asking this,bad at math,help me folks whats my takehome.

Post Photo
like

if my PERM is filed in 6th year and approved , i140 pending and h1b maxing out ..can i extend h1b to 7th year?

like

Do you think all these violent and hate filled attacks are because people aren't getting the emotional/mental support they need, whether it's therapy at any age or help they needed but didn't get from a social worker as a child? My coworker is sure this is the case, but I honestly think there's actually something deeper wrong either with how these people are being raised as children, or how the warning signs these people give off are ignored or swept under the rug to save face.

like
like

What is a deeply held truth that you believe?

like

Any recommendations for summer polos? Not going for active wear but something that goes well with jeans.

like

Hi someone please tell, what is the average Yearly Hike at Nagarro?
if I join now as Associate staff engineer at 20 LPA for 6 YOE.

like

Did anyone here turn down an in-house role for reasons other than money? I have SEVERE cold feet about succeeding in-house and it being more stressful and “busy” than firm life. Help!

like

How is it working with NTT singapore?
Any one there in singapore?

I’ve got $1500 to spend on business development by year end. So, here’s the question. If you were to imagine starting your business from scratch and all you had was $1500 how would you use it?

like

Additional Posts in Big Law

Did anyone here turn down an in-house role for reasons other than money? I have SEVERE cold feet about succeeding in-house and it being more stressful and “busy” than firm life. Help!

like

I have ADD and occasionally make small mistakes in my work, like leaving a word missing when editing sentences, small formatting errors or leaving an internal comment in drafts sent to clients. All partners have been very understanding and care about the quality of my work, and no client has ever complained. Partners and clients praise my work.

But now, one partner has become super mad and when I explained ADD, he said:

likefunny

Which is more painful: watching litigators draft contracts or transactional attorneys litigate?

likefunny

Joining a big firm next week as fully remote lateral and flying out to home office for orientation. The schedule has me in office until 4:15. I’ve already been told I won’t have any actual work. Depending on how many people are there and how it feels, I was planning to stay an hour extra but should I hang around the office until later? First time visiting this city so it’d be great to take in some sights too (although that’s not a priority of course).

like

Does anyone know what Kirkland’s billing year is? Aka when do hours start again?

like

To those at V25 firms, how do you view your London office in terms of the quality of work we get and overall importance to the firm? Like is there a perception of us being a step down or ancillary to the big leagues of NYC or not? There’s generally a perception here that L&W and K&E are the only US firms where London can even begin to compete with stateside in terms of generating l work organically but would be interesting to know what you all think? Be brutally honest.

like

Specialists: any tips on how to maximize efficiency? I’m typically working on 5-8 different matters on a given day and feel like I lose a ton of time switching back and forth

like

Had an epiphany recently.

Why do I work so much?

It’s because I have little family and few, if any, friends. Had a rough childhood. My way of making an impression on others has always been through work.

By working, I do something I’m good at and makes people appreciate me, while covering for my loneliness and feeling of inferiority. It’s sort of the only thing holding me afloat.

When I’m probably never going to have friends or a family of my own, becoming partner is the next best thing.

likeuplifting

How do you win back a partner’s trust after making careless errors (e.g., misstating case law)

like

What sort of work is considered corporate finance? This was referenced in a energy practice related interview and am not sure what sort of work that would entail.

like

Is it important to tell recruiters your end goal when first reaching out? For example, I’m interested in switching from litigation to transactional, but my eventual goal is to go in house. Is that important to mention or precarious? Would recruiters have insight into the best way to make that goal happen?

like

Thoughts on taking a position in the same practice group and same class as your spouse?

like

Blast to the past - Anyone going to closing dinners and/or getting deal toys?

like

Boomer. I am in between jobs. Laid off in 10/21 after 16+ yrs, with an ABA firm. RIF. Still on excellent terms. Took my time living off generous package and didn’t seriously start applying until 01/22. Made a rookie mistake and accepted first offer.
Turns out job wasn’t as advertised. Mutual parting of ways 3/22. Due diligence is critical.
Now interviewing a LOT. Some temp work, I still have “it”. I relate to all gens. Willing to mentor AND learn from all. Tech savvy, CTE from day one. Leads?

like

Interested in investing in a rental property in the next couple of years but don't know where to start. Any tips or recommendations for resources would be greatly appreciated. TIA!

like

To the lender counsel that forgot to mention they needed original signature pages for a deal that closed early this year and decided to chase and harass me a day before thanksgiving and a day after thanksgiving multiple times. F*ck you. I don’t know what is driving your lack of courtesy but I have represented the same bank before and know their usual original signature requirement.

like

Is there a common reason funds select different outside counsel for fund formation and downstream transactions? Are there any examples where a firm is first choice for both?

like

After leaving BL, what salary do most people settle at or is that way to general of a question?

like

Does your firm let you take 28-30 December off? Many of my team members won’t be working those days and I decided last minute that I’d like to travel somewhere between Christmas and the New Year.

likehelpful

Do people who take parental leave multiple times as associates get pushed pack on their track to partnership? For example, at a firm with a 8 year track, would a person who took two leaves of six months each have to wait 9 years to make partner?

likehelpful

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