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Does anyone have any insights on what a typical Sr. Associate Director makes at Boehringer Ingelheim? I have a range of 170-180k which I think is fair but don’t want to be underpaid. Also, any information regarding retirement planning or medical/dental benefits would be helpful. Haven’t gotten much out of HR. Thanks in advance!
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Honestly, in this world, I'd say 300 is the bare minimum.
Cost of living is 15% higher …
I was talking to a wise older (and quite successful) attorney about exactly this not long ago.
He told me that his greatest regret in life - by a large margin - was waiting as long as he did to start having kids. His advice: “ having kids a young person’s game so get started yesterday”. He was _extremely_ critical of the idea that something so trivial as money should delay someone from having kids who wants to. Worst case scenario, spending is tight for a couple years until everything gets balanced out and the budget is fine tuned (which he and his wife had to navigate - he was not well off when they started having kids). He dismissed the financial inconvenience as well worth the joy of kids.
(His credentials also include a happy 25+ yr marriage, adult kids that love him dearly, an extremely healthy and active lifestyle including international travel and all the “finer things”, and also substantial professional recognition.)
Rising Star
just being clear, a guy who had wild success professionally and financially is saying have kids whenever? That's not really a good sample of advice if OP isn't similarly situated. Most partners at my firm had kids either once they made partner or a couple years before for security.
Some are happily married, some divorced.
I have two beautiful children, 2 and 5. I make 100k+ and have a single income as my wife stays at home. Daughter goes to an all girls private school. It can be done. Be smart about finances and pick up side hustles.
I think if you started thinking about growing your family then your are half ready. Growing the family has very little to do with how much you earn. Should not put a price tag that at this family income I would have another baby, thats not the right driving factor
Depends on the life you want for them and yourself. Do you want them to go to private school? Do you want to buy your kids cars when they're older, do you want them to share a bedroom, do you want to take them on vacation more than once per year? Can you save money for them to go to college or do you plan to have them pay it themselves?
If I had 2 kids, I'd want to help them in some ways, but not all ways. They'd likely go to public school, I live in MA and the public school system is great everywhere. I'd want them to work a bit in high school and save some money themselves so they understand working and supporting themselves, but they shouldn't work themselves to death. I don't think I'd buy either of them a car, I bought my own when i was 16 and it was a huge achievement for me. Plus if we lived in Boston they'd have public transit. Vacation twice a year would be reasonable. For that I'd say household income should be in the 300k range.
Rising Star
Trust me, I know. But I was blessed with a good successful wife and hopefully I’m successful as well.
There are plenty of people in this country that do it with under $150k income. Your house might be smaller, private school might not be an option, splurges might not happen but it’s possible.
You usually have children one at at time (although multiples happen and are a very different story), and . My husband lost his job just before we had our first child. I had to rethink how to take my maternity leave and rely on our families for help with childcare.
And then after finding a job he lost his job because of the pandemic. It was three of us in a 780 ft one bedroom.
Having kids is rough, and there are a lot of reasons for that, financial hardship makes everything harder. And do not discount that. But the financial needs of your children and your family change over time. And if you are privileged enough to have people you can rely on, do not feel like you need to do it yourself.
By the time we had our second child we were in a very different financial situation, so it’s impossible to try to predict what your situation will be raising two children.
I have four children ages 8-17 and our total household income is approximately $220K CAD
In Canada most employers have good extended health benefits (eye, teeth, health). One year off for maternity leave with a portion of your pay received from the govt.
big expenses are daycare and mortgage/rent.
In 2005 I was making $48,500 per year and my partner was making about $60k plus bonus. You just make it work because there’s never a “good time”
I’d say some of us saying 300k+ numbers just have financial anxiety and want to completely avoid financial strain of any kind. 2 kids on less than 100k is doable but I see plenty of facebook posts from parents making 50k each sobbing about how their kid wants to take some class they can’t afford because their car’s engine fix is higher priority. I don’t want to have to pick and choose what money goes to and have my kids suffer because of it. As a child this happened to me too many times and I hated being the kid who couldn’t do things because my parents couldn’t afford it
Don’t be the parent who can’t pay for dance classes because gas prices are too high and you thought 100k and 2 kids was doable