• Forum »
• Toddler »
• Pre-tax hhi is 350k, expecting 1 dc, would like to continue maxing out 401k...

• « previous post
|
• next post »

56 Replies (log in or sign up to post a comment)

• $1m 2-27-2021 9:59pm
  log in or sign up to post a comment
  • op thank you! 2-27-2021 10:00pm
    log in or sign up to post a comment
• 1.8 in next month before rates shoot up 2-27-2021 9:59pm -1 dislike
  log in or sign up to post a comment
  • op thanks, not sure we can find a place in a month ... 2-27-2021 10:00pm
    log in or sign up to post a comment
• op: just noting no other debt (we rent now), we expect dc to be in daycare but our insurance isn't great so it will be a cost as well. tia 2-27-2021 10:01pm
  log in or sign up to post a comment
  • What does your insurance have to do with daycare? 2-27-2021 10:04pm
    log in or sign up to post a comment
    • She has a big expense 2-27-2021 10:04pm
      log in or sign up to post a comment
      • Why the “but”? 2-27-2021 10:05pm
        log in or sign up to post a comment
        • op: to elaborate some people have good insurance for dc/themselves, but we don't so i'm expecting large costs for labor and then dc health insurance 2-27-2021 10:06pm
          log in or sign up to post a comment
  • except childcare to be more expensive than you think, especially if you will have more dc or if typical daycare hours don't work for your careers. what will your property taxes...(more) 2-27-2021 10:05pm
    be? (or if in city, also need to consider maintenance fees etc).

    log in or sign up to post a comment
    • op: thanks! i think we think daycare will be around 3k (or up to 3.2k from what we've seen on visits). We're hoping for a small condo (ideally property taxes 10-20k and...(more) 2-27-2021 10:07pm
      maintenance <500$ per month)

      log in or sign up to post a comment
      • 1m will be tight. Especially if you have more than one kid. I’d stick to <750k 2-27-2021 10:08pm
        log in or sign up to post a comment
        • op: thanks, we're thinking 1 and done and have been targetting <1m for sure. Not seeing too many 2b/2b (my ideal) in 750k range 2-27-2021 10:09pm
          log in or sign up to post a comment
          • When you say “max 401k” you mean 20k for you and 20k for dh? Do you both have accts? 2-27-2021 10:13pm
            log in or sign up to post a comment
            • op: that's right! maxing it out is our main goal (company matching is why we'd like to max) 2-27-2021 10:14pm
              log in or sign up to post a comment
              • Well typically you don’t need to max out to max out company max 2-27-2021 10:15pm
                log in or sign up to post a comment
                • op that's true! I think that we just wanted to take the total benefit while we could 2-27-2021 10:16pm
                  log in or sign up to post a comment
              • Ok 350000-40000 is 310000 then assume 2k per month in health ins so -24000...(more) 2-27-2021 10:19pm +1 like
                286000. Then max out HSA ( assuming you have one) -6000=280000 then figure 30% state local fed tax so x.7=196000 annual or 16000/month. -4000 n childcare =12000 -real estates tax of 12000annual or 1000/mos =11000

                log in or sign up to post a comment
                • 11000/month is what you have to spend on car ins, vacations, food, incidentals and mortgage. 2-27-2021 10:21pm
                  log in or sign up to post a comment
                  • ^^and any other expenses 2-27-2021 10:22pm
                    log in or sign up to post a comment
                    • ^^and other savings 2-27-2021 10:23pm
                      log in or sign up to post a comment
                    • op: thanks also! I really appreciate it! With dc, we just realized we have no idea how to do this and our current rental isn't set up to handle dc for more than a year at most :D 2-27-2021 10:23pm
                      log in or sign up to post a comment
                • op thanks, so it sounds like we have 11k to play with post dc's birth -- above someone suggested keeping total housing to around 5k, so that gives us some money left for food,...(more) 2-27-2021 10:22pm
                  surprise issues, metro

                  log in or sign up to post a comment
                  • That seems on the high end especially if you have secnd db 2-27-2021 10:24pm
                    log in or sign up to post a comment
                  • What is you visa bill now? Per month? Without a baby? 2-27-2021 10:25pm
                    log in or sign up to post a comment
                    • monthly expenses right now are rent (3100), food (1k- i know high for 2 adults), utilities/phone/internet (300), misc (100-500, e.g., toiletries, clothes) - so total of ~2k in...(more) 2-27-2021 10:29pm
                      non-rent, 3.1k in rent. TIA

                      log in or sign up to post a comment
                      • What about shoes clothes? Eating out? Vacations? 2-27-2021 10:30pm
                        log in or sign up to post a comment
                        • op: our 1k per month for food includes eating out (1-2 times per week), clothes/shoes in our 100-500$ per month). Holidays are hard but in the past we stayed in the 5000$ range...(more) 2-27-2021 10:32pm
                          per year

                          log in or sign up to post a comment
                          • So 11k-2500 is 8500. Assume you want to save 1k per month (new furniture or car or water heater or roof repair) your at 7500/month. IF you think there’s any chance you’d have a...(more) 2-27-2021 10:34pm +2 likes
                            second child I’d keep mortgage payment and maintenance under 3500

                            log in or sign up to post a comment
                            • op: you are a math wizard and this has been so helpful! I can't thank you enough! 2-27-2021 10:38pm
                              log in or sign up to post a comment
                            • seriously the most helpful thread i have read here in a long time 2-27-2021 10:38pm
                              log in or sign up to post a comment
                            • best answer 2-27-2021 10:38pm
                              log in or sign up to post a comment
• Like $5k a month. 2-27-2021 10:03pm
  log in or sign up to post a comment
  • ^assuming you have another kid. That’s what we pay on a higher HHI. The maint nance and renovations and stupid things like trees that fall down are expensive 2-27-2021 10:06pm
    log in or sign up to post a comment
    • ^^i mean $5k taxes plus mortgage 2-27-2021 10:07pm
      log in or sign up to post a comment
      • ^^thats like a $1M house 2-27-2021 10:07pm
        log in or sign up to post a comment
        • ^^if you are one and done could be more maybe but that seems good 2-27-2021 10:10pm
          log in or sign up to post a comment
          • ^^where are you looking - my friends liked the bright horizons near the bottom of Greenwich and rye brook somewhere 2-27-2021 10:11pm
            log in or sign up to post a comment
            • op: thanks! I feel like the 600-1m range is where we'd like to stay, and if it's lower it might be less stress. We are on the UWS, so were looking at bright horizons there 2-27-2021 10:13pm
              log in or sign up to post a comment
              • Oh I was thinking if she is one and done the city is better!! We just left I love the city. 2-27-2021 10:17pm
                log in or sign up to post a comment
                • op: yes! we are really hoping to stay in nyc if we just have 1! we love it here and uws is super kid friendly 2-27-2021 10:18pm
                  log in or sign up to post a comment
        • op: thanks, so the 5k is total (mortgage, insurance, property tax)? thanks! 2-27-2021 10:10pm
          log in or sign up to post a comment
• Depends on how much down payment you have and what your childcare expenses are and if you’re stopping at one child 2-27-2021 10:03pm +2 likes
  log in or sign up to post a comment
  • op: thanks! great questions that we don't know to ask. Thinking downpayment of 200-250k. We expect to do daycare around 3k per month. Really appreciate your help! 2-27-2021 10:05pm
    log in or sign up to post a comment
    • That’s cheap for daycare. Where do you live? Will you have 2nd child? Or third. While living in this home? 2-27-2021 10:06pm
      log in or sign up to post a comment
      • Op: 1 and done for us. Hmm really? we saw infant daycare at 3.2k for bright horizons. 2-27-2021 10:07pm
        log in or sign up to post a comment
        • op: also we're in nyc, uws 2-27-2021 10:08pm
          log in or sign up to post a comment
          • We paid $700/wk for an infancy years ago. 2-27-2021 10:09pm
            log in or sign up to post a comment
            • op: that sounds about right then (we're looking at 3.2k per month) 2-27-2021 10:14pm
              log in or sign up to post a comment
        • Where? 2-27-2021 10:08pm
          log in or sign up to post a comment
          • op: we're on uws. we were thinking of doing the bright horizons on 72nd 2-27-2021 10:11pm
            log in or sign up to post a comment
• What down payment do you have? That’s critical to your question 2-27-2021 10:04pm +1 like
  log in or sign up to post a comment
  • op: we're thinking 200-250k down! 2-27-2021 10:05pm
    log in or sign up to post a comment
    • Next question is how much in taxes. But you want to put down at least 20% to get the best rate and you might want to stay under a jumbo mortgage. So I’d say under $1MM but look at...(more) 2-27-2021 10:08pm
      Taxes too

      log in or sign up to post a comment
      • op thanks! We were definitely aiming for <1m, though what i liked tended to be >800k 2-27-2021 10:12pm
        log in or sign up to post a comment
        • Well that’s definitely better. Under $1MM would be absolute Max and that depends on taxes and childcare, etc 2-27-2021 10:13pm
          log in or sign up to post a comment