I think an income of about $150,000-$200,000. a year total would be the level, yes? Presuming you and your wife can top out somewhere ~$100,000 each. Again...we are not talking about a lavish, wealthy lifestyle (as $200k/year with 2 kids puts you nowhere near that), but I think $200,000/year combined annual income is enough to provide OK for your kids, as well as live modestly enough (eat out once/week I guess, movies a couple times/month, etc.) to still be able to put a chunk away for kid's undergrad.?

Thoughts?

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15828154)

I think a $200,000 salary living in an NJ or LI, for example would enable you a decent (but by no means huge) house, along with dining out once/week...probably 1 vacation a year at most (and not to Bora Bora or anything that exotic). Do you think you would be able to put enough away to FULLY pay for your kids cost?

20-30 years from now, I think college will run like $100k/year, so I guess there is no way you could afford to pay for both kids going to private undergrad.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15828239)

Xoxo- where reality is distorted

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15828265)

my parents raised me and my brother on like $30K for most of my childhood. we were poor of course, but even accounting for that and inflation, a family can do ok in NYC on like $70-$80K. of course you won't be able to live in manhattan, but i really don't know what kind of lifestyles people on this board expect to lead.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15828910)

you take home $100k after insurance and 401(k)

spend $30k on housing, $10k on each member of the household (say $40k), $10k on bills and transportation,

leaves $10k for rainy day

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15828855)

Well, if you want to send them to private schools, take the best vacations, nicest things, eat out whenever, etc. yes, that is what you need (this is what I had growing up).

But did you even bother reading my original post? I am talking about just being able to give your kids decent clothes, public school, decent toys/stuff, and the weekly dining out, movie, etc.

I think $200-$300k would certainly be enough for this, wouldn't it?

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15829246)

you can't imagine how a family of four subsisting on $200K manages to lead a good life? jesus christ. most of the country survives on much, much less than that.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15829374)

You're a dilettante. The studies you're talking about show that momentary happiness is not significantly increased above that approximate level. However, life satisfaction DOES continue to increase with income.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15848759)

Hth

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15834389)

My wife makes decent money, and will continue to...however, she (as well as myself) always hoped that she would be able to stay at home with the kids. However, with my current earnings track/arc, this will never be a reality.

Thus, I just wanted to get people's opinions on this question, both specifically and generally.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15834397)

It's a silly question because there are obviously people who make do on less even in that part of the world.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15835687)

If you're single and can barely cover your expenses on $200k, you need to grow the hell up.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15843616)

Public schools in nice suburbs are generally good. They're usually PURE SHIT in large cities.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15848770)

Besides, for Bel we're maximizing her lifetime earnings against her educational expenses given her background and potential.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15843995)

http://www.mymoneyblog.com/median-housing-price-to-income-ratios-for-various-cities.html

My parents provided for us very well in a very expensive COL area on about $100k a year - we went to public schools, didn't really go on extravagant vacations, drove Hondas for 10-15 years, etc. Your kids will absolutely not know the difference - all we cared about was playing with our friends and other kid shit.

It seems like home prices are still much higher relative to income than they were when my parents bought the house (20 years ago), so I wonder how feasible that would be these days.

(http://www.autoadmit.com/thread.php?thread_id=1399894&forum_id=2#15837738)