Everybody Thinks They're Middle-Class

Re:Everybody Thinks They're Middle-Class by whamlastxmas on Saturday September 24, 2016 @07:11PM (#12573047)

Probably $6000-10,000 a month in mortgage payments. And he said combined they're 1%. So after tax, probably more than half of his money going to mortgage.

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Re:Everybody Thinks They're Middle-Class by xapata on Sunday September 25, 2016 @08:06AM (#12574975)

That still doesn't add up in my mind. A 1%-er household would have $240k+ post-tax annual income, more if they're deducting hefty mortgage interest payments.

    $100 in food daily ~ $36k
    $500 weekly domestic help ~ $25k
    $500 monthly utilities ~ $6k
    $2k monthly transportation ~ $24k
    $2k monthly misc ~ $24k
    $10,000 monthly mortgage ~ $120k

That hits around $235k post-tax. I think that's a nice lifestyle. Eating out less would allow for different "fun" activities.

Oh, I guess I forgot savings. Doh! I'd aim for savings about 10% annual pre-tax income for a household bringing in $400k+ pre-tax. I'm not sure how much of the mortgage principal payments I'd count towards that amount.

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Re:Everybody Thinks They're Middle-Class by pfarnsworth on Sunday September 25, 2016 @11:56PM (#12579121)

Private school for two children is ~$4000/month.

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Re:Everybody Thinks They're Middle-Class by xapata on Monday September 26, 2016 @04:30AM (#12580184)

Well, I guess we're not eating out every day anymore.

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