Re:Shared salary spreadsheet reveals Microsoft employee earn...
by chrisseaton on Wednesday September 02, 2020 @06:59PM
(#24359197)
Hmmm... does add up can't deny that. But in reality I don't see many of my professional friends saving anywhere near to this kind of cash. Childcare, loans etc seems to really eat into it.
Re:Shared salary spreadsheet reveals Microsoft employee earn...
by s1artibartfast on Wednesday September 02, 2020 @07:51PM
(#24359524)
Yeah, This leads to the general convention of getting a house before having children. It is easier to save and stack cash without them.
starting total compensation: 150K. If your partner works a similar job, your combined annual income is 300K.
No income tax in Washington State, so Federal + FICA taxes would be ~70K (look up any online calculator).
Rent ~1800 per month or 22K per year (based on Zillow's data for 1bd/1ba in Redmond, WA). Living expenses of 2K per month or 24K per year.
You are looking at 300K - (70 + 22 + 24)K, or >180K potential annual savings. Let's double the living expenses or throw in student loan repayments on top, but saving 100-125K per year is easily doable for such a couple. And in a couple of years, you have 200-250K for your downpayment.