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Ohh the first world problems of making 250K and being broke. Wow.
So your husband probably brings home about $3200 per week, cash. $12,800 per month!!
Mortage/taxes are roughly 6k a month.
Where is the other 6k going???
Ever see a law school loan? Times two? Ouch. Really not worth getting if you aren't going to work. Honestly that's the biggest head scratcher for me in this scenario.
If you are truly interested in having solid family time with less work hours for hubby you need to rethink the housing costs. 350 to 400K is too much to spend down south even with the decrease in taxes. Stop trying to keep up with the Joneses and try living below your means. That will give your husband flexibility on job/ hours he wants to work.
I completely agree. I hadn't even really considered that (as embarrassing as that is to admit), but you are right. We can get a perfectly good house for $150,000 or less at least in the small town, it won't be a brand new McMansion, but both my husband and I don't really go for that anyways, so it really would be spending money for the sake of keeping up with the Joneses
Ohh the first world problems of making 250K and being broke. Wow.
So your husband probably brings home about $3200 per week, cash. $12,800 per month!!
Mortage/taxes are roughly 6k a month.
Where is the other 6k going???
This is what I was trying to probe. I appreciate the candidness of OP's responses; she seems to understand that she's having a spending problem, not an income problem. Of course, the $250k income is not sustainable at BIGLAW unless he makes partner, which it doesn't sound like he wants to do. The law firms on LI probably pay about half this amount, if that.
Yes, I have a school loan myself. The interest is pennies and its spread over 15 years. And the interest, even tho very little can be used for tax write off purposes.
I completely agree. I hadn't even really considered that (as embarrassing as that is to admit), but you are right. We can get a perfectly good house for $150,000 or less at least in the small town, it won't be a brand new McMansion, but both my husband and I don't really go for that anyways, so it really would be spending money for the sake of keeping up with the Joneses
Are are in an enviable position (to me). I often dream of selling my home on the north shore, cashing out, moving somewhere slow and peaceful, buying the house outright, and enjoying life a little bit more. We have family here though (as is always the case).
ocngypz- I'll have to look into Chesterfield County. We hadn't really considered much beyond here or Tennessee, although I know we should. I guess I just have in my head if we are going to leave this area we love, at least I'll be close to family, but maybe that's not the best way to look at it.
SouthernBound, Chesterfield County is in the Richmond area so you really have a choice of Chesterfield, Henrico, Hanover and Goochland counties, you could even head out to Charlottesville which is only an hour/60 miles away. Richmond is the state capital and is loaded with law firms of all types.
Give the area a look.
I just use the term to refer to law firms in New York City that pay "market" salaries. $160k for associates fresh out of law school, ramping up to around $250k for 6 years out, the position in which I am guessing OP's husband is.
Ohh the first world problems of making 250K and being broke. Wow.
So your husband probably brings home about $3200 per week, cash. $12,800 per month!!
Mortage/taxes are roughly 6k a month.
Where is the other 6k going???
He brings home less - they are in the 28-33% tax bracket, toss in a side of AMT and they pay the highest in NYS taxes. I figure if OP's spouse maxes 401k and pays about $5K in medical/FSA he's likely bring home about $10K. $6K to mortgage, then normal living expenses say another $1.5K (not unreasonable), PMI is not deductible on income taxes - it's money flushed down the toilet. Toss in a little bit of savings and since OP's spouse practices BigLaw he must need to keep a certain appearance (suits, Johnston-Murphys, snazzy ties, eating out, etc.) I believe OP is speaking the truth, they are comfortable, but far from swimming in it.
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