Totally, learn to cook, especially nowadays you are not just paying ridiculous markup at the restaurants for anything remotely palatable you have to pay another 20% of that inflated price for tips. Could have easily save a butt load by just learn to pick up a wok.
@user-og7ho4dd9u8 ай бұрын
@@swallow1106I did a lot of cooking duration pandemic which is both healthier and cheaper. But since last year I had a kid and then had to go back to office more often. Work also gets busy. It becomes really hard to find time to cook. I can definitely understand why they have to spend so much on food and regular daily expense.
I think there’s a major problem with using 1.8M as the house price. I used to live in Sunnyvale and 2bed 1 bath 1000 square feet sold for $1.6 million. That wouldn’t be big enough for a family of four.
Two things: 1.401K max out contribution is less than 50K or $22.5K per head, they did max out. 2. There is not that much benefit to do 401K if your income still high after 55 1/2, hence after tax Roth 401k is actually better choice for high net worth families. Because the tax break did not outweigh the tax benefit future down the roads.
@peterlinhan8 ай бұрын
灣區價值觀彎曲,而且只會跟鄰居同事比來比去~沒辦法
@Cliffnv8 ай бұрын
聽說在紐約金融圈混久的人也是會互相比來比去的,總覺得自己窮😂
@HowardLinca8 ай бұрын
看完先直接給在灣區的自己貼一個極度貧窮線代表
@rui31048 ай бұрын
湾区Sunnyvale这边的3b或者4b的single family house,如果是最近这两年购入并且装修还行的情况下,大概是250万到300万美元。170-180万美元大概是个3b的townhouse价格。所以住房支出高并不是空穴来风…
Some corrections to your calculations 😃😃 (1) The property tax for a property worth 1.8 million is not 15k, but closer to 20k. (2) Considering that most young families have two kids, the cost for daycare or preschool should be at least 5k per month. (3) Young families in California usually choose to send their kids to private schools since public education in the state is generally considered below par compared to 90% of the states in the US. (4) Currently, they are saving about 50k per year, which is approximately the amount they would need to pay for their two kids' four years of college. However, individuals earning around 50k per year do not have to pay any tuition when their kids go to college. Therefore, while earning $700k per year may seem like a lot, it does not make them financially wealthy in the Bay Area
@NOMOREPLAY1128 ай бұрын
Great inputs, but they were not talking about "financially wealthy", but “poverty”.
@yongliao70148 ай бұрын
@@NOMOREPLAY112😅😅😅 maybe their coworkers all recognize that as the sarcastic poverty line
@lewishou8 ай бұрын
You have made some very good points. One thing to mention is extra-curricular activities for children can be very expensive. Unfortunately Asian students especially have to participate in many activities just to be somewhat equivalent to their competitors for college admission. Tennis and piano lessons for my two girls cost tens of thousands of dollars alone. The other major expense is home maintenance/remodeling. Yes you can build equity, but the upfront cost can be quite overwhelming.
Original PO = 哭窮炫富. 1. One big point that is missing. They can make $700k a year because they live in the Bay Area. If they have the same job but at a different location, it will not be $700k a year. 2. They live in a decent single family house. People near poverty line do not have that. 3. They send kids to pirvate school. People near poverty line do not have that. 4. They drive good cars, most likely tesla or bmw or MB. People on poverty line do not have that. 5. They get to have vacation and still have considerably decent savings (eg: $50k a year). Yes, Bay Area expenses are expensive. I live in bay area for over 30 years and I am in high tech . But calling $700k as poverty line is ridiculous. Most family in Bay Area DO NOT make $700k. All these videos making that claims are false. Otherwise, anyone who makes over $1M a year can also call themselves near poverty line as long as they spend as much.
We are also calculating their mortgage payment based on 30-year amortization. If they bought their house in their 30s, they might only have a 25-year amortization, which will increase the monthly mortgage payment. Further, I think you might be underestimating how costly kids can be, i.e., extra curriculums and childcare costs.
@swallow11068 ай бұрын
They are already going to private school, I doubt they are at childcare age anymore, unless they are some sort of genius that's in 1st grade at age of 2. It's not like California has the most children, states with higher child birth rate often have lower median income than these couple and they are raising their large family fine. Utah has median household income of 70,000-ish with highest children /household (2.32) in the US and they are doing just fine. I highly doubt this couple's parents spend that much money raising them, and they turned out fine too.