The point is not to chill and just burn through the savings and not work. How would having that much money saved, change the way you look for jobs?

  • @[email protected]
    1•1 year ago

    Hopefully with kids in private school you’d have more savings than that, but that’s an easy $15-50k/yr per kid.

    I wouldn’t be surprised if the monthly cash burn for a truly middle class family was $5k.

    The rule of thumb is 6 months of expenses.

    • @[email protected]
      1•1 year ago

      Average car payment right now: $725/mo

      Average price of a 4 bedroom, 2 bathroom home in the US: $416,000

      Average interest rate for home equity loan right now: ~9%

      Average mortgage assuming 10% downpayment And above: $2700/mo

      Moderate grocery budget for 5 people: $1500/mo

      Average Utilities: $330/mo

      Average cost for private school: $16k

      For 3 kids, monthly: $4k/mo.

      For good measure, well add a slush fund of $2k a month to cover property taxes ($350/mo), gas/auto repairs, house repairs/non food related purchases, kids hobbies/electives/clothes

      If we want to talk vacation, it’s gonna be an additional $1k-2k saved a month.

      If you’re saving for college lol, add $1750/mo for 20 years to cover 3 kids at avg priced 4 year institutions.

      Where are we?

      $14,555/mo.

      To sustain that, you need to be pulling down over $350k/yr as a household.

      Average.

      • @[email protected]
        0•1 year ago

        Lmao I love how when you write it out like this it makes so much so very clear about the people on this site.

        That’s such an absurd level of casual wealth that the amount of leftists on here with no idea how the average person lives makes a lot of sense

        If we want to talk vacation, it’s gonna be an additional $1k-2k saved a month.

        Moderate grocery budget for 5 people: $1500/mo

        For good measure, well add a slush fund of $2k a month

        Fucking lol