I feel like leaving bay area..not sure am I the only one. TC: 175k Take home: around 7000/mo Housing rent (3300)+ kid pre school = 4800 Othe expense(minimal things): 1800 (like gas, insurance, bills, grocery, house hold items etc, once a 2-3 month some clothing etc). Savings: 400 only and many times this 400 per month also goes to emergency/some surprise expense. So its mostly $0 or -ve with 175k income. With just once a week eating out, no car loan or no personal loan. Yoe: 8 It seems unless its more than 200k its actually -ve savinvs for bay area.. I really donot understand how non IT fields like teaching, banking etc live here. Thinking to leetcode for 250k+ or leave the bay area. Its getting tough to raise kids finanacially here.
You can a) be creative and figure out how to finagle it and get the TC you deserve or b) like many before you, and like everyone hopes you do, GTFO.
Gtfo from the bay area. Texas will be a much much better quality of life for you
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This.
can you find a place where it's ~2000usd rent?
I have seen some around 2500 which are 1bhk and about atleast 1 hr one way commute time. 1bhk is really tough for family of four.
3k gets you a nice 2br in upper east side...
A salary of 220K+ is considered upper class in the Bay Area. If you’re the only one working and the wife can’t bring in income to get you over that hump then you’ll either want to move somewhere cheaper/less amenities in the Bay Area or put your kid in a different PreSchool program. Of course most of the problem with the Bay Area is the high housing cost. If you move somewhere like Austin and keep your same TC, you will likely have a significantly better quality of life because housing alone is over 50% cheaper.
Upper class household or an individual?
Household. For example, the median household in San Jose earns $83,400. A Household earning $204,000 puts them in the top income quartile. Source: Bizjournals I put 220K as a relative catch all for the Bay since in San Fran it’ll be 231K, Fremont it’s 224K.
Move to less expensive apartment? And try hard for better TC, either internal or external. Take it as a push to survive.
do you max out 401k and hsa? Do you use higher witholding ? Maybe take more allowances in w4, reduce 401k contribution
No hsa, just normal 5% 401k, but do additinal 200 for tax withholding to avoid rax bill for income coming out of w2 e.g from interest etc
Luckily there’s Seattle
How do you have only 7k take home with 175k tc?
I understand your point but you are exaggerating. I know this because I had exact same TC in a while ago and here is what it shows, the only difference is I was not having 401k.
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If your kid is in preschool, is your spouse working?
no. But we put in TK which is not there in home school