Tech Industry
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2147
Quitting this Slave life
Tech Industry
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1726
The end of Backdoor Roth?!
India
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Modi is a legend, will be remembered for centuries to come
Tech Industry
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Which large tech companies you think will last 20+ years?
India
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Who are these retards asking for dictatorship in India?
For folks with Single income families, how do you deal with finances? Living in an expensive city with million dollar homes, how can you afford to buy a home in a good school district? Seems like The old fashioned way of a family life is slowly dying its natural death.
The trick is once you have kids the cost of childcare is nearly the same as a 2nd salary anyway so it's a wash. At least it was for us. So my wife left her job and we make due just fine. For the record most people don't have high paying tech sector jobs; even in expensive towns, a single income tech family is doing better than most of the country. Just have to budget and not get in over your head with housing.
^ this. I'm not extremely well paid (not in blind anyways) and my income alone still makes us better off than most dual incomes.
Karsa - do you own your home? And if so, how long ago did you purchase it? Kudos to you for being able to make it work.
I'm a single income parent. Long story short, my wife doesn't make enough working (even though she had more degrees than me), to really make sense once you factor in daycare/tax bracket etc. We have a decent house in an area that has gone crazy since. We live very simply, rarely go out, don't buy new clothes all the time and really just buy things that are an investment. I'm still able to max my 401k and my espp program and we can survive off what's remaining.
Note: decent house that has gone crazy, think about a new family planning to have 2 kids and don’t have a house.
Yeah well, better find an old house in the suburbs...
99%+ of the country does this by not living in SF.
How do you guys save for kids college fees ? I mean, after maxing out 401K and ESPP, how much can you save with remaining take home pay?
My kids college fund is crypto. But Fwiw, I hope he doesn't go. I doubt in 18 years education will be the same.
I don't max ESPP, just 3%. I max 401k and put a flat amount into a 529 for each kid that should, if all goes well, amount to enough for a state school by the time they're there. If they choose to go to a more expensive private school they can cover the rest or get a scholarship.
Single income. Two kids. Down payment for home came from previous real estate investments we made after the first housing collapse. We’re in the process of buying new construction out in San Ramon and commuting. The calculated carrying cost for a new 4 bedroom SFH out there is the same as I pay for renting an old 2 bedroom apartment in a good school district here. Actually SR schools are even better. So buying out in the burbs is the only thing that makes sense if we’re going to stay here, which we do. I live only on base salary. Cash bonus pays for big purchases and vacations. Stock awards are never touched and just reinvested. I’ll pay for the kids college with my stock investments. Wife could work and earn a very income. But we did that already and the kids suffered from both of us half assing things because of career demands. If my wife decides to go back to work, we’d hire a nanny and a tutor for our kids to make up for what my wife does for free. Personally, we think it’s just better that she takes the time off to be with the kids. One stressed out parent is enough. Two isn’t healthy.
Did you move already? Hows the commute? With one pay check i cant afford anything in Fremont so i was looking at SR too...
Not yet. Buying new construction. Won’t be ready for 4 more months. I have coworkers that use the shuttles, and they say it’s been fine. They’re happy with their decision to move out there. It’s very nice and the schools are prime.
Single income w/kids. Bought a 800k SFH fixer in a great neighborhood by being creative. Since I had not purchased a home for over 10 years, qualified for first time home buyer and borrowed 50k from my 401k. Rest of 20% down payment were from stocks. 200k Renovations completed from home equity loan (credit union w/very low rates) and cash.
This is a strategy we employed except my wife got a 100% WFH job so we both kept working at the end. Get married and live in cheap apartment. Both spouses working. Live on 1 salary; bank the other. When ready for kids either pay cash or put enormous down payment down for house where you want. Keeps things affordable on 1 income.
Side note- home depot is on blind?
4 more and we open the company board, lol
Multiple income streams.
Single income 3 kids. I settled in a suburb with good school and I commute. I also created multiple income streams, side business. I put a lot away in 401K and use ESPP when I can. I am not doing much for college saving yet. Also put everything in perspective and see how lower income family get by. We really can’t complain.
It's a big government conspiracy to have mommy daddy spend longer hours at work and create children who are slaves of the state.