So you can buy a parent for your kid.
90%?
Here’s the type of apartment you can get for that amount of money: 66 Leonard Street #6D in Tribeca, Manhattan | StreetEasy
Not exactly slumming it.
to me it was noteworthy that their salary was only 1.1M pretax with all those expenses. spending almost 20% of your salary on a live in nanny seems absurd.
There Will Be Blood might seriously be the greatest movie about America ever made. It absolutely nailed capitalism.
For a middle class family with two kids in daycare, it can easily be more than 20%, and for a single parent, even more. This family choosing to pay a house a year for daycare is absurd though.
So at what income level is it not absurd?
For wife and I in Chicago, infant day care is 2400/month or about 87% of our monthly rent payment
Can’t your $200k per year nanny look after them?
its absurd that anyone has to pay 20% of their income in daycare costs, but someone making 100k doesn’t really have a choice unless they want to quit their job or can WFH. someone making 1.1M has a lot more affordable (compared to their income) options. If the live-in nanny making $200k is also having her food/housing costs taken care of, she is going to be putting more away for retirement than her boss is.
I don’t know. My wife has been a stay at home mom with a law degree for the past >10 years - we’re probably passing up at least 20% of our potential income for self-provided childcare.
Relevant to this discussion:
401K Noob, i’m setting it up now, it gives me options for models how i want it invested between equity/stock, Bond/Fixed Income, and stable value(columbian Trust Stable Gov H)
Any thoughts? I have no knowledge of any of this really.
The options are like conservative to risky with 5 total. Figuring i just do the one thats like 50% bond and 40% stock or 60% stock/40% bond
Depends on your age.
depends on your age and a few other things, i’m all stocks but i’m young and will have alternative retirement money too.
Can you post details of the options? Stock and bond allocation is important, but so are fees.
At 35 y/o I would go no more than 20 percent bonds unless you are the type that cannot stomach losses.
Loss…es?
Im sorry, last I checked the stock market only goes up.