Author Topic: First Case Study & New MMM Reader  (Read 6033 times)

dycker1978

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Re: First Case Study & New MMM Reader
« Reply #50 on: July 17, 2017, 11:29:38 AM »

At 1500 a month - $18000, or $36000(if you are investing $1500 each, I am not clear on this)


$36,000. She's said they both max 401(k)... multiple times in this thread ;)

That is what I used, still seems to be missing 45k...

After taxes, health insurance, and maxing out 401k we take home about $4300 every two weeks (roughly $8600 monthly). In addition, to the 401k and such, we will save $750 every 2 weeks combined (about $1500 a month). So we are saving $36k in 401k and another $18k personal. We live near Baltimore, MD so taxes are a little high (federal, state, and city here).

  $8600 monthly
- $1500 monthly
_________________
  $7100 monthly left for expenses

The above scenario is with us already maxing out 401ks. We have about $5600 budgeted for joint expenses and rest split between our individual checking accounts. We could probably save another $1000, however, right now we are just trying this budget starting in August.

Combined Expenses starting August

Expense   
Mortgage   $2,605.00
HOA   $70.00
Security System   $50.00
Cell Phones   $80.00
Car Payments   $648.00
Insurance   $285.00
Utilities   $200.00
Cable + Spotify + Netflix   $100.00
water + trash   $75.00
CC   $750.00
Food+Restaurants   $600.00
Gas   $150.00
Sub- Total   $5,613.00

Thanks for the clarification, those taxes are high, even from my Canadian standpoint.