A Week In Miami On A $261,000 Salary

Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.

Today: a program operations manager who makes $261,000 per year and spends some of her money this week on a key lime pie for her daughter’s first birthday.

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Occupation: Program operations manager
Industry: Tech
Age: 36
Location: Miami, FL
Salary: $261,000 ($181,000 base, plus quarterly stock vests that usually end up around $80,000 annually).
Assets: Savings/checking: $148,000 (I know, I know…this is bad); HYSA: $97,000; brokerage: $173,000; HSA: $2,500; 401(k): $210,000. My husband, B., and I maintain separate bank and brokerage accounts but split all our expenses equally.
Debt: $0
Paycheck amount (2x/month): $4,000
Husband’s paycheck amount: B. quit his $180,000/year, in-person job so that we could move to Miami for hot, sunny weather, plentiful Spanish-speaking childcare options, and to be closer to family. He plans to job hunt again soon.
Pronouns: She/her

Monthly Expenses

Housing costs: We live in a three-bed, two-bath, high-rise apartment with our 1-year-old daughter, M. Rent is about $4,050 per month, including water/trash/package locker.
Loan payments: $0
Gas/electric: ~$65
Internet: $76 (work reimburses this).
Daycare: $1,350
Baby swim lessons: $120
Spotify: $12
NYT: $4
Netflix/Peacock/Apple TV/?: $? B. manages all this and I honestly have no idea what he spends per month or really how to watch any of it.
Gym: $0 (I don’t have a routine yet since we’ve moved but need to get back into something soon for my health and sanity).
Phone: $0. Still on that fam plan. No shame.

Annual Expenses

Car insurance: B. takes care of this, I think it’s about $1,000.
Renter’s insurance: $130
Costco membership: ~$60. I’d rather not but it’s B.’s happy place.
America The Beautiful National Park Pass: $85
Duolingo: $85 (just started and I’m hooked).
Google storage: $20
Credit card fees: $245 (plus probably some that B. has).

Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
I think I came out of the womb with my dad saying something about how important going to college was. My parents both have college degrees and were adamant that their three daughters would be able to support themselves financially without “relying on a man”. I ended up going to a good state school for undergrad where most of my tuition and expenses were covered by scholarships. My parents helped out here and there, and I took out one small loan that I repaid within a year of graduating. For grad school, I went to an out-of-state program and paid for it myself through savings and loans. I paid back the ~$85,000 in loans within about two years of graduation.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about …read more

Source:: Refinery29


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