This as-told-to essay is based on conversations with Eshaan Jain, a 35-year-old senior product manager in Seattle. It has been edited for length and clarity.
I moved from Los Angeles to Seattle about five or six years ago for my job at Amazon. I prefer Washington because California was extremely expensive, especially with state taxes, and I wasn’t saving much. Seattle is still expensive, but it feels more manageable.
The biggest benefit of working in Seattle is that Washington has no state income tax, which helps me save about 10% more of my take-home salary.
My office is right in downtown Bellevue, a major hub of the local tech economy, and my current total compensation is $285,000. Even though I earned close to $300,000 when I signed on to my new job, I still don’t feel financially secure. Being in a single-income household with a wife, a child, and another kid on the way feels tight with the rising costs of healthcare, childcare, and living expenses.
My monthly take-home pay is about $12,000 after taxes and 401(k) contributions
I live about 30 miles north of downtown Seattle in a four-bedroom single-family home. It’s a growing suburban area with a strong school district, and many people moved here during the remote-work boom. I bought my house in 2023. My mortgage is about $5,000 a month, including taxes and insurance.
My utilities total about $800 a month. That includes about $300 for electricity and water, which also covers charging my Tesla at home; $125 for sewer; $20 for gas; $130 for trash; $70 for internet; and $100 for phone.
I get health insurance through my employer. They deduct around $370 per paycheck, and since I’m paid twice a month, that comes out to almost $750 a month. The plan covers me, my spouse, and our two-year-old child.
Currently, I have around $20,000 in personal debt from expenses and travel last year. I also carry mortgage debt from my home and an investment property. I have a Tesla, and I’ve fully paid off my Range Rover.
My goal is to retire around 50
Within the next 10 years, I should be able to add another $1 million to my assets. I expect to retire around age 50, which should be comfortable. I contribute about $2,000 a month to my 401(k) and about another $2,000 a month in cash. In total, I save roughly $50,000 a year.
I’m investing heavily in stocks, physical assets like gold and silver, and investment properties to generate enough income for early retirement. I have about three to four investment properties back in my home country, in India.
I don’t have an emergency fund
I reinvest most of my savings back into my existing portfolios. I rely on access to credit cards and support from friends and family in an emergency, rather than keeping cash reserves.
I also haven’t fully planned for my child’s education yet, but I’m planning to set up a 529 plan. I’ve been putting it off, but I intend to contribute at least $500 each month.
My mortgage is stable for now because I have a seven-year ARM that locks in my interest rate for seven years. I’m in year three, so I have about four more years before the rate adjusts.
The biggest trade-off of living in my rural neighborhood is the commute.
It’s about 30 miles from Seattle and Bellevue, which takes me about an hour and a half each way, five days a week. I spend roughly three hours on the road on office days, which leaves me exhausted and less productive.
The upside is that I was able to buy my home, which is newer and larger than my previous one. It’s about 2,400 square feet. My child can play outside, and the lake is only about a one-minute drive from my house, so on sunny days we can go there to swim and relax.
We hire nannies on an as-needed basis, which costs about $100 to $250 per day, depending on the hours. We’re a single-income household since my wife isn’t working right now, so childcare expenses feel significant regardless of income. Between childcare, healthcare, and the general cost of living, expenses add up quickly.
My Range Rover is fully paid off, though I still spend about $100 a month on gas. I have a $630 monthly payment on my Tesla. When I travel outside the Seattle area, I typically spend an additional $50 to $100 on public charging. Car insurance is about $260 a month total for both vehicles.
We are big Costco shoppers
Our Costco bill alone is around $1,500 a month, including groceries, household items, decor, toys, and more. Outside of Costco, we spend another $400 to $500 monthly on additional groceries. We try to make coffee at home since it’s expensive to buy out. We also eat out about twice a week, usually with friends or as a couple.
For fun, we occasionally go to the movies. Museums and indoor playgrounds average about $50 a month.
We also have a few major expenses coming up. We’re expecting another child in November, which will include hospital and delivery fees, as well as baby-related setup. I’m also planning a backyard renovation with turf and pavers. In addition, we’re planning a trip to India to visit family.
I don’t feel financially secure, even though I earned close to $300,000 in a year
The number that would make me feel secure keeps shifting with inflation, but today I’d feel more comfortable earning between $400,000 and $450,000.
We plan to stay in our neighborhood. The main downside is the commute, but living here is much better for my kids. The schools are strong, the area feels safe, and it feels like home. We love it here.
Do you want to share your cost of living with Business Insider? Email editor Manseen Logan at [email protected].
