Well Paying Tech Jobs you say?
Lets see 120K a year should be well paying right?
Thats 10K a month
Thats 9K after Social Security and Medicare
Thats 8K after Federal Taxes
Thats 7.5 K after California Taxes and SDi
Thats 7 K after Health Insurance
Thats 6.5 K after 5% in 401K to get the free match (You may say dont save bu then your taxes will be higher)
Thats 3.5 K after paying for a 2 BR apartment in the South Bay (Cannot afford San francisco on a 120K salary if you have kids)
Thats 3 K after 2 car payments for cheap sedans
Thats 1 K after buying food , non food Groceries and clothes at Costco
Thats 500 Dollars after paying for Electricity,Phone,Internet,Water&Garbage.
That leaves you a grand total of 500 dollars a month to spend on Gas, transport, entertainment , eating out or buying art supplies for your kids
Note you are not saving for a home downpayment or for kids college or an emergency fund in case you get sick and have to pay your 20% coinsurance.
Tech Jobs are not well paying for the cost of living in the Bay area.
You may say that one should have 2 salaries in the family but unless you are married to another techie the other salary will be in the range of 60K a year.
If you are making 60K a year and filing married jointly thats 30K after taxes or 5K a month.
Thats 2K amonth after paying for daycare for 2 kids
Thats 1K a month after paying for additional gas, eating out (you will eat out more if both are working) and other work expenses.
So now you may have a grand total of 1.5K with both parents rushing during the whole week.