How much would you have to make such that an additional 300k a year wouldn’t make a big difference?

[Anonymous]

See question

[Anonymous]

4m

[Anonymous]

I've gone from $700k to $1m+ in the last couple of years and it doesn't make much difference day to day but has allowed us to do a big home reno project with cash. I could also go back to $700k and be just fine. DH also makes money but quite bit less, so our total income is a little higher. We aren't huge spenders and own 2 paid off houses so this number may be lower than it would be for others.

[Anonymous]

Anonymous wrote:I've gone from $700k to $1m+ in the last couple of years and it doesn't make much difference day to day but has allowed us to do a big home reno project with cash. I could also go back to $700k and be just fine. DH also makes money but quite bit less, so our total income is a little higher. We aren't huge spenders and own 2 paid off houses so this number may be lower than it would be for others.

Sounds like you are big spenders with two homes.

[Anonymous]

$2.5M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've gone from $700k to $1m+ in the last couple of years and it doesn't make much difference day to day but has allowed us to do a big home reno project with cash. I could also go back to $700k and be just fine. DH also makes money but quite bit less, so our total income is a little higher. We aren't huge spenders and own 2 paid off houses so this number may be lower than it would be for others.

Sounds like you are big spenders with two homes.

Perhaps, but they are assets that have appreciated dramatically in recent years and can be sold. They add to our net worth.

[Anonymous]

Remember the government take half

[Anonymous]

We make $300K. Another $300K wouldn't make a difference.

[Anonymous]

Make 1 million -- 300k would not change anything.

[Anonymous]

Anonymous wrote:I've gone from $700k to $1m+ in the last couple of years and it doesn't make much difference day to day but has allowed us to do a big home reno project with cash. I could also go back to $700k and be just fine. DH also makes money but quite bit less, so our total income is a little higher. We aren't huge spenders and own 2 paid off houses so this number may be lower than it would be for others.

What do you do?

[Anonymous]

I’d say 700+

[Anonymous]

Anonymous wrote:I’d say 700+

This was my initial thought too, but $500K-$800K might also not seem like much of a difference. $300K is twice my current HHI so while I can see doubling my current HHI making a big difference, anything more I don't know what I'd do (though I'm sure I'd figure it out).

[Anonymous]

I don’t think our lifestyle changed that much between 600k and 900k. We saved more and maybe did a few splurge things we wouldn’t have otherwise.

My husband and I both grew up very middle class and tbh I think we are pretty content with our aging used cars, kids in public school, and general lifestyle. I appreciate we are very fortunate though.

[Anonymous]

Our HHI is $350k and an extra $300k would not make a difference in that we would not quit our jobs, alter our retirement plans, or move to a different house.
What it would change is that we’d go on nicer vacations and tackle more home and landscaping projects in a shorter timeframe instead of saving up and paying for one before considering the next. We would likely choose the slightly nicer version of anything we’d normally buy. For example, we’d get the same car we’re looking at now, but we’d choose the highest trim level.

The people whose life would chance if we had an extra $300k per year is my parents. They live 30 min away and are in their 70s. A modest rambler well-suited for living on one level in my neighborhood goes for $1-1.3M. If we had the cash flow, we’d buy a house within walking distance and renovate it for them to move into once they can no longer drive or one of them is living alone.

[Anonymous]

Wouldn't make a big difference? Maybe $1M. Would be an easy decision to pass up to have one parent SAH? Probably $600k, but I'd have to feel fairly confident in the stability of the remaining income.