I hate being stuck at $230k HHI and feel poor AF

[Anonymous]

This one is pretty simple. You shouldn’t be maxing out your 401k beyond the employer match. You feel poor because you lack liquidity. I’m not saying don’t save, but divert some of the money you’re putting in your retirement account to a more liquid brokerage account.

[Anonymous]

I just asked for suggestions on how to save money. We make about $440K in an average year. We don't really monitor our spending closely, but I thought we lived an average lifestyle. No fancy restaurants, no extravagant vacations, no private schools, etc., yet we still don't have much left in our bank account. We don't own a house. Now, I'm worried about how to pay for my three kids' college, especially if they want to attend a private or out-of-state school. Maybe inflation is killing us all. It seems like only the top 1% can live comfortably now.

[Anonymous]

You’re an idiot. Learn how to budget and live within your means.

[Anonymous]

Anonymous wrote:I just asked for suggestions on how to save money. We make about $440K in an average year. We don't really monitor our spending closely, but I thought we lived an average lifestyle. No fancy restaurants, no extravagant vacations, no private schools, etc., yet we still don't have much left in our bank account. We don't own a house. Now, I'm worried about how to pay for my three kids' college, especially if they want to attend a private or out-of-state school. Maybe inflation is killing us all. It seems like only the top 1% can live comfortably now.

Not top 1% but I think your HHI is in the top 2%.

If you want to feel more confident I think you will have to get a tracking app that will automatically tell you the truth about where your money is going.
If you can't measure it, you can't manage it.

[Anonymous]

Anonymous wrote:I just asked for suggestions on how to save money. We make about $440K in an average year. We don't really monitor our spending closely, but I thought we lived an average lifestyle. No fancy restaurants, no extravagant vacations, no private schools, etc., yet we still don't have much left in our bank account. We don't own a house. Now, I'm worried about how to pay for my three kids' college, especially if they want to attend a private or out-of-state school. Maybe inflation is killing us all. It seems like only the top 1% can live comfortably now.

Must be so hard for you.....

[Anonymous]

Anonymous wrote:I just asked for suggestions on how to save money. We make about $440K in an average year. We don't really monitor our spending closely, but I thought we lived an average lifestyle. No fancy restaurants, no extravagant vacations, no private schools, etc., yet we still don't have much left in our bank account. We don't own a house. Now, I'm worried about how to pay for my three kids' college, especially if they want to attend a private or out-of-state school. Maybe inflation is killing us all. It seems like only the top 1% can live comfortably now.

How can you earn so much and be unable to figure out your own expenses?
I assume you are another troll.

Yawn. 🥱

[Anonymous]

We have the same HHI income and squeeze every last cent to send 2 kids to parochial.

You have $$!

[Anonymous]

My guess is you feel poor because you feel like you should have a much more extravagant lifestyle for making a quarter of a million dollars, but you don't. And a big part of that is taxes take a huge hit. Start tracking your transactions (there's a ton of good ones Empower, YNAB - paid, etc) and see if you are happy with your spending categories. If not see if you can cut any categories that aren't bringing you joy.

$100k in income used to be "making it". If you look at an inflation calculator, $100k in 1980 has the same buying power of $381k today. Which means you need to be making $400k to be "making it" in the same way.

[Anonymous]

I wouldn't cut your 401k contributions, 401k (especially invested in a low expense ratio index fund) is literally the best investment tool. If you're doing Roth 401k, I'd consider switching to Traditional 401k, you'll take home a much bigger chunk of your paycheck and you can do conversions later after you're retired. Also if you ever needed the money you could always pull it out.

https://www.madfientist.com/traditional-ira-vs-roth-ira/
https://www.madfientist.com/how-to-access-retirement-funds-early/

[Anonymous]

Anonymous wrote:Interesting. I'm a single mom to two college-aged kids, and we live off $110k/mo plus $1200/mo child support, which covers my mortgage.

$110k per month?????

[Anonymous]

People lose perspective. You are some of the richest people in the world. Complaining that you just can’t possibly live comfortably on hundreds of thousands of dollars is year is so out of touch with reality and how the other 8 billion people in the world live.

[Anonymous]

You need to understand you are saving too much for retirement and not enough for today. You need a rainy day account of at least $25,000. Then you won't be constantly panicking.

We make about $90,000 now combined after a big layoff in 2016. We are in the Midwest.

In addition to cash savings of about $15,000, we take advantage of financing offers when needed. Our AC/Furnace needed replacement for 10 grand. So we took a plan of paying it off two years, interest free.

When our car needed $7,000 or repairs, we bought a $4,000 car instead that was older but in great shape.

Most people don't not pay cash for every thing. They remain level headed and yes take HELOCs if necessary to pay off home repairs.

You are spoiled and being ridiculous.

Do a budget!

DON'T have children.

[Anonymous]

Anonymous wrote:This has got to be a troll. No kids and 230 HHI is plenty! Do you have tons of student debt?

Yeah - I dont get that... how much is the monthly mortgage payment?

[Anonymous]

We make $300k now but never put more than 8% into retirement. Anything extra was put into stocks etc for liquidity. We have 2 kids and post daycare years are so much better. Still expensive but in different ways.

[Anonymous]

Anonymous wrote:Yea, no. I have a daughter in her 30s married to a guy the same age. They live in a nice DMV suburb and are childless by choice. They make slightly more than you, very slightly, have a larger mortgage, and are more than fine. She’s very happy about their financial situation and tells me they can pretty much do whatever they want.

“If MY daughter could do it, ANYONE could!!!!”