What is the highest income where anyone still budgets

[Anonymous]

Anonymous wrote:At higher incomes, budgeting will mean something different than at lower incomes. But everyone should still have a budget, OP.

+1, our HHI is about 300k. We don’t budget for groceries, bills, eating out, etc - but we do “budget” for new cars, travel, college expenses, taxes for investments (@30k/year).

[Anonymous]

We stopped budgeting at around 1m.

[Anonymous]

I didn’t budget for 41 years and thanks to DCUM - I just started budgeting with my HHI of appx $300K. I’m happy that I started doing it and I think it’s helpful. One thing YNAB says about rich people is that they pay attention to money and I don’t know if that means they strictly budget but I think it means they pay more attention than I had been.

[Anonymous]

We tipped 1 million last year and still budget. We have 4 kids and loosely budget to make sure between tuitions, home projects, vacations, we are still meeting targets for savings and investments and keeping our eye on the ball.

[Anonymous]

Our HHI is around $325k and we do not budget, but we aren’t big spenders so there isn’t really a need. Without fail we have a comfortable amount of money leftover each month. I think budgeting is necessary if money is tight but it can also be necessary for higher income people who would be likely to overspend if they don’t set limits on themselves. You can make millions and still overspend—think about how often you hear of celebrities ending up broke.

[Anonymous]

HHI $900k and the only budgeting we do is to carve off a set amount from each quarterly bonus to save and invest. Outside of that it's a free for all, and I do feel out of control with money. I should budget, but it sounds so depressing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We earn eight figures and budget. We want to grow savings not blow through it.

My god, what could you possibly spend it on? We are very HHI. By $2M our 4 largest expenses in order were investments, taxes, house expenses and charitable deductions. As it when up from there house expenses lowered and the other 3 increased. Given that they are discretionary I cannot imagine what what would need to budget for at a consistent 8 figures.

We want this to last for generations to come.

You'll be dead and most likely your grandkids will lose it.

But also, are you hiring? I do pretty well but I'd love to increase my income while still having time to waste on forum chatting.

[Anonymous]

I budgeted and watched spending closely until $2M. I didn't feel comfortable at Whole Foods, except for a specialty item now and then. We splurged on 1 expensive vacation per year but otherwise kept travel to staying with family and friends. I shopped sales. We talked about big purchases. We reviewed spending and our budget 4 times a year. Very consistent with all that until $2M. Once we hit that, it was like a light switch for me, and I'm not sure that's good. But now I have no guilt about Whole Foods, we fly first class, DH just made a $25k charitable donation without talking to me first and I didn't blink an eye.

[Anonymous]

We budget on our HHI of $270k, but we also have 2 in daycare still

[Anonymous]

Anonymous wrote:We earn eight figures and budget. We want to grow savings not blow through it.

I don’t understand this. We have direct deposit for our wage slave income into various investment accounts. We then spend the remainder with abandon and no budget. For our rental income and investment income that all gets reinvested so we never even see if.

I don’t even understand why you would need a budget if you just take care of all goals first before it even has a chance to hit your hands. Seems very tedious to create a budget when everything is already tucked away.

[Anonymous]

Anonymous wrote:I retired a decade early and now have a $7!million net worth. We live off of investment earnings and income from two rental properties. We don’t exactly “budget,” I guess, but we track monthly expenses carefully with an app and know exactly what and on what we spend. It’s allowed us to know almost intuitively at this point what’s gonna work and what isn’t when it comes to expenditures.

+1

We found as our income/networth increased, we more "track expenses" than "budget"

[Anonymous]

Anonymous wrote:We tipped 1 million last year and still budget. We have 4 kids and loosely budget to make sure between tuitions, home projects, vacations, we are still meeting targets for savings and investments and keeping our eye on the ball.

+1

The people I know who make over $1m still budget - that is how they became wealthy! They still have big ticket items, like college, investments, retirement, etc. to pay. I think it is easy for those of us who do not make that kind of money to believe that people who do - just throw money at everything. In reality, there is a calculated way that people with money allocate their time and money. People with less money do not use the same methods, because they can't.

[Anonymous]

Anonymous wrote:I budgeted and watched spending closely until $2M. I didn't feel comfortable at Whole Foods, except for a specialty item now and then. We splurged on 1 expensive vacation per year but otherwise kept travel to staying with family and friends. I shopped sales. We talked about big purchases. We reviewed spending and our budget 4 times a year. Very consistent with all that until $2M. Once we hit that, it was like a light switch for me, and I'm not sure that's good. But now I have no guilt about Whole Foods, we fly first class, DH just made a $25k charitable donation without talking to me first and I didn't blink an eye.

Is this a hoax post? Whole Foods? It’s not even in the same ballpark as First Class. I think Whole Foods is in the middle of the pack in terms of price. Wegmans is definitely more expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I budgeted and watched spending closely until $2M. I didn't feel comfortable at Whole Foods, except for a specialty item now and then. We splurged on 1 expensive vacation per year but otherwise kept travel to staying with family and friends. I shopped sales. We talked about big purchases. We reviewed spending and our budget 4 times a year. Very consistent with all that until $2M. Once we hit that, it was like a light switch for me, and I'm not sure that's good. But now I have no guilt about Whole Foods, we fly first class, DH just made a $25k charitable donation without talking to me first and I didn't blink an eye.

Is this a hoax post? Whole Foods? It’s not even in the same ballpark as First Class. I think Whole Foods is in the middle of the pack in terms of price. Wegmans is definitely more expensive.

I'm not the poster of the Whole Foods post but it resonated with me. For so many years I considered Whole Foods just for rich people and would hardly ever set foot in that place. Even today at $900k HHI I feel like an imposter when I'm in there...but they do have the best produce so I'll stop there for just that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I budgeted and watched spending closely until $2M. I didn't feel comfortable at Whole Foods, except for a specialty item now and then. We splurged on 1 expensive vacation per year but otherwise kept travel to staying with family and friends. I shopped sales. We talked about big purchases. We reviewed spending and our budget 4 times a year. Very consistent with all that until $2M. Once we hit that, it was like a light switch for me, and I'm not sure that's good. But now I have no guilt about Whole Foods, we fly first class, DH just made a $25k charitable donation without talking to me first and I didn't blink an eye.

Is this a hoax post? Whole Foods? It’s not even in the same ballpark as First Class. I think Whole Foods is in the middle of the pack in terms of price. Wegmans is definitely more expensive.

Haha - I had the opposite reaction. I feel like it has to not be a post because it's so random that no one could make it up, but it's something that the poster had a "thing" about previously.