$600K-$800K HHI

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How much do you save, what's your networth? how old are you? how much do you spend on vacations? We are at this income level starting last year, and wondering how much to splurge vs spend. We are late 40s and have a networth of $3.5M, two kids in public and college looming.

If this post is not relevant for you, please skip over. I hope I can get some thoughts from people similar to us in HHI

DH and I are in a similar situation. $715K HHI, net worth $2.8M. We’re late twenties and have 1 year old and 3 year old kids. We spend about $10K per year on vacations, most on my parents so they can tag along and play the roles of patriarch and matriarch.

Lol, not buying it - no one is worth $2.8M in their 20s.

I usually think “family money.”

[Anonymous]

I’d love to know the monthly budget in this income range.

[Anonymous]

Your net worth seems low for that income. We are the same but net worth over 7M. Part of our investments are /were aggressive though.

[Anonymous]

For something a little different....

We are just scraping the bottom edge of your range...hitting 610K for the first time in 2023 in our mid-40s. We were at 300k at 30 and steadily climbed for the past 15 years. I'm not saying we did it right, but this is us:

- 2.5M in retirement with one solid fed pension and one very good Fed pension that should net us around 150K py in retirement.
- 600K equity in our house
- 100K in other investments (this includes our emergency fund)
- 250K in 529s for 2 kids currently in HS

Everything else, we spend. We travel a ton. We spend a lot on experiences and food. I'm not saying it is for everybody, but with the pension and safety net, we do not prioritize saving.
One regret is not saving more for college. We can likely cashflow any more we need, but lifestyle will take a hit.

[Anonymous]

Anonymous wrote:For something a little different....

We are just scraping the bottom edge of your range...hitting 610K for the first time in 2023 in our mid-40s. We were at 300k at 30 and steadily climbed for the past 15 years. I'm not saying we did it right, but this is us:

- 2.5M in retirement with one solid fed pension and one very good Fed pension that should net us around 150K py in retirement.
- 600K equity in our house
- 100K in other investments (this includes our emergency fund)
- 250K in 529s for 2 kids currently in HS

Everything else, we spend. We travel a ton. We spend a lot on experiences and food. I'm not saying it is for everybody, but with the pension and safety net, we do not prioritize saving.
One regret is not saving more for college. We can likely cashflow any more we need, but lifestyle will take a hit.

Good for you and I’m glad you shared this. I am the PP aged 37/41 with partner and he should eventually get a great pension but sometimes we undervalue it and have unnecessary anxiety.

[Anonymous]

Not to hijack this thread but in addition to travel budget I’m curious how the people in this range prioritize their savings. We have maxed the 529 so that’s done, we max the 501k and Roth IRAs… and then we are kind of wishy washy and I feel like our savings goal beyond that is less focused because there’s not something else tax advantaged to focus on this year. Do you all just have a goal for the year and put it in index funds?

[Anonymous]

PP here. To clarify - we have fully funded the 529 to our desired amount ($200k/1 4yo kid) not actually maxed it out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How much do you save, what's your networth? how old are you? how much do you spend on vacations? We are at this income level starting last year, and wondering how much to splurge vs spend. We are late 40s and have a networth of $3.5M, two kids in public and college looming.

If this post is not relevant for you, please skip over. I hope I can get some thoughts from people similar to us in HHI

DH and I are in a similar situation. $715K HHI, net worth $2.8M. We’re late twenties and have 1 year old and 3 year old kids. We spend about $10K per year on vacations, most on my parents so they can tag along and play the roles of patriarch and matriarch.

Lol, not buying it - no one is worth $2.8M in their 20s.

I don’t believe it either. It’s a troll. Most people in their 20s are having fun, not trolling around DCUM.

[Anonymous]

Anonymous wrote:Not to hijack this thread but in addition to travel budget I’m curious how the people in this range prioritize their savings. We have maxed the 529 so that’s done, we max the 501k and Roth IRAs… and then we are kind of wishy washy and I feel like our savings goal beyond that is less focused because there’s not something else tax advantaged to focus on this year. Do you all just have a goal for the year and put it in index funds?

We have a target figure we need to hit for retirement, and a rough goal for approximately when we might hit it. We max the 501k and Roth IRAs. After that our savings go into index funds in a taxable account, but they are really the residual after we spend what we want. Total saving is probably about 20 or 25 percent of our $700k hhi. It depends on the year, sometimes we have very expensive vacations, sometimes not. But we don't spend much money on anything else other than travel (and eating out when we travel). At home we nearly always cook, or take out/eat out somewhere inexpensive once a week or so. No expensive hobbies, other than maintaining second home on Eastern Shore.

[Anonymous]

We are close, in the 900s. We save around 600k. But, we consider home improvement to be "savings" which may not comport with some people's definition. We earmark $ for general maintenance and improvement and we are also doing projects like a pool/guest house etc.

[Anonymous]

Anonymous wrote:We are close, in the 900s. We save around 600k. But, we consider home improvement to be "savings" which may not comport with some people's definition. We earmark $ for general maintenance and improvement and we are also doing projects like a pool/guest house etc.

Oh and on vacations.... it varies widely. Some years we mostly go to weekend houses that my family owns. But some years we go to Universal Studios a dozen times. Maybe 30k is average? We aren't extravagant. Pretty normal hotels, a cruise here and there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are close, in the 900s. We save around 600k. But, we consider home improvement to be "savings" which may not comport with some people's definition. We earmark $ for general maintenance and improvement and we are also doing projects like a pool/guest house etc.

Oh and on vacations.... it varies widely. Some years we mostly go to weekend houses that my family owns. But some years we go to Universal Studios a dozen times. Maybe 30k is average? We aren't extravagant. Pretty normal hotels, a cruise here and there.

What, a dozen times to Universal Studios?!?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How much do you save, what's your networth? how old are you? how much do you spend on vacations? We are at this income level starting last year, and wondering how much to splurge vs spend. We are late 40s and have a networth of $3.5M, two kids in public and college looming.

If this post is not relevant for you, please skip over. I hope I can get some thoughts from people similar to us in HHI

DH and I are in a similar situation. $715K HHI, net worth $2.8M. We’re late twenties and have 1 year old and 3 year old kids. We spend about $10K per year on vacations, most on my parents so they can tag along and play the roles of patriarch and matriarch.

Lol, not buying it - no one is worth $2.8M in their 20s.

I don’t believe it either. It’s a troll. Most people in their 20s are having fun, not trolling around DCUM.

The HNW people having fun in their twenties aren’t married and don’t have kids yet!

[Anonymous]

Late 30s with NW of $2.5m with a reasonably low mortgage but we also piss some of it away on independent school. We probably save about $150-200k per year.

[Anonymous]

Anonymous wrote:Late 30s with NW of $2.5m with a reasonably low mortgage but we also piss some of it away on independent school. We probably save about $150-200k per year.

I guess it’s $3m NW if you include our primary home