I make good money but am now constantly worried about losing it

[Anonymous]

Anonymous wrote:

Anonymous wrote:I recently broke into a seven figure income (think junior c-suite at a mid-sized tech company). As a former public servant, this is both unexpected and unfamiliar. It wasn't until a few years ago that I realized this was even a possibility let alone a likelihood. I feel exceptionally fortunate.

But this situation is new enough that I haven't yet built up an equivalent nest egg, so the income/wealth doesn't feel permanent. The "problem" is that I now find myself perpetually concerned about the ethereal nature of the situation. I like my job and am unlikely to lose it, but stranger things have happened - an issue I'm blamed for, an acquisition by a larger company that make my role duplicative, etc. And while I think I could probably land an equivalent role, I find my thoughts frequently drifting toward what-if scenarios regarding a loss of my income.

For those who have been in high-paying jobs for a while, does this eventually go away? Is this just the new situation jitters, or will this now preoccupy my spare thought cycles? I don't want to be a person who thinks about money all the time, even if it's from a position of privilege.



And just to head off the inevitable... I don't post this with the intention to rub my good fortune in the faces of others. I'm not trolling. I recognize the cry-me-a-river aspect of this, but it's a legitimate situation and, for obvious reasons, I don't really have anybody to talk to in real life about it. So here I am.

Don't change your lifestyle. Love below your means. I am very high income and my lifestyle has remained the same. I still take free flights using credit card points. I don't go to 5 star Michelin restaurants. I don't drink alcohol. I do a lot of free things such as hiking kayaking. I do road trips and stay at cheap hotels. I never worry about how much things cost or how much I have in savings because I am constantly doing things under budget.

Now if you feel as an "executive" you need to live in a mansion and drive an s-600 Benz then yeah you should freak out cause that lifestyle isn't cheap.

Countering this with go ahead and change your lifestyle a little IF you want to...stay in nicer hotels, occasionally go out to a splurge dinner, whatever is your thing go ahead and do it. As long as you aren't making big spending changes there is no reason not to enjoy your money. If you're happy with what you have, more power to you. If you enjoy a few of the more expensive (notice I didn't say finer) things, go ahead and do it without guilt.

[Anonymous]

Money saved/“in-the-bank” is the best way to remove stress imho. Save heavily for a few years, then adjust as you see fit. Or don’t. I’m older and am thankful we saved earlier because at some point it can be harder to earn depending on healthcare and things that happen out of your control. We don’t have throwaway money, but we can live decently and safely.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I recently broke into a seven figure income (think junior c-suite at a mid-sized tech company). As a former public servant, this is both unexpected and unfamiliar. It wasn't until a few years ago that I realized this was even a possibility let alone a likelihood. I feel exceptionally fortunate.

But this situation is new enough that I haven't yet built up an equivalent nest egg, so the income/wealth doesn't feel permanent. The "problem" is that I now find myself perpetually concerned about the ethereal nature of the situation. I like my job and am unlikely to lose it, but stranger things have happened - an issue I'm blamed for, an acquisition by a larger company that make my role duplicative, etc. And while I think I could probably land an equivalent role, I find my thoughts frequently drifting toward what-if scenarios regarding a loss of my income.

For those who have been in high-paying jobs for a while, does this eventually go away? Is this just the new situation jitters, or will this now preoccupy my spare thought cycles? I don't want to be a person who thinks about money all the time, even if it's from a position of privilege.



And just to head off the inevitable... I don't post this with the intention to rub my good fortune in the faces of others. I'm not trolling. I recognize the cry-me-a-river aspect of this, but it's a legitimate situation and, for obvious reasons, I don't really have anybody to talk to in real life about it. So here I am.

Don't change your lifestyle. Love below your means. I am very high income and my lifestyle has remained the same. I still take free flights using credit card points. I don't go to 5 star Michelin restaurants. I don't drink alcohol. I do a lot of free things such as hiking kayaking. I do road trips and stay at cheap hotels. I never worry about how much things cost or how much I have in savings because I am constantly doing things under budget.

Now if you feel as an "executive" you need to live in a mansion and drive an s-600 Benz then yeah you should freak out cause that lifestyle isn't cheap.

Countering this with go ahead and change your lifestyle a little IF you want to...stay in nicer hotels, occasionally go out to a splurge dinner, whatever is your thing go ahead and do it. As long as you aren't making big spending changes there is no reason not to enjoy your money. If you're happy with what you have, more power to you. If you enjoy a few of the more expensive (notice I didn't say finer) things, go ahead and do it without guilt.

“Save now” poster and agree with this. The key early on imho is to indulge in things that are “one-off” (vacations, dinnners etc). Long term financial commitments (club membership, second home, etc) can be difficult to manage in a downturn. I like knowing we could easily scale back spending if need be - without too many monthly or yearly expenses locked in.

[Anonymous]

Anonymous wrote:Money saved/“in-the-bank” is the best way to remove stress imho. Save heavily for a few years, then adjust as you see fit. Or don’t. I’m older and am thankful we saved earlier because at some point it can be harder to earn depending on healthcare and things that happen out of your control. We don’t have throwaway money, but we can live decently and safely.

Make hay while the sun is shining, as they say. It may not last, so save until you have enough, then loosen the purse strings and enjoy it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I recently broke into a seven figure income (think junior c-suite at a mid-sized tech company). As a former public servant, this is both unexpected and unfamiliar. It wasn't until a few years ago that I realized this was even a possibility let alone a likelihood. I feel exceptionally fortunate.

But this situation is new enough that I haven't yet built up an equivalent nest egg, so the income/wealth doesn't feel permanent. The "problem" is that I now find myself perpetually concerned about the ethereal nature of the situation. I like my job and am unlikely to lose it, but stranger things have happened - an issue I'm blamed for, an acquisition by a larger company that make my role duplicative, etc. And while I think I could probably land an equivalent role, I find my thoughts frequently drifting toward what-if scenarios regarding a loss of my income.

For those who have been in high-paying jobs for a while, does this eventually go away? Is this just the new situation jitters, or will this now preoccupy my spare thought cycles? I don't want to be a person who thinks about money all the time, even if it's from a position of privilege.



And just to head off the inevitable... I don't post this with the intention to rub my good fortune in the faces of others. I'm not trolling. I recognize the cry-me-a-river aspect of this, but it's a legitimate situation and, for obvious reasons, I don't really have anybody to talk to in real life about it. So here I am.

Don't change your lifestyle. Love below your means. I am very high income and my lifestyle has remained the same. I still take free flights using credit card points. I don't go to 5 star Michelin restaurants. I don't drink alcohol. I do a lot of free things such as hiking kayaking. I do road trips and stay at cheap hotels. I never worry about how much things cost or how much I have in savings because I am constantly doing things under budget.

Now if you feel as an "executive" you need to live in a mansion and drive an s-600 Benz then yeah you should freak out cause that lifestyle isn't cheap.

Countering this with go ahead and change your lifestyle a little IF you want to...stay in nicer hotels, occasionally go out to a splurge dinner, whatever is your thing go ahead and do it. As long as you aren't making big spending changes there is no reason not to enjoy your money. If you're happy with what you have, more power to you. If you enjoy a few of the more expensive (notice I didn't say finer) things, go ahead and do it without guilt.

“Save now” poster and agree with this. The key early on imho is to indulge in things that are “one-off” (vacations, dinnners etc). Long term financial commitments (club membership, second home, etc) can be difficult to manage in a downturn. I like knowing we could easily scale back spending if need be - without too many monthly or yearly expenses locked in.

Ya, I'm one of the posters who said I found peace once I had FU money; however, that's not entirely true. DH joined an expensive club without discussing it with me first - the FU money doesn't cover the club membership. It's the first thing we'd have to drop in a downturn, and it's non-equity, so the whole thing was just dumb.

[Anonymous]

You mean “ephemeral” not “ethereal.”

-fed who still makes only $250K

[Anonymous]

Please describe your career path and how you made this quantum leap in salary.

Props to you for it!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I recently broke into a seven figure income (think junior c-suite at a mid-sized tech company). As a former public servant, this is both unexpected and unfamiliar. It wasn't until a few years ago that I realized this was even a possibility let alone a likelihood. I feel exceptionally fortunate.

But this situation is new enough that I haven't yet built up an equivalent nest egg, so the income/wealth doesn't feel permanent. The "problem" is that I now find myself perpetually concerned about the ethereal nature of the situation. I like my job and am unlikely to lose it, but stranger things have happened - an issue I'm blamed for, an acquisition by a larger company that make my role duplicative, etc. And while I think I could probably land an equivalent role, I find my thoughts frequently drifting toward what-if scenarios regarding a loss of my income.

For those who have been in high-paying jobs for a while, does this eventually go away? Is this just the new situation jitters, or will this now preoccupy my spare thought cycles? I don't want to be a person who thinks about money all the time, even if it's from a position of privilege.



And just to head off the inevitable... I don't post this with the intention to rub my good fortune in the faces of others. I'm not trolling. I recognize the cry-me-a-river aspect of this, but it's a legitimate situation and, for obvious reasons, I don't really have anybody to talk to in real life about it. So here I am.

Don't change your lifestyle. Love below your means. I am very high income and my lifestyle has remained the same. I still take free flights using credit card points. I don't go to 5 star Michelin restaurants. I don't drink alcohol. I do a lot of free things such as hiking kayaking. I do road trips and stay at cheap hotels. I never worry about how much things cost or how much I have in savings because I am constantly doing things under budget.

Now if you feel as an "executive" you need to live in a mansion and drive an s-600 Benz then yeah you should freak out cause that lifestyle isn't cheap.

Countering this with go ahead and change your lifestyle a little IF you want to...stay in nicer hotels, occasionally go out to a splurge dinner, whatever is your thing go ahead and do it. As long as you aren't making big spending changes there is no reason not to enjoy your money. If you're happy with what you have, more power to you. If you enjoy a few of the more expensive (notice I didn't say finer) things, go ahead and do it without guilt.

“Save now” poster and agree with this. The key early on imho is to indulge in things that are “one-off” (vacations, dinnners etc). Long term financial commitments (club membership, second home, etc) can be difficult to manage in a downturn. I like knowing we could easily scale back spending if need be - without too many monthly or yearly expenses locked in.

This is what we've done too. We kept our same house from back when we made $250k. Any remodels are paid in cash, cars are paid in cash, we splurge a little on dinners and vacations. But our required monthly expenses (mortgage, utilities, insurance, taxes, etc.) are really low.

[Anonymous]

As our income grew and grew our lifestyle didn’t. We lived comfortably but well below our means. My husband always talked about having a big FU fund in case he lost his job or just wanted a break. He never did either but knowing we’d be fine was a big relief to us. We kept saving at a high rate until we retired but now our annual investment income is well over $1 million and our net worth grows much more than that. We spend a lot more in retirement than we did when we were working with two homes, travel, a lot of grandchildren and giving to charity.

So to OP, enjoy a comfortable lifestyle but up your savings and enjoy the benefit of compounding.

[Anonymous]

Our spending once we were making over $1m a year wasn’t much different than when we made $300,000. Our savings soared and every year we worried less and less about money. I drive a 12 year old SUV and my husband buys nice used cars. Don’t be the idiot with high income and a low net worth. That would make me worry.

[Anonymous]

Save aggressively for a few years until you can build up your net worth.

I’ve been in the position of having a high income and low NW, it’s nerve wracking at first. Once you have 5-10M you won’t fear losing your job as much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I recently broke into a seven figure income (think junior c-suite at a mid-sized tech company). As a former public servant, this is both unexpected and unfamiliar. It wasn't until a few years ago that I realized this was even a possibility let alone a likelihood. I feel exceptionally fortunate.

But this situation is new enough that I haven't yet built up an equivalent nest egg, so the income/wealth doesn't feel permanent. The "problem" is that I now find myself perpetually concerned about the ethereal nature of the situation. I like my job and am unlikely to lose it, but stranger things have happened - an issue I'm blamed for, an acquisition by a larger company that make my role duplicative, etc. And while I think I could probably land an equivalent role, I find my thoughts frequently drifting toward what-if scenarios regarding a loss of my income.

For those who have been in high-paying jobs for a while, does this eventually go away? Is this just the new situation jitters, or will this now preoccupy my spare thought cycles? I don't want to be a person who thinks about money all the time, even if it's from a position of privilege.



And just to head off the inevitable... I don't post this with the intention to rub my good fortune in the faces of others. I'm not trolling. I recognize the cry-me-a-river aspect of this, but it's a legitimate situation and, for obvious reasons, I don't really have anybody to talk to in real life about it. So here I am.

Don't change your lifestyle. Love below your means. I am very high income and my lifestyle has remained the same. I still take free flights using credit card points. I don't go to 5 star Michelin restaurants. I don't drink alcohol. I do a lot of free things such as hiking kayaking. I do road trips and stay at cheap hotels. I never worry about how much things cost or how much I have in savings because I am constantly doing things under budget.

Now if you feel as an "executive" you need to live in a mansion and drive an s-600 Benz then yeah you should freak out cause that lifestyle isn't cheap.

There’s some space in between what you’re describing and living in a mansion.

You only live once and can’t take it with you. I throughly enjoy my luxury hotel stays, dining out and not hassling with hotel points and airline miles.

[Anonymous]

Anonymous wrote:Try not to let lifestyle creep take over. Save aggressively for a few years, and build up a 6 month emergency fund. I think then you will feel more comfortable.
- a former fed ($125k) who has a $500k/yr job and felt this way at first

1000% this! Live like you haven't seen the increase. Only allow 10-15% "lifestyle creep" for a few years and save save save (invest invest invest). That will give you time to adjust and build savings.

Hint: you never need to let "lifestyle creep" take over to 100% of your new income. You were fine living before, you don't need to spend it all now

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I recently broke into a seven figure income (think junior c-suite at a mid-sized tech company). As a former public servant, this is both unexpected and unfamiliar. It wasn't until a few years ago that I realized this was even a possibility let alone a likelihood. I feel exceptionally fortunate.

But this situation is new enough that I haven't yet built up an equivalent nest egg, so the income/wealth doesn't feel permanent. The "problem" is that I now find myself perpetually concerned about the ethereal nature of the situation. I like my job and am unlikely to lose it, but stranger things have happened - an issue I'm blamed for, an acquisition by a larger company that make my role duplicative, etc. And while I think I could probably land an equivalent role, I find my thoughts frequently drifting toward what-if scenarios regarding a loss of my income.

For those who have been in high-paying jobs for a while, does this eventually go away? Is this just the new situation jitters, or will this now preoccupy my spare thought cycles? I don't want to be a person who thinks about money all the time, even if it's from a position of privilege.



And just to head off the inevitable... I don't post this with the intention to rub my good fortune in the faces of others. I'm not trolling. I recognize the cry-me-a-river aspect of this, but it's a legitimate situation and, for obvious reasons, I don't really have anybody to talk to in real life about it. So here I am.

Don't change your lifestyle. Love below your means. I am very high income and my lifestyle has remained the same. I still take free flights using credit card points. I don't go to 5 star Michelin restaurants. I don't drink alcohol. I do a lot of free things such as hiking kayaking. I do road trips and stay at cheap hotels. I never worry about how much things cost or how much I have in savings because I am constantly doing things under budget.

Now if you feel as an "executive" you need to live in a mansion and drive an s-600 Benz then yeah you should freak out cause that lifestyle isn't cheap.

There’s some space in between what you’re describing and living in a mansion.

You only live once and can’t take it with you. I throughly enjoy my luxury hotel stays, dining out and not hassling with hotel points and airline miles.

+1

But it comes with planning and having saved well for retirement and college, and having enough to pay off the home (or go ahead and pay it off once you have enough). And even with FU money now, we still search for deals on hotels (and might book the Mountain View vs ocean view on a beach vacation and hope for an upgrade, because saving $400/night can cover your meals and drinks and you don't really spend time in the room watching the ocean).
We still collect hotel points and airline miles, and use them when it works for us. Who would give up free perks?

[Anonymous]

Not being snarky - what is junior c suite? Also at a tech co (public but also worked at mid sized ones before too) and never heard this term. Google didn’t help either.