At what HHI did you stop feeling like more money = better life?

[Anonymous]

I tried very hard to be mindful of the fact that when you reach about $70k per year, statistically, more money doesn't equal a better life. There have been lots of articles/research on this, although the number fluctuates.

I would say for me, that was about right. I was making about $75k when I really felt like I didn't need to stress about money anymore, and as long as I kept up with my budgeting and saving, things were great.

I then married someone at a similar income, so jumped up to an $150k household income, but immediately started focusing on buying a house and having a kid. Since then we're up to about $185k? And certainly, while I have appreciated our income bumps, I know that our life was already pretty great, it's still pretty great, and while it gave us a few more luxuries and some more flexibility with necessities, we'd still be great without it.

I live in DC. Bottom line, in DC at least, $75k for a single person, $150k for a family. And if you think the number is dramatically higher, or if you are making way more than that and feel like you haven't reached it - the issue isn't the money, the issue is your perspective.

[Anonymous]

$175K vs $225K is not that huge of a difference if you factor in tax. It's a good chunk, but you're right, as far as lifestyle, it's not *that* different.

But, $140K to $250K is a huge difference. That's where we went, and it's noticeable.

At $140k, there were no "extras". We have kids. But we could get by at $140K.

Obviouly, jump to $250k means a whole lot of extras.

[Anonymous]

Anonymous wrote:$175K vs $225K is not that huge of a difference if you factor in tax. It's a good chunk, but you're right, as far as lifestyle, it's not *that* different.

But, $140K to $250K is a huge difference. That's where we went, and it's noticeable.

At $140k, there were no "extras". We have kids. But we could get by at $140K.

Obviouly, jump to $250k means a whole lot of extras.

OP here - I meant that once we passed $175k we could buy pretty much whatever we wanted.

[Anonymous]

I’d say 200k. Then it becomes more about net worth. Is your home paid off and are you financially independent.

[Anonymous]

I have a relative who has a net worth of 100 million. He once told me, once you have about thirty or forty million, adding extra doesn’t really improve your life any.

[Anonymous]

We are making 250k and I’ve noticed that when everything shut down for the pandemic and we no longer had childcare costs, I felt like we were more than comfortable compared to when we were dropping $3,800/month on childcare for two. Now we’ve had to hire a nanny and things feel tight again. It helps knowing it’s temporary. For us, it’s not an income level we’re trying to reach, but wanting to get out of the childcare phase.

Yes, I know as some posters like to point out that there will always be summer camps and activities. But with all the various fees and preschool tuition we spent nearly 50k in 2019 (on top of the fact we were also signing our kids up for activities).

[Anonymous]

We have a HHI of 200K with two kids in private school. We feel fortunate and comfortable, so there’s no desire for more. .

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is the conversation I currently have with DH at our 220HHI:

Me: I feel like we aren’t making enough money.
DH: why?
Me: Everybody we know makes more money.
DH: so?
Me: We should too.
DH: Is there something you want that we don’t have?
Me: no...
DH: then why do you want more money?
Me: maybe I’ll want something in the future that I can’t afford!
DH: ok, why don’t we worry about it then.
Me: ok, I guess you are right!

I love this! Hopefully you are saving for retirement and educations which will be in your future.

Yes, we are maxing out every tax advantaged account we have available, including a 457! It’s enough!

[Anonymous]

Somewhere after $150k and before $200k

Family of four, kids 21 and 23.

[Anonymous]

300k. But our houses are paid off, retirement and colleges are set

[Anonymous]

20x living expenses in wealth. (30x to retire but 20x is very comfortable while still working).

Income is just one part of the equation.

[Anonymous]

We were happy and comfortable dinks at $150k. Then we had two kids and were happy and comfortable somewhere between $225k and $250k. Everything above that now is gravy.

[Anonymous]

All of these numbers are meaningless to compare without knowing inheritances, parental help, etc. life becomes a lot more comfortable if grandma funded jr.’s college for example.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Kids are sooooo expensive. I was quite happy in my 20s making 75k. Married now with two kids. We're making 400-500k and feel good . . . but we would probably consider private school if we made more.

You can afford private unless you are living beyond your means.

When DC started private we were making Around $200k (with a new mortgage to boot). I would say we have paid tuition without sweating for quite some time and we're over $500k HHI now. One kid but still.

+ 1! We make a lot less and make the budget work for private school. All about priorities.

[Anonymous]

We are going to touch $300k this year with 2 kids thats just right. We have a nanny too. If no kids then $200k was fine and enough for our house.
The only big improvement would be a lot more travel but we would need jobs with more leave for that anywah.