all of the people making 250k, 300k, 500k - what do you do?!

[Anonymous]

DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I haven't read all these posts, but one thing to keep in mind is some people may be quoting their salaries as an independent contractor. DH recently turned down a job that paid a lot more on paper, but going from employee to independent contractor would have meant paying all the taxes on that income and losing benefits + retirement matching. He realized he is actually better off with his current lower salary.

HHI is only part of the package, so some of these contractor salaries are not as high as they actually seem.

For two salary households, where one has access to benefits, it is actually encouraged for the second one to go the independent contractor route to get a bigger check.

But once you pay all your own taxes and give up employer matching for retirement, which can be 5+% of salary at a good company, the independent contractor salary may actually be lower even if it's 40-50k higher on paper.

[Anonymous]

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

I hear you. I went into engineering thing it was a responsible chide but now I realize income wise it's a bad deal. But too old to get MBA so that's life

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

I hear you. I went into engineering thing it was a responsible chide but now I realize income wise it's a bad deal. But too old to get MBA so that's life

So what though? DH both cap out at mid 100s, but it's 2 of us. We have 2 401ks both have employer matches. It's a good life and we see a comfortable retirement on the horizon.

This is why we love travel so much, in particular have been all over Africa and South America. We're so grateful for our life. Weve achieved a level of comfort, safety, and wealth that many people on our planet literally could not even dream up. We've won the lottery feom birth

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

I hear you. I went into engineering thing it was a responsible chide but now I realize income wise it's a bad deal. But too old to get MBA so that's life

So what though? DH both cap out at mid 100s, but it's 2 of us. We have 2 401ks both have employer matches. It's a good life and we see a comfortable retirement on the horizon.

This is why we love travel so much, in particular have been all over Africa and South America. We're so grateful for our life. Weve achieved a level of comfort, safety, and wealth that many people on our planet literally could not even dream up. We've won the lottery feom birth

I agree. Without kids it's plenty of money. I only lamented the choice when we had kids and DW wanted I stay home and we are swamped by working parent grind. When I was young kids were cheap bc I grew up in a place where home are $60k (today). Hard lesson too late.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

I hear you. I went into engineering thing it was a responsible chide but now I realize income wise it's a bad deal. But too old to get MBA so that's life

So what though? DH both cap out at mid 100s, but it's 2 of us. We have 2 401ks both have employer matches. It's a good life and we see a comfortable retirement on the horizon.

This is why we love travel so much, in particular have been all over Africa and South America. We're so grateful for our life. Weve achieved a level of comfort, safety, and wealth that many people on our planet literally could not even dream up. We've won the lottery feom birth

I agree. Without kids it's plenty of money. I only lamented the choice when we had kids and DW wanted I stay home and we are swamped by working parent grind. When I was young kids were cheap bc I grew up in a place where home are $60k (today). Hard lesson too late.

We have 2 kids and i still feel lucky. For us, we live in the burbs, work in the burbs and have some WFH flexibility. We operate as a team. Even if one sposuse made 300k, i wouldn't give up my job. Now that our kids are 7&10, it has become really really easy.

I will say though, we bought our first home in 2000, so it has been easier on us than others because we have turned over a few homes and have a nice amount of equity and a low mortgage payment. Could have never ever done the housing step upgrades without both of us working. It has been well worth the trade offs.

Again living with security that many people in the world just don't have. Plus being a woman and having been born into a culture where i can earn just as much as my husband is really such incredible fortune when i really think hard about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

I hear you. I went into engineering thing it was a responsible chide but now I realize income wise it's a bad deal. But too old to get MBA so that's life

So what though? DH both cap out at mid 100s, but it's 2 of us. We have 2 401ks both have employer matches. It's a good life and we see a comfortable retirement on the horizon.

This is why we love travel so much, in particular have been all over Africa and South America. We're so grateful for our life. Weve achieved a level of comfort, safety, and wealth that many people on our planet literally could not even dream up. We've won the lottery feom birth

I agree. Without kids it's plenty of money. I only lamented the choice when we had kids and DW wanted I stay home and we are swamped by working parent grind. When I was young kids were cheap bc I grew up in a place where home are $60k (today). Hard lesson too late.

We have 2 kids and i still feel lucky. For us, we live in the burbs, work in the burbs and have some WFH flexibility. We operate as a team. Even if one sposuse made 300k, i wouldn't give up my job. Now that our kids are 7&10, it has become really really easy.

I will say though, we bought our first home in 2000, so it has been easier on us than others because we have turned over a few homes and have a nice amount of equity and a low mortgage payment. Could have never ever done the housing step upgrades without both of us working. It has been well worth the trade offs.

Again living with security that many people in the world just don't have. Plus being a woman and having been born into a culture where i can earn just as much as my husband is really such incredible fortune when i really think hard about it.

Well that explains a lot. You essentially live in flyover country housing cost wise.

[Anonymous]

Anonymous wrote:$500-700k. Banker. Love my job. Mid-40's.

What kind of banking?

[Anonymous]

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

Now as an adult I see how my parents' lack of knowledge about the world and their inability to counsel me financially really impacted my income and thinking about jobs and the professional world. They are both high school graduates and thought that any degree was a ticket to financial security and a good income. I am highly educated but in a poorly compensated field. I wish I had picked differently but I can't alter my childhood.

[Anonymous]

Very few people make that much but we have investment income that increases our income considerably. We lived small during our first twenty years to put a lot of $$$ in the stock market and rode out several crashes to get where we are now.

[Anonymous]

Anonymous wrote:Two lawyer household.

I would guess that's like everyone.

Like yeah. My poodle needs his nails trimmed and painted weekly too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

Now as an adult I see how my parents' lack of knowledge about the world and their inability to counsel me financially really impacted my income and thinking about jobs and the professional world. They are both high school graduates and thought that any degree was a ticket to financial security and a good income. I am highly educated but in a poorly compensated field. I wish I had picked differently but I can't alter my childhood.

I came from an entire region of the country where I could never have found this sort of guidance so I completely understand your point. We were both luck in this regard and make a bunch of money now but I think the best thing we will pass on to our kids is better advice in this area. As Warren Buffet would say - 'pick a better business'

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

Now as an adult I see how my parents' lack of knowledge about the world and their inability to counsel me financially really impacted my income and thinking about jobs and the professional world. They are both high school graduates and thought that any degree was a ticket to financial security and a good income. I am highly educated but in a poorly compensated field. I wish I had picked differently but I can't alter my childhood.

I came from an entire region of the country where I could never have found this sort of guidance so I completely understand your point. We were both luck in this regard and make a bunch of money now but I think the best thing we will pass on to our kids is better advice in this area. As Warren Buffet would say - 'pick a better business'

Seriously, all that follow your dream and the money will follow nonsense. Do what you love? At least young kids have the internet now and don't have to rely on inept small town guidance counselors at crummy schools.

So you and DH both came from an out of the loop region -- what did you do and how did you fall into it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I both teach full time for a combined HHI of 120k. Both from families where we are the first generation to go to college (let alone advanced degrees). I had no idea of the huge income disparity between professions. Thankful we don't have any student loan debt but wish we had the means to switch to more lucrative careers.

I hear you. I went into engineering thing it was a responsible chide but now I realize income wise it's a bad deal. But too old to get MBA so that's life

So what though? DH both cap out at mid 100s, but it's 2 of us. We have 2 401ks both have employer matches. It's a good life and we see a comfortable retirement on the horizon.

This is why we love travel so much, in particular have been all over Africa and South America. We're so grateful for our life. Weve achieved a level of comfort, safety, and wealth that many people on our planet literally could not even dream up. We've won the lottery feom birth

I agree. Without kids it's plenty of money. I only lamented the choice when we had kids and DW wanted I stay home and we are swamped by working parent grind. When I was young kids were cheap bc I grew up in a place where home are $60k (today). Hard lesson too late.

We have 2 kids and i still feel lucky. For us, we live in the burbs, work in the burbs and have some WFH flexibility. We operate as a team. Even if one sposuse made 300k, i wouldn't give up my job. Now that our kids are 7&10, it has become really really easy.

I will say though, we bought our first home in 2000, so it has been easier on us than others because we have turned over a few homes and have a nice amount of equity and a low mortgage payment. Could have never ever done the housing step upgrades without both of us working. It has been well worth the trade offs.

Again living with security that many people in the world just don't have. Plus being a woman and having been born into a culture where i can earn just as much as my husband is really such incredible fortune when i really think hard about it.

Well that explains a lot. You essentially live in flyover country housing cost wise.

Even if we purchased our home today at the current market price of 625k, we would still be living quite comfortably on 300k. Additionally i'd stll feel incredibly grateful to have the income i have. There is absolutely no mental gymnastics you can attempt to make me go through that will make me feel pity for myself for making a "paltry" 300k HHI. I dont live in a bubble, I've experienced life outside of the DMV and fully realize that I've been born into abundance by pure virtue of being born a woman in the USA. My grandparents came here from India and i can't even begin to wrap my head around if i had been born an Indian woman in Mumbai. I certainly would not be living in a safe suburban home, sending my daughters to excellent public schools, access to incredible healthcare, clean water, would not have traveled more than a dozen times outside of my country, and have saved a large part of my income for a nice retirement.

Yes, a 300k income that takes two capped out 150k incomes is a dream come true. Not wanting or needing for anything is an incredible feeling.

[Anonymous]

DH and I are in our 30's. He made equity partner at a large law firm a few years ago and made 1.8 million last year, at which point I quit my job and am now a SAHM.

It's weird having this high of a HHI all of a sudden. We are incredibly lucky.