Anyone here making well into the 7 figures range?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH is a law partner around 8.5M

4.5M house, 20m+ saved, private school, and two full-time nannies.

We save about 3-3.5m a year and live off the rest.

Holy shit...how long has he been earning that kinda income? Why is your savings rate so relatively low compared to your income?

He started at this level two years ago and should be here until he retires in 10

Taxes mostly..we live off about 1m a year, but ~150k of that is private school in DC (for 3), which will go away in ~8 years.

This is so cool. Were you already making millions when you had kids or did it ramp up quickly when they were young? DH is on a similar trajectory and we go back and forth on waiting until we hit “big money” or starting now. My worry is the money is most valuable with really young kids but also, we’re not getting any younger!!

[Anonymous]

i wish we were in that boat. my first goal would be to be able to ensure my sibling’s future. he has a serious mental illness and may run out of money left by our parents soon.

otherwise, have fun with it and be generous with your children, grandchildren, close family and the causes you care about.

[Anonymous]

No.

[Anonymous]

Anonymous wrote:If you make mid to high 7 figures, say anywhere from 4 to 9 million hhi, what is your lifestyle like? Typical UMC - not that different than when we were in the $500k range. Do you have staff? No. Huge luxury home? No - typical $2M UMC but no fancy extras. Kids in private school? Yes. What are your holidays like? Pretty normal. Every once in awhile we splurge on a fancy hotel. Always business class flights overseas though. One big indulgence. How much do you save/invest each year? We spend $500-750k plus taxes and save about $2-3. What do you do for work? Law firm partner and investment company owner. The reason I ask is because my business is taking off and I should be entering that range of income by this year or next year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Business owner here in the $5M+ take home range.

If your business is just taking off I wouldn’t make huge lifestyle adjustments as stability in earnings may not be guaranteed.

Take home from our business ramped from sub-$1m many years to $2.5 to now $5m+. We treat this like a nice bonus but aren’t building our lives around it. So yes there are some nicer things (vacations, meals out) but no new primary residence or big ticket changes.

We have friends who are also successful business owners and a lot of them went through a “buy stuff” one phase before dialing back as it didn’t really increase happiness.

If you are a lawyer banker doctor etc you can probably approach the budgeting in a different way.

Can you share what field your business is in/what type of business it is?

Consultancy. Two dozen employees now.

[Anonymous]

Anonymous wrote:DH is a law partner around 8.5M

4.5M house, 20m+ saved, private school, and two full-time nannies.

We save about 3-3.5m a year and live off the rest.

2 FT nannies? What do you do?

Also, no second home? Unusual on this income and level of wealth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Business owner here in the $5M+ take home range.

If your business is just taking off I wouldn’t make huge lifestyle adjustments as stability in earnings may not be guaranteed.

Take home from our business ramped from sub-$1m many years to $2.5 to now $5m+. We treat this like a nice bonus but aren’t building our lives around it. So yes there are some nicer things (vacations, meals out) but no new primary residence or big ticket changes.

We have friends who are also successful business owners and a lot of them went through a “buy stuff” one phase before dialing back as it didn’t really increase happiness.

If you are a lawyer banker doctor etc you can probably approach the budgeting in a different way.

Can you share what field your business is in/what type of business it is?

Consultancy. Two dozen employees now.

Government contracting?

[Anonymous]

Anonymous wrote:i wish we were in that boat. my first goal would be to be able to ensure my sibling’s future. he has a serious mental illness and may run out of money left by our parents soon.

otherwise, have fun with it and be generous with your children, grandchildren, close family and the causes you care about.

Yeah, it seems like everyone here is living their previous UMC lifestyle with only occasional splurges and living in old houses, while stocking away several million per year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you make mid to high 7 figures, say anywhere from 4 to 9 million hhi, what is your lifestyle like? Do you have staff? Huge luxury home? Kids in private school? What are your holidays like? How much do you save/invest each year? What do you do for work? The reason I ask is because my business is taking off and I should be entering that range of income by this year or next year.

We have a wealth manager and tax planner (one stop advisory shop) and just hand it off and are given an allowance that we spend entirely. There comes a point in time where managing money becomes a job in and of its self. Our "allowance" is 20K/mo. The rest is invested/tax optimized.

Staff? No. we have weekly housecleaners and landscapers since we have ZERO desire to do yard work
Home is 3000sq feet and well designed, quality finishes and very comfortable, along with a large private yard that is professionally landscaped.
One kid in UVA and one kid in public school with his frinds he has had since he was in elementary school (have not moved since 2010)
Hate traveling for Christmas-everywhere is too crowded. We do one 2 week international vacation each august. College kid plays an NCAA sport and HS kid plays a travel sport. Our "vacations" are often in shitty towns standing on a shitty field, staying in a Hilton Garden Inn. Or they are in different college towns that can actually be a lot of fun! For work DH works at a IT company as an executive and I work PT in healthcare.

I believed this but not the Christmas thing. It's true that the airports are crowded, and wherever you go will be full. But there are a zillion secluded lovely places to go.

with two very active sons, one age 19 and the other 16, staying somewhere secluded is not on the Christmas bingo card. They like to do things that other young men like doing and that brings us out iof seclusion and into gen pop. The airport is the least of my concerns. a busy airport doesn’t bother me. However being in a traffic jam while on a safari does
bother me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you make mid to high 7 figures, say anywhere from 4 to 9 million hhi, what is your lifestyle like? Do you have staff? Huge luxury home? Kids in private school? What are your holidays like? How much do you save/invest each year? What do you do for work? The reason I ask is because my business is taking off and I should be entering that range of income by this year or next year.

We have a wealth manager and tax planner (one stop advisory shop) and just hand it off and are given an allowance that we spend entirely. There comes a point in time where managing money becomes a job in and of its self. Our "allowance" is 20K/mo. The rest is invested/tax optimized.

Staff? No. we have weekly housecleaners and landscapers since we have ZERO desire to do yard work
Home is 3000sq feet and well designed, quality finishes and very comfortable, along with a large private yard that is professionally landscaped.
One kid in UVA and one kid in public school with his frinds he has had since he was in elementary school (have not moved since 2010)
Hate traveling for Christmas-everywhere is too crowded. We do one 2 week international vacation each august. College kid plays an NCAA sport and HS kid plays a travel sport. Our "vacations" are often in shitty towns standing on a shitty field, staying in a Hilton Garden Inn. Or they are in different college towns that can actually be a lot of fun! For work DH works at a IT company as an executive and I work PT in healthcare.

I believed this but not the Christmas thing. It's true that the airports are crowded, and wherever you go will be full. But there are a zillion secluded lovely places to go.

with two very active sons, one age 19 and the other 16, staying somewhere secluded is not on the Christmas bingo card. They like to do things that other young men like doing and that brings us out iof seclusion and into gen pop. The airport is the least of my concerns. a busy airport doesn’t bother me. However being in a traffic jam while on a safari does
bother me.

No idea what this means unless you’re referring to a budget East Africa safari but try a luxury reserve or conservancy next time. Sightings are capped to 2 vehicles and we rarely see others while driving around. It’s extremely secluded regardless if we’re there during peak or not (which is totally different from Christmas time BTW).

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you make mid to high 7 figures, say anywhere from 4 to 9 million hhi, what is your lifestyle like? Do you have staff? Huge luxury home? Kids in private school? What are your holidays like? How much do you save/invest each year? What do you do for work? The reason I ask is because my business is taking off and I should be entering that range of income by this year or next year.

We have a wealth manager and tax planner (one stop advisory shop) and just hand it off and are given an allowance that we spend entirely. There comes a point in time where managing money becomes a job in and of its self. Our "allowance" is 20K/mo. The rest is invested/tax optimized.

Staff? No. we have weekly housecleaners and landscapers since we have ZERO desire to do yard work
Home is 3000sq feet and well designed, quality finishes and very comfortable, along with a large private yard that is professionally landscaped.
One kid in UVA and one kid in public school with his frinds he has had since he was in elementary school (have not moved since 2010)
Hate traveling for Christmas-everywhere is too crowded. We do one 2 week international vacation each august. College kid plays an NCAA sport and HS kid plays a travel sport. Our "vacations" are often in shitty towns standing on a shitty field, staying in a Hilton Garden Inn. Or they are in different college towns that can actually be a lot of fun! For work DH works at a IT company as an executive and I work PT in healthcare.

What is your hhi and why are you so damn cheap? Whats the point of the money if you choose to stay in shitty places?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you make mid to high 7 figures, say anywhere from 4 to 9 million hhi, what is your lifestyle like? Do you have staff? Huge luxury home? Kids in private school? What are your holidays like? How much do you save/invest each year? What do you do for work? The reason I ask is because my business is taking off and I should be entering that range of income by this year or next year.

We have a wealth manager and tax planner (one stop advisory shop) and just hand it off and are given an allowance that we spend entirely. There comes a point in time where managing money becomes a job in and of its self. Our "allowance" is 20K/mo. The rest is invested/tax optimized.

Staff? No. we have weekly housecleaners and landscapers since we have ZERO desire to do yard work
Home is 3000sq feet and well designed, quality finishes and very comfortable, along with a large private yard that is professionally landscaped.
One kid in UVA and one kid in public school with his frinds he has had since he was in elementary school (have not moved since 2010)
Hate traveling for Christmas-everywhere is too crowded. We do one 2 week international vacation each august. College kid plays an NCAA sport and HS kid plays a travel sport. Our "vacations" are often in shitty towns standing on a shitty field, staying in a Hilton Garden Inn. Or they are in different college towns that can actually be a lot of fun! For work DH works at a IT company as an executive and I work PT in healthcare.

I believed this but not the Christmas thing. It's true that the airports are crowded, and wherever you go will be full. But there are a zillion secluded lovely places to go.

with two very active sons, one age 19 and the other 16, staying somewhere secluded is not on the Christmas bingo card. They like to do things that other young men like doing and that brings us out iof seclusion and into gen pop. The airport is the least of my concerns. a busy airport doesn’t bother me. However being in a traffic jam while on a safari does
bother me.

No idea what this means unless you’re referring to a budget East Africa safari but try a luxury reserve or conservancy next time. Sightings are capped to 2 vehicles and we rarely see others while driving around. It’s extremely secluded regardless if we’re there during peak or not (which is totally different from Christmas time BTW).

Dude has no idea what hes talking about

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH is a law partner around 8.5M

4.5M house, 20m+ saved, private school, and two full-time nannies.

We save about 3-3.5m a year and live off the rest.

Holy shit...how long has he been earning that kinda income? Why is your savings rate so relatively low compared to your income?

He started at this level two years ago and should be here until he retires in 10

Taxes mostly..we live off about 1m a year, but ~150k of that is private school in DC (for 3), which will go away in ~8 years.

This is so cool. Were you already making millions when you had kids or did it ramp up quickly when they were young? DH is on a similar trajectory and we go back and forth on waiting until we hit “big money” or starting now. My worry is the money is most valuable with really young kids but also, we’re not getting any younger!!

Not all biglaw equity partners make that. It depends on his practice and hustle.

[Anonymous]

Do what you want. The problem we have with kids who are involved with a lot of things is time, not lack of funds.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you make mid to high 7 figures, say anywhere from 4 to 9 million hhi, what is your lifestyle like? Do you have staff? Huge luxury home? Kids in private school? What are your holidays like? How much do you save/invest each year? What do you do for work? The reason I ask is because my business is taking off and I should be entering that range of income by this year or next year.

We have a wealth manager and tax planner (one stop advisory shop) and just hand it off and are given an allowance that we spend entirely. There comes a point in time where managing money becomes a job in and of its self. Our "allowance" is 20K/mo. The rest is invested/tax optimized.

Staff? No. we have weekly housecleaners and landscapers since we have ZERO desire to do yard work
Home is 3000sq feet and well designed, quality finishes and very comfortable, along with a large private yard that is professionally landscaped.
One kid in UVA and one kid in public school with his frinds he has had since he was in elementary school (have not moved since 2010)
Hate traveling for Christmas-everywhere is too crowded. We do one 2 week international vacation each august. College kid plays an NCAA sport and HS kid plays a travel sport. Our "vacations" are often in shitty towns standing on a shitty field, staying in a Hilton Garden Inn. Or they are in different college towns that can actually be a lot of fun! For work DH works at a IT company as an executive and I work PT in healthcare.

What is your hhi and why are you so damn cheap? Whats the point of the money if you choose to stay in shitty places?

DP, but we stay where the team stays. We aren't going to stay in a nicer place becuase our kids want to be with their freinds/teammates. That's the whole point of those tournaments. Not everyone can afford 5 star and most of the places these tourneys are held don't even have 4 star places.