How much do you make and how much do you wish you made?

[Anonymous]

We are currently at about 420k gross. We wish we were closer to 600k. Tiny violins I know. I swear, we do nothing exorbitant (except maybe a nanny for our newborn) have 10+ year old cars and live in a fairly modest house that needs updates. I constantly marvel at those that post here and are just doing life better than us.

[Anonymous]

HHI $310K before bonuses ($145k me/$165k DH). DH's income can be a bit more on a given year since he is a freelance consultant. I am pretty well-paid for my industry (hospitality) but he is in tech and I think he could be making a lot more. Don't get me wrong, we are financially fine, aren't really big spenders, are saving plenty but I feel like he is sacrificing what could be a lot of money in salary, benefits and employer-contributions because he likes his freedom to go play golf in the middle of the day or whatever. Meanwhile, it forces me to carry the benefits, which are expensive where I work.

I envy people who have a government spouse who will retire with a pension, have affordable health benefits and a stable job.

[Anonymous]

We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

[Anonymous]

Anonymous wrote:We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

Sorry, but this makes no sense. You're not going to keep a higher percentage of what you earn if you make more money. What exactly are the tax loophole and major deductions that really rich people get?

We're $900k HHI. Don't consider ourselves "really rich" but we're double what you make and there ain't no magic tax loopholes out here.

[Anonymous]

I make $85k. I wish I made a bazillion dollars. Lol. Actually, $150k would be lovely.

[Anonymous]

we make 550k divided evenly but wish to make 550k so one spouse can stop working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

Sorry, but this makes no sense. You're not going to keep a higher percentage of what you earn if you make more money. What exactly are the tax loophole and major deductions that really rich people get?

We're $900k HHI. Don't consider ourselves "really rich" but we're double what you make and there ain't no magic tax loopholes out here.

DP, the one making 600K HHI, the only added benefit that we found as we rose through the corporate ladder was access to Deferred Comp Plan. But that is based on designation in the company not based on the actual comp, though they do go hand in hand. It's a company provided benefit not a "tax loophole". I think plenty of people in my tech company earn 250K-350K individually, but their designations allow them to access Deferred comp plan.

[Anonymous]

I make $40,000 and I'm okay with that. I'm retired. I own a 2500 sq ft home in an UMC flyover area. No mortgage or property taxes. House is nicely decorated, I'm a previously trained chef who shops at the commissary, Restaurant Depot, Costco, and Walmart. I eat very well, gourmet quality meals. I have a nice collection of designer purses Gucci, Chloe, Prada, etc. that I bought used online. Nice clothing new and used. My late husband left me with a new BMW and a beautiful sports car. My daughter and husband live with me and they pay all utilities and care for the lawn. I used to be a corporate traveler, so I've had my fill of traveling. Might take one last trip to Africa since I've never been.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

Sorry, but this makes no sense. You're not going to keep a higher percentage of what you earn if you make more money. What exactly are the tax loophole and major deductions that really rich people get?

We're $900k HHI. Don't consider ourselves "really rich" but we're double what you make and there ain't no magic tax loopholes out here.

DP, the one making 600K HHI, the only added benefit that we found as we rose through the corporate ladder was access to Deferred Comp Plan. But that is based on designation in the company not based on the actual comp, though they do go hand in hand. It's a company provided benefit not a "tax loophole". I think plenty of people in my tech company earn 250K-350K individually, but their designations allow them to access Deferred comp plan.

Deferred comp only helps if you can defer income to a year when you earn a lot less. It works if you are an amazing planner and take sabbatical when the deferred comp hits.

[Anonymous]

Spouses who work themselves to death right before retirement are the best.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

Sorry, but this makes no sense. You're not going to keep a higher percentage of what you earn if you make more money. What exactly are the tax loophole and major deductions that really rich people get?

We're $900k HHI. Don't consider ourselves "really rich" but we're double what you make and there ain't no magic tax loopholes out here.

Not on wage income. If you see yourself up as your own company, you get all the loopholes for your expenses and active investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

Sorry, but this makes no sense. You're not going to keep a higher percentage of what you earn if you make more money. What exactly are the tax loophole and major deductions that really rich people get?

We're $900k HHI. Don't consider ourselves "really rich" but we're double what you make and there ain't no magic tax loopholes out here.

Not on wage income. If you see yourself up as your own company, you get all the loopholes for your expenses and active investments.

The easiest way to get under that "magic" 50% tax rate, if it's so important, is to (un)earn long term capital gains.

[Anonymous]

Anonymous wrote:We are currently at about 420k gross. We wish we were closer to 600k. Tiny violins I know. I swear, we do nothing exorbitant (except maybe a nanny for our newborn) have 10+ year old cars and live in a fairly modest house that needs updates. I constantly marvel at those that post here and are just doing life better than us.

Have your tried writing down where you spend your money?

Unless you are stockpiling huge savings, or your income level is very recently attained, you are blowing an excess $100k/yr on *something*.

[Anonymous]

145k me/250k DH. Total comp we are somewhere around 450-475 HHI. We are mid 40s, kids are still in ES, and while I haven't been at this salary level for long we are also both more or less topped out in our careers.

We have everything we need and then some, but it would be nice if one of us could make more so the other could scale back. One of our kids has SNs, all are involved in sports and activities, and it seems harder now that they are older to really be there for them. I don't anticipate that getting easier as time goes by, and it seems to be flying! I don't want more money, I want more freedom.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make about $450 gross and it's the worst place to be. We make too much so that we have to pay a ton of taxes, but too little to get the tax loopholes or major deductions that really rich people get. I'd like to bump up enough so that we can keep most of what we earn.

Sorry, but this makes no sense. You're not going to keep a higher percentage of what you earn if you make more money. What exactly are the tax loophole and major deductions that really rich people get?

We're $900k HHI. Don't consider ourselves "really rich" but we're double what you make and there ain't no magic tax loopholes out here.

Once you pass the social security phaseout threshold (which is I think $160K) you are already are keeping much more of what you earn than most people are.