$600K-$800K HHI

[Anonymous]

Anonymous wrote:We are right at 750k. Save about 150-200k, with the majority in our trust.

we are younger, mid 30s, so our NW hasn't caught up yet but its around 2.5M.

2 kids in daycare that costs us about 60k/yr

Will most likely do private so that will decrease our savings. Hoping to still be able to save 150k after privates.

Double big law eh? That gravy train will come to an end

[Anonymous]

We are in our early 50s. HHI is around 900k. Spouse is a government employee who can retire in 6 years with full medical and a pension. I work in the tech space as an attorney. One son who is a junior. Have $270k in a 529. Net worth, excluding the house, is around $8M. We bought our house for $450k in Potomac 26 years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d love to know the monthly budget in this income range.

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes.

Wow, this is kind of crazy. I make $180K per year and technically I save more money than you guys. (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner. In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year. Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.

How old are you?

This is an insane way to lead your life. Sacrificing all consumption now so that you can be rich when you’re old is not wise.

+10000. You only have one chance to enjoy being young. Travel, living alone, brunches, hook ups etc.

What a lot of huge savers in their 20s fail to realize is that earning more money is more important than saving in your 20s. If you make 80k you can only save so much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are right at 750k. Save about 150-200k, with the majority in our trust.

we are younger, mid 30s, so our NW hasn't caught up yet but its around 2.5M.

2 kids in daycare that costs us about 60k/yr

Will most likely do private so that will decrease our savings. Hoping to still be able to save 150k after privates.

Double big law eh? That gravy train will come to an end

no law - finance and fed

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d love to know the monthly budget in this income range.

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes.

Wow, this is kind of crazy. I make $180K per year and technically I save more money than you guys. (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner. In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year. Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.

The way you look at it is stupid lol

PP probably takes home 400k so they are saving 50% of their after tax income ..i think they will be just fine. What happens when you grow up and become an actual adult? Do you think you could be an actual adult , making 180k and saving 130k

[Anonymous]

Anonymous wrote:HHI 900k
mid 40's
net worth $12M (excluding residence)
Home - $4M, 750k mortgage.

Wow, please share how to accumulated this net worth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For something a little different....

We are just scraping the bottom edge of your range...hitting 610K for the first time in 2023 in our mid-40s. We were at 300k at 30 and steadily climbed for the past 15 years. I'm not saying we did it right, but this is us:

- 2.5M in retirement with one solid fed pension and one very good Fed pension that should net us around 150K py in retirement.
- 600K equity in our house
- 100K in other investments (this includes our emergency fund)
- 250K in 529s for 2 kids currently in HS

Everything else, we spend. We travel a ton. We spend a lot on experiences and food. I'm not saying it is for everybody, but with the pension and safety net, we do not prioritize saving.
One regret is not saving more for college. We can likely cashflow any more we need, but lifestyle will take a hit.

yes, you will likely be cash flowing a large part of college. You have enough for one kid at a state school, maybe a year for the 2nd kid. But not enough for both kids at even state schools. As long as you can make the lifestyle changes to put them thru college all is good.

But I do agree your retirement is great

How much do you think state schools cost?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For something a little different....

We are just scraping the bottom edge of your range...hitting 610K for the first time in 2023 in our mid-40s. We were at 300k at 30 and steadily climbed for the past 15 years. I'm not saying we did it right, but this is us:

- 2.5M in retirement with one solid fed pension and one very good Fed pension that should net us around 150K py in retirement.
- 600K equity in our house
- 100K in other investments (this includes our emergency fund)
- 250K in 529s for 2 kids currently in HS

Everything else, we spend. We travel a ton. We spend a lot on experiences and food. I'm not saying it is for everybody, but with the pension and safety net, we do not prioritize saving.
One regret is not saving more for college. We can likely cashflow any more we need, but lifestyle will take a hit.

yes, you will likely be cash flowing a large part of college. You have enough for one kid at a state school, maybe a year for the 2nd kid. But not enough for both kids at even state schools. As long as you can make the lifestyle changes to put them thru college all is good.

But I do agree your retirement is great

How much do you think state schools cost?

DP, I found this tool very helpful https://vanguardcollege.ssnc.cloud/collcost.php. You can look up at the exact college as well

[Anonymous]

And this one to estimate how much to save https://vanguardcollege.ssnc.cloud/csp.php

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d love to know the monthly budget in this income range.

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes.

Wow, this is kind of crazy. I make $180K per year and technically I save more money than you guys. (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner. In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year. Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.

How old are you?

This is an insane way to lead your life. Sacrificing all consumption now so that you can be rich when you’re old is not wise.

+10000. You only have one chance to enjoy being young. Travel, living alone, brunches, hook ups etc.

What a lot of huge savers in their 20s fail to realize is that earning more money is more important than saving in your 20s. If you make 80k you can only save so much.

I don’t agree. As long as you have some money to enjoy your 20’s, saving a lot earlier, because of compounding, is always better than saving more when you’re old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d love to know the monthly budget in this income range.

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes.

Wow, this is kind of crazy. I make $180K per year and technically I save more money than you guys. (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner. In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year. Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.

How old are you?

This is an insane way to lead your life. Sacrificing all consumption now so that you can be rich when you’re old is not wise.

I’m 32 and only started making $180K in the last two years. I plan to keep on the same savings path for another 5 years and then lighten WAY up — I don’t think that’s too old? The first million dollars have always seemed magical to me, and I’m willing to sacrifice a lot to get there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d love to know the monthly budget in this income range.

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes.

Wow, this is kind of crazy. I make $180K per year and technically I save more money than you guys. (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner. In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year. Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.

How old are you?

This is an insane way to lead your life. Sacrificing all consumption now so that you can be rich when you’re old is not wise.

I’m 32 and only started making $180K in the last two years. I plan to keep on the same savings path for another 5 years and then lighten WAY up — I don’t think that’s too old? The first million dollars have always seemed magical to me, and I’m willing to sacrifice a lot to get there.

You’re 32 and live with your parents? Sheesh. Grow up

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d love to know the monthly budget in this income range.

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes.

Wow, this is kind of crazy. I make $180K per year and technically I save more money than you guys. (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner. In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year. Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.

How old are you?

This is an insane way to lead your life. Sacrificing all consumption now so that you can be rich when you’re old is not wise.

I’m 32 and only started making $180K in the last two years. I plan to keep on the same savings path for another 5 years and then lighten WAY up — I don’t think that’s too old? The first million dollars have always seemed magical to me, and I’m willing to sacrifice a lot to get there.

Good for you that you are willing to "sacrifice a lot", do you realize that the other posters also may have had to "sacrifice a lot" to get to where they are? They may have multiple degrees, work very very hard in HS, college and job to get to these salary levels? Not to mention, dual income households with multiple kids (shuttling kids to activities, organizing playdates, volunteering in school etc.) , health issues, stress etc..

If they decide to "only" save $200K (after having let's say $3M invested already gives a 10% return [average S&P long term returns]), they still are increasing their networth by half a million a year.

Did it occur to you that most of the posters in the thread are older than you, perhaps they already gave their "5 years" and are now "lightening WAY up"

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 900k
mid 40's
net worth $12M (excluding residence)
Home - $4M, 750k mortgage.

Wow, please share how to accumulated this net worth.

Saving and investments....

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are right at 750k. Save about 150-200k, with the majority in our trust.

we are younger, mid 30s, so our NW hasn't caught up yet but its around 2.5M.

2 kids in daycare that costs us about 60k/yr

Will most likely do private so that will decrease our savings. Hoping to still be able to save 150k after privates.

Double big law eh? That gravy train will come to an end

Not pp but big law isn’t always impossible to sustain. There are firms that keep you however long you’d like if you’re good without a partner title if you don’t want the pressure.