% if income spent on travel

[Anonymous]

Anonymous wrote:

Anonymous wrote:1-2% for family of 5. But HHI between $3M-$14M in recent years.

Where do people making 14 million a year get thr time to post on internet message boards?

Elon Musk makes considerably more and spends his free moments trolling on the internet.

[Anonymous]

Anonymous wrote:Reviving this thread. HHI is $1M and we spend about $40k/year on travel, or 4% of gross income, for a family of five. There’s a topic on the money board now where I commented and someone said something like “live a little” and I’d love to do more but also want to save sufficiently and live well day to day.

Curious about your travel budget relative to HHI.

Ours is similar in both income and spending - I don't really track it but probably spend about $40k - last year did 2 international trips plus 3 ski trips, several of which involved adult kids. We spend the summer at the beach (working remotely). The beach house is expensive - no mortgage but utilities, maintenance and projects add up. Plus we have a lot of visitors and tend to pay for activities, dinners, etc. so that adds up too. I don't count that as vacation expenses, but if we didn't own the house we would certainly have added rental costs and other costs.

We do not travel first class - even international is usually premium economy unless the business class upgrade is reasonable. We could do more but it just doesn't seem like a good use of money to me. And with international travel in particular we prefer boutique hotels/agriturismos, etc. that are usually much less than the big chain hotels.

[Anonymous]

Last year's figures according to my Mint app:
About 4% of our HHI of $120k

[Anonymous]

Anonymous wrote:

Anonymous wrote:Probably about 50% of 250-300k. Not including maintenance on beach house.

Did you accidentally add a 0 to your %?

Yes, most people in that income range pay almost 50% in taxes, so maybe budgeting isn't your strong suit?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1-2% for family of 5. But HHI between $3M-$14M in recent years.

Where do people making 14 million a year get thr time to post on internet message boards?

We are paying people to do most of the work. Millionaires aren’t paper pushers. Most of my money is passive at this point. Trust me. We have the time.

I trust that there is a 99% chance you are a liar.

Or made money the old fashion way, inheritance.

[Anonymous]

To the poster who revived the thread, you need to also ask folks to list their ages, NW and if the kids are launched (college paid for).

To answer your original question, we spend ~4% of 700K-750K. We are late 40s with kids in HS, so don't get a lot of time away, 2 big international trips a year (often subsidized by credit card miles from our regular spending). Our NW is 3.5M (most of the HHI increase is recent). I am hoping once kids are in college, we could travel off peak. We will loosen the purse strings more once we reach $5M networth..hoping by the time oldest is in college.

[Anonymous]

Anonymous wrote:To the poster who revived the thread, you need to also ask folks to list their ages, NW and if the kids are launched (college paid for).

To answer your original question, we spend ~4% of 700K-750K. We are late 40s with kids in HS, so don't get a lot of time away, 2 big international trips a year (often subsidized by credit card miles from our regular spending). Our NW is 3.5M (most of the HHI increase is recent). I am hoping once kids are in college, we could travel off peak. We will loosen the purse strings more once we reach $5M networth..hoping by the time oldest is in college.

If you're working. how is two big international trips away considered not a lot of time away?

We go on one vacation a year to Europe or domestic, and occasionally a second domestic, and my wife complains that we spend too much on travel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To the poster who revived the thread, you need to also ask folks to list their ages, NW and if the kids are launched (college paid for).

To answer your original question, we spend ~4% of 700K-750K. We are late 40s with kids in HS, so don't get a lot of time away, 2 big international trips a year (often subsidized by credit card miles from our regular spending). Our NW is 3.5M (most of the HHI increase is recent). I am hoping once kids are in college, we could travel off peak. We will loosen the purse strings more once we reach $5M networth..hoping by the time oldest is in college.

If you're working. how is two big international trips away considered not a lot of time away?

We go on one vacation a year to Europe or domestic, and occasionally a second domestic, and my wife complains that we spend too much on travel.

Well, we do 10-12 days in summer and 10-12 days in Christmas time. Both of our companies have shutdown in the Christmas week which doesn't count towards the time off. We both have 4 weeks of paid vacation + 4 days off on Thanksgiving + Christmas week off. So yes, if money and kids school was not an issue, then we could easily fit two additional trips. In addition our companies allow 30 days per year to work outside of US. So yeah, add everything together, we could travel quite a bit more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1-2% for family of 5. But HHI between $3M-$14M in recent years.

Where do people making 14 million a year get thr time to post on internet message boards?

We are paying people to do most of the work. Millionaires aren’t paper pushers. Most of my money is passive at this point. Trust me. We have the time.

I trust that there is a 99% chance you are a liar.

Or made money the old fashion way, inheritance.

+1. This is how most of DC acquires NW, or at least that starter million . Lol