Ever seem like people in the same HHI range as you are much wealthier?

[Anonymous]

Anonymous wrote:Lots of people live above their means.

+1.
The rate of credit card debt has increased since the last recession. People quickly forget about bad economic times and start living like nothing bad can happen, stop saving and start buying more things on credit cards.
Last recession, a couple of my neighbors lost jobs (in dual working families) and had to sell their houses, because they didn't have enough financial cushion to even last a few months.

Some people have $1M in the bank, and others have 0, but 2 Land Rovers in the driveway.

[Anonymous]

You have no idea what people have. DH just lost his grandma
We got a 7 figure windfall. Nobody knows, but I'm sure they assume we are in debt. Not even close. We are considering retirement in our early 50, when our last kid is off to college. I'm sure our lifestyle would have all you hand clucking about how we are up to our eyeballs in debt.

[Anonymous]

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Anonymous wrote:We're probably an example of what you're talking about. My H makes around $700k, I'm a SAHM with a part time nanny, we live in a cute house in a close in neighborhood, we have two luxury cars in the drive way (~50k and 85K), we have season tickets at the Lincoln Center, we have three kids who are in a bunch of expensive activities like horseback riding, private tennis lessons, we belong to a CC, and we go on 4 great week long trips a year plus long weekends here and there.

Our secret is that we don't have any debt so our income goes pretty far. We've managed to save $3M in the last ten years. We bought our house years ago before the bubble so we didn't pay the premium that people pay now. Then when my H's company went public, we sold some stock and paid off all our debt including the mortgage.

Because we're saving so much we feel like it's ok to splurge now and then, such as on the cars, the trips, the renovation projects we've taken on (paid 40k to repave our drive way last year, we're finishing out basement this year, turning our garage into an apartment, etc.)

No, you are not. You aren't in the same HHI range as 95% of the people on this thread. You are just rich people that like to buy rich people stuff with your rich people money. Which is all fine, but your post is really a non-sequitor, the purpose of which was to humblebrag.

The point is, our neighbors probably wonder how we can afford the house and still travel like we do or fund our renovations. I’ve heard comments from them like “oh just wanted to see the million dollar driveway.”

My point to OP is that 1.) we bought young and never really wasted money on rent and 2.) we paid off the mortgage very early on so didn’t waste much money on interest.

Your Income is 700k even after taxes that's at least 350k you can live off of 100k and save the rest 250k a year you would have alot more than 3M

Your income is what is getting you where you are

Someone with 2 luxury cars, a CC membership, expensive activities like horseback riding, a nanny for a SAHM, season tix, and 4 high end vacations a year with a net income of 450k/yr ( 700k eont net you 450 either, more like 4), plus any renovation at a whim is not going to be able to save anywhere close to 250k/yr. I know because we make the same amount, and dont nearly spend so ostentatiously.

I highly doubt that this poster has saved 3M in the last 10 years with that kind of drunken spending. More bullsh!t like 90% of what is proclaimed on this site.

Next.

And yet it is true. We’ve had a couple equity grants, which we’ve sold for extra cash. That’s helped.

I don’t know what to tell you. DH makes a base income of 300, target bonus is around 400-450. We have a little passive income (no more than 50k).

Yup. Uh-huh

PP I'm not getting you. You don't think they spend that kind of money or you don't think they make it? Or you think they spend too much for their HHI?

[Anonymous]

Our HHI is $180k but we have investments including 5 rental properties. We live in house in Chevy Chase. We're late 30s, early 40s so we had time to work and save. We started buying property in our mid-20s with money we saved working in high school and college. Our parents paid for college. We were on fellowships that paid for grad school. We caught the dumb luck of the fist dot com boom in the 90s-2000s and this latest tech upswing. She's a fed, and I work PT. Sometimes I think the neighbors see me bumming around and wonder.

[Anonymous]

Anonymous wrote:Our HHI is $180k but we have investments including 5 rental properties. We live in house in Chevy Chase. We're late 30s, early 40s so we had time to work and save. We started buying property in our mid-20s with money we saved working in high school and college. Our parents paid for college. We were on fellowships that paid for grad school. We caught the dumb luck of the fist dot com boom in the 90s-2000s and this latest tech upswing. She's a fed, and I work PT. Sometimes I think the neighbors see me bumming around and wonder.

Ah...rental properties....what a miserable way to earn $$. BTDT. Don't spend all of your life in this nasty business....cash out and enjoy your life!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI is $180k but we have investments including 5 rental properties. We live in house in Chevy Chase. We're late 30s, early 40s so we had time to work and save. We started buying property in our mid-20s with money we saved working in high school and college. Our parents paid for college. We were on fellowships that paid for grad school. We caught the dumb luck of the fist dot com boom in the 90s-2000s and this latest tech upswing. She's a fed, and I work PT. Sometimes I think the neighbors see me bumming around and wonder.

Ah...rental properties....what a miserable way to earn $$. BTDT. Don't spend all of your life in this nasty business....cash out and enjoy your life!

huh? I have a few rentals as well and wish I could buy more! We make a net profit of ~5k/mo, and reinvest 3.5 of that a month with a robo investor. The balance on that account at this time is going to fund our retirement from age 52-65. If it were not for those rentals, I highly doubt we would be able to retire at 52. I'm not even factoring in once we sell those properties...the cash out in 12 years will be well into the millions.

[Anonymous]

Anonymous wrote:You have no idea what people have. DH just lost his grandma
We got a 7 figure windfall. Nobody knows, but I'm sure they assume we are in debt. Not even close. We are considering retirement in our early 50, when our last kid is off to college. I'm sure our lifestyle would have all you hand clucking about how we are up to our eyeballs in debt.

So you are proud to have inherited?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You have no idea what people have. DH just lost his grandma
We got a 7 figure windfall. Nobody knows, but I'm sure they assume we are in debt. Not even close. We are considering retirement in our early 50, when our last kid is off to college. I'm sure our lifestyle would have all you hand clucking about how we are up to our eyeballs in debt.

So you are proud to have inherited?

Proud? I wouldn't say that is an emotion I have about it. I'm surprised you ebmven have to ask this. However, grateful to have this kind of financial security and freedom? Grateful this will have a positive impact on my kids their entire lives? Absolutely grateful.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have no idea what people have. DH just lost his grandma
We got a 7 figure windfall. Nobody knows, but I'm sure they assume we are in debt. Not even close. We are considering retirement in our early 50, when our last kid is off to college. I'm sure our lifestyle would have all you hand clucking about how we are up to our eyeballs in debt.

So you are proud to have inherited?

Proud? I wouldn't say that is an emotion I have about it. I'm surprised you ebmven have to ask this. However, grateful to have this kind of financial security and freedom? Grateful this will have a positive impact on my kids their entire lives? Absolutely grateful.

Thank you. I read your post more like an achievement in itself. I would be grateful as well. Good luck with the early retirement - enjoy!

[Anonymous]

We save aggressively for college and retirement. Our friends who make less than us spend more money. How? They are not saving for college or retirement - the husband's parents are taking care of all of that for them.