$600K-$800K HHI

[Anonymous]

Anonymous wrote:

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.

There is this thing called life. It's fun to live. When you live it to the fullest it includes things like a family of your own, freedom, your own home, vacations with people you love. I highly recommend it. I highly doubt you can get this living with your parents. It's a serious red flag for most people to be in their parents home beyond 25. Well, I wouldn't have dated anyone living with their parents beyond college/grad school. It literally means they haven't launched.

Yes, young people, make sure to never take advantage of free housing with loving parents while working a six-figure job. It's always best to have rent bills and car payments. And don't worry about investing early and compound interest - they're actually not that important. Oh, but definitely *do* vote Democrat because the economy is rigged and there's no way for the middle class to get ahead!

[Anonymous]

We only had one year almost 10 years ago where we made this income (650k +80k). I was an income partner in Biglaw and my spouse was in marketing. Then I took a two year sabbatical and returned to work in a part-time contract role at a small firm making 200-300k. Bought a house and had 2 kids. Our net worth went from $2m to 6m in that time frame. Now 5 million cash + investments and 1 million home equity.

[Anonymous]

Anonymous wrote:We only had one year almost 10 years ago where we made this income (650k +80k). I was an income partner in Biglaw and my spouse was in marketing. Then I took a two year sabbatical and returned to work in a part-time contract role at a small firm making 200-300k. Bought a house and had 2 kids. Our net worth went from $2m to 6m in that time frame. Now 5 million cash + investments and 1 million home equity.

What helped you triple your NW during that period if you income dropped so much? Also how old are you now?

[Anonymous]

Anonymous wrote:

What helped you triple your NW during that period if you income dropped so much? Also how old are you now?

We're 44 and 38. It was mostly market gains (stock and housing - we're in SoCal). We don't do anything special.

[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.

Highly recommend you read the book Die With Zero.

[Anonymous]

Early 50s
Making this for 9 years. 8.1 nw. 7 liquid

[Anonymous]

The enthusiasm on this thread is palpable 😂

[Anonymous]

NP -
We are around $800K and plan to save $350K-$400K. Our mortgage is super low (not in DC), kids in public school. $280K is before tax (in deferred comp plan) and the rest in megabackdoor roth, 401K and some in brokerage. If we had to save all after tax this number would be much lower. NW ~5M (includes $500K 529, $500K home equity, rest is liquid). We started earning this level 2-3 years ago and are mid to late 40s.