Reply to Why a 300-400k salary doesn't feel rich

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Uh.

We make $450ish (more like $410 last year) and it's pretty rich.

We live in a $1m+ house. 
We do not typically think about, nor do we have to, groceries or gas or coffee or takeout or summer camp. 
We haven't prioritized college savings, but we could pay cash, yes, even for a $70K school (we don't want to but we'll see). 
We get new cars when we want them. 
If we want to renovate or something, we would just pay cash or take a HELOC or stop contributing to one of the many many investment or savings accounts we have temporarily. This would feel BAD but it is a blessing. 
If we aren't going to Europe this summer it's because it's our choice and we want to prioritize cash savings. It's not because we can't.

We are lucky and relatively, rich. In the upper-middle class no worries relative to others sense. And there are MANY families richer than us at our W school.

Get some perspective if you think 400K isn't well off. Unless you have 7 kids and 3 parents in assisted living that you pay for, you should be more than OK. [/quote]

This is us too. Though more like $510K last year....its the first time we've ever been over $450K. We don't really budget and all our investments are on auto-pilot so we are not even missing it. Finally had to start moving money out of two bank accounts because we were nearing the FDIC limit. That said, we don't spend much. Vacations are visiting family and staying with them. Or beach rental with three generations at OBX. Still shop mostly at TJs and Costco. Kids clothes are Old Navy, Target, or Carters. No real fancy hobbies except solo ski trips with a friend or two (and almost always using points for flights/hotels). Biggest expense is mortgage ($4K + $500 extra toward principal) and daycare ($2.3K). Oldest kid in public school.

We are in the top 98th percentile for income in the U.S., but it doesn't really feel the way I thought it would. No nice cars (2019 Subaru + hand-me-down Lexus that is fifteen years old). No country club. No fancy shopping trips. No paying for business class. I guess we could splurge on that stuff, but I'd like us to retire before age 60 and that's when my kids will be hitting college. So I need college paid up in advance.

[b]So yeah, even if you have a high income you tend to (1) not have time for the nice stuff and (2) you're likely a worrier by nature and concerned about college + retirement + elder care. Most Americans just blow off those concerns and buy a $65K truck on credit for 60 months.  *shrug*[/b][/quote]

UGGGGH.  You are insufferable.

You are filthy rich.  You are investing and saving thousands and thousands of dollars every month to become RICHER.  And yet because you buy some clothes at Costco you are frugal?  You are hoarding wealth.  Which is your right.  But your last sentence is not the problem with why most people are struggling.  [/quote]

PP here: I'm not filthy rich; I'm a working stiff who has to show up for a job everyday. Someone else is buying our time. The "filthy rich" control their schedules, whereas my schedule is dictated to me. When you have to document a leave request for vacation, there's no way in hell you're "filthy rich."

Yes, we are accumulating assets. But that's because we will have to pay full freight for college and I would like us to retire while still physically healthy and active instead at 65+. I'm buying time with my assets.....hopefully I don't kick the bucket before then.

You know who is filthy rich? Someone with a trust that contains a 7- or 8-figure corpus that distributes 6-figure income every year. "Rich" is having assets that free up your time. I don't have those assets (yet). Maybe one day, by my late 50s. [/quote]

+1. [/quote]

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