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Reply to "If your HHI went from $350k to $900k +"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous].[/quote] We went from $200k to almost $700k. Let me tell you my guiding principle: I do not assume it will last. Yes I max out 410k and the measly 529s, but I have not added a cent to vacation funds. There is actually good data on this. Lots of people will briefly be in the top 1%, but few people stay. We're very focused on investments and savings, but still live like we make $350k. Among other reasons, I've watched other families fall out of the tippy top class and it was hard on their kids. [/quote] We have a similar view. We’ve been making around 500k and may hit 600k this year. We have a mortgage based on assuming we’d drop to about 300-350.. We send our kids to public school and take nice, but not $$$ vacations. We have spent some money on our home and a couple of nicer things, but private school, mortgage and other fixed expenses are things we are avoiding. For you OP, I think taking an international vacation or buying a new wardrobe is no big deal. It is getting used to private school, a very large mortgage payment, expense car leases, those things when your income drops - that is hard. Personally, I’d pay off the house after saving a seven figure post-tax nest egg. But first a huge post-tax nest egg. [/quote] Interesting question - why save first, and pay off mortgage second? I'd likely reverse them, or at least split up investable income between mortgage and savings, under the theory that if the mortgage is paid off, we need a lot less income to maintain our very nice lifestyle. [/quote] Because if you need cash in a hurry, it's easier to withdraw from your investment accounts than to sell your house or get a HELOC.[/quote]
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