Reply to If your HHI went from $350k to $900k +

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Can I ask a follow up--- we are likely to be in a similar situation in the next year or two, currently at 350k with 180k bonus, wondering when you were at 350k what did your savings look like---

I am assuming maxing out 401k for each spouse, funding ira for each, and contributing to 529 for each kid? Paying monthly PITI and contributing some to a brokerage account??We are trying to figure out what to do with the bonus monies we are now going to be getting. I am assuming some of the other posts make sense in terms of topping off 529s and then upping vacation budgets.

I recognize that these are such first world issues, just want to make sure we are making the right decisions.[/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]

Would it be harder on the kids or on the parents?  I think the biggest impact would be moving the kids from private school to public but kids often change schools if the parents move anyway so that's not necessarily just falling out of 1%--one could also change schools if you moved into the 1% from below if you moved neighborhoods to move to a nicer house?[/quote]

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