Reply to I hate being stuck at $230k HHI and feel poor AF

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Reply to "I hate being stuck at $230k HHI and feel poor AF"

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[quote=Anonymous]I think you need to rethink both how you allocate your money and how you think about your money.

When I save money or put away money for retirement, I find it deeply satisfying. It makes me "feel rich" even though I'm not spending that money. It's hugely relieving to me to know that money is there, both for way down the road and also for the kinds of one-off surprise expenses you are talking about. I don't love having to spend several thousand on a repair, but when we do it, I always think how glad I am that we saved for just such a rainy day. Saving that money feels good and spending it when we need to doesn't feel bad. It's part of the plan.

But also, if I truly felt "poor AF" on our current income with our current savings plans, I'd look to see if there is a way to reconfigure our finances so we had more disposable income. As you said, you guys are saving aggressively in your 401ks. That's good, but you could step it down by one percentage point and have a little more cash on hand. Maybe it just goes straight into ordinary savings so it's not like you're spending it away, but it's liquid so you can use it when you need it. I would consider it if you really feel like you simply do not have enough cash flow.

You also need to thing longterm, especially regarding your mortgage. When are you planning to pay it off? Or maybe you dream of cashing out at some point? Do you plan to have kids? If not, maybe you downsize. Or maybe you stick it out and then you have a major asset and no mortgage. Factor this into your retirement too. If your hours is paid off by, say, 55, and you retire at 60 or 62, based on your current retirement trajectory, what does that look like. I'm betting it looks amazing. You'd have 5-7 years of income with no mortgage, which means you could aggressive save that money, plus you're looking at retirement with no mortgage. Right now that's your biggest expense. One day it won't even exist. Do you still feel poor when you think about it?[/quote]

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