Reply to What should I do with my 6% raise?

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[quote=Anonymous][quote=Anonymous]OK so it's clear most people think I should be putting my whole raise into my 401k.  [b]It still won't be maxing it out but if we did that we would have hardly any money left for anything else.  We still want to take vacations, have our kids take lessons, etc.[/b]  I know many of you think savings should be come before that stuff, but that's not our feeling, esp. given the money we have in lucrative DC real estate.

I definitely agree that 401k is more important than college savings, but I wasn't sure how far behind we were with retirement.  Apparently further than I thought.  The years of two daycares hurt us there.

I'll keep college savings at the level I am currently at until I can max out the retirement contributions.  The windfall will go to college savings.[/quote]

Whenever I get a raise, I bank it in either retirement, savings or some kind of investment as if I'd never gotten any extra money. To spend it just increases my wants , not needs, and it offers diminishing returns on my happiness. Sounds like you already want for nothing, so why increase your lifestyle expenses?[/quote]

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