Reply to If you classify yourself as UMC, how much do you spend in total each month?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.[/quote]

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college. [/quote]

This exactly.

We are in our 40s, and our HHI is around $550K. We don't budget, but this thread got me to sit down and do the math. Last year, we paid around $140K in taxes. We spent a little over $15K/month, including mortgage ($3K/month, bought a modest house &gt;10 years ago), travel (spent $30K last year, primarily on one big trip), classes/camps for the kids ($16K/year), food, entertainment, utilities, charity, etc. We don't have car payments, significant medical expenses or child care expenses. We paid off my student loans, so our only debt is our mortgage (rate is around 2.25% after refinancing a few years ago). It looks like we put $200K+ toward 529s, retirement and after-tax savings last year.

We're not fancy people (2 non-luxury cars, no high-end designer duds). We have tried to be intentional about keeping lifestyle creep to a manageable level and banking our increase in HHI over the years. We spend on kids' activities, travel (although this is very recent, as our HHI has grown), and takeout (we're busy, and I'm not a great planner). We are primarily saving for retirement, college and other expenses down the road. [/quote]

The average wage in the US is $30k and $50k in DC. it takes an average person 18 years for every 1 year of your income. Get over yourself that you are such a saver. You just have a lot of money and there is only so much that one person can spend on themselves without feeling guilt. That is what this thread is about. People with a lot of money.[/quote]

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