Reply to $600K-$800K HHI

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Reply to "$600K-$800K HHI"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’d love to know the monthly budget in this income range. [/quote]

We are at 750k HHI and don't budget..we just come to a number to save, let's say it's 200k. We pay ourselves first and save the 200k. After that we live however we want and if the checking account stays above a certain #, then we will either save the rest, do a home project or go on a vacation.

My only target is the savings number. If I can save 200k, and that meets my long term goals, i don't care where the rest of the money goes. [/quote]

Wow, this is kind of crazy.  I make $180K per year and technically I save more money than you guys.  (I say “technically” because I only ascribe a 50% ownership stake of all assets within a marriage to each partner.  In other words, I look at it as if you each saved $100K.)

I’m single and live with my parents. I make $180K, pay $40K in taxes, spend $10K and save $130K per year.  Obviously, I live a rather unglamorous life based on the above, but I am still obsessed with getting rich quickly even though I don’t have the skills to make those super-high incomes.

Still, it’s a testament to the “brute force” method of getting rich by saving >90% of your after-tax income.[/quote]

How old are you?

This is an insane way to lead your life. Sacrificing all consumption now so that you can be rich when you’re old is not wise.[/quote]

I’m 32 and only started making $180K in the last two years.  I plan to keep on the same savings path for another 5 years and then lighten WAY up — I don’t think that’s too old?  The first million dollars have always seemed magical to me, and I’m willing to sacrifice a lot to get there.[/quote]

Good for you that you are willing to "sacrifice a lot", do you realize that the other posters also may have had to "sacrifice a lot" to get to where they are? They may have multiple degrees, work very very hard in HS, college and job to get to these salary levels? Not to mention, dual income households with multiple kids (shuttling kids to activities, organizing playdates, volunteering in school etc.) , health issues, stress etc..

If they decide to "only" save $200K (after having let's say $3M invested already gives a 10% return [average S&P long term returns]), they still are increasing their networth by half a million a year.

Did it occur to you that most of the posters in the thread are older than you, perhaps they already gave their "5 years" and are now "lightening WAY up" [/quote]

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