Reply to Upper and UMC Ppl: Do you Actually Know Anyone Living Beyond their Means?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people on DCUM would say I'm living beyond my means.  I make $300k/year but bought a close-in house with a big yard that was too expensive ($4200/month).  I max out retirement, but don't save a penny more than $18k/year.  My 529s are low (my parents didn't pay for my college and I don't see the need; if the kids are smart enough they can get a scholarship, if not they can do ROTC).  We have a house cleaner and a lawn guy and a dog walker.  I pay for my parents' housing (including mortgage, utilities, upkeep) so that they can be the ones to watch our kids instead of sending them to a daycare.  It's worth it to me -- I don't feel like taking my equity and downsizing to a smaller house with a longer commute.  Everyone has different priorities.[/quote]

Do you have an emergency fund? What does your debt look like outside of mortgage?[/quote] My only debt is $1 million in mortgage debt. Don't worry, I'll be ok. [/quote]

So 401k is your emergency savings?[/quote]
No, I have cash in an online savings account, about 80. But it makes me sweat to think that that money is just sitting there at like 1% interest. I really want to put it in an index fund but I resist the urge. I guess I like to gamble. [/quote]

If you liked to gamble, then you would have it in the market. You like money so much, but don't seem to know how to get more outside of your w2 wages. I have a w2 wage income of ~450k and on some days see my fidelity account maks gains of 3k a day, sometimes more, sometimes less, but at the end of the year, i have done absolutly nothing and have increased my investment income by half of my w2 income. At 40 yrs old i can do the math and see a day that i can live on investments and not even touch my 401k.

Do we go without? Absolutly not, but i also dont want to be a wage slave much longer and definitely don't want to be working much more than 12 more years.

We do have one thing in common. I dont have to save for my kids college either. My money did all the work for me, no scholarship needed.[/quote]

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