Reply to If your HHI went from $350k to $900k +

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If this happened to you, tell us how[/quote]

DH’s promotion at work.[/quote]

Mind sharing what he does for a living??[/quote]

Involves Commercial real estate[/quote]

We own commercial real estate. What kind of job in it makes this income stable?  If he’s an agent, it isn’t stable. If he’s and owner it isn’t stable, either. All you need is one large expense related to the building. Was it a sale that generated this income?  If so and he doesn’t dump it into another one quickly, he will have a lot of taxes due. Point is: how much can you rely on this income?[/quote]

OP here- I don’t want to go into specifics but it’s the type of job that is commission based, and the $ has been going up each year, $350K may actually have been a light estimate that doesn’t include my income. We definitely don’t spend the money like it is a salary that will always be there. I asked my initial question because I do feel that we have saved so much money in the past few years  (7 figures) I was curious what others have done or would do with that kind of money and ongoing potential incomes. Having this much hasn’t changed my thinking, I still bargain shop, really don’t buy much,etc.  People I know and in the same industry definitely have way more expensive and fancy lifestyles than we currently do! I think our neighbors would have no idea which is fine with us. I think maybe I should upgrade some aspects of our life (decorate our house, etc.) but I hate to spend money and feel guilty when I do.[/quote]

If it is commission based, I'd definitely save it for a while. Set some good achievable goals for yourself and then live accordingly. For example, we set goals of 5, 10, and 15M. Before 5M, we lived as normal, no changes. After that we moved to a bigger house, weekly cleaning, hired landscaping, trips, vacations, and etc. When we hit 10M we picked up the pace a little more. Once we hit 15M I think we are going to dial back the income (work less) and keep our lifestyle the same as it is now. Even as we dial back the work income, however, we think our investment income will make up for the slack - so the key really is to try and build wealth as quickly as you can, because it helps you realize whatever lifestyle you are after, sooner.

I understand your feeling of guilt, but it will ease off once you have reached your goals and milestones. Keep that guilt around, it's what keeps your spending in check, use it as a tool. [/quote]

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