Anonymous
04/09/2018 13:19
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:If this happened to you, tell us how
DH’s promotion at work.
Mind sharing what he does for a living??
Involves Commercial real estate
Making partner or something equivalent?
No jump from one job title to another would do that
Must be a business owner in some way
Anonymous
04/09/2018 13:17
Subject: If your HHI went from $350k to $900k +
I would change nothing. I would sock away the entire increase, and make a five-year exit plan.
Anonymous
04/09/2018 13:09
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:How would it (or how did it) change your life?
In the short term, no changes. In the long term- heck yes! Much much earlier retirement and way more travel and spa days.
Anonymous
04/09/2018 12:42
Subject: Re:If your HHI went from $350k to $900k +
This is hypothetical, but our HHI is $350k, so I can tell you what we would do. Important to this is that we just moved, and neither need nor want to move again. I'll assume you will keep, after taxes, 50% of the $550k increase, so $275k.
Year One: Top off college fund with $50,000; Top off new car fund with $25,000; Increase travel fund by $25,000; $175 into laddered CDs (serves both as emergency fund and cash for eventual retirement).
Year Two: $175,000 into mortgage; Invest $75,000 according to current plan, using DCA; Extra $25,000 into travel budget.
Year Three+: Repeat until mortgage paid off.
After that, look for ways to creatively invest - residential or commercial real estate.
As may be apparent, we are conservative, and live a very nice life on $350,000. Yes, I may be able to get better returns investing v. paying off the mortgage, but maybe not, and being mortgage free is appealing. And if you live a nice life now, why start adding to your expenses. More travel would be nice, so I've allocated for that, but I don't need a Maserati, or a bigger house.
I'd drink better whiskey, though.
Year One: Top off college fund with $50,000; Top off new car fund with $25,000; Increase travel fund by $25,000; $175 into laddered CDs (serves both as emergency fund and cash for eventual retirement).
Year Two: $175,000 into mortgage; Invest $75,000 according to current plan, using DCA; Extra $25,000 into travel budget.
Year Three+: Repeat until mortgage paid off.
After that, look for ways to creatively invest - residential or commercial real estate.
As may be apparent, we are conservative, and live a very nice life on $350,000. Yes, I may be able to get better returns investing v. paying off the mortgage, but maybe not, and being mortgage free is appealing. And if you live a nice life now, why start adding to your expenses. More travel would be nice, so I've allocated for that, but I don't need a Maserati, or a bigger house.
I'd drink better whiskey, though.
Anonymous
04/09/2018 12:41
Subject: If your HHI went from $350k to $900k +
I personally would put away enough money over the next while so that I could if needed leave the job of it becomes too stressful.
After hiring any needed help I didn't have (2x week cleaners has been my ideal vs full time) I added annual consults with an organizer and called handyman to do maintenance so everything was in great order. I would send my kids to lovely private schools IF you don't like your current choices (we stayed public for a while.)
Long term I would take my time and move to a house and neighborhood that I really liked and find a second home that was around 2-3 hours away for long weekends and holidays.
After hiring any needed help I didn't have (2x week cleaners has been my ideal vs full time) I added annual consults with an organizer and called handyman to do maintenance so everything was in great order. I would send my kids to lovely private schools IF you don't like your current choices (we stayed public for a while.)
Long term I would take my time and move to a house and neighborhood that I really liked and find a second home that was around 2-3 hours away for long weekends and holidays.
Anonymous
04/09/2018 12:35
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:Anonymous wrote:How would it (or how did it) change your life?
Do you have children? Debt? What are your ages?
Yes, three kids elementary and preschool ages, no debt except $800k mortgage and a .9% car loan that is $350 per month. We could pay it off but would rather keep the money in investments.
Anonymous
04/09/2018 12:32
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:How would it (or how did it) change your life?
Do you have children? Debt? What are your ages?
Anonymous
04/09/2018 12:27
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:Anonymous wrote:Anonymous wrote:If this happened to you, tell us how
DH’s promotion at work.
Mind sharing what he does for a living??
Involves Commercial real estate
Anonymous
04/09/2018 12:26
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:Anonymous wrote:If this happened to you, tell us how
DH’s promotion at work.
Mind sharing what he does for a living??
Anonymous
04/09/2018 12:26
Subject: If your HHI went from $350k to $900k +
Anonymous wrote:If this happened to you, tell us how
DH’s promotion at work.
Anonymous
04/09/2018 12:25
Subject: If your HHI went from $350k to $900k +
I'd be pretty excited if my HHI went to $350k, so I can't relate.
Anonymous
04/09/2018 12:25
Subject: Re:If your HHI went from $350k to $900k +
OP here, happened with DH’s promotion at work.
Anonymous
04/09/2018 12:24
Subject: If your HHI went from $350k to $900k +
If this happened to you, tell us how
Anonymous
04/09/2018 12:18
Subject: If your HHI went from $350k to $900k +
I'd retire by 50. I'd probably budget to spend an extra $50k a year, mostly on travel but possibly by moving to a different school district, and put all the rest into investments.
Anonymous
04/09/2018 12:16
Subject: If your HHI went from $350k to $900k +
How would it (or how did it) change your life?