Anonymous
Post 01/19/2024 10:25     Subject: $600K-$800K HHI
We earn between 600-700k, early 40s and behind on retirement. Recently started earning this income.

Retirement = 1.3 million
Home equity = 800k
529s = 110k

Catching up on retirement by contributing with matched around 100k to 401ks every year and 120k to RSUs. RSUs are fully vesting now. We have 4k automatically sent to 529e every month.

Biggest fixed expenses are 6k mortgage and 5k nanny. We live large with travel, clothing, nicely decorated home and entertainment. YOLO.

We also each stand to inherit a few million from our parents so we aren’t that concerned about being behind with retirement.


Anonymous
Post 01/19/2024 10:06     Subject: $600K-$800K HHI
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I’d love to know the monthly budget in this income range.


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.


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.


You live at home where someone else pays majority of your expenses and spend only $10K. I would hope you can save at extremely high levels.

It's a good plan---great way to save a lot and build a cushion/get a downpayment in place.


But don't kid yourself, that's not reality for most people. Most want to live in their own place at least 2-3 years after finishing college
Anonymous
Post 01/19/2024 08:12     Subject: Re:$600K-$800K HHI
Anonymous wrote:For something a little different....

We are just scraping the bottom edge of your range...hitting 610K for the first time in 2023 in our mid-40s. We were at 300k at 30 and steadily climbed for the past 15 years. I'm not saying we did it right, but this is us:

- 2.5M in retirement with one solid fed pension and one very good Fed pension that should net us around 150K py in retirement.
- 600K equity in our house
- 100K in other investments (this includes our emergency fund)
- 250K in 529s for 2 kids currently in HS

Everything else, we spend. We travel a ton. We spend a lot on experiences and food. I'm not saying it is for everybody, but with the pension and safety net, we do not prioritize saving.
One regret is not saving more for college. We can likely cashflow any more we need, but lifestyle will take a hit.



I’ll make you feel better, a lot better:
Both of us 52. HHI is $650-$700k. We just reached this level in the past 2 years. Previously, we were making a lot less.
Home equity is about $800k
Combined retirement is $1.25 million. We put in about $100k/year.
2 kids, one in college, one a jr in HS. Combined $90k in 529. We are basically cash-flowing college, putting in $4k a month, ongoing.
Spend about $20-$25k/year on vacations.

I have been trying very hard to get DH to save more for retirement. He’s a smart guy who has been really dumb about money. I finally got him to agree to see a financial advisor last year, and that was very helpful. I think he’s banking way too much on us inheriting some money. Even if we do, it won’t be millions.
Anonymous
Post 01/19/2024 06:05     Subject: $600K-$800K HHI
HHI 900k
mid 40's
net worth $12M (excluding residence)
Home - $4M, 750k mortgage.
Anonymous
Post 01/19/2024 04:13     Subject: $600K-$800K HHI
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I’d love to know the monthly budget in this income range.


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.


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.


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.
Anonymous
Post 01/19/2024 00:47     Subject: $600K-$800K HHI
Anonymous wrote:
Anonymous wrote:I’d love to know the monthly budget in this income range.


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.


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.
Anonymous
Post 01/18/2024 14:35     Subject: $600K-$800K HHI
We are right in the middle of this range -- 750K HHI in our mid-30s, no kids yet but planning to have them ASAP. Save $200-300K per year across taxable and tax-advantaged accounts. We have $5.5M net worth in a VHCOL (NYC/SF). I worked in biglaw starting in my mid-20s and DH is in tech and made around $2M from stock sales in one lump sum a few years ago. Neither of us graduated with any student debt and were able to get on the property ladder early.

We are very comfortable as DINKS but our housing and everything costs will become much higher once we have kids.

DH is also about to take a step back this year to start a new company so our HHI will temporarily drop to mine only ($400-500K) soon.
Anonymous
Post 01/18/2024 13:31     Subject: Re:$600K-$800K HHI
Anonymous wrote:For something a little different....

We are just scraping the bottom edge of your range...hitting 610K for the first time in 2023 in our mid-40s. We were at 300k at 30 and steadily climbed for the past 15 years. I'm not saying we did it right, but this is us:

- 2.5M in retirement with one solid fed pension and one very good Fed pension that should net us around 150K py in retirement.
- 600K equity in our house
- 100K in other investments (this includes our emergency fund)
- 250K in 529s for 2 kids currently in HS

Everything else, we spend. We travel a ton. We spend a lot on experiences and food. I'm not saying it is for everybody, but with the pension and safety net, we do not prioritize saving.
One regret is not saving more for college. We can likely cashflow any more we need, but lifestyle will take a hit.


yes, you will likely be cash flowing a large part of college. You have enough for one kid at a state school, maybe a year for the 2nd kid. But not enough for both kids at even state schools. As long as you can make the lifestyle changes to put them thru college all is good.

But I do agree your retirement is great
Anonymous
Post 01/18/2024 13:28     Subject: $600K-$800K HHI
Anonymous wrote:
Anonymous wrote:I’d love to know the monthly budget in this income range.


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.



This is pretty much us. Dividend from business shows up in early April each year and I immediately hand over an amount to my investment guy to get us to around $200k invested for the year. The rest we spend throughout the year. I sometimes worry about spending too much, but tying up the majority of the money right away prevents us from doing anything stupid. If there's money left over at the end of the year, it gets invested as well.
Anonymous
Post 01/18/2024 13:12     Subject: $600K-$800K HHI
Anonymous wrote:I’d love to know the monthly budget in this income range.


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.
Anonymous
Post 01/18/2024 09:19     Subject: $600K-$800K HHI
Anonymous wrote:I’d love to know the monthly budget in this income range.


OP here, we haven't really had a monthly budget (too tedious). We always settled on a minimum amount to save based on anticipated earnings for the year and saved that before splurging else where. Rather than have a spending budget, we make some conscious choices, such as spending max of $150 for monthly family dinners, but do takeouts/cheaper places one or twice a week for $50-$80 or so. Use credit card points to subsidize travel, but clothes on sale (for the most part). That said I have splurged on a couple of designer bags (once every 4-5 years), my DH has a couple of expensive watches. Kids have expensive tutors, classes. I think once you have your savings in place, what you spend on doesn't matter as much, as long as you get joy/satisfaction from it.
Anonymous
Post 01/18/2024 09:11     Subject: $600K-$800K HHI
Anonymous wrote:Your net worth seems low for that income. We are the same but net worth over 7M. Part of our investments are /were aggressive though.


OP here, we had a late start moved to US for our Masters degrees and had student loans to pay. Plus we made a few stupid investments early in the career and some of the "gambling" in stock market didn't work out, so we settled on Index funds
Anonymous
Post 01/18/2024 08:03     Subject: $600K-$800K HHI
We are 42/41 with 2 elementary age kids. HHI of around 800k though it has gradually increased to this level over the last decade from around 250k HHI.

We aim to save around 250-275k a year.

Probably 25k on travel/vacations.

Net worth just crossed $4 million.
Anonymous
Post 01/18/2024 06:16     Subject: $600K-$800K HHI
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We are close, in the 900s. We save around 600k. But, we consider home improvement to be "savings" which may not comport with some people's definition. We earmark $ for general maintenance and improvement and we are also doing projects like a pool/guest house etc.


Oh and on vacations.... it varies widely. Some years we mostly go to weekend houses that my family owns. But some years we go to Universal Studios a dozen times. Maybe 30k is average? We aren't extravagant. Pretty normal hotels, a cruise here and there.


What, a dozen times to Universal Studios?!?!


DP, but if you have an annual pass and schedule around the passholder rates at the hotel, it’s not very expensive. If you like that sort of thing, which I do.
Anonymous
Post 01/18/2024 04:03     Subject: $600K-$800K HHI
We’re at 600k+, early 30s. NW $1m (none inherited). We’ve been saving for a down payment, so have been saving 250-300k a year. Expecting that savings number to go down significantly once we purchase a home. Current monthly costs are rent + childlcare, which take the biggest chunk, around 9k. We don’t really budget for anything else.

We do a weekend trip probably at least once a month (often to visit family), those are 1.5k on average per trip. Otherwise, 2-3 weeklong/international or beach trips, but those are heavily subsidized by parents (not because we want or expect them to pay, but they insist) so we probably spend only $5k-7k max for trips altogether.