Anonymous
10/20/2024 15:26
Subject: Re:$600K-$800K HHI
42/43. We are at about 800k HHI.
NW $5 million:
$1.45 million taxable.
$2.15 million retirement accounts.
$0.45 million 529s
$0.95 million home equity
NW $5 million:
$1.45 million taxable.
$2.15 million retirement accounts.
$0.45 million 529s
$0.95 million home equity
Anonymous
10/20/2024 13:01
Subject: Re:$600K-$800K HHI
We make 850k, DH 54 and me 50 yrs old. We started making this kinda money only 6yrs back, before that we made around 350k. We have a NW of 5 million, we save around 350k/year, as I noted that we started making this sort of money late in life so our priority is savings. We do spend 20k/year on vacations, kids go to public school, we bought our house in 2018 and our mortgage is 5200/month.
No budget as such, we have a savings number and after that we spend the rest.
No budget as such, we have a savings number and after that we spend the rest.
Anonymous
10/20/2024 12:25
Subject: Re:$600K-$800K HHI
Anonymous wrote:We are both 39 and our HHI in 2024 is $785K. It has steadily increased over the past decade from around $250K. My husband’s firm does management level promotions every other year and he is on track for that promotion in 2025, which would likely put our HHI close to $1m in 2026.
We have $4.5m in assets, with $3m in retirement and brokerage accounts and $1m in home equity. We have $950K left on our mortgage. Aside from our mortgage we have no debt.
We invest about $200K annually between our 401Ks and a brokerage account.
We have three children in private school and have always had a nanny. My husband’s parents split tuition for three kids with us, so we pay $75K total for tuition and then pay our nanny about $40K and spend about $30K between summer camps, sports, and enrichment. That comes to about $145K annually. We may have not have opted for private K-12 if my husband’s parents weren’t paying half of the tuition bill and hadn’t created a trust for our kids’ college expenses. My husband’s parents contribute $18K to each of our children’s 529s and between that contribution and the trust we do not feel obligated to put aside money for higher ed.
We spend about $12K/annually on travel, mostly to Florida and Maine. My parents have a vacation home in Florida that we use during our kids’ two week spring break and we rent a house for 10 days in Maine in the summer.
What hours does she work?
Anonymous
10/19/2024 22:29
Subject: $600K-$800K HHI
Early 50’s. HHI in that range. One kid in college - has a 529 that will cover fully all 4 years. Other kid is a HS junior. We’ll probably have to cash flow about $5k/year if he goes private. Rest in a 529.
NW (including primary residence and 529s which will get depleted shortly) is about $5.5M. Save about $200K a year in taxable and retirement accounts. About $70K/yr pension coming to us at retirement age. Biggest expense is travel and entertainment (theatre/shows/plays). Reasonable charitable contributions. But otherwise live relatively modestly.
Money is a tool. We have more than enough to do what we want. And are lucky enough to have the health and family circumstances to do what we want.
NW (including primary residence and 529s which will get depleted shortly) is about $5.5M. Save about $200K a year in taxable and retirement accounts. About $70K/yr pension coming to us at retirement age. Biggest expense is travel and entertainment (theatre/shows/plays). Reasonable charitable contributions. But otherwise live relatively modestly.
Money is a tool. We have more than enough to do what we want. And are lucky enough to have the health and family circumstances to do what we want.
Anonymous
10/19/2024 21:59
Subject: $600K-$800K HHI
Both of us early 30s; at 700k+ this year. 2 young kids, so childcare is at 70k and we have not decided on public v. private. Just bought our forever home and had our second so savings last year was 200k but will be down to probably 100k this year. Net worth at 1M. Things feel tighter with the new mortgage payment, but we also expect our HHI to increase (I am big law, very much enjoy my job, and expect to make partner in the coming years).
We spend maybe 10-15k on vacations annually but don’t budget our travel. Usually a domestic weekend trip every other month to see family or friends, at least one 1-2 week international vacation, and our parents have generously covered portions of additional vacations when we travel with them.
We spend maybe 10-15k on vacations annually but don’t budget our travel. Usually a domestic weekend trip every other month to see family or friends, at least one 1-2 week international vacation, and our parents have generously covered portions of additional vacations when we travel with them.
Anonymous
10/19/2024 20:17
Subject: $600K-$800K HHI
Anonymous wrote: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.
You shouldn’t count on inheritances. Your parents may live large too and there may not be much left. Your parents may also live for another 20-30 years in which case you could find yourself wanting to retire, but not having the ability to do so.
Anonymous
10/19/2024 19:33
Subject: Re:$600K-$800K HHI
We are both 39 and our HHI in 2024 is $785K. It has steadily increased over the past decade from around $250K. My husband’s firm does management level promotions every other year and he is on track for that promotion in 2025, which would likely put our HHI close to $1m in 2026.
We have $4.5m in assets, with $3m in retirement and brokerage accounts and $1m in home equity. We have $950K left on our mortgage. Aside from our mortgage we have no debt.
We invest about $200K annually between our 401Ks and a brokerage account.
We have three children in private school and have always had a nanny. My husband’s parents split tuition for three kids with us, so we pay $75K total for tuition and then pay our nanny about $40K and spend about $30K between summer camps, sports, and enrichment. That comes to about $145K annually. We may have not have opted for private K-12 if my husband’s parents weren’t paying half of the tuition bill and hadn’t created a trust for our kids’ college expenses. My husband’s parents contribute $18K to each of our children’s 529s and between that contribution and the trust we do not feel obligated to put aside money for higher ed.
We spend about $12K/annually on travel, mostly to Florida and Maine. My parents have a vacation home in Florida that we use during our kids’ two week spring break and we rent a house for 10 days in Maine in the summer.
We have $4.5m in assets, with $3m in retirement and brokerage accounts and $1m in home equity. We have $950K left on our mortgage. Aside from our mortgage we have no debt.
We invest about $200K annually between our 401Ks and a brokerage account.
We have three children in private school and have always had a nanny. My husband’s parents split tuition for three kids with us, so we pay $75K total for tuition and then pay our nanny about $40K and spend about $30K between summer camps, sports, and enrichment. That comes to about $145K annually. We may have not have opted for private K-12 if my husband’s parents weren’t paying half of the tuition bill and hadn’t created a trust for our kids’ college expenses. My husband’s parents contribute $18K to each of our children’s 529s and between that contribution and the trust we do not feel obligated to put aside money for higher ed.
We spend about $12K/annually on travel, mostly to Florida and Maine. My parents have a vacation home in Florida that we use during our kids’ two week spring break and we rent a house for 10 days in Maine in the summer.
Anonymous
10/19/2024 13:06
Subject: $600K-$800K HHI
40/41 - HHI around 700k
NW around 4.5M-5M, with only
1 kid with another on the way
Expected inheritance of at least 1M in the next 10 years.
We front loaded our savings so that we could secure a good foundation and not wait until we are retired to travel/enjoy nice things.
We still save in the neighborhood of 300k gross. But a significant portion of that goes toward hobbies, travel, home improvement. We just went through a bit of a 2 year super cycle of capital expenditure needing to replace both cars, replace HVAC, and quite a bit of significant deferred exterior work. Plus IVF. All of those really cut into YoY savings.
We also over save to constrain our monthly budget but then prioritize 1-time expenses like hobbies and travel.
Now that a second child is on the way, we will need to tighten our purse strings to hit our goals without sacrificing travel, which is one of our biggest annual spending priorities and we are always including our child, and plan to include both.
I’d say right now we spend around 35k on travel a year - with some of that out of cash flow and a portion from accumulated savings, but that includes an annual spendy weekend trip for each spouse with friends, a ski vacation, a few long weekends, day trips, and domestic summer travel.
I’d say we put about 200k in locked away savings and of the remaining 100k we save at least 50k a year at the end but in years past have managed to keep all 100k locked up into the following year. We’ve definitely increased spending over the last few years and decreased savings. We’d be open to tapering further.
I find that savings rate to be pretty aggressive and we don’t buy a lot of stuff. We don’t have a ton of home furnishings, we don’t buy a lot of clothes, etc.
Besides travel, we also prioritize social lives for ourselves and our child, which means we are entertaining a lot, going out to eat a lot, and doing a lot of activities, both organized and informal.
We haven’t been laser focused on retirement because retirement is just one phase of life and we don’t want a substantially better QOL in retirement than we have now.
NW around 4.5M-5M, with only
1 kid with another on the way
Expected inheritance of at least 1M in the next 10 years.
We front loaded our savings so that we could secure a good foundation and not wait until we are retired to travel/enjoy nice things.
We still save in the neighborhood of 300k gross. But a significant portion of that goes toward hobbies, travel, home improvement. We just went through a bit of a 2 year super cycle of capital expenditure needing to replace both cars, replace HVAC, and quite a bit of significant deferred exterior work. Plus IVF. All of those really cut into YoY savings.
We also over save to constrain our monthly budget but then prioritize 1-time expenses like hobbies and travel.
Now that a second child is on the way, we will need to tighten our purse strings to hit our goals without sacrificing travel, which is one of our biggest annual spending priorities and we are always including our child, and plan to include both.
I’d say right now we spend around 35k on travel a year - with some of that out of cash flow and a portion from accumulated savings, but that includes an annual spendy weekend trip for each spouse with friends, a ski vacation, a few long weekends, day trips, and domestic summer travel.
I’d say we put about 200k in locked away savings and of the remaining 100k we save at least 50k a year at the end but in years past have managed to keep all 100k locked up into the following year. We’ve definitely increased spending over the last few years and decreased savings. We’d be open to tapering further.
I find that savings rate to be pretty aggressive and we don’t buy a lot of stuff. We don’t have a ton of home furnishings, we don’t buy a lot of clothes, etc.
Besides travel, we also prioritize social lives for ourselves and our child, which means we are entertaining a lot, going out to eat a lot, and doing a lot of activities, both organized and informal.
We haven’t been laser focused on retirement because retirement is just one phase of life and we don’t want a substantially better QOL in retirement than we have now.
Anonymous
10/19/2024 12:21
Subject: $600K-$800K HHI
Interesting thread. I am sure folks Networth would have drastically improved since Jan!
Anonymous
02/22/2024 07:48
Subject: $600K-$800K HHI
Anonymous wrote:lol. yes. its can be done.
Anonymous wrote:double big law could achieve this easily with good savings %, good returns and a little luck in when the house was bought.Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI 900k
mid 40's
net worth $12M (excluding residence)
Home - $4M, 750k mortgage.
Wow, please share how to accumulated this net worth.
Saving and investments....
lol no. Not with the comp range specified here. You had inherited wealth, RSUs, or something else other than comp in the range specified here to get to that total in mid-40s.
Anonymous
01/20/2024 08:08
Subject: $600K-$800K HHI
Anonymous wrote:Anonymous wrote: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.
$30k average, “houses our family owns”, and “not extravagant” doesn’t mix. A lot of people (not on dcum obviously) don’t even make $30k/year at work.
At least no one here has made the “we’re UMC/MC just barely getting by :’( “ spiel… yet.
Agree they’re spending a lot, my point was that you can prioritize visiting Universal and while it’s not cheap there are ways to save money if you want to. In this income range it’s all about making your priorities. You can splurge on some things, just not everything.
Anonymous
01/20/2024 06:39
Subject: $600K-$800K HHI
Anonymous wrote: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.
$30k average, “houses our family owns”, and “not extravagant” doesn’t mix. A lot of people (not on dcum obviously) don’t even make $30k/year at work.
At least no one here has made the “we’re UMC/MC just barely getting by :’( “ spiel… yet.
Anonymous
01/20/2024 06:16
Subject: $600K-$800K HHI
lol. yes. its can be done.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI 900k
mid 40's
net worth $12M (excluding residence)
Home - $4M, 750k mortgage.
Wow, please share how to accumulated this net worth.
Saving and investments....
lol no. Not with the comp range specified here. You had inherited wealth, RSUs, or something else other than comp in the range specified here to get to that total in mid-40s.
Anonymous
01/19/2024 18:55
Subject: $600K-$800K HHI
Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI 900k
mid 40's
net worth $12M (excluding residence)
Home - $4M, 750k mortgage.
Wow, please share how to accumulated this net worth.
Saving and investments....
lol no. Not with the comp range specified here. You had inherited wealth, RSUs, or something else other than comp in the range specified here to get to that total in mid-40s.
Anonymous
01/19/2024 16:36
Subject: $600K-$800K HHI
Anonymous wrote:
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"
I am one of the previous posters and I never gave five years and then lightened up.
I always saved reasonably responsibly, but my savings rate has gone up from c.10 percent when I was young to probably 25 percent now. I work in finance/economics so I understand all about compounding. But I also know that an extra dollar of consumption buys me a lot less fun, experience, and happiness now that I am 50 than it did when I was 22.
I spent my 20s and early 30s traveling, making friends, moving countries, doing different jobs, eating out, dancing, doing stupid things and fun things and different things. By all means save some money. But don't sacrifice your life to do it, it isn't worth it. Money is just a tool, not an end in itself.