Anonymous
11/26/2023 12:01
Subject: How much do you make and save per year?
We paid off our 30 year mortgage in 11 years, so after that, most of what we earn is gravy, except for taxes and insurance. A sizable portion goes into savings and investment (some stocks and mutual funds, but mainly rental incomes).
Rental incomes are good because its like a dividend check every month, you own physical property and it can't just up and disappear like paper in Wall Street in a "crisis".
Rental incomes are good because its like a dividend check every month, you own physical property and it can't just up and disappear like paper in Wall Street in a "crisis".
Anonymous
11/26/2023 11:21
Subject: How much do you make and save per year?
Anonymous wrote:Anonymous wrote:HHI 750
- 401k ~ 45 (+60 matching)
- 529 ~ 70
- BD Roth ~ 13
- Taxable ~ 250-300
Savings rate ~ 55% gross
I don’t see how this is possible. Taxes are going to take most of the other 45%. What do you live on?
Federal taxes are about 30%, no state income tax. We spend about $150k per year, or about $12k per month.
Anonymous
11/26/2023 10:20
Subject: How much do you make and save per year?
Anonymous wrote:HHI 750
- 401k ~ 45 (+60 matching)
- 529 ~ 70
- BD Roth ~ 13
- Taxable ~ 250-300
Savings rate ~ 55% gross
I don’t see how this is possible. Taxes are going to take most of the other 45%. What do you live on?
Anonymous
11/25/2023 21:47
Subject: Re:How much do you make and save per year?
Anonymous wrote:Anonymous wrote:Single. Income around $180K. Save $140K per year, which is all my income after taxes. Lucky to get an annual gift from parents that covers all my living expenses so I save 100% of my income.
This is my favorite answer. Stuff that in your pipe and smoke it.
Why? Wierd. I’m never impressed by these answers.
Anonymous
11/24/2023 10:06
Subject: Re:How much do you make and save per year?
We are now retired but when we were working we were big savers. We maxed retirement accounts, saved all bonuses, funded 529s and saved even more after that. We started saving soon after we got married and with many years of compounding our savings really added up. Our annual dividend income is now equal to what our W-2 income was 15 years ago.
Anonymous
11/24/2023 09:58
Subject: How much do you make and save per year?
DH and I are nearly 40, two kids, 4 &7. We earn 200 HHI plus generate a $48,000 a year post tax profit from an income property. Our net worth is currently $1.8 million and after purchasing a second home to live in (we’ve been renting) we aim to save $75-$90k a year. Feel like we should be doing better compared to everyone else!
Anonymous
11/24/2023 09:06
Subject: How much do you make and save per year?
Anonymous wrote:HHI 900k to 120k
Saving about roughly 50% after tax. About 350k a year.
Tax is our biggest expense . So in retirement, our expense will go down significantly.
Net worth 3.2 mil
We ve only make this income about 5 years ago. First generation immigrants. We were in this country for over 15 years, never make more than 80k to 100 k .
Our biggest mistake back then was not contributing to Roth IRA or 401 sooner. ( we didn’t know what they were)
Wow, how did you increase your income that much?
With that income, you can easily recover from your "mistakes." And trust me, starting Roth early and putting in max for the first years of your career isn't all that magical. I did that before earning too much to qualify for contributions and our Roths are still the smallest accounts we own. You'll be in fine shape saving $350k/year.
Anonymous
11/24/2023 07:53
Subject: How much do you make and save per year?
HHI 900k to 120k
Saving about roughly 50% after tax. About 350k a year.
Tax is our biggest expense . So in retirement, our expense will go down significantly.
Net worth 3.2 mil
We ve only make this income about 5 years ago. First generation immigrants. We were in this country for over 15 years, never make more than 80k to 100 k .
Our biggest mistake back then was not contributing to Roth IRA or 401 sooner. ( we didn’t know what they were)
Saving about roughly 50% after tax. About 350k a year.
Tax is our biggest expense . So in retirement, our expense will go down significantly.
Net worth 3.2 mil
We ve only make this income about 5 years ago. First generation immigrants. We were in this country for over 15 years, never make more than 80k to 100 k .
Our biggest mistake back then was not contributing to Roth IRA or 401 sooner. ( we didn’t know what they were)
Anonymous
11/23/2023 08:24
Subject: How much do you make and save per year?
we had kids early, so are now empty nesters at age 45 and peak earning years. we make around 600k and live very well off net 15k/mo. we max out our 401ks and HSA and then put another 16k/mo into taxable brokerage accounts.
so all in all, not including employer match plus HSA we put away 52k pre tax money and 192k into brokerage.
obviously since we no longer have kids at home and we are still young it is easy to heavily save and not feel a sacrifice. our mortgage is also very low, we will live in the home we raised our kids in so our PITI is only $1900/mo.
We do sometimes crack into our brokerage account for big purchases. We still take our grown children on vacation with us and pay their way. however we can travel “non peak” and are off for 12 days after NYE for somewhere that would be double they price over christmas.
everyone thought we were crazy having kids so early, but it’s actually been a financial boom. it’s nice to be mid 40s and have adult kids we really enjoy and have hit the sweet spot in our careers.
so all in all, not including employer match plus HSA we put away 52k pre tax money and 192k into brokerage.
obviously since we no longer have kids at home and we are still young it is easy to heavily save and not feel a sacrifice. our mortgage is also very low, we will live in the home we raised our kids in so our PITI is only $1900/mo.
We do sometimes crack into our brokerage account for big purchases. We still take our grown children on vacation with us and pay their way. however we can travel “non peak” and are off for 12 days after NYE for somewhere that would be double they price over christmas.
everyone thought we were crazy having kids so early, but it’s actually been a financial boom. it’s nice to be mid 40s and have adult kids we really enjoy and have hit the sweet spot in our careers.
Anonymous
11/23/2023 07:01
Subject: How much do you make and save per year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We make $900k-$1M between the two of us. We save about $200k/year. Around $90k to retirement accounts (I own a business so I can get $66k/year), $40k to brokerage, $40k to cash savings/short term and $40k to 529 plans.
This is really bad.
How is saving over 200K per year "really bad." Are you trolling or bad at math?
If we assume 25% to taxes, PP is spending $500,000 a year. That's what is really bad.
I'm the PP with HHI $1M. Also the PP who was impressed with the 55% savings rate of the couple making $750k. I do feel like my spending is out of control but also, man, my kids are growing up and I want to travel with them and enrich them and have them grow up in a great home where all their friends want to come. I also have only made this level of income for a few years (expect it to continue and grow) so I'm also finally doing things I never used to do for myself. Self-care stuff, nice clothes and shoes. Home renovations to make it a nicer place to live and entertain family and friends. I've loved doing stuff for the people I love, too, like taking my mom on girls trips, doing really nice teacher gifts and sponsoring stuff for the kids' schools, throwing parties for our neighborhood. Makes me feel good. So I sock away 20% of our income and blow the rest. I do feel it's less than I should be doing but then again, just had a friend of my parents' die in his mid-60s and man it sucks. I sort of feel like I'm in my prime spending years right now with the three kids all still at home and wanting to make lots of extraordinary memories with them and just enjoy life. Mid-40s. I want to be responsible with my money and save it but also want to live well right now. I'm probably undersaving, but I do love my job, so plan to work for a long time and hope my expenses will be less when I'm older and the kids are on their own.
You're free to live your life as you please, but you're drastically undersaving. You save $200K, but since you're married, only $100K of that really "belongs" to you.
I make $200K, pay $50K in taxes, live on $40K and save $110K per year. Different situations, obviously, as you have kids - and I'm also an aggressive saver since I'm interested in FIRE - but you're being outsaved by someone who makes a fifth of your income.
Look, you suck at math. You save $110k/year and PP saves $200k/year. She's saving more than you. That means she could retire earlier than you and have a better lifestyle. Yet you claim you're out saving her.
She's saving plenty of money, and it's not imprudent for her to spend substantial amounts of money. You don't get any reward for saving a higher percentage of your income.
Her math is fine. She's counting half of $200k on purpose. "You save $200K, but since you're married, only $100K of that really "belongs" to you."
Anonymous
11/23/2023 05:17
Subject: How much do you make and save per year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We make $900k-$1M between the two of us. We save about $200k/year. Around $90k to retirement accounts (I own a business so I can get $66k/year), $40k to brokerage, $40k to cash savings/short term and $40k to 529 plans.
This is really bad.
How is saving over 200K per year "really bad." Are you trolling or bad at math?
If we assume 25% to taxes, PP is spending $500,000 a year. That's what is really bad.
I'm the PP with HHI $1M. Also the PP who was impressed with the 55% savings rate of the couple making $750k. I do feel like my spending is out of control but also, man, my kids are growing up and I want to travel with them and enrich them and have them grow up in a great home where all their friends want to come. I also have only made this level of income for a few years (expect it to continue and grow) so I'm also finally doing things I never used to do for myself. Self-care stuff, nice clothes and shoes. Home renovations to make it a nicer place to live and entertain family and friends. I've loved doing stuff for the people I love, too, like taking my mom on girls trips, doing really nice teacher gifts and sponsoring stuff for the kids' schools, throwing parties for our neighborhood. Makes me feel good. So I sock away 20% of our income and blow the rest. I do feel it's less than I should be doing but then again, just had a friend of my parents' die in his mid-60s and man it sucks. I sort of feel like I'm in my prime spending years right now with the three kids all still at home and wanting to make lots of extraordinary memories with them and just enjoy life. Mid-40s. I want to be responsible with my money and save it but also want to live well right now. I'm probably undersaving, but I do love my job, so plan to work for a long time and hope my expenses will be less when I'm older and the kids are on their own.
You're free to live your life as you please, but you're drastically undersaving. You save $200K, but since you're married, only $100K of that really "belongs" to you.
I make $200K, pay $50K in taxes, live on $40K and save $110K per year. Different situations, obviously, as you have kids - and I'm also an aggressive saver since I'm interested in FIRE - but you're being outsaved by someone who makes a fifth of your income.
No one cares. PP is saving more than you and enjoying life more too. Living on 40k per year sounds miserable. You probably stress over every penny.
Anonymous
11/23/2023 04:50
Subject: Re:How much do you make and save per year?
Anonymous wrote:Single. Income around $180K. Save $140K per year, which is all my income after taxes. Lucky to get an annual gift from parents that covers all my living expenses so I save 100% of my income.
This is my favorite answer. Stuff that in your pipe and smoke it.
Anonymous
11/22/2023 23:26
Subject: How much do you make and save per year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We make $900k-$1M between the two of us. We save about $200k/year. Around $90k to retirement accounts (I own a business so I can get $66k/year), $40k to brokerage, $40k to cash savings/short term and $40k to 529 plans.
This is really bad.
How is saving over 200K per year "really bad." Are you trolling or bad at math?
If we assume 25% to taxes, PP is spending $500,000 a year. That's what is really bad.
I'm the PP with HHI $1M. Also the PP who was impressed with the 55% savings rate of the couple making $750k. I do feel like my spending is out of control but also, man, my kids are growing up and I want to travel with them and enrich them and have them grow up in a great home where all their friends want to come. I also have only made this level of income for a few years (expect it to continue and grow) so I'm also finally doing things I never used to do for myself. Self-care stuff, nice clothes and shoes. Home renovations to make it a nicer place to live and entertain family and friends. I've loved doing stuff for the people I love, too, like taking my mom on girls trips, doing really nice teacher gifts and sponsoring stuff for the kids' schools, throwing parties for our neighborhood. Makes me feel good. So I sock away 20% of our income and blow the rest. I do feel it's less than I should be doing but then again, just had a friend of my parents' die in his mid-60s and man it sucks. I sort of feel like I'm in my prime spending years right now with the three kids all still at home and wanting to make lots of extraordinary memories with them and just enjoy life. Mid-40s. I want to be responsible with my money and save it but also want to live well right now. I'm probably undersaving, but I do love my job, so plan to work for a long time and hope my expenses will be less when I'm older and the kids are on their own.
You're free to live your life as you please, but you're drastically undersaving. You save $200K, but since you're married, only $100K of that really "belongs" to you.
I make $200K, pay $50K in taxes, live on $40K and save $110K per year. Different situations, obviously, as you have kids - and I'm also an aggressive saver since I'm interested in FIRE - but you're being outsaved by someone who makes a fifth of your income.
Look, you suck at math. You save $110k/year and PP saves $200k/year. She's saving more than you. That means she could retire earlier than you and have a better lifestyle. Yet you claim you're out saving her.
She's saving plenty of money, and it's not imprudent for her to spend substantial amounts of money. You don't get any reward for saving a higher percentage of your income.
Anonymous
11/22/2023 23:23
Subject: How much do you make and save per year?
350k, save 65k. But we have some big expenses - college aged kids, had to get new cars in past 2 years, and some house repairs and improvements plus some high medical expenses. So hope to save more in the coming years.
Anonymous
11/22/2023 21:18
Subject: How much do you make and save per year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We make $900k-$1M between the two of us. We save about $200k/year. Around $90k to retirement accounts (I own a business so I can get $66k/year), $40k to brokerage, $40k to cash savings/short term and $40k to 529 plans.
This is really bad.
How is saving over 200K per year "really bad." Are you trolling or bad at math?
If we assume 25% to taxes, PP is spending $500,000 a year. That's what is really bad.
I'm the PP with HHI $1M. Also the PP who was impressed with the 55% savings rate of the couple making $750k. I do feel like my spending is out of control but also, man, my kids are growing up and I want to travel with them and enrich them and have them grow up in a great home where all their friends want to come. I also have only made this level of income for a few years (expect it to continue and grow) so I'm also finally doing things I never used to do for myself. Self-care stuff, nice clothes and shoes. Home renovations to make it a nicer place to live and entertain family and friends. I've loved doing stuff for the people I love, too, like taking my mom on girls trips, doing really nice teacher gifts and sponsoring stuff for the kids' schools, throwing parties for our neighborhood. Makes me feel good. So I sock away 20% of our income and blow the rest. I do feel it's less than I should be doing but then again, just had a friend of my parents' die in his mid-60s and man it sucks. I sort of feel like I'm in my prime spending years right now with the three kids all still at home and wanting to make lots of extraordinary memories with them and just enjoy life. Mid-40s. I want to be responsible with my money and save it but also want to live well right now. I'm probably undersaving, but I do love my job, so plan to work for a long time and hope my expenses will be less when I'm older and the kids are on their own.
You're free to live your life as you please, but you're drastically undersaving. You save $200K, but since you're married, only $100K of that really "belongs" to you.
I make $200K, pay $50K in taxes, live on $40K and save $110K per year. Different situations, obviously, as you have kids - and I'm also an aggressive saver since I'm interested in FIRE - but you're being outsaved by someone who makes a fifth of your income.
Well, no. She’s saving almost twice what you are. Pretty sure she’ll be OK.