Some day someone is going to take these threads to their logical conclusion and devise a formula for weighing by COL, homeownership, student loans, and # of kids in daycare so we can all slap on our MMM quotient number and feel worse or better about ourselves
this post is not real life. people who have a hhi under 75k probably aren't going to comment, even though that is more like real life.
I wish some of the 400k+ HHI would comment but I can see why they don’t.
I will put this out there so PDQ. We are in that range. It does change year from year depending on H's business and client base. It took awhile to get there. H is 45 and I am 42. There were several years where H was barely making anything due to the type of law he practices, wasn't saving anything for retirement, had CC debt and had to put his law school loans on hold (this was we before we were married- just dating) and was worried about making his mortgage payments. Thankfully this is not the case anymore but we are looking at law school loans for a good long while, H's retierment isn't where it should be so we are throwing A LOT at it, and have finally paid off his CC. Plus we had a child later in life so have all the expenses associated with raising child as we are getting older and many won't have those expenses anymore.
So basically if you equate all this our HHI probalby averages out to a lot less. Don't get me wrong. We have a great life and I am thankful everyday that we can do the things we want. It is all relative.
Honest question-- does it ever end well when they do? You've been around a long time. Just wondering!
Back on TN, I do remember some of us being more vocal in the higher range. Man, I miss my old income.
ETA: And I still luckily remember who they are .
The "big dawg" posts that are sometimes alluded to around here, I'm assuming. Wasn't really an active poster at that other place. Work cramped my style. HA.
Post by penguingrrl on Sept 22, 2014 14:49:26 GMT -5
We're in the 75-100 range now, but that's a new thing as of July. We spent 7 years before that on from the mid-$30s to the high $40s depending on how much tutoring work H could find and whether his research was in a place for me to work p/t to supplement (which was rare since he was putting in 80+ hour weeks). But that was during the grad school and postdoc years. Now he's a prof and making decent money and I am putting feelers out to start a career now that we're out of the insane costs of Manhattan (living in Manhattan on just over $30K with a family was not easy). Once he has a tenure track position (he's currently a visiting professor) I'll really get serious about starting a career, but until we're sure we're staying put for a few years it's not a good idea. When that happens we'll quickly go over $100K HHI.
Post by teatimefor2 on Sept 22, 2014 14:58:37 GMT -5
I agree I missed the Big Dowg posts too. I was mainly a lurker on TN, but I also have a good memory. I don't resent anyone for having more $$$, I'm more like... tell me what you or your DH do! Share your secrets! LOL!
And I was just thinking the other day how long it has been since someone used the word "big dog" on MM. That particular expression was always like nails on a chalkboard to me
And I was just thinking the other day how long it has been since someone used the word "big dog" on MM. That particular expression was always like nails on a chalkboard to me
It's not exactly...elegant. Although I do see a ton of wealthies up here with dogs the size of horses... Hahaha
And I was just thinking the other day how long it has been since someone used the word "big dog" on MM. That particular expression was always like nails on a chalkboard to me
I was just trying to decide if I hated the term (or worse - big "dawg" ) out of resentment or if I really just disliked it. lol
Honest question-- does it ever end well when they do? You've been around a long time. Just wondering!
It's a shame bc I'd love to see how work life balance is for these families. How they save, what $ challenges they may face as far as goals, how they got there. What their short and long term goals are and what they are doing about it.
I am new so I figure no one cares, but I will answer a couple of these.
We both work from home and our work life balance is amazing.
I think the easiest thing that got us here was that we started with no debt, and have never had debt other than our house. We started following DR in college before marriage. Both our parents paid for education, so no SLs but no gift money or trust.
When we first got married we worked a lot, and my husband started his own company when I could cover all our bills myself. We invested and have multiple streams of income. We have identified market needs and invested either in education or business needs in these areas. We have a SEP we max out and a good money manager as well.
Our goals are to pay off our home and make other smart investments (being general on purpose).
Post by waterchurch on Sept 22, 2014 16:38:28 GMT -5
DH's base salary is what I answered for (100-150k), and what we base our budget on. It does not count what we get as royalties, which have varied. The royalty checks are how we have no mortgage, paid for cars, and our investments and savings.
Honest question-- does it ever end well when they do? You've been around a long time. Just wondering!
It's a shame bc I'd love to see how work life balance is for these families. How they save, what $ challenges they may face as far as goals, how they got there. What their short and long term goals are and what they are doing about it.
I'm not into AEs, but maybe I'll open a bottle of liquid courage tonight. However I take little/no credit for my financial situation, am well aware of our status and good fortune, and *think* (read: hope) I'm pretty normal regardless.
I'm not into AEs, but maybe I'll open a bottle of liquid courage tonight. However I take little/no credit for my financial situation, am well aware of our status and good fortune, and *think* (read: hope) I'm pretty normal regardless.
Do it! I'll echo the others who say I hate that higher income people are scared off from sharing. I find it really interesting and many times educational to hear what other people are doing!
Last year was a banner year. This year is looking to be even better $-wise. But next year it could go down by 30-50%, we just don’t know so we have to live reasonably and make smart but also conservative decisions about our spending/saving.
This is the part we try really hard to keep in mind, and the part that makes me nervous. Right now, we are both making more than we dreamed we would be at this point. Nothing is certain (particularly in healthcare right now), so we could easily at any point have our income cut in half (with shittier hours to boot). We both work for the same company, which also adds a little more risk. So, we try to live well below our means and save plenty so if the money starts to dry up, we won't be in dire straits.
Post by asoctoberfalls on Sept 22, 2014 17:56:51 GMT -5
I think (at least I hope) that people on this board would be a lot less likely to be offended by the high income earners than people were on the nest. I mean, isn't that income what most of us aspire to? We don't have the potential to make that much, but I do find it fascinating to read about other peoples' paths.
Last year was a banner year. This year is looking to be even better $-wise. But next year it could go down by 30-50%, we just don’t know so we have to live reasonably and make smart but also conservative decisions about our spending/saving.
This is the part we try really hard to keep in mind, and the part that makes me nervous. Right now, we are both making more than we dreamed we would be at this point. Nothing is certain (particularly in healthcare right now), so we could easily at any point have our income cut in half (with shittier hours to boot). We both work for the same company, which also adds a little more risk. So, we try to live well below our means and save plenty so if the money starts to dry up, we won't be in dire straits.
I have A LOT of clients in the medical field. Doctors seem often to be very bad with managing their money. I think there are two major factors for this:
1) After being in school and being low earners for so many years, they feel like they finally "deserve" to spend once they start making the big bucks 2) Many of them don't realize that the cash flow can change or that income could ever go down. I see so many of them who are bringing home $30K per month and spending almost $30K per month.
They also seem to be really into real estate and purchasing vacation homes, etc., but not always saving cash/investing the way they should be as well.
I know there are a lot of generalizations in this post, but my point was to say good for you @arya for saving and investing so much now while you have the cash flow.
I'm not into AEs, but maybe I'll open a bottle of liquid courage tonight. However I take little/no credit for my financial situation, am well aware of our status and good fortune, and *think* (read: hope) I'm pretty normal regardless.
I'll vouch for your normal-ness. LOL, is that even a word!
I have A LOT of clients in the medical field. Doctors seem often to be very bad with managing their money. I think there are two major factors for this:
1) After being in school and being low earners for so many years, they feel like they finally "deserve" to spend once they start making the big bucks 2) Many of them don't realize that the cash flow can change or that income could ever go down. I see so many of them who are bringing home $30K per month and spending almost $30K per month.
They also seem to be really into real estate and purchasing vacation homes, etc., but not always saving cash/investing the way they should be as well.
I know there are a lot of generalizations in this post, but my point was to say good for you @arya for saving and investing so much now while you have the cash flow.
This definitely is what I have seen. I've also noticed that a lot of physicians invest in dumb things and end up losing their shirts. I think some arrogance plays into that part of it ("I know better than anyone else", etc).
Last year was a banner year. This year is looking to be even better $-wise. But next year it could go down by 30-50%, we just don’t know so we have to live reasonably and make smart but also conservative decisions about our spending/saving.
This is the part we try really hard to keep in mind, and the part that makes me nervous. Right now, we are both making more than we dreamed we would be at this point. Nothing is certain (particularly in healthcare right now), so we could easily at any point have our income cut in half (with shittier hours to boot). We both work for the same company, which also adds a little more risk. So, we try to live well below our means and save plenty so if the money starts to dry up, we won't be in dire straits.
farmvillelover - We are also in the same boat given H's business. We just never know year to year. So we live below our means and just throw the rest into savings that way if it is year we take a hit we are fine.
We all ready out 100k into Ms 529 so we know regardless he will be pretty much ok even if we couldn't make another payment . I know probably not the wisest money choice it but somethng I feel strongly about. We add extra payments on our mortgages to build up equity in the houses so we know should we need to sell it won't be an issue.
I have A LOT of clients in the medical field. Doctors seem often to be very bad with managing their money. I think there are two major factors for this:
1) After being in school and being low earners for so many years, they feel like they finally "deserve" to spend once they start making the big bucks 2) Many of them don't realize that the cash flow can change or that income could ever go down. I see so many of them who are bringing home $30K per month and spending almost $30K per month.
They also seem to be really into real estate and purchasing vacation homes, etc., but not always saving cash/investing the way they should be as well.
I know there are a lot of generalizations in this post, but my point was to say good for you @arya for saving and investing so much now while you have the cash flow.
This definitely is what I have seen. I've also noticed that a lot of physicians invest in dumb things and end up losing their shirts. I think some arrogance plays into that part of it ("I know better than anyone else", etc).
My old boss made good money and his wife made even better money. I would guess they had a HHI of $300-400k easy. He was constantly complaining how they had no money and he financed 95% of his 1.4m house. It's amazing to me how the mentality shakes out.
This definitely is what I have seen. I've also noticed that a lot of physicians invest in dumb things and end up losing their shirts. I think some arrogance plays into that part of it ("I know better than anyone else", etc).
My old boss made good money and his wife made even better money. I would guess they had a HHI of $300-400k easy. He was constantly complaining how they had no money and he financed 95% of his 1.4m house. It's amazing to me how the mentality shakes out.
I see so many people (mostly doctors, given my line of work) who have made millions in their careers and have hardly a penny to show for it. One example, a single 50 something physician. She spends every dime she makes a then some. I always wonder if she is worried about what will happen to her if she can't work anymore...she doesn't even have any family who could take her in. I would worry myself into a frenzy living that way.
Post by rupertpenny on Sept 22, 2014 20:09:54 GMT -5
What was the definition of "big dog"? I feel like $10k sticks out to me, but I don't know if that was individual, household, net, gross, whatever. I also could be totally wrong about the number.
What was the definition of "big dog"? I feel like $10k sticks out to me, but I don't know if that was individual, household, net, gross, whatever. I also could be totally wrong about the number.
My old boss made good money and his wife made even better money. I would guess they had a HHI of $300-400k easy. He was constantly complaining how they had no money and he financed 95% of his 1.4m house. It's amazing to me how the mentality shakes out.
I see so many people (mostly doctors, given my line of work) who have made millions in their careers and have hardly a penny to show for it. One example, a single 50 something physician. She spends every dime she makes a then some. I always wonder if she is worried about what will happen to her if she can't work anymore...she doesn't even have any family who could take her in. I would worry myself into a frenzy living that way.
Not a doctor or is anyone in my family but my mom makes good money. She never saved much but spoiled me to no end and now DS. She found out she has cancer this week and will have a reduction in pay to just her salary and will lose her 1099 income which she makes while actually working. She is probably losing 1/3 of her income. I am worried sick about what will happen if she can't pay her bills and is out for an indefinite period.
Thank god DH is having a great year. We are so lucky we have a good amount of savings and can help out if needed. Of course she has buried her head in the sand and told me she's going back to work in 6 weeks.
I see so many people (mostly doctors, given my line of work) who have made millions in their careers and have hardly a penny to show for it. One example, a single 50 something physician. She spends every dime she makes a then some. I always wonder if she is worried about what will happen to her if she can't work anymore...she doesn't even have any family who could take her in. I would worry myself into a frenzy living that way.
Not a doctor or is anyone in my family but my mom makes good money. She never saved much but spoiled me to no end and now DS. She found out she has cancer this week and will have a reduction in pay to just her salary and will lose her 1099 income which she makes while actually working. She is probably losing 1/3 of her income. I am worried sick about what will happen if she can't pay her bills and is out for an indefinite period.
Thank god DH is having a great year. We are so lucky we have a good amount of savings and can help out if needed. Of course she has buried her head in the sand and told me she's going back to work in 6 weeks.
Not a doctor or is anyone in my family but my mom makes good money. She never saved much but spoiled me to no end and now DS. She found out she has cancer this week and will have a reduction in pay to just her salary and will lose her 1099 income which she makes while actually working. She is probably losing 1/3 of her income. I am worried sick about what will happen if she can't pay her bills and is out for an indefinite period.
Thank god DH is having a great year. We are so lucky we have a good amount of savings and can help out if needed. Of course she has buried her head in the sand and told me she's going back to work in 6 weeks.
I'm so sorry about your mom. Hugs to you!
Thank you. She has a curable cancer but it hasn't been staged yet so for now I am very optimistic.
I have A LOT of clients in the medical field. Doctors seem often to be very bad with managing their money. I think there are two major factors for this:
1) After being in school and being low earners for so many years, they feel like they finally "deserve" to spend once they start making the big bucks 2) Many of them don't realize that the cash flow can change or that income could ever go down. I see so many of them who are bringing home $30K per month and spending almost $30K per month.
They also seem to be really into real estate and purchasing vacation homes, etc., but not always saving cash/investing the way they should be as well.
I know there are a lot of generalizations in this post, but my point was to say good for you @arya for saving and investing so much now while you have the cash flow.
We certainly have dealt with these issues over the last few years. DH had an 8yr residency and 1 yr fellowship, so 13 total years post college. His first year out he had moments when he wanted to spend like mad. I let some of that slide that first year and have reigned it in since. We do have a financial planner so that keeps us in line as far as saving and investing. My residency was half as long so I didn't quite experience that itch.
We do own a rental property, but it was purchased from a family member for sentimental reasons. We probably net about 10k off it a year, but I never assumed it would be a big money maker. There are also often tense moments when extended family really want us to go in on vacation condos/lake homes, or franchise businesses. They always sound like a good deal to DH upfront, and even I can have a hard time saying no at first, but in the end I know they would be a set up for money loss.