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Started By
Message
100k Club
Posted on 8/21/22 at 5:28 pm
Posted on 8/21/22 at 5:28 pm
How much of a difference does it make once you've crossed into that 6 figure club? Sitting at 75k, and just dreaming what an extra 2k a month would be like for us.
31
Posted on 8/21/22 at 5:32 pm to BadatBourre
100k aint what it used to be bruh especially with a family. It's pretty nice if you're a single guy like me though
Posted on 8/21/22 at 5:38 pm to Pelican fan99
Makes a huge difference if you don’t have lifestyle drift once you hit it.
I told myself forever that if I could just hit X I’d have it made. Lifestyle drift can be a bitch
I told myself forever that if I could just hit X I’d have it made. Lifestyle drift can be a bitch
Posted on 8/21/22 at 5:43 pm to BadatBourre
The law of diminishing returns is real. The more you make, the less percentage you take home. Those super awesome tax returns you get in the Spring start to turn into tax bills. Making more is always better than making less, but I can tell you from personal experience that going from $75k to $100k wasn't much of a difference. You get to save a little more, but your quality of life day to day doesn't change a whole lot. Just my opinion in my personal experience.
Posted on 8/21/22 at 5:46 pm to deeprig9
quote:
The law of diminishing returns is real. The more you make, the less percentage you take home
We have a progressive tax system. It's better take make more money 100 times out 100
quote:
I can tell you from personal experience that going from $75k to $100k wasn't much of a difference.
It's like $1,500 a month after tax. Not to mention it's a 25% increase in your pretax contributions.
Posted on 8/21/22 at 6:01 pm to deeprig9
quote:
Those super awesome tax returns you get in the Spring start to turn into tax bills.
????
Posted on 8/21/22 at 6:10 pm to BadatBourre
Depends on if you allow your expenses to go up.
Posted on 8/21/22 at 6:24 pm to BadatBourre
It's great if you keep your spend in check.
I have managed to keep our monthly household spend the same since January 2019 even with us making 70% more today.
This has enabled a lot of things.
I have managed to keep our monthly household spend the same since January 2019 even with us making 70% more today.
This has enabled a lot of things.
Posted on 8/21/22 at 6:32 pm to Mingo Was His NameO
quote:
We have a progressive tax system. It's better take make more money 100 times out 100
I said that in my post.
Posted on 8/21/22 at 6:33 pm to Pelican fan99
quote:
100k aint what it used to be bruh especially with a family.
This. Crossed that line right as we had our first kid so any extra income just went straight to college fund, diapers, daycare, etc...
Plus, you see home prices currently? Applying the standard 2.5x salary rule you still have to stretch to buy anything decent in most markets in the US.
Posted on 8/21/22 at 6:35 pm to JohnnyKilroy
quote:
????
My household went from a 75k household to a 100+ household and went from getting a 4k refund to getting a 2k tax bill. All W2. It's all sorted out and adjusted now, but that immediate leap in income gave us an unanticipated surprise the next tax filing.
Posted on 8/21/22 at 6:38 pm to Mingo Was His NameO
quote:
It's like $1,500 a month after tax. Not to mention it's a 25% increase in your pretax contributions.
Let me clarify.
We went from $38k to 75k and that was life changing.
Going from 75k to 100k was cool, but not life changing.
Law of Diminishing returns.
Posted on 8/21/22 at 6:45 pm to BadatBourre
As others said, keeping up with the Jones is a real peril.
We all have different financial goals, but whatever they are, stay on tract, don’t get distracted by shinny objects and toys, and have a good foundation of savings/investments.
On another note, I refuse for my wife and I to dine/spend money at mediocre restaurants, so we don’t eat out often. 8.5 months into 2022, and we’ve saved over $5k this year.
We eat out, only once a month at a nice place, but skip paid lunches/quick dinners/etc.
I’d advise anyone willing to follow our lead on that one.
We all have different financial goals, but whatever they are, stay on tract, don’t get distracted by shinny objects and toys, and have a good foundation of savings/investments.
On another note, I refuse for my wife and I to dine/spend money at mediocre restaurants, so we don’t eat out often. 8.5 months into 2022, and we’ve saved over $5k this year.
We eat out, only once a month at a nice place, but skip paid lunches/quick dinners/etc.
I’d advise anyone willing to follow our lead on that one.
Posted on 8/21/22 at 6:52 pm to BamaCoaster
It’s a great feeling. But then there’s always more. This year she got a 5k raise and I got a 7k raise. To me that’s 1k a month. Already have that spent each month. 500 a month goes into savings, and invest the other 500
Posted on 8/21/22 at 7:08 pm to BadatBourre
Its nice not having the inflation of every day expenses not be a huge burden. My wife is in the last year of her masters degree, so once she's an NP we will both be over the 100k mark.
Posted on 8/21/22 at 7:11 pm to BadatBourre
The day i got my big bump raise i just upped my contributions from 8% to like 12% in my 401k. Still
got a little more from my new paychecks but with more getting pulled to the 12% it felt like it wasnt that big. That kept me from buying more expensive things and kept me level headed.
got a little more from my new paychecks but with more getting pulled to the 12% it felt like it wasnt that big. That kept me from buying more expensive things and kept me level headed.
Posted on 8/21/22 at 7:40 pm to FLObserver
quote:
The day i got my big bump raise i just upped my contributions from 8% to like 12% in my 401k. Still got a little more from my new paychecks but with more getting pulled to the 12% it felt like it wasnt that big. That kept me from buying more expensive things and kept me level head
Probably the smartest post on this thread. I finally got to that point. Just wish it had been in my 30’s and not 40’s
Posted on 8/21/22 at 7:43 pm to deeprig9
quote:
Those super awesome tax returns you get in the Spring start to turn into tax bills.
Sure, if you have no idea how taxes work and do no planning and just wait for whatever on tax day that your guy tells ya.
Posted on 8/21/22 at 7:58 pm to deeprig9
quote:
. Those super awesome tax returns you get in the Spring start to turn into tax bills.
Posted on 8/21/22 at 8:48 pm to BadatBourre
I went from about 70 to 100 at one point and it was pretty noticeable. I was single at the time so financial life was pretty easy living with a roommate.
The jump you described will give more cushion so you’ll build a bit more peace of mind for when things go sour.
The jump you described will give more cushion so you’ll build a bit more peace of mind for when things go sour.
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