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BadatBourre
US Space Force Fan
Member since Jan 2019
624 posts

100k Club

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.


Pelican fan99
New York Yankees Fan
Lafayette, Louisiana
Member since Jun 2013
31845 posts
 Online 

re: 100k Club
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


Im4datigers
LSU Fan
Northern Virginia
Member since Oct 2003
3973 posts

re: 100k Club
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


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deeprig9
Georgia Fan
Unincorporated Ozora, Georgia
Member since Sep 2012
55455 posts
 Online 

re: 100k Club
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.


Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts
 Online 

re: 100k Club
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.


JohnnyKilroy
New Orleans Pelicans Fan
Cajun Navy Vice Admiral
Member since Oct 2012
32024 posts

re: 100k Club
quote:

Those super awesome tax returns you get in the Spring start to turn into tax bills.

????


Teauxler
LSU Fan
Baton Rouge
Member since Jan 2010
3148 posts

re: 100k Club
Depends on if you allow your expenses to go up.


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150
thegreatboudini
USA Fan
Member since Oct 2008
5902 posts

re: 100k Club
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.


deeprig9
Georgia Fan
Unincorporated Ozora, Georgia
Member since Sep 2012
55455 posts
 Online 

re: 100k Club
quote:

We have a progressive tax system. It's better take make more money 100 times out 100


I said that in my post.


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512
OleVaught14
Member since Jun 2019
4566 posts

re: 100k Club
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.


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170
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USA
Member since 2001
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deeprig9
Georgia Fan
Unincorporated Ozora, Georgia
Member since Sep 2012
55455 posts
 Online 

re: 100k Club
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.


deeprig9
Georgia Fan
Unincorporated Ozora, Georgia
Member since Sep 2012
55455 posts
 Online 

re: 100k Club
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.


BamaCoaster
LSU Fan
God's Gulf
Member since Apr 2016
4471 posts
 Online 

re: 100k Club
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.


tigerbacon
LSU Fan
Arkansas
Member since Aug 2010
3396 posts
 Online 

re: 100k Club
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


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70
onelochevy
LSU Fan
Slidell, LA
Member since Jan 2011
15728 posts

re: 100k Club
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.


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FLObserver
LSU Fan
Jacksonville
Member since Nov 2005
12690 posts

re: 100k Club
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.


Im4datigers
LSU Fan
Northern Virginia
Member since Oct 2003
3973 posts

re: 100k Club
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


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190
Pendulum
New Orleans Pelicans Fan
Member since Jan 2009
6498 posts

re: 100k Club
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.


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220
notiger1997
Metairie
Member since May 2009
53759 posts

re: 100k Club
quote:

. Those super awesome tax returns you get in the Spring start to turn into tax bills.


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40
lynxcat
Rutgers Fan
Member since Jan 2008
23357 posts

re: 100k Club
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.


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