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Posted by
Message
100k Club
Posted by BadatBourre


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.
re: 100k ClubPosted by Pelican fan99
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
re: 100k ClubPosted by Im4datigers
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
re: 100k ClubPosted by deeprig9
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.
re: 100k ClubPosted by Mingo Was His NameO
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.
re: 100k ClubPosted by JohnnyKilroy
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.
????
re: 100k ClubPosted by Teauxler
on 8/21/22 at 6:10 pm to BadatBourre

Depends on if you allow your expenses to go up.
re: 100k ClubPosted by thegreatboudini
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.
re: 100k ClubPosted by deeprig9
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.
re: 100k ClubPosted by OleVaught14 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.
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re: 100k ClubPosted by deeprig9
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.
re: 100k ClubPosted by deeprig9
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.
re: 100k ClubPosted by BamaCoaster
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.
re: 100k ClubPosted by tigerbacon
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
re: 100k ClubPosted by onelochevy
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.
re: 100k ClubPosted by FLObserver
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.
re: 100k ClubPosted by Im4datigers
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
re: 100k ClubPosted by notiger1997 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.

re: 100k ClubPosted by lynxcat
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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