- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: WSJ: “They are in the top 10% of earners; but they don’t feel rich”
Posted on 7/4/25 at 8:51 am to STLhog
Posted on 7/4/25 at 8:51 am to STLhog
quote:You really can’t complain when you spend $900/month on a golf membership.
Look at real estate in Dallas, some of you guys have no idea. Both of my houses are great and I’ve been happy but the landscape has changed entirely. I guess we have entirely different definitions of “rich”.
2
Posted on 7/4/25 at 9:02 am to saderade
At no point did I complain. This conversation has been about that kind of money not going nearly as far as it once did.
This post was edited on 7/4/25 at 9:19 am
Posted on 7/4/25 at 10:02 am to AndyJ
quote:
Still, putting most of our money away for the future makes us not feel rich.
Wealth-building vs “feel rich”: one precedes the other. This part of the mindset is missing in this thread.
1st - Calculate your current net worth
2nd - Calculate your estimated net worth of future selves (pick a few points in time - to and thru retirement) given your projected growth rate of assets
If you do not feel rich in “2nd” (as 2 physicians), the time is now to read Psychology of Money or Millionaire Next Door or join Bogleheads.
Posted on 7/4/25 at 10:45 am to member12
They should have interviewed my sister, a true titan of the shopping industry. My BIL is in sales, and the company he works for started taking more of a percentage from it’s sales people… a lot more… as of 2022 he was earning about 1.2 mill per year. This year the company implemented their practice of taking a larger percentage from everyone, and my BIL is “only” making 20k/month… my sister has been to Hawaii and Virgin Islands this year and complains to me about being poor. Perspective is everything I suppose.
Posted on 7/4/25 at 10:46 am to Artificial Ignorance
Yeah the mindset on some of these posts are pretty good.
It seems like some people just won’t ever feel “rich” until they have $10 million+ in investment savings, zero debt and no more dependents/expenses paid for dependents.
At what point do you stop and realize you are “rich” because you can afford all of these things…
“My wife and I max out our 401ks at $23,500 each, complete Roth IRA conversions at $7k each, max out an HSA, contribute $48k to our joint brokerage annually, $1500 monthly to our 3 kids 529s, 3 in private school, $2500 monthly to emergency savings/high yield money market. We don’t live lavishly and only take 1 vacation per year. By no means do we feel rich.” Lol I mean, come on.
At what point do you stop and change your perspective?
It seems like some people just won’t ever feel “rich” until they have $10 million+ in investment savings, zero debt and no more dependents/expenses paid for dependents.
At what point do you stop and realize you are “rich” because you can afford all of these things…
“My wife and I max out our 401ks at $23,500 each, complete Roth IRA conversions at $7k each, max out an HSA, contribute $48k to our joint brokerage annually, $1500 monthly to our 3 kids 529s, 3 in private school, $2500 monthly to emergency savings/high yield money market. We don’t live lavishly and only take 1 vacation per year. By no means do we feel rich.” Lol I mean, come on.
At what point do you stop and change your perspective?
This post was edited on 7/4/25 at 12:34 pm
Posted on 7/4/25 at 3:11 pm to Tiger4life306
quote:
At what point do you stop and change your perspective?
Wealth is the source of “feeling rich”. Wealth and income are two different things. Basis this thread, for some, I think very different. Seems too many equate high income with wealth and therefore feeling “rich”.
I suspect more wealth is destroyed by the cost/time/effort that some people expend in living that “feeling rich” lifestyle - one that is defined by others who do the same.
This post was edited on 7/4/25 at 3:14 pm
Posted on 7/4/25 at 3:53 pm to member12
As someone who is closer to the tape than the starting line and comfortable, two general observations: a) figure out needs vs wants and budget accordingly and b) do whatever you can to get your primary residence paid for as early as is practicable*.
*this is true for the majority of us, some minority are too “saaavy” for this dictat. That’s fine for them, but in general, I’ve seen a lot of folks end up in fiscal trouble and a lot of folks not and the ones who were concentrating on my two suggestions generally were in the second category.
I get how much tougher it is today with higher interest rates and higher property costs of purchase and ownership. I don’t have a solution to offer.
*this is true for the majority of us, some minority are too “saaavy” for this dictat. That’s fine for them, but in general, I’ve seen a lot of folks end up in fiscal trouble and a lot of folks not and the ones who were concentrating on my two suggestions generally were in the second category.
I get how much tougher it is today with higher interest rates and higher property costs of purchase and ownership. I don’t have a solution to offer.
This post was edited on 7/4/25 at 3:54 pm
Posted on 7/5/25 at 8:52 am to AndyJ
quote:
Probably an unpopular opinion, but my wife and I are both 45 year old physicians…and we dont feel rich because we dont have tons of extra spending money to burn. It goes with the vibe of that story
But I know via income we are rich. We are putting tons of money away into retirement accounts and a few rental properties. We have a great house and have 12 years left on the mortgage after refinancing to a 15 years
We have 2 girls and a boy in private schools. We take 1 nice trip per year. And we do not drive fancy cars (both Nissans) . Still, putting most of our money away for the future makes us not feel rich. And we would both be in trouble if we became disabled, even with good disability insurance.
There is some truth to not feeling rich but at least you know the numbers. The average American spends well over their income and saves nothing so people that are putting away 15%, investing in their children's education, and paying off a good house don't feel like they are getting ahead even though they are.
I'm only 43 but I feel like 40's is when you start to feel like you are separating from the herd if you have invested well. I am pretty much in cruise control now and a lot of my peers are absolutely grinding with no end in site. I don't feel that bad for them though because every time I turn around they've bought a new car or something retarded instead of setting their family up for the future.
Posted on 7/5/25 at 9:22 am to Artificial Ignorance
Thats an excellent idea:)
Posted on 7/5/25 at 9:51 am to Florida_Man1981
You are spot on. From 30-44, I honestly felt like wtf, where is my money even going. Then now some of our accounts actually have some ok numbers. Nothing to retire on… but I finally can see some progress
Posted on 7/5/25 at 10:35 am to Artificial Ignorance
quote:If you bought those stocks in an IRA, then you're still going to pay income tax and capital gains does not apply. Take it from me, don't overfund your IRA/401k.
Many “rich” people did not get there via income. Capital (ownership / stock)!
Long term capital gains tax is MUCH lower than income tax.
Posted on 7/5/25 at 10:52 am to AndyJ
quote:
You are spot on. From 30-44, I honestly felt like wtf, where is my money even going. Then now some of our accounts actually have some ok numbers. Nothing to retire on… but I finally can see some progress
I turned 44 last Friday and I’m at coast fire now but I’m investing more than I ever have.
Posted on 7/5/25 at 11:35 am to STLhog
quote:
Not trying to dog Baton Rouge but there's something to be said about comparing NYC to that type of area.
You can stealth wealth pretty easily in Baton Rouge. The Joneses don’t usually have massive houses or $150k cars.
The mid sized towns like Memphis, Baton Rouge, etc are easier in that respect than the big northeastern cities, Chicago, DC, or Dallas….
This post was edited on 7/5/25 at 12:03 pm
Posted on 7/5/25 at 1:45 pm to Tiger4life306
quote:
At what point do you stop and realize you are “rich” because you can afford all of these things… “My wife and I max out our 401ks at $23,500 each, complete Roth IRA conversions at $7k each, max out an HSA, contribute $48k to our joint brokerage annually, $1500 monthly to our 3 kids 529s, 3 in private school, $2500 monthly to emergency savings/high yield money market. We don’t live lavishly and only take 1 vacation per year. By no means do we feel rich.” Lol I mean, come on. At what point do you stop and change your perspective?
Great post. Original commenter is absolutely rich…
Posted on 7/5/25 at 2:49 pm to Rize
quote:
Yeah 300k in San Fran/
270K household in the Bay Area
Def doesn't go nearly as far as it did in BFE Missouri ;)
Posted on 7/5/25 at 3:03 pm to member12
Maybe top 10% people should spend some time trying to live like bottom 10% (we are just under top 10) and then they’d feel a lot better about their situation.
My grandparents would think I was rich, but they died when I was young. I’ve never had to hunt or fish and know if I failed I wouldn’t get meat that day/week/month. They did.
My grandparents would think I was rich, but they died when I was young. I’ve never had to hunt or fish and know if I failed I wouldn’t get meat that day/week/month. They did.
Posted on 7/5/25 at 3:05 pm to RoyalWe
quote:
If you bought those stocks in an IRA, then you're still going to pay income tax and capital gains does not apply.
For stocks or related purchased in tax deferred account, yes and there are tax efficiency strategies to reduce RMD in the 10-20year period leading up to RMD years. Not the worst “feel rich” problem to have. Purchase those start up company shares from your Roth IRA next time! Kidding
I am talking about:
Own businesses or equity, not just earn salary.
Stocks, ETFs, mutual funds held >1 year
Own Real estate, which can also use depreciation to lower taxable gains
Borrow against appreciated assets (like stock) instead of selling
To name a few.
Posted on 7/5/25 at 8:18 pm to saderade
quote:
You really can’t complain when you spend $900/month on a golf membership.
Better be a damn nice course that I can use whenever I want....
Posted on 7/5/25 at 8:20 pm to Tiger4life306
quote:
“My wife and I max out our 401ks at $23,500 each, complete Roth IRA conversions at $7k each, max out an HSA, contribute $48k to our joint brokerage annually, $1500 monthly to our 3 kids 529s, 3 in private school, $2500 monthly to emergency savings/high yield money market. We don’t live lavishly and only take 1 vacation per year. By no means do we feel rich.” Lol I mean, come on.
At what point do you stop and change your perspective?
When there's some real accumulation and gains in their accounts.
What you quoted is excellent behavior. But it has to be sustained for years to make someone "feel rich" most likely.
Posted on 7/6/25 at 10:59 am to member12
A decent Disney cruise is $15000. $250,000 is big, but everything cost way more now.
Page 5 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News