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Started By
Message
Feeling broke on a $665K salary
Posted on 1/21/24 at 10:55 am
Posted on 1/21/24 at 10:55 am
quote:
This surgeon and his wife didn't realize their financial adviser may have been charging a high fee until Ramit Sethi set things straight
quote:
Jeff, 50, is a specialized surgeon. His wife Susan, 48, is a stay-at-home mom. Even though Jeff earns an enviable $665,000 a year, the couple — married 19 years — are still struggling to pay the bills.
quote:
Finance expert Ramit Sethi points out that people can have anxiety over money and bad spending habits whether they make $50,000 or $500,000 a year.
Jeff’s salary is high (his take-home pay, after taxes, is $426,000 a year), but he only started earning that much around the age of 40. As his income grew, the family’s discretionary spending ballooned.
quote:
Sethi points to some of the psychological issues at play. For example, Susan grew up without a lot of money, and while she often deprives herself of small expenditures like pedicures, she also has a hard time saying no to her kids when it comes to big-ticket items.
Full Story - Doctor is an idiot
58
Posted on 1/21/24 at 10:57 am to Will Cover
$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.
Posted on 1/21/24 at 10:58 am to Will Cover
I worry about my cousin and his wife, they are similar. Both doctors, but maaaan they spend a lot
Posted on 1/21/24 at 10:58 am to Oilfieldbiology
quote:
$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.
Wait till his wife of 19 years figures out what she can make on alimony and child support ...
Posted on 1/21/24 at 11:00 am to Will Cover
He isn’t an idiot. If you aren’t financially minded, it is easy to see where most people wouldn’t realize the costs over time.
Posted on 1/21/24 at 11:01 am to Will Cover
This pisses me off. I really shouldn’t read these kinds of articles.
Posted on 1/21/24 at 11:01 am to Will Cover
quote:I know the feeling...
Feeling broke on a $665K salary
Posted on 1/21/24 at 11:01 am to Will Cover
I don't know how the average Joe lives on $75,000+ anymore if I'm being honest.
Posted on 1/21/24 at 11:02 am to Furious
quote:
He isn’t an idiot.
Medically speaking, you're right.
Practically speaking, he's an idiot. And his wife is too.
Posted on 1/21/24 at 11:02 am to Will Cover
Nb4 someone days "but but the life insurance commission!" without any thought to the brokerage fees charged over the same period. And most people don't do their own investing, so fees are always being collected.
Posted on 1/21/24 at 11:02 am to Will Cover
I’ve run across people like this. It’s actually pretty common. I’ve seen professionals in this income range who weren’t able to pay their taxes because they didn’t have the cash.
People spend too much, pay very high tuition for their kids, get in debt, etc. You think there is no way this should happen, but it does.
People spend too much, pay very high tuition for their kids, get in debt, etc. You think there is no way this should happen, but it does.
Posted on 1/21/24 at 11:03 am to Will Cover
LINK
Look at this bigass delusional outlier.
quote:
Last year, Empower — a financial-services company — released the results of a survey conducted by The Harris Poll in August 2023 that asked 2,034 Americans ages 18 and over about what they thought the key to financial happiness really was. Turns out, 59% of respondents said happiness could be bought, and respondents on average said it would take having $1.2 million in the bank to be truly happy financially.
quote:
When it came to annual salary, respondents said they needed $284,167 a year to be happy. Here's what each generation, on average, said it needed to earn annually, as well as the net worth required, to achieve happiness:
Gen Z: $128,000, with a net worth of $487,711
Millennials: $525,000, with a net worth of $1,699,571
Gen X: $130,000, with a net worth of $1,213,759
Boomers: $124,000, with a net worth of $999,945
Look at this bigass delusional outlier.
Posted on 1/21/24 at 11:03 am to Will Cover
The OT has taught me that he just needs to cut out Starbucks, and he will be fine.
Posted on 1/21/24 at 11:06 am to schwartzy
quote:
I don't know how the average Joe lives on $75,000+ anymore if I'm being honest.
How old is average Joe? Where does he live? Does he own his home and when did he get the mortgage? Does average Joe have kids and does he have a wife and what does she earn?
Posted on 1/21/24 at 11:09 am to Will Cover
Oh man prayers for him
Such a tough time for them.
/sarcasm
Such a tough time for them.
/sarcasm
Posted on 1/21/24 at 11:13 am to Oilfieldbiology
quote:
$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem
Zero sympathy
Posted on 1/21/24 at 11:15 am to Will Cover
This is what happens when you live above your means. With a $500,000 gross family income, you have to be blowing hundreds of thousands of dollars on trips and cars every year to even be in a hole like that. I don’t feel sorry for him one damn bit.
But at the same time, it’s second nature for women to pressure their husbands into spending money on stupid shite. This guy was being submissive and never said no to his wife.
But at the same time, it’s second nature for women to pressure their husbands into spending money on stupid shite. This guy was being submissive and never said no to his wife.
This post was edited on 1/21/24 at 11:27 am
Posted on 1/21/24 at 11:16 am to Will Cover
He should be a plumber. They make bank.
-OT
-OT
Posted on 1/21/24 at 11:16 am to PrecedentedTimes
quote:
I worry about my cousin and his wife, they are similar. Both doctors, but maaaan they spend a lot
I truly don't get it. To me, the whole awesome part of making that kind of money is the peace of mind. Knowing you can go through life mostly worry free and that money isn't hindering you from attending an event or buying something you have always wanted.
But to go around blowing it all on endless amounts of stupid shite? Complete mystery to me.
I also despise clutter in the home, so that factors in.
Posted on 1/21/24 at 11:25 am to Will Cover
I'm wholly in the "you can't take it to the grave with you" and "money is meant to be spent" camp, but these people are obviously grossly overspending.
Anyone making this type of money should have zero financial troubles in life.
Anyone making this type of money should have zero financial troubles in life.
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