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re: Feeling broke on a $665K salary
Posted on 1/22/24 at 6:39 am to Mariner
Posted on 1/22/24 at 6:39 am to Mariner
quote:
No matter how much money you have in the bank, or how much income you bring in every year, you are not satisfied. You set the bar higher and attempt to achieve it.
And it's just always something, and not necessarily even luxury purchases. If you buy a nice house in a nice area you're going to try and keep it well maintained. And honestly, even optics/vanity aside, you're probably the type of person who is going to be proactive about that stuff instead of crisis managing it when it's broken. So there is just always some investment/expenditure around the corner, I think.
And of course there is a certain level to luxury in overhauling your HVAC before it gets too old or proactively having trees taken out or window replacements or whatever, but it's just not necessarily how this board has traditionally viewed it (models/bottles/cars).
I think of it as persistent inclination to "put money to work" and not necessarily the correct way (genuine investment).
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Posted on 1/22/24 at 6:44 am to Will Cover
He’s also in the highest tax bracket for this country
Posted on 1/22/24 at 7:04 am to Will Cover
This isn’t that crazy. I think most doctors in particular spend so much time getting good at one thing they are not well rounded individuals. Just cause they are smart doesn’t mean they have a a lot of financial sense.
I know some doctors that make tons of good decisions and are very wealthy outside of being a doctor and some doctors that legit have to wait on the next paycheck to pay bills.
Last but not least my wife and I make more money than we ever have and with two kids still aren’t sitting on a pile of money at the end of the month. We survived on $100k a year combined but pushed $250k last year. You would think we would have saved a lot but didn’t. Financial restraint is important no matter what you make.
I know some doctors that make tons of good decisions and are very wealthy outside of being a doctor and some doctors that legit have to wait on the next paycheck to pay bills.
Last but not least my wife and I make more money than we ever have and with two kids still aren’t sitting on a pile of money at the end of the month. We survived on $100k a year combined but pushed $250k last year. You would think we would have saved a lot but didn’t. Financial restraint is important no matter what you make.
Posted on 1/22/24 at 7:37 am to Corinthians420
quote:
Trump already told you, only dumb people pay taxes.
Funny, Hunter Biden would have been a better example.
Posted on 1/22/24 at 7:41 am to Furious
quote:
If you aren’t financially minded, it is easy to see where most people wouldn’t realize the costs over time.
If you aren’t financially minded as a grown adult, then you are an idiot.
Posted on 1/22/24 at 9:31 am to MsState of mind
quote:
Last but not least my wife and I make more money than we ever have and with two kids still aren’t sitting on a pile of money at the end of the month. We survived on $100k a year combined but pushed $250k last year. You would think we would have saved a lot but didn’t. Financial restraint is important no matter what you make.
I think this is the toughest income range. It is a big jump in income but typically comes with a big jump in spending. That spending isn't buying designer brands and frivolous purchases, its better schools, food, cars, houses, and vacations. Even with just a little bit of spending increase in each category there just isn't a lot of left over at the end of the day after typical savings (401k, etc).
Posted on 1/22/24 at 11:28 am to Puffoluffagus
quote:
Not sure where you got the 50% at any way, highest marginal rate is 37%.
If self employed add 15% for FICA if not it's still an extra 7.5% then assume there is probably a State tax of 5% or something similar so for that last $300k you are looking at about 50% tax rate.
Posted on 1/22/24 at 11:37 am to donRANDOMnumbers
quote:
He’s also in the highest tax bracket for this country
Nope. He's reaching the 35%. At about &694,000 AGI married filing jointly it goes to 37%.
Posted on 1/22/24 at 11:49 am to Will Cover
Posted on 1/22/24 at 1:07 pm to Maderan
Along with the private school and dance classes for the daughter.....and the 4500 sft house with Italian marble counter tops
Posted on 1/22/24 at 1:27 pm to schwartzy
We're struggling. I received what anyone would consider a handsome increase in pay, but it has barely made up for the rising cost of, everything.
Luckily I bought my house at the best time in modern America and have a 3.75 interest rate, but everything else is just way too expensive.
Luckily I bought my house at the best time in modern America and have a 3.75 interest rate, but everything else is just way too expensive.
Posted on 1/22/24 at 1:27 pm to Oilfieldbiology
quote:
$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.
Families who make under $35k think the same about those making $100k.
Most people have the same debt to income ratio regardless of what they earn.
Posted on 1/22/24 at 2:13 pm to LSUAngelHere1
I agree with your thought. The chase never really ends.
Interesting part about this doctor’s example and surgeons in general is the windfall aspect. They are surrounded by high earning doctors for years while training. They know their time is coming to live that life. Their first paycheck is a big one but it also increases substantially for the next few years. The ability for them to hold back on spending takes some time until they get to the point where they have money but would rather have less money and less responsibility. Good news for this guy is he’s going to be able to recover from the previous money moves.
Interesting part about this doctor’s example and surgeons in general is the windfall aspect. They are surrounded by high earning doctors for years while training. They know their time is coming to live that life. Their first paycheck is a big one but it also increases substantially for the next few years. The ability for them to hold back on spending takes some time until they get to the point where they have money but would rather have less money and less responsibility. Good news for this guy is he’s going to be able to recover from the previous money moves.
Posted on 1/22/24 at 2:48 pm to Will Cover
Early in my career, I had to poke my head into a VP's office to ask a quick question. He was on the phone and motioned for me to wait outside.
I could overhear him talking to his wife. He mentioned a credit card being maxed out and when his paycheck usually hits the bank account. The guy probably made $500k/yr with his bonus, and this was many years before inflation went wild—a big eye-opening moment for me.
It's true what they say: your expenses rise with your income.
I could overhear him talking to his wife. He mentioned a credit card being maxed out and when his paycheck usually hits the bank account. The guy probably made $500k/yr with his bonus, and this was many years before inflation went wild—a big eye-opening moment for me.
It's true what they say: your expenses rise with your income.
Posted on 1/22/24 at 3:04 pm to pjab
quote:
I agree with your thought. The chase never really ends.
Nah, it ends for most of us who have some basic common sense. If you don't want Jet Money or need multiple houses. Yes, multiple houses can be good investments but I don't like to feel forced to travel to the same place all the time.
Posted on 1/22/24 at 3:12 pm to schwartzy
quote:
I don't know how the average Joe lives on $75,000+ anymore if I'm being honest.
My wife and I concluded that if we had $2000 a month in income or $20K a month we'd still be "broke" most of the time. The difference of course is our retirement accounts would be getting a lot more and our savings would be out to about 6 months instead of 3. We pay more in federal income tax than either of our parents earned at their highest years income. We spend money like we got it like most people do. We don't have any debt like most people have, other than a mortgage of about $200K at just under 2%, and our retirement will be comfortable barring a disaster but we spend money like drunken sailors like most Americans do. I don't even pay any attention any longer...its too damned depressing LOL.
Posted on 1/22/24 at 4:12 pm to Kujo
quote:
LINK: 4 beds • 3 baths • 2,146 sq ft for $90K
Look at the street view of this property. There is literally gang grafitti spray painted on it.
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