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Too hard to resist 😼
Chief
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I don’t think you are behind with $1.6M. There are a lot of high income households here (>$500k HHI) that distort what your perceive as your peer group.
Hi Interest. Nice to meet YOU.
Coach
Are you not counting the $600k in retirement as net worth? Or do you have $600k in debts unrelated to the house that offset that amount?
Coach
Retirement accounts are still assets, even if there are penalties for early withdrawals. You can take loans from them and/or leverage them in some circumstances to get money.
I would invest 80% of that cash immediately. What are you doing with it?
Market is down! Buy and forget
Subject Expert
You are behind, in place or ahead relative to your own goals. Other people don't matter, unless you signed up for some kind of competition. Did you?
How much do you make, spend, and save?
How much do you intend to spend in retirement? When do you want to retire? Do you have other big financial goals?
No need to feel like you're falling behind. Compared to most Americans you've got it made. You might want to invest some of that cash, and perhaps find some thrifty ways to save more. But overall you're doing fine and have plenty of time to be doing better.
You’re actually in a pretty decent spot. I would do something with that cash though.
Mentor
Comparing with peers is a mostly waste of energy.
You are vastly ahead of most people.
Start mentally including your 401k in your net worth, that will help your positivity.
Are you happy with your life? If so, then no problem, your expenses should fall when kids go to school.
You can always make lifestyle changes, one partner could stay home, you could move location.
You’re in the top 4-6% for your age in the richest country in the world. You’ve done great. If nothing else, try to keep putting money into you retirement accounts and when daycare expenses subside, maybe you can continue non retirement account saving and investing as well.
OP, you are doing great. I hear you, we were in similar situation, we used to save a lot before kids but putting 2 toddlers thru the daycare wiped out most of our ability. With increase in some income and one kid out of daycare going to school, has brought back some ability to save. Once other kid is out, we will be back on track. Hang in there, you are doing great!!
Thanks for all your input. I have my own insecurities because one, my saving rate has dipped quite a bit since two kids have come into our lives (expensive childcare costs in Vhcol city but also need bigger car, house etc) and two, i am surrounded by friends who are law firm partners, private equity bros, someone who owns multiple medical practices, and they live in 3M-4M houses
Guess i need to go out and touch grass
I’d get most of that $$ into a brokerage account ASAP.
If you want saving to be a priority, you need to take a serious and honest look at your spending habits. Where is the $25-30k/month net pay going?
You’re probably better off than 90% of the population, but I’d have expected someone at that income level to have quite a bit more TBH. $300k cash is barely 6 months of your income for “emergency fund”.
Agree with both comments above. Also, very tricky regarding home equity as an asset. I don’t include it at all when calculating net worth.
I do, how come you don’t? I understand home values can fluctuate but I still include a reasonable estimate in my NW
Same spot as you minus the net worth lol. Can’t save, haven’t been able to for a few years because of therapy and childcare costs. You’re doing great.
On average, Americans save about $200k in qualified retirement accounts by the time they reach the age of 65. You’re definitely not behind in that regard. What most people don’t plan for appropriately are future taxes, especially taxes in retirement years. I recommend looking into more tax-advantaged options, and strategies that can contractually protect your money from market loss & market volatility.
If you don’t currently have any such accounts in your portfolio, DM me and I can see if you qualify for the strategies my firm offers.
Are you for real? You're one step away from the Poor House. Seriously though, I always wonder when someone posts something like this are they for real or desperate for attention. Not trying to be an ass but c'mon now! Even if you were a 60 year old married couple, you would be fine
Stop comparing yourself to those that you don't know because the stats show that you are in the Top 1% and most people would "kill" to be in your position
I will say that, if you are the male in the "married couple" just make sure you don't get divorced if because then you WON'T be in a good place money wise lol
Everything aside, I for one think you are in a very good position. Great job on your success..
Continue to surround yourself with people that inspire you and push you to be better, but don’t get caught in the trap of “keeping up with the Jones”. There’s a lot you can do to leverage the money you’re currently earning, and make your money work more efficiently for you.