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It feels good for a bit, but lifestyle creep happens and then you feel underpaid again
My advice, pretend you didn’t get a raise and put the rest in savings for 6 month emergency fund.
Don’t change anything about your life unless you have unsecured debt (credit card, etc)
After your emergency fund, use the rest for a savings goal like house or car, if that’s already good, then save and invest the rest while using a little for splurging
Thank you so much 🙏🏾🙏🏾
Treat yourself once in a while, but live within your means. Do not try to keep up with the Jones.
Live on what you made before you hit 6 figures.
This is the way
Pay your future self first. Based on where you live I’d try to maximize as much as you can into your 401K as you can once you know what your living costs are and you have an emergency fund of at least six months in a high yield savings account. This is just my philosophy and not financial advice!
Thank you so much 🙏🏾
Spend money on experiences not things
Six figures is def not the same six figures back in the day. I feel like even with a $500k HHI, two kids + a mortgage, we are still just middle class. Def have more than our parents did, and we can afford vacations and nice things. But everything adds up and you really start to feel like whoa, where did my money go.
No kids and never want them so sounds perfect
If you can set up your direct deposit, i would do it so an automatic % (10% or more) is automatically transferred to savings accounts
Always save right when you get paid, don’t do it at end of pay period.
I also opened up a small bank account where 10% of my money goes into and i don’t use that debit card. By end of the year i have a good amount for holiday travels and gifts. And use that account for any vacations.
My normal savings account is my 6 month reserve + additional savings for either future home or school loan when i go back to get my masters.
I also do 8% for my 401k and have my employer match (i think they go up to 4%)
Try not to use a CC unless you have the money and you just want to build credit :)
Agree 100%. Automate savings as much as you can.
When we were younger, my wife and I started sending $500/mo to our investment account. And then purchase stocks.
Each year with raises, we up the deposit so that we don’t get used to the extra income and spend it accordingly. Now up to $3.5k/mo.
I would start with an emergency savings fund first though if you don’t have one.
Money should buy you freedom in how you want to spend your time, where you spend your time, and who you spend you time with.
Making 100k is the equivalent of making 60-70 10 years ago. It’s not the same
You’re getting good advice. Our HHI is $600k and we spend too damned much.
I’m with you SM1. Our HHI is $575k in a mcol area. However, all the money, savings, and our large house bills are for the kids. If it was just the two of us, I’d move back into my fully paid condo and live a simple lifestyle with low budget travel.
Restaurants, evenings out, travel - all get expensive with kids. You have to travel during holiday season, paying peak fares for a family of four. This doesn’t even account for all the kids activities bills!
Read Rich Dad Poor Dad and do what is taught in the book
Rising Star
Congrats
Max 401k > max IRA > max HSA > rest of money in taxable brokerage
I’d change this around slightly because 401k plans are generally higher fee due to third party administrators. Max 401k match > max Roth IRA > max 401k > taxable brokerage.
HSA depends on which insurance plan you’re on, but if you’re able to do one, definitely contribute to that as well
I’ve heard asking for my zelle is a decent alternative
Congrats!! I aspire to get there. Just wondering when people say they hit 6 figures is it after tax or pretax?
They always mean pre tax