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Welcome to the world of endless of joy seeking. I'm hoping you already practice, but I think turning to a gratitude attitude can really help you see just how lucky you are. That wisdom you get from being grateful will help you make a lot of decisions with more clarity and sharpness. I know it sounds voodoo but trust me. Time management will be clearer to you as well.
I feel like $200k is the new $100k. $100k is significant however it’s not a huge comfort.
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A lot depends on your priorities and goals. Did you have lifestyle creep? Do you budget? Are you in a HCOLA? Do you have a lot of debt?
It’s great that you’re asking the questions to assess and get a handle on things. Feel free to DM me if you want to chat further.
I itemize my budget and categorize everything. Some use Mint or other apps but I don’t like them selling my data and think there’s value in doing it yourself. You get to know your spending extremely well and it’s pretty truth telling when one area spikes or runs out of control - I don’t shop much but dining out would eat into my budget often. It’s a lot easier to improve your spending when you know where it’s going.
Each paycheck, pay yourself first. Planning a trip? Saving for something big? Put whatever amount is reasonable (and maybe a little painful) into a high interest savings account as soon as your paycheck hits. Auto transfer it if you can. Then, at the end of the month if your credit card statement needs to dip into it, you’ll be a lot less likely to spend like that again the next month.
If you have debt, obviously that changes the equation a little but not by much. Happy to get into that too but do these two things at minimum: know your spending, pay yourself first.
Adding, a good book for getting started is Set For Life. I don’t love the author but the advice is solid.
Why did you think you wouldn't need to do 6 figures of work for the 6 figure pay? Serious question.
What do you think the higher-ups do?
Download quicken and you identify your spending and deposits. You may be overspending without realizing it. What are you spending on your largest items? Car/ home/ etc
Yep! I saw the statistic last year the now you have to make $240,000 to be equivalent to what the $100k. I thought I “made it” when I got to the $100k and I still live paycheck to paycheck.
Wow! That's pretty demotivating for people who are still wishing to hit the 100K range. But it's probably true.
No salary will ever be enough. You will always have to work to live up to it. The cost of living will continue to go up. Expenses will continue. Larger place to live, another car, kids, food. You can budget, and save. But unforseen things will always happen. And the more you make, the more value to your workplace will be expected of you.
Is it because 100k feels like $70k now. Try to pay off the mortgage if you have one. Then don’t go out and buy a new car unless it’s absolutely needed. If you have kids start putting money towards college. Treat yourself to something nice and then just save it. You never know when you will really need it. It feels good to know that you’ve finally made it… so think about the next goal you would like to achieve.