Related Posts
Conversation Starter
Conversation Starter
Additional Posts in FIRE Financial Independence Retire Early
What are the best cities to live in for FIRE?
Anyone a CFP as a side hustle?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
I automatically save first and live on the rest, so I always feel broke. It helps me keep my spending down. When there are bonuses or a lump sum of money (tax refund), I allocate some to spend so I don't feel deprived.
we are putting aside money first in 401k and after tax contributions. Then with rent and childcare taking a huge bite, not much left for me to get a bite
Mentor
I'm gonna save less and enjoy more. I'm coasting. 15%. But my tip is to spend mindfully. Spend on the things that actually improve your life. Save where it doesn't matter. For me, I save by cooking basic cheap meals at home. ( I'm not gonna remember that $70 door dash in a month). I spend more on travel and hobbies.
I budget and stick to it. I saved about 50% of pretax income the last 4 years. I allocate alot to what makes me happy and very little else where lol. I love traveling so always allocate $25k a year for travels and the rest makes up for it hahaha. I have never gone over budget. I lucked out with no debt/mortgage or rent.
Without bonuses, my wife and I will make $600k pretax, and plan to save around $150k post tax, so 25%, plus another $49k toward our two 401ks. So we should be right around 1/3 of pre tax income saved. We live in CA where state taxes are very high so I estimate an overall tax of about 37% and so we have around $197k left to cover expenses after taxes and savings. $50k of that goes to rent, and $150k goes to other expenses throughout the year in a HCOL area. If I get my 100k bonus then that’ll all go into savings post tax.
It’s certainly possible for us to save more but think we have succumbed to lifestyle creep, and would be somewhat hard. Would love any words of motivation to get the $150k in spending down.
At that income level, I presume your colleagues might be flashing expensive toys at work. I think you will have the last laugh when you save up f u money and fire/fine
Savings took a hit while my kid was in daycare but I knew it was temporary. But I’m also being mindful of what I buy and doing more price comparison / bulk shopping to save.
50%. We have several businesses such as a side hustle consulting. Rental properties. Etc.
Focus the “big 3”—keeping housing, car, and food costs low.
Subject Expert
If it was just you then fast casual is possible. With a family it’s wishful thinking. If you are spending over $1250 on food and restaurants then you can fairly easily cut back if you want to
12-14% will max out our 401ks. That’s all my wife and I plan to do for this year.
Repeat the 95% savings rate of last year in a country without taxes 😂
Dubai?
planning to save about 40% of gross in a HCOL. not sure there are any tricks besides making conscious decisions where to spend and where to save
Yes, two kids in daycare $$.
20%, 25% if lucky. HHI is around $550k, got 3 little kids and a full time nanny.
I just have one. Can’t imagine 2 more. Hope they are all smart and get scholarships :)
I save about 45% pretax income. No kids no mortgage yet
Lots of changes last year (left my consulting job and went out on my own), so just want to do better than last year, which was only about 10-12% pretax. I would be thrilled with 20-25%, which is what I used to do, but the variable income makes planning harder.
We’ll probably save 55% this year (both pretax and post tax savings out of pretax revenue). I don’t count the equity being built up in my properties though - just the net profit from RE, retirement, brokerage as I consider all of that as liquid.
What do you call it then?