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re: Top 1% income
Posted on 9/13/24 at 8:04 am to Dandaman
Posted on 9/13/24 at 8:04 am to Dandaman
Ruling out our peers at work, I’m pretty sure I could count the number of people we know that out earn my wife and I on one hand. Maybe none of them earn 800k though. We live in a mostly blue collar Louisiana neighborhood. Our friends are teachers and cops. Some of them work at a power plant or refinery. A handful own a small business. A couple of them are big landowners and run large scale agribusinesses.
This board seems to have a lot that are 800k+. I am assuming a lot are business owners.
Then there are a lot of folks that I know are barely making it by…but spend a lot on toys, fancy vehicles, etc. They are the first to disappear when it’s time to raise money for a local charity.
We only gross about $470-500k per year- that may go up to about $550 or so in a year or two. We bought a $565,000 house and I feel like that is all we would ever need. I might build a pole barn out back for hobbies and storage but we will otherwise never outgrow this place.
This kind of income sounds a lot better than it feels. We save a lot. She drives a GMC (not a Denali) and I drive a Toyota. We don’t have a boat. We take holidays away from home, but rarely have enough time for a major European vacation. But we are also both W2 and we pay a lot of taxes. Generally we try to pinch pennies, but if we need something we get it pretty easily.
Neither of us are going to be switching jobs to earn just a bit more money. We kind of realize that this is close to our peak earnings. Don’t feel like we have to claw our way forward quite as much as in the past if that makes sense.
This board seems to have a lot that are 800k+. I am assuming a lot are business owners.
Then there are a lot of folks that I know are barely making it by…but spend a lot on toys, fancy vehicles, etc. They are the first to disappear when it’s time to raise money for a local charity.
We only gross about $470-500k per year- that may go up to about $550 or so in a year or two. We bought a $565,000 house and I feel like that is all we would ever need. I might build a pole barn out back for hobbies and storage but we will otherwise never outgrow this place.
This kind of income sounds a lot better than it feels. We save a lot. She drives a GMC (not a Denali) and I drive a Toyota. We don’t have a boat. We take holidays away from home, but rarely have enough time for a major European vacation. But we are also both W2 and we pay a lot of taxes. Generally we try to pinch pennies, but if we need something we get it pretty easily.
Neither of us are going to be switching jobs to earn just a bit more money. We kind of realize that this is close to our peak earnings. Don’t feel like we have to claw our way forward quite as much as in the past if that makes sense.
This post was edited on 9/14/24 at 7:52 am
2
Posted on 9/13/24 at 10:01 am to dewster
Mostly blue collar hood and we "only" gross $500k?? you police chief and fire captain in new jersey are something.
Posted on 9/13/24 at 10:06 am to dewster
We grossed over 400k for the first time this year. We bought our house 6 years ago for 522K. More house than we ever need. I expect our earnings to scale up to 500+ in the next few years.
Cars are paid. Don't live super extravagantly, but we have two kids in college next year, so that will be a big hit for us.
We have friends that make between 500k-1 million in our neighborhood, are always traveling, own 80k trucks and SUVs, golf carts, etc. I don't know how they afford it. I wouldn't say we are frugal, adn my wife essentially buys what she wants, but we have a budget and stick to it monthly.
Cars are paid. Don't live super extravagantly, but we have two kids in college next year, so that will be a big hit for us.
We have friends that make between 500k-1 million in our neighborhood, are always traveling, own 80k trucks and SUVs, golf carts, etc. I don't know how they afford it. I wouldn't say we are frugal, adn my wife essentially buys what she wants, but we have a budget and stick to it monthly.
Posted on 9/13/24 at 10:53 am to Mariner
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This post was edited on 9/13/24 at 4:10 pm
Posted on 9/13/24 at 5:53 pm to Boss
quote:
We grossed over 400k for the first time this year. We bought our house 6 years ago for 522K. More house than we ever need. I expect our earnings to scale up to 500+ in the next few years. Cars are paid. Don't live super extravagantly, but we have two kids in college next year, so that will be a big hit for us. We have friends that make between 500k-1 million in our neighborhood, are always traveling, own 80k trucks and SUVs, golf carts, etc. I don't know how they afford it. I wouldn't say we are frugal, adn my wife essentially buys what she wants, but we have a budget and stick to it monthly.
Making an extra 100k on top of the 400k buys some nice cars. Plus making 400k to 500k for serval years allows to stack cash.
I’ve got a paid for 2022 F250 that I’ve got about 90k in with my lift and a paid for 2021 X5M that I paid 115k for. I’m probably not saving near enough for retirement if I want to retire early but at least I’ve got some cool shite.
No kids helps too
This post was edited on 9/13/24 at 5:58 pm
Posted on 9/13/24 at 6:23 pm to Boss
quote:
We grossed over 400k for the first time this year. We bought our house 6 years ago for 522K. More house than we ever need. I expect our earnings to scale up to 500+ in the next few years.
Cars are paid. Don't live super extravagantly, but we have two kids in college next year, so that will be a big hit for us.
We have friends that make between 500k-1 million in our neighborhood, are always traveling, own 80k trucks and SUVs, golf carts, etc. I don't know how they afford it. I wouldn't say we are frugal, adn my wife essentially buys what she wants, but we have a budget and stick to it monthly.
The main difference is that once your "needs" are met, any extra money is lagniappe.
A large part of our income comes from production bonuses. We basically double our base income in bonuses each year.
We budget everything based on our base salaries. What we end up with is around $500k EXTRA after paying all bills and maxing retirement etc.
That adds up extremely quickly
Posted on 9/13/24 at 8:36 pm to GEAUXT
The whole budgeting equation changes at these high incomes. When home expenses become like 10% of your monthly income, the cash flow is immense.
Posted on 9/14/24 at 6:53 am to GEAUXT
You must have a very reasonable house note and use public schools or very affordable private schools?
Also, I notice people who have had significant financial success get downvoted for sharing that info on here.
Also, I notice people who have had significant financial success get downvoted for sharing that info on here.
This post was edited on 9/14/24 at 6:54 am
Posted on 9/14/24 at 7:05 am to GeauxTigers123
My wife and I have been well over $1M gross for a few years now. Honestly, we don't live much different than when we made <$200k, and we now just save a ton. We are starting a family so expenses will go up a little but we'll still have more money than we know what to do with. Good problem to have but I probably need to spend more time financial planning.
Posted on 9/14/24 at 7:20 am to GeauxTigers123
quote:
You must have a very reasonable house note and use public schools or very affordable private schools?
For the time being it's higher than I would like. We moved several months back, and the old house still hasn't sold. However, once the old house sells out new mortgage will be 50% of our gross income (total not monthly) which is where I like to keep it. We should have it paid off in the next 3 years though. Also, we don't have car notes. I only buy cars cash. We will eventually have 3 kids in private school, but just 1 for now.
We certainly live a nice life, but I wouldnt say it's "lavish." We don't buy expensive clothes. My wife doesn't buy jewelry. We do spend a good bit on travel each year. My main indulgence is wine, but I spend <$1k a month on that.
Ultimately, our income allows us to avoid debt, save incredibly well for retirement, and live day to day without thinking about money. Lifestyle creep is definitely an issue though. I have been cautioning our new partner against this, as he is fresh out of residency and wants some instant gratification.
quote:
Also, I notice people who have had significant financial success get downvoted for sharing that info on here.
Yes. We're in a thread talking about 1% income, but if you do talk about it folks get offended. A forum like the "white coat investor" is a much more receptive environment.
Posted on 9/14/24 at 7:59 am to Rize
quote:
Yeah we went last year and just the wife and I spent a few thousand eating and drinking for a week. We are going back next year and I’m kinda bummed because it’s so close together but work pays for flights, 3 nights and $1000 in spending credit so we only have to pick up the rest if we want to extend for a week.
Go back to the ot dude
A true money board poster holds up the grocery store line for 15 minutes by using coupons and the next day writes a 500k check for a new combine while wearing sweatpants
Posted on 9/14/24 at 8:12 am to GeauxTigers123
quote:
Also, I notice people who have had significant financial success get downvoted for sharing that info on here.
Just on this page you see stuff like “this income sounds a lot better than it feels” and another poster claiming they don’t know how someone affords an $80k vehicle and golf cart on $500k-$1M income.
I’d bet these type of remarks are what bring the downvotes.
Posted on 9/14/24 at 12:14 pm to PhiTiger1764
quote:
another poster claiming they don’t know how someone affords an $80k vehicle and golf cart on $500k-$1M income.
I did think that one was a little absurd.
Posted on 9/14/24 at 12:15 pm to PhiTiger1764
250k now is what making 50k a year was in 2019
Posted on 9/14/24 at 12:31 pm to Parallax
quote:
My wife and I have been well over $1M gross for a few years now.
What y'all do for work?
Posted on 9/14/24 at 2:27 pm to GeauxTigers123
It was me. If you make 50k, after taxes that’s 25k a month roughly.
Two 80k cars, a brand new 15k golf cart, trip for 5 to Europe for 18 days not to mention eating out 5-7 days a week. With a 550000 mortgage. And a wife that spends money like it’s water. That is common around here. And it’s definitely extending them.
1 million. Yeah that doesn’t matter. 400-600k? Living like that can get tight.
Two 80k cars, a brand new 15k golf cart, trip for 5 to Europe for 18 days not to mention eating out 5-7 days a week. With a 550000 mortgage. And a wife that spends money like it’s water. That is common around here. And it’s definitely extending them.
1 million. Yeah that doesn’t matter. 400-600k? Living like that can get tight.
Posted on 9/14/24 at 4:09 pm to SB409
quote:
Cintas?
Yup.
Posted on 9/14/24 at 4:18 pm to Boss
Nah, most of those are one time expenses. The 5-7 days a week of eating out could be scary if it’s $200-300 a pop.
Posted on 9/14/24 at 5:40 pm to Boss
quote:
And a wife that spends money like it’s water.
Now that’s another level of problem.
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