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Excess cash is going to:
1. Vacation.
2. Paying down the HELOC of $44K (the only debt we have). We just renovated our 6-year-old kitchen to suit our desires (wants, not needs). I have my Sub-Zero fridge and wine fridge, damnit.
I have a BS in finance. At my last job I was a Senior Compliance Manager and I made $98,000 plus bonus (12%).
Now I'm the President of my company (100% owner) and I pay myself $20,000 W2 salary with huge withholdings for tax purposes. My actual take-home is hard to know, but I just take money as I need it, company performance permitting. I would say my net pay is about the same now as it was at the bank, maybe a little less because I'm trying to save for a building.
It used to be a time when I thought making 50 k was good money. Now when income from only once source net 112,000 a year, we are still out of money. More money just means more expenses. More expensive expenses.
110K and I'm underpaid relative to those in my industry.
Am currently interviewing and just traveled to a role in Portland that was 140K
I'm 30 and work in tech
It used to be a time when I thought making 50 k was good money. Now when income from only once source net 112,000 a year, we are still out of money. More money just means more expenses. More expensive expenses.
Yep. That's the personal finance trap most people fall in. As your income rises, so does your spending. At age 59, I wish I'd done more saving & investing in my first 25 years working. I'm financially secure but my net worth really should be 2x or 3x.
110K and I'm underpaid relative to those in my industry.
Am currently interviewing and just traveled to a role in Portland that was 140K
Unless you are from one of the coast(s) to begin with 110K to 140K is probably a lateral or downward move. I was offered the opportunity to increase my salary by roughly 35% if I moved from OH to San Jose about 15 years ago. I would have lost money on the deal due to the cost of living increase. It's even worse today. I would need to make $250-300K in the bay area to equal where I'm at in the midwest right now.
Early 30s, ~$70k/yr for a non-profit HCP as a Senior Business/Data/Compliance Analyst; but closer to $85k total compensation with benefits. Another ~$10k/yr in rental income. With my fiance (a teacher), we gross close to $130k/yr. Not too shabby for governmental/non-profit work. The benefits keep us happy.
Yep. That's the personal finance trap most people fall in. As your income rises, so does your spending. At age 59, I wish I'd done more saving & investing in my first 25 years working. I'm financially secure but my net worth really should be 2x or 3x.
The frugality trap also exists. Life is meant to be enjoyed. You make money to spend it. If you're rolling into retirement financially secure, you did well and you also likely had some great times along the way.
My uncle worked for 44 years, saved a ton of money, retired at 67 and took his first ever trip overseas shortly afterwards. He came home in a box. To be honest, that scared the crap out of me -- not the dying part, the not living part. As a result, by the time I was half his dying age, I had done and seen more than he had ever dreamed to. Within reason, I continue to do so to this day. I want my net worth to be the lint in my pockets the day I cross that bridge. Otherwise, what was the point?
Mid 20s , was in the mid 50 range starting out in IT but i just recently got a new job high 60s/ low 70s range, wife will finish her schooling soon cant wait to be a double income family lol seriously
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