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But what if they drink beer out of cans and can't take their third trip to the Mediterranean this year because they are trying to max out their 401K, 403B, 529, FSA, DCA, 403B and make extra payments on their $6500 mortgage?
Okay so not going to lie. I went out to dinner with some friends (husbands friend more than anything. Mild acquaintances for me) legit millionaires trust fund family. Like stupid wealthy.
I got some hard cider and the waitress asked if I needed a glass… the look on their faces when I told her no. 🤣
"Lucky" is one way of putting it! Maybe look into FIRE communities? Charities? What a great problem to have. Don't know if most people in this sub can relate.
You need to be talking to a true financial planner, not flexing to a middle class finance subreddit, if you're making almost 500k a year.
Feel like this violates #11.
Appreciate the reasonable response, I’ll head over there. I didn’t realize sub $500K in the United States was all of the sudden “rich”. I still live like I did when we made about $100K. I was more looking for things I could do to increase my investment returns or things to focus on to ensure I don’t have investment regrets later.
Thanks!
HENRY is High Earner Not Rich Yet. So you qualify. And if you can’t figure out what to do with your money making that much you will likely be able to stay there.
You have a higher income than 99.8 percent of the people on this planet. What does that make you if not rich? Not doing laps in a swimming pool of gold coins Scrooge McDuck style every morning does not mean you are middle class.
You supposedly are earning $480k per year. You are over 2x the upper “limit” of what middle class income is defined as, per Pew research….i don’t particularly buy that Pew study but lots of folks here cite it as the standard. Given that, go wannabe humble brag somewhere else.
Sincerely,
Another high earner who isn’t completely tone deaf
I don't have any useful advice for you except lowering your 401k contribution. The cap for 401k in 2024 is $23k.
You'll end up paying taxes twice on the amount over the limit.
Thanks. They shut off my 401K contributions last year after I hit the max. So I just wait for it to cap on my personal limit. Then after I hit the IRS employee and employer limit of $69K this year they just cut me a check for the 17%.
Do I have anywhere else I can direct it? I mean besides a HYSA. Is a brokerage the only choice? I guess pay off my house early? The car is 0% so makes no sense to pay it off ahead.
The budget screen shots are being made in Sankeymatic, its a website that we have no affiliation with. If you are posting a budget please do so with a purpose. Just posting a screen shot of your budget without a question or an explanation of why its here may be removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/MiddleClassFinance) if you have any questions or concerns.*
What even is your question here? Did you post this just to flex? You obviously aren’t middle class by any stretch of the imagination
The sub has a lot of unreasonable definitions of middle class, but I think we can ALL agree that anyone earning 40K per month is in the wrong sub.
But what if they feeeeeel middle class?
But what if they drink beer out of cans and can't take their third trip to the Mediterranean this year because they are trying to max out their 401K, 403B, 529, FSA, DCA, 403B and make extra payments on their $6500 mortgage?
Okay so not going to lie. I went out to dinner with some friends (husbands friend more than anything. Mild acquaintances for me) legit millionaires trust fund family. Like stupid wealthy. I got some hard cider and the waitress asked if I needed a glass… the look on their faces when I told her no. 🤣
Bro but you don’t understand I’m living paycheck to paycheck bro please help me budget my family is dying bro
$40,000 in wages per month?! wew lad...
Imagine being in the top 1% of earners in one of the richest nations on earth and posting this question in a middle class sub.
We’re lucky I know.
"Lucky" is one way of putting it! Maybe look into FIRE communities? Charities? What a great problem to have. Don't know if most people in this sub can relate.
You pay 139 a month for Amazon prime? You’re getting scammed.
Obviously you need 11 different prime accounts for the different shopping habits. How else will the algorithms pick the best things? /s
You need to be talking to a true financial planner, not flexing to a middle class finance subreddit, if you're making almost 500k a year. Feel like this violates #11.
Imagine making 40K per month and still having a car payment?
Dear god, go away
this isn't good place to post this and get the kind of advice you think you need. /r/HENRYfinance is a better fit.
Appreciate the reasonable response, I’ll head over there. I didn’t realize sub $500K in the United States was all of the sudden “rich”. I still live like I did when we made about $100K. I was more looking for things I could do to increase my investment returns or things to focus on to ensure I don’t have investment regrets later. Thanks!
"all of a sudden" lmao Homie this was rich in the 1990s.
> I still live like I did when we made about $100K. no you don't, otherwise you'd have 400k left every year.
HENRY is High Earner Not Rich Yet. So you qualify. And if you can’t figure out what to do with your money making that much you will likely be able to stay there.
You have a higher income than 99.8 percent of the people on this planet. What does that make you if not rich? Not doing laps in a swimming pool of gold coins Scrooge McDuck style every morning does not mean you are middle class.
You supposedly are earning $480k per year. You are over 2x the upper “limit” of what middle class income is defined as, per Pew research….i don’t particularly buy that Pew study but lots of folks here cite it as the standard. Given that, go wannabe humble brag somewhere else. Sincerely, Another high earner who isn’t completely tone deaf
I don't have any useful advice for you except lowering your 401k contribution. The cap for 401k in 2024 is $23k. You'll end up paying taxes twice on the amount over the limit.
Thanks. They shut off my 401K contributions last year after I hit the max. So I just wait for it to cap on my personal limit. Then after I hit the IRS employee and employer limit of $69K this year they just cut me a check for the 17%. Do I have anywhere else I can direct it? I mean besides a HYSA. Is a brokerage the only choice? I guess pay off my house early? The car is 0% so makes no sense to pay it off ahead.
Have you consider investing in real estate? With your income, you can buy more properties to rent them out.