What is the modern definition of making “Big Money”?

black4vcobra

Well-Known Member
Established Member
Premium Member
Party Liquor Posse
Joined
Feb 22, 2009
Messages
4,460
Location
Cottage Grove, WI
I'm poverty level compared to some of you guys as the wife and I clear only about $190-200k a year combined.

We do fine and can go on vacations every year but they aren't super fancy places. We have a pretty big house, 4 cars, boat, safe full of guns, etc at mid-late 30s so most people would say we are doing ok.

Daycare is the worst, $16k/yr for a potty trained 3 year old. Might not seem like a lot of $ compared to gross income but consider that cost comes after Uncle Sam takes his substantial bite from the paycheck.
 

Adower

Well-Known Member
Established Member
Joined
Sep 3, 2005
Messages
2,800
Location
SAC
I'm poverty level compared to some of you guys as the wife and I clear only about $190-200k a year combined.

We do fine and can go on vacations every year but they aren't super fancy places. We have a pretty big house, 4 cars, boat, safe full of guns, etc at mid-late 30s so most people would say we are doing ok.

Daycare is the worst, $16k/yr for a potty trained 3 year old. Might not seem like a lot of $ compared to gross income but consider that cost comes after Uncle Sam takes his substantial bite from the paycheck.

Id say 4 cars and a boat are eating a lot of your income.
 

MG0h3

Well-Known Member
Established Member
Joined
Jul 23, 2014
Messages
13,685
Location
El Paso, TX
I'm poverty level compared to some of you guys as the wife and I clear only about $190-200k a year combined.

We do fine and can go on vacations every year but they aren't super fancy places. We have a pretty big house, 4 cars, boat, safe full of guns, etc at mid-late 30s so most people would say we are doing ok.

Daycare is the worst, $16k/yr for a potty trained 3 year old. Might not seem like a lot of $ compared to gross income but consider that cost comes after Uncle Sam takes his substantial bite from the paycheck.

Doing pretty well mid/late 30s.


Sent from my iPhone using the svtperformance.com mobile app
 

PhoenixM3

Hello Kitty Slayer
Established Member
Premium Member
Joined
Jul 31, 2012
Messages
6,344
Location
Colorado Springs
I’d have a cooler car, but wife wanted a pool. At least I get to be pool boy….
907CB782-2E8C-4E05-A65B-5D73AF5C1F46.jpeg
 

black4vcobra

Well-Known Member
Established Member
Premium Member
Party Liquor Posse
Joined
Feb 22, 2009
Messages
4,460
Location
Cottage Grove, WI
Id say 4 cars and a boat are eating a lot of your income.
All cars have been paid off for years and none are extravagant. Boat was fairly modest too (21' bowrider with 5.7 Merc) and paid cash for it 5 years ago before prices went nuts. Since then it has likely appreciated in value given the free Covid money and limited supply of decent boats.

unless they're paid for

careful assuming another man's situation
Bingo
 

ford fanatic

Four Eyed Freak
Established Member
Joined
Oct 1, 2006
Messages
3,659
Location
Darlington, Md
All cars have been paid off for years and none are extravagant. Boat was fairly modest too (21' bowrider with 5.7 Merc) and paid cash for it 5 years ago before prices went nuts. Since then it has likely appreciated in value given the free Covid money and limited supply of decent boats.


Bingo
People assume you have car notes, because that's what a lot of people do here...
 

black4vcobra

Well-Known Member
Established Member
Premium Member
Party Liquor Posse
Joined
Feb 22, 2009
Messages
4,460
Location
Cottage Grove, WI
Just trying to read between the lines. He said they make 190K-200K are only doing "okay". I dont believe WI is a high COLA.

It's not a high COLA state but other than being on a lake, I'm in one of the higher COLA areas.

You'd think we'd be rolling in money with no debt besides the mortgage, which is almost $500k btw at 4.875%, but given the cost of everything we are comfortable but certainly not ballin'.

Even health insurance premiums for the 3 of us at like $800 a month.

One thing we do differently too is pretty much max out 401k's and Roth IRA's each year. Also bought $20k of I bonds this year. The (relatively minor) financial pain we feel now will be worth it later in life.
 

Adower

Well-Known Member
Established Member
Joined
Sep 3, 2005
Messages
2,800
Location
SAC
It's not a high COLA state but other than being on a lake, I'm in one of the higher COLA areas.

You'd think we'd be rolling in money with no debt besides the mortgage, which is almost $500k btw at 4.875%, but given the cost of everything we are comfortable but certainly not ballin'.

Even health insurance premiums for the 3 of us at like $800 a month.

One thing we do differently too is pretty much max out 401k's and Roth IRA's each year. Also bought $20k of I bonds this year. The (relatively minor) financial pain we feel now will be worth it later in life.
Now you're providing more information. You're maxing out two 401K's which is either 41K or 54K depending on age. In addition, another 12K or 14K in Roths depending on age and 20K in bonds. In one year you've invested either 73K or 88K.

Not sure how you can say that's just doing "okay".
 

black4vcobra

Well-Known Member
Established Member
Premium Member
Party Liquor Posse
Joined
Feb 22, 2009
Messages
4,460
Location
Cottage Grove, WI
Now you're providing more information. You're maxing out two 401K's which is either 41K or 54K depending on age. In addition, another 12K or 14K in Roths depending on age and 20K in bonds. In one year you've invested either 73K or 88K.

Not sure how you can say that's just doing "okay".

Well I did say "fine" as opposed to "okay" but that's splitting hairs.

I was being a bit cheeky there when I said poverty level as some guys commenting are making multiple hundreds of thousands per year just on their own. I wouldn't be surprised if they were exaggerating though or were talking gross business income vs net.

My wife didn't quite get to $20k in her 401k but $17k+ but that's not a big difference in the grand scheme of things. Yes, $6k each in Roths though and the I bond purchase was only because I know I can make a nice return on that within a few years if I needed the money.

Anyway, seems like a good amount of money on paper but that's all locked up for 22 more years without taking penalties and/or paying taxes on it.

Sure, we could we have more vacations and newer/nicer cars if we didn't save as much for retirement but given the federal government spending money hand over fist I think it's a good idea to take care of our own financial future.

Now if only I could do something to prevent my 401k/IRA's from tanking 20%+ this year but as the finance people say, just keep buying through the downturn and DCA.
 

13COBRA

Resident Ford Dealer
Established Member
Premium Member
Single Barrel Sirs
Joined
Jun 4, 2012
Messages
22,319
Location
Missouri
I’d have a cooler car, but wife wanted a pool. At least I get to be pool boy….View attachment 1765583


Good for you man. There isn't enough money on this planet for me to put in a pool again. We had one at our old house. Sold, moved to a really nice neighborhood that has a shared pool, bought my wife/kids a golf cart...everyone wins haha
 

rotor_powerd

Well-Known Member
Established Member
Premium Member
Joined
Sep 14, 2008
Messages
7,412
Location
VA
I’d have a cooler car, but wife wanted a pool. At least I get to be pool boy….View attachment 1765583
That looks awesome, I'm sure it wasn't cheap. We put in a 16x36 this year - after it was all said and done I have a 2022 CFTP GT500 with ADM in the ground. The kids probably enjoy the pool more though. Lol

pool.jpg

pool1.jpg
 

Zemedici

Well-Known Member
Established Member
Joined
Jan 7, 2013
Messages
21,223
Location
Atlanta, GA
True. However, he said they're doing just "okay". 200K with no debts is doing well above "okay".

Depends on your standards.

From reading the gentleman’s responses, he’s very money savvy, saves a lot annually, just has high standards for ‘made it’

Which i respect
 

13COBRA

Resident Ford Dealer
Established Member
Premium Member
Single Barrel Sirs
Joined
Jun 4, 2012
Messages
22,319
Location
Missouri
Big Money....the 5 days I just spent in Orlando staying on Disney, going to all the parks and buying anything that was wanted. Yeah....you would think I was RICH. LOL! Never Again! HAHAHA

We did that last year. I bet all-in, for my family of 6 it was a $30k 6 day adventure through the gates of hell.
 

Users who are viewing this thread



Top