When do people start to feel well off financially?

Trust Fund Baby wrote:

For me, it was when my unassuming father in-law informed my wife and I that his net worth is over $20 million.

That's a lot.

Similar situation for our son who has absolutely no idea what he is in for when we pass down our sums to him. Like none. Though he is entering a field where our amounts are nothing exceptional, so what about that? IDK.

That gives me hope that the 40s and 50s will allow me to save further for retirement. I'm only 37 and hopefully have more years ahead of me to save. I am able to save on what I make now, but even with that it's a challenge.

Thank you for the advice! AT systems are the worst re: HR and job screening but I get why they have to do that (so many resumes).

55YO wrote:

My wife and I make a little more than that combined. We live in another low cost state. We spend less than we take home, even after investments. I don't feel well off, but we are definitely comfortable. I think the secret is to not keep trading everything in for the newer model every year or two. This goes for cars, houses, cell phones, and anything else the media tries to sell you.

I get the sense those between 40-60 are doing the best right now (Gen X, some with kids, some without).

You are so true about the phones--I still have an LG G6 I got in 2017 and will use it until it dies.

I also bought a 2014 Camry last fall and paid it off fast. I'd rather have an old car that lasts forever vs. a new one with less build quality.

Ultra booster wrote:

jecht wrote:

I live in Ohio on 38k, which sucks, but I am still paying myself first (about $600 a month into investments/retirement) and having a little left over. I just have to stay healthy and avoid getting sick, injured or having a catastrophe happen. Even on $2400 or so a month after taxes, it's tight--I only have $200 a month in emergency funds (the rest go to rent, food, gas, etc.). Even though I WFH my Camry sucks fuel relative to my Corolla and I should have probably kept it.

If you can survive on 35k cheaply (no drinking, vacation or too much fun stuff), you can live like a king on 55k to 60k in Ohio.

Wow, about to retire at a young 55 in Ohio and have 1.3 mil with stock savings and a lump sum buyout combined...and I get nervous sometimes.

Nervous with 1.3 million in savings and buyout? I'd try to live on the dividend.

The good thing about living on 38k is it puts things in perspective, like how to ration food and make it last.

I make low/mid 6 figures

When I’m in my home country (developing country) I feel well off. I can eat out everyday at good restaurants, I can rent any apartment in my home city, and that doesn’t make a huge difference for me.

When I’m in the city where I work, which is quite expensive, there are definitely tons of apartments out of my reach, if I wanna eat out frequently it has to be at relatively cheap places, and I just generally have to be much more mindful of prices. I don’t feel so well off

Jecht, you sound like someone actually listening and interested, so i will share my exp.

I started late but always did things myself, remodeling, investing, taxes, you name it.

I put energy into getting a good education and pursued my career with a moderate amount of effort, mostly just staying focused and going through the steps.

Each job built upon the last.

Never got really high-up, but high enough.

Never forsake your family and you shouldn't have to.

Live in a nice location but modest house that i did all the work on, saving a lot.

Very voracious saver and learned investing as I went.

Investing made us more than we envisioned.

Now, can retire early any time I want and we have much more than enough.

I also understand that I am very lucky in many respects and I got opportunities along the way that many in our society don't get, that i have natural talents, etc, and that not everyone gets the same breaks or gifts, through no fault of their own,

Hope this helps, and invest in yourself first.

Thank you for your kind advice and others. One of my friends who is helping me find jobs thinks my current company is stringing me along with a potential promotion that may never materialize. In fairness to the mortgage company business has slowed a bit.

Having over a year of expenses liquid without changing your lifestyle is a nice start. Building getting a coupe zeros before the comma on the retirement account is nice as well. Of course paying down debt is great, but I’m on track to double my debt this year with buying a condo for my in-laws and buying the car I really wanted (EVO 2020 car of the year).

I’m preparing for retirement and my kids college funds are set, but I’m living for today. Something worse than COVID could come next year, and I saved up all this money for what? Even if I retire at 65, how much fun am I going to have with a several million bucks?

I’m living it up (somewhat responsibly) while I’m healthy and able.

jecht wrote:

Thank you for your kind advice and others. One of my friends who is helping me find jobs thinks my current company is stringing me along with a potential promotion that may never materialize. In fairness to the mortgage company business has slowed a bit.

Hey, no harm in putting out some feelers to other companies, or even start a transition into related fields or areas that might be better for you,. Keep options open. When opportunities arise, weigh your options and the pros and cons of each, and give it your best shot. In my experience, this may work.

jecht wrote:

55YO wrote:

My wife and I make a little more than that combined. We live in another low cost state. We spend less than we take home, even after investments. I don't feel well off, but we are definitely comfortable. I think the secret is to not keep trading everything in for the newer model every year or two. This goes for cars, houses, cell phones, and anything else the media tries to sell you.

I get the sense those between 40-60 are doing the best right now (Gen X, some with kids, some without).

You are so true about the phones--I still have an LG G6 I got in 2017 and will use it until it dies.

I also bought a 2014 Camry last fall and paid it off fast. I'd rather have an old car that lasts forever vs. a new one with less build quality.

Our kids are out of school, so that helps a lot. Also, we learned to deal with not having much early on, so it seems we are swimming in it now, although we are not. Compared to the area, though, we are doing quite well. Almost feel guilty.