What would you do with a $124,000 Annual Salary

wealth doesn't define me wrote:

Honestly, i am not sure how much my salary is. I have a general idea, but it could be few thousand more or less. And it is most definitely less than the 124 K sited by the OP.

I cold make a lot more, and always could.

What has made me so comfortable financially is living below my means, investing, doing whatever work I could on my house myself, and avoiding luxuries.

So, what would i do with $124 K annual salary? Absolutely nothing different except that I would save more.

I understand that I have been very fortunate and that is not lost on me.

YOU get it. My parents made barely anything ($14k in 1990 at one point), and saved enough to make it through the '90s. I don't look fondly back on the '90s because we barely made it while others had great lives. Luckily by the 2000s my father's business improved and we had a middle-class lifestyle.

I tell my fiancee that even if we both made $150k a year I would still dress like I do and go to Olive Garden, and drive my Camry. I don't even envy the people in their BMWs or Benzes--most of them are leased and some of the models don't have the build quality of my old 2007 Corolla or my 2014 Camry.

When I had my 2002 Cavalier I used to have car envy of others but I got my first Corolla in 2009 and that went away fast (despite working for crappy wages at a local newspaper in Geauga County for 27k at the time). But living and driving simple, old but reliable used cars makes me not ashamed of what I drive anymore.

I think the rule of thumb is you should make 1.5x your age (if you are 22, you should make 33k out of college) or thereabouts, rather than your actual age. (i.e. don't make 38k at age 38, don't make 22k at age 22, etc.).

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That’s not even enough to feed my supermodel wife. How can you even live on less that 2 bills?

If my salary got cut to $124K I definitely would have to downsize.

I’d have to cut my spending by 75%

A bit higher here but... Max out 401k. Give 25% to ex-wife. 25% to two colleges. 25% to mortgage and utilities. Save and live of rest.

If you are young and making that like my daughter: eliminate debt, save for down payment on property, max 401K and emergency fund.

In 2018 I’d probably would have said splurge a little.

Now I’d say cut back on a few things.

I reread this whole thread. I posted under 3 or 4 user names. I miss old letsrun.

Cut back dramatically on the hookers and blow.

I would definitely have to downsize on a lot of things. Re-work my budget and investment plans.

I don't know what I'd do if I were that poor