Thanks OP. Since I was the one who suggested you post all this, I'll respond but it'll be the same as what you are hearing. You have enough income to afford it, but only if you cut way back on your 19K of monthly expenses. If you try to have it all (2 high salaried jobs, a $1.7MM house, private K-12 for three kids, and a comfortable retirement) something will bend til it eventually breaks. We are all different people with different priorities, but having 450K coming in every year right now gives you an opportunity to build wealth for the future that most don't have, but only if you start piling up investments now. I would not want to look back in 20 years and regret that I have to work for 10 or 20 more. I'll leave the rest of the philosophical/lifestyle questions alone.Emergency funds: We have 5 months of emergency funds, liquid in a 5.0% MMA account.Suggest you post your complete portfolio, tax situation and annual expenses per the forum guidelines. You will get much better advice that way. Posters may not want to give good advice about such a major expense without complete info.
Debt: We have a mortgage of ~$650k at 4.15% on a home currently appraised at $1.7MM
Tax Filing Status: Married Filing Jointly
Tax Rate: 32% Federal, 0% State (TN)
State of Residence: Tennessee
Combined Annual Income: $450,000
My Average Monthly Expenses: $9,000
My Average Monthly Income after tax: $11,000
Typical Amount available for saving (from me): $2,000/month
Wife Monthly Expenses: $10,000
Wife Monthly Income after tax: $11,750
Typical Amount available for saving from wife: $1,750/month
Me: 40 yrs old, Wife: 35 yrs old
Me: $270K at Fidelity (55% Domestic Stock, 5.7% Foreign Stock, 27.3% Bonds, 11.2% Short term)
Me: $50k in TFC Stock, $16k in other bank stock
Me: $125k in Traditional 401k
Wife: $90k at Fidelity (85% Domestic Stock, 1% Foreign Stock, 5.5% bonds, 9% short term)
Wife: $100k in Traditional 401k
1st Child 529: $24k
2nd Child 529: $23k
Statistics: Posted by cbs2002 — Tue Feb 13, 2024 4:16 pm