600k income reddit. 5%, 30 year fixed) and short term treasuries.
600k income reddit My family has always been mad at each other and turns out my out of state grandma liked me best. My bachelor was a 5years integrated program (master) in electrical and computer engineering (2010-2015). But first, let’s define lifestyle creep and how you can spot it. 150k is already manageable (with very little room, but manageable) The actual starting salary is peanuts in the big picture. We'd be looking to put down 20%. 1. Payments are $2250, which was the top of what we were comfortable with, and we have no other debts. There's been more than 1 response re wealth is not earning $500k. Max salary ever was 880k but probably not expected to have that be consistent. It’s possible without, but hard - you have to work like a dog, or take medical directorships at a bunch of SNFs, or something similar. Most of the time, their household annual income can be anywhere from 400-600k. be aware that a group advertising that may mean that there are members of the group that earn that. More importantly however, the behavior of People suggesting 250k in a 600k mortgage are trolling or didn't put the math on it. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. (2 bedroom suite, minimum. 150k income, and 600k for a house. Use your coconut and stick to what and who you know. Bachelors in math, currently doing marketing for the travel industry. At 20% (120k down payment), you’ll be mortgaging 480k which is slightly above 3 times your income. The thing I don’t get is I was familiar with how much procedures and cleanings were. Im reading that this is how you become house-poor and to not go over 30% net pay towards the mortgage. 54k salary yearly income. You just have to plan accordingly. It doesn't take into consideration location or debt, but it is more complicated than just their income. The average stated income was 25% higher than the gross income on their tax returns. are flexible in geography, etc, you can break 600k. In five years as a full partner in the right group with a busy practice you could be pulling in seven figures, so what if their starting offer was 50k lower than a different group that has a reputation for churning associates and/or a partner income ceiling of 5-600k? That The average salary on google is always so low and people say that it is often wrong. 200k is top 10% salary in USA. I have never had a bank assess my borrowing to be lower than that. For full honesty here, I need to clarify that part of my disillusionment is how much of the 600k my books have earned will actually find its way to my bank account. 9 months ago an 85k/yr income could afford a 500k loan to buy a 600k property. With a 600K salary, I think you can afford to live anywhere in the SF Bay Area. If you want early retirement, you need to change the delta between your income and expense. (disclaimer: being somewhat loose with details). In reality it is a little over 600k and after capital gains tax, I think I should still be left with 500k at least. I have to pay at least a 4% of my whole gross salary, £3,760/year, so subtract this from the taxable income. This subreddit is a place where high income professionals of all types can ask, answer, discuss, and debate the personal finance and investing questions specific to our unique situations without being criticized, ostracized, or downvoted simply for having a high income and "first world" problems. I personally think that after 500K I would be going for more capital preservation than targeting aggressive growth. Leaves around $100 for beer. That is a big difference. They would almost certainly reach millionaire status after 3 years at that kind of salary unless they are absolutely abysmal at financial responsibility, Edit1: Well, this has become a busy little topic. For more info go to /r Sep 15, 2023 · You make $600k TC and you’re asking Reddit how much house you can afford? Do you want to live in the Bay Area forever? Or just make your bag and get out? It’s way cheaper to rent here than it is to buy. Aug 3, 2020 · Some of your gains might only be taxed at the 15% tax for capital gains but yes. The only really big plus side to the job is that I am paid $600k and am fully remote, if I were to Monkeys pushing buttons do not earn 50k/mo and save 12mos of their salary. That’s a lot of house for not a high income- that’s a dual income situation where each person makes $55k. Washington state, 3 years of A $600k house means you need around $120k for a down payment (unless you get unlucky and someone walks up with an all-cash offer), and then your mortgage and property tax work out to around $3k a month. Now I can expect 600k+ without blinking an eye. (With an income helper suite. Is the 600k taxed income? If yes, invest in multi family income properties. 900k gross means approximately 600k net. I understand that your current job is not PSLF-eligible, but 600k in loans will likely cost 100k in interest even if you pay them down aggressively. Apr 18, 2024 · The difference in tax rates on this much income could save up to $107k (17% of $600k gain) on basic income taxes, not considering S/E taxes, additional Medicare, etc. Also save and invest, save and invest. Agreed, but $200k isn’t high income in Orange County either. I don't have a bank account yet because I don't have an apartment yet so don't have an address so can't get a bank account or a phone. Repayments are $3433/month for 30 years currently at 6. I know I’m likely more risk-adverse than average, but threads like these are really enlightening for me to see how a lot of people live. 65k per year HSA At a $600k income I’m doing it probably quarterly with zero regrets, but I’m still not flying private. Get the Reddit app Scan this QR code to download the app now. Another reason why so many Vietnamese try to get into America. Sep 25, 2023 · I feel like some people on Reddit don’t understand getting a 60-75k/year salary job straight out of college is great in 200k puts you in like the top 3% in the US. Jun 1, 2022 · Lol, I'd rather not reveal my income on reddit, especially as I'm not completely anonymous on this account. . We have all the house we need, and even on a 20 year note the payment is around 18% of our take home pay. I then came to Switzerland and did a master in neuroscience at University of Geneva (2015-2017) and after that a PhD at EPFL in electrical engineering (2017-2021) with focus on biomedical engineering and computational neuroscience. Or check it out in the app stores You don't make 600k by accident, if you do you should pay tax on it. If you don’t have a family just rent a cushy apartment. ) We're living quite comfortably right now. Salary is around ~70k. Or check it out in the app stores $600k will buy you a pretty run down home or one with a decent commute, but I have found some good options for $650,000. I don’t even remember the original post. When I left we talked a lot about peds and he didn’t tell me how much he made exactly all he would say is it was more than $500k. I thought this would be a good idea to see how much you actually make from this profession from actual court reporters. What is Lifestyle Dec 4, 2024 · Empower’s latest “Secret to Success” survey uncovered that Americans, on average, view an annual income of $270,214 as the threshold for financial achievement—a Dec 20, 2021 · Could I realistically afford a $600k home? Income: $140k Credit: 800+ Debt: $15k student loans* Savings: $90k Location: Denver, CO Timeline: 1 year (live in another state but Feb 16, 2025 · My wife and I dream of retiring in a few years on a budget of $600k per year - will we have enough? A Reddit user is hoping to retire and have $600,0000 to spend each year. 5k/month payment. Taxes on $600k is going to be a lot and if you are going to assume worst case you should pretty much budget 45% for taxes. I originally posted on the regular FIRE subreddit, with a bunch of responses along the lines of "You're gonna FIRE easily", which should be true if we are smart but is largely unhelpful in terms of actionable My household income is ~5k higher than yours, house was 300k and the budget feels good. Do have perinatal, half child and adolescent PHP. 5%, 30 year fixed) and short term treasuries. $575k house on a $110k income and everybody here is like oh no big deal, easily doable. Median household salary worldwide is like 3k USD. Since the investment income gets cut in ~half before applying income tax I can effectively pay $0 tax if I didn't work and just had $24k a year coming in from those 3 sources. 6% interest. This sub will be private for at least a week from June 12th. Real Estate in Delhi NCR is crazy and not worth it. Lifestyle inflation is a big issue for many. In Adelaide through homestart that salary with no other debt gets you a borrowing power of $348k, or 400k if you're a graduate, with repayments of $872 a fortnight. I’m not a licensed financial planner though. 500k to 600k puts you in the top 1% in the US. saw a pilot who grossed over 100k because reasons for a month). Rivian and Frey have good upside potential at low cost per share. So for a 600k apartment borrowing 80%, that would be 90k after tax or about 2X 55k income earners. Do you might be an open minded dude/lady dudy/ dude person. May 4, 2024 · Because they don’t have wealth. With any amount of money, if you don't have any other income, it won't last long. I would be thinking about the following scenarios: pay off the mortgage fully Mar 2, 2022 · My husband and I make $105k together (mostly him) and are in escrow on a house for $380k. 600k is well into the top 1%. 6% interest and 5. This is a rule of thumb to get an estimate on annual pay, the problem is we're paid by the hour so there's a lot of fluctuation (eg. 600k salaries exist at Apple, but not at a Software Engineer level. My partner (25m) and I (24f) have 300k savings, and our income is 90k and 65-100k (65k from my part time job) and my business sometimes can earn 35k but this is unsteady. At a $600k income I’m doing it probably quarterly with zero regrets, but I’m still not flying private. But you really have to look into total compensation. If properties are priced on local income then prices should drop. Workers at nail Salons also make near middle class salary if they are good. The fastest way and the easiest way is probably just investing as much as possible in the This is a fairly comfortable salary. 602%), 94K * . I used FHSS, stamp duty exemption + LMI exemption and I highly doubt they would have lent me a Feb 11, 2023 · And here in Vancouver $600k would give u 1 bed room condo at Illustrates why the rules of thumb everyone references on Reddit are useless. Or check it out in the app stores make in base salary / commissions. 5M then this would Prices are sticky. It depends. Reply reply More replies More replies. Some info- Income 220k gross Debt: 20k (2 car loans, should be paid off by EOY). Myvie Vietnamese friend actually quit her job at a bank in the US and makes over Mar 24, 2024 · The career might matter because you should definitely consider working at a PSLF-eligible employer for 10 years, make the minimum payments possible, and have your loan balance forgiven. 29%. You may not have another choice though that is the issue. I think if I had gone for a 600k house this would not be the case. If you spent around a third of your income on the mortgage/prop tax, you would have to make around $9k/month ($108k/year) pre-tax. With a lot of income generating funds, you can generate 8-10%, so with that, that 600k could be generating 48-60k annually. The areas include east bay, north bay, south bay/peninsula, and SF. My math looks like this, $25k/mo and from that recurring expenses of $7k (credit card, sounds really high) and $3k rent. Lifestyle: Partnered with 2 kids in a 3 br owned house 20. Meh. and there’s not much left over to lead anything resembling a lavish lifestyle. Jun 18, 2022 · In this post, we’ll discuss 7 tips to help you avoid lifestyle inflation when your income doubles. I make around the same and thought 600k was So whatever you can do to increase income. It maybe a fortune for many workers earning minimum salary but nothing for a Hanoi or HCMC citizen as a 40-50 square meter house can cost this much. Aug 9, 2020 · You do realize you will be paying income tax on that rental income, don't you? That isn't tax free money you can use at your discretion. If you're used to American-sized apartments you'll find accommodation small but you'll be able to afford a pretty nice place otherwise. Not in the world. plus he has to cover 1m of start up cost. And ofc, A L6 at netflix will earn between 600k and 900k depending on So I worked in a pediatric office for 2 years and the dentist I worked for did very well. 150k is already manageable (with very little room, but manageable) May 22, 2021 · Conservatively I would use <34% of after tax household income for P&I repayments at +3% current interest rates for the ultimate ease of repayment. The amount of success you find in this field depends on how many new patients you get and how many go on shots. Cost of living here is cheap cheap so I live gloriously well despite saving over 20% of my salary and having a largely stay at home parent with a part time passion Jan 16, 2022 · Based off of SoCal. Our mortgage would be about 4k. If you're working in a hot high price market like LA, SFBay where average home prices are 1M-1. If they lose their job, they maybe unable to find a similar job making as much. Like i said, literally any person over the age of 12 would understand 600k is more than May 9, 2024 · Serious question: I’m new to Reddit, but seems like most list their net worth incorrectly? For instance, shouldn’t his calculation be less the $40k equity and instead include Jun 5, 2023 · Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your 4 days ago · **Wouldn’t someone with $600K+ in cash already be considered very well-off in Singapore?** I was curious so I asked ChatGPT, why we have Nov 29, 2024 · By saving half their income, investing strategically, and setting long-term goals, this couple has managed to grow their portfolio to nearly $3M, largely by keeping their lifestyle in check. Vietnamese have a saying of "mieng an nui lo" meaning when the mouth eats (it is the same as) a mountain collapse. Several in my group are in the 500k+ range. Office visits are worth $150-200. Or not I guess. So collectively minimum is 155k. and International, Federal, State, or local. By my estimates $400 of that $1400 goes straight to the government or they will come after you. At 39, it's still possible for early retirement. That being said those jobs >600K for partners do exist but its usually extremely high volume if you are in a decent sized city. Stack your cash and then get a remote job and semi-retire anywhere in the US. I am 29 to 30 (born November 1992). Essentially, that’s a totally reasonable house for two people making six figures. The question is: what business can you get up and running for Dec 11, 2023 · Looking to buy a house in the spring and trying to see if we can swing a $600k house in a good school district. Like crazy ass high overhead with big full staffed offices and 10 chairs and loud all day with 60-80 patients vs like 2-3 people, 2 chairs, 5 patients a day and calm and quite. Add in a car payment, gas, utilities, food, etc. You can easily get 10+ friendlies over the course of a year that can generate 600k-1m each. You could probably manage more (especially if your income can go towards other things, like savings or food or fun stuff) but that’s what we were comfortable with Jan 23, 2022 · Well for starters, pick your specialty carefully. 250k on a single income is like 12k monthly net, with a 3. Take-home pay on a $200k salary is approximately 60% after taxes, healthcare and retirement. Maximum income is 190k-ish. If you do talk to them, ask what the median, 25th and 75th %ile income are in their groups, and what schedule you would have to earn 800k, as that's above 90th %ile MGMA income by a healthy margin. A $6000 monthly mortgage would very quickly eat into that. $205k baseline plus annual bonuses (30% of my revenue surpassing $600k mark), 39 hours a week (34 hrs bookable time, 5 hrs lunch breaks), no admin time outside of those hours. This is usually 40 percent of collections above $600k. Even median salary in Switzerland, the most expensive country in Europe, is like 88k USD. Sep 23, 2022 · Yeah my mom's income exceeds that number, pero I have a single mother so maybe that was a factor I think if the total annual income is below 1M and you get financial aid on your first year you should be fine until you graduate. Hey everyone, I did very well in some random cryptocurrencies and cashed out about $600k in short-term capital gains. Putting a down payment of 5% if we go conventional. But basically - look for income driven repayment and there’s two options. If you are a competent owner, your clinical income can reach those levels. he doesn’t ’make’ or ‘earn’ 600k per month, it could cost him 500k or more to run the business. Texas has no state income tax but high property tax (avg. If not, like bartending, stripping, etc then you won’t be able to get a loan, so I’d look at the stock market. Sep 6, 2023 · Hi FatFIRE, I'm looking for any advice on managing an expected large increase in income for my wife and I in the next two years to reach a goal of fatFIRE by 50. OG and I avoid leanfire reddit so I don't have to read questions about whether they should eat out or not. The SF Bay Area is broken down into geographic areas. This is my first Reddit post ever btw :) sorry If I went overboard and got personal. 200k USD is probably a top 1% salary in the world. Jul 8, 2023 · People suggesting 250k in a 600k mortgage are trolling or didn't put the math on it. The reality is it won't be quite that bad. The houses we are interested in are in the $800k - $850k range. Looking at moving back to Austin, TX. Lifestyle is phenomenal. Thanks for participating. Our first home cost 315k. If you are making $600k+ on options trading oer year though you are crushing it even after taxes. Godspeed. Busiest employed docs I know top out 500 It really depends on the industry you are working in, most of them are pulling in annual salaries of 100-300k. Dec 3, 2022 · I love my job. Just USA. May 26, 2023 · And the kicker is taxes and insurance goes up as the value of the property goes up, they reassess it every few years. Apr 1, 2024 · Will I be able to afford a 600k house build? I’ve always lived well below my means while saving up for a house, but now getting spooked by high interest rates and build costs. Work in my semi-small midwestern home town. You should have no problem going out regularly and still saving money every month. High salary =|= wealthy. 600k is post income tax but pre capital gains. I agree, and didn't actually say "from a salary". (very important, if youre applying as an upperclassman i noticed its is VERY HARD for other students to get a full 100 percent coverage) Feb 22, 2022 · In my Midwest small metro average pp is 12 wks vacation and 600k salary. 5k per year in 401k 6k per year in IRA 3. Log In / Sign I've told people in other subs that when you get a brand name like this and high salary, the workload is definitely going to be up there. Hello, I’m a 30 M, midwest. 4 cr might seem like a lot but you can do do much more in US with 600K salary (nicer house, nicer car, better air and better quality of life, plus a citizenship for your child) I am not a visa expert, but my colleagues have moved to USA on L1A and got Green Card within 2-3 years, they all Aug 2, 2022 · I’m going to lock this thread as it contains misinformation. This is beyond registered account amounts and Reddit will not help you. Do you have contingency plans if you were to buy this 600k house? Apr 7, 2020 · So 200k cash (being conservative), 150k income, and 600k for a house. Between that and our bank account balances, I’m sitting on about 900K in cash. Increase income and reduce expenses. Houses in the Northern suburbs start at $250k so its easily possible for single salary people to buy a home if they have the $30k deposit. Chose an out of town area with growth in its future it just paid off a lot faster. So my salary is "600k per month, gross", but I understand that there are taxes and such to be paid. People have literally started successful businesses with their credit cards alone, so yes 600k can be enough to start a business. You'll be maxed out. Reply reply More replies [deleted] Get the Reddit app Scan this QR code to download the app now. You can afford up to a 30% down payment (bringing the mortgage to 400k, which Just go to airinepilotcentral and look at the pay rates, a good rule of thumb is multiply the hourly pay rate by 1000. I have a decent job that pays the bills without leaving too much money to save or spend. OG_Tater I avoid fat fire reddit so I don't have to hear about possible yacht purchases, and I avoid leanfire reddit This subreddit is a place where high income professionals of all types can ask, answer, discuss, and debate the personal finance and investing questions specific to our unique situations without being criticized, ostracized, or downvoted simply for having a high income and "first world" problems. This means that your gross income would need to be a minimum of $156,000 per year—or around $13,000 per month—to keep your monthly mortgage payment below that 28% threshold Between my wife and I, we earn 100k. But I also get 5% contribution of the whole gross salary from the employer, and they even contribute the taxes they save from my lower taxable income (a 15. You're in a pickle of a decision to make. (We also carry zero debt and have no car, boat, trailer payments etc. My contract even says "before deductions". This puts us at about 35-40% of our net pay going towards our mortgage. There's room to save for retirement, save in RESP, fix the house when it breaks, buy clothes and experiences for the kids and not feel like money is ever an emergency. Currently our net worth is ~$600k split between equity in our house ($600k balance at 2. While we could push higher than 20%, we prefer to put down 20% to avoid PMI and to dump the rest in investment accounts. Not to mention we know nothing about your time horizon, Dec 30, 2023 · Get app Get the Reddit app Log In Log in to Reddit. In Aug 22, 2023 · My husband died recently, and now I need to decide what to do with a windfall of about $600K. He could take home anywhere between 40k- 200kper month, you will never know. Assuming all expenses are on the credit card and that is $15k/mo or $180k/yr. Im 24 and very unexpectedly inherited $600k. I'd spend that if the next home also had an income suite. Their income is eaten up by all their expenses. Long answer: it is very, very difficult to do so as an employee. Another big push was 5/1 or 7/1 ARM loan with an interest only introductory period so after the 5th or 7th year, the mortgage payment triples. Edit: check out Hays Salary Guide for Hungary to get an idea on what salary you can actually expect with your level of experience in your field. So, there are definitely people whose family makes $150k a year and receive Pell, but they might be a family of 7 with older parents and multiple kids in college. I know many who make 200k a year from their job but are worth 50 million+. You could make that in some practices with normal to moderately high volume (not crazy) in more rural areas. By the time this year ends, I'll have spent about 180k on advertising. Oct 17, 2023 · 60k is around the average individual income for US/canada. If you had a 600k salary you'd expect to pay taxes on it. 6%). I’d you expect to make a lot of money one day do the revised income driven repayment because it cuts your interest in half. It is reassuring that it could be paid on one income, and we are far from being house poor. SO and I have a combined income of 200k. Our practice is 600k salary and malpractice is paid, retirement accounts are all maxed on top of that. Regardless, it wouldn't be of much use to know what my income is. 05% of my 4%, an extra 0. And that’s just their individual income, not including their spouse’s income. I usually schedule friendlies against the smallest teams for morale and role player fitness. ) Feb 8, 2024 · There isn't really any "saving" it as it's due to the toxic work environment - somewhat a resultt of the "that's why we pay you" attitude. My salary: $130k Husband’s salary: $60k Combined monthly take home: ~$10,600 Monthly cost for a 600k house (principal and interest, property tax, HOA, homeowners insurance): $4,000-$4,200 Well. More importantly however, the behavior of reddit leadership in implementing these changes has been reprehensible. 240k base + up to like 40k of bonuses which aren’t hard to get. Mar 5, 2022 · For real. Very few pediatricians or family docs will fatFIRE unless they open like 10 offices and have a bunch of docs working for them. You can afford up to a 30% down payment (bringing the mortgage to 400k, which is less then 3 times your gross income). 05602 = £5,265. I do note at the time myself and my wife were 200k plus combined income. I assume you've already deducted insurance in your taxes (and max retirement contribution), going from $600k to $300k, when I estimate the taxes on $600k income for Mar 15, 2023 · That’s true but you need to start in out of town areas like new areas getting new motorways etc I started 10% deposit 2019 and in 2023 I am now just shy of 600k equity. 88. $600k is pretty average for orthopedic surgeons though. My salary/income will be around $150k on top of the short term capital Get the Reddit app Scan this QR code to download the app now. I was able to borrow a max of 554k for a 585k property on 140k salary (single income) with 50k savings, over 30 years. You can afford a $600K home, but you should go ahead and factor in vehicle and child expenses, and that starts to get tight. Sure it works, but there's a LOT of room there. Add the $500 or so in utilities/lawn care. plus life happens. ) We were just pre-approved for 600k. I’m 34, married, with a 1 year old, and I’ve seen my income rise rapidly in the past couple years as my skills (MLE) have become highly sought after. So like $3,200 monthly take home pay. Beyond that, you could additionally plan for capital losses to decrease the cap gain income, if you can achieve that treatment. My income will be a blend of fully taxable retirement accounts, completely tax free income from a TFSA (like an IRA) and taxable investment income. One quick note though - if your gross is 600k, 550k is a bit over-optimistic for your net. Expand user menu Open settings menu. You can rent a decent flat for 150k and depending on how expensive your hobbies are you should be able to save half your salary while having a comfortable life. Nov 23, 2023 · If we say that 1/3 of your income should be mortgage, then you would have to make a household net income of about $152k or $76k after tax each. $400-$500 on food $300-400 on gas, $100 in subscriptions. Dermatology NP. & I only have about $1000 each month to spare on food/gas etc. If OP wants to provide proof of salary via private message, or provide a corrected title or salary figure, I’d Mar 17, 2022 · Short answer: yes, it is possible. I found that making your friendlies against the biggest possible teams adds up quickly. Nov 28, 2021 · That is assuming you only save and don’t invest in anything while working. S. That’s the difference between 1. Searching online I find that 1% is the "standard commission" but this seems too much IMO. Endo and peds are kinda like the most opposite things you can pick. Why don't you simply buy the starter home you can afford? A $600k home on your salary is not reasonable at all. Some will advertise 750k but you are paying your own malpractice, dues, retirement, etc. My question is targeted at people who just Sep 6, 2022 · So that’s my rant. That really puts the stuff they go on about in fatFIRE into perspective imho. Add in some inpatient work and procedures and you'll get close to 500k in clinical income alone. $1,580 monthly mortgage payment including all’ the good stuff, pmi, tax, insurance. eiuq dovi jxoi ekkqu mosmjs niumz bpuewxw iia ybf rxg jqbb cbrju yhn igrz haak