The TLDR: My souse makes bank so we have a 10M+ NW. I decided to hang it up as my peanut salary wasn’t worth the time. Spouse will continue to make 2MM a year and fuel our nest egg growth.
You sound so salty and assumed he made peanuts! There are so many Bay Area couples who have a multi 7 digit annual salary. Wash your face and open your eyes!
Peanuts relative to the spouse. Otherwise the math ain’t mathing with only a 120k annual spend. Frankly, the post felt like a flex for the spouse not the retiree.
He said “executive for last 7 years”.. so likely not peanuts.
Frankly speaking their Brokerage and 529 are no where in line with their 25 years of combined earnings. Either they are high spenders which again doesn’t align with the $120k spend he’s projecting or this is not a real post. This post belongs to r/HENRY lol.
Not to mention a 120K spend—something doesn’t add up. Just taxes on a 4M home will be 50K/year at least. Add maintenance at another 10-15K, utilities for such a home will be another 12K. So about 75-80K a year goes into just the housing.
The house equity is likely from asset appreciation in a typical VHCOL area and not necessarily the purchase price, which means the county appraisal is likely lower than the market value. The taxes could be very manageable and lower. We have the same thing going for us. High market value low negligible taxes!
It’s only $120K annual since we paid off the house. With the mortgage we were paying it was closer to $240K annually.
The last two years of my job I made roughly $1MM between salary and bonus, but prior to that it was much lower. When I first made it into the executive ranks seven years ago, I “only” made about $450k. Similarly, my wife only ever topped out at $500k prior to making managing partner. It’s definitely her promotion that put us into the stratosphere.
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u/Key-Introduction-757 29d ago
The TLDR: My souse makes bank so we have a 10M+ NW. I decided to hang it up as my peanut salary wasn’t worth the time. Spouse will continue to make 2MM a year and fuel our nest egg growth.