A personal financial milestone reached

[laurence]

So our raises were handed out this Friday, and I got a 5% increase which pushed me over the six figure mark - 102k to be exact. I get other compensation/bennies that translate into actual cash in my pocket but my base pay has been 5 figures until now. At 34 years old, it's not spectacular but far more than I or my parents thought I'd see, as I was a late bloomer and didn't even graduate college until I was almost 25. In a few months I'll finish my M.S. and at that point I'll be feeling pretty proud. Considering how the economy is I'm feeling pretty fortunate. DW's business is doing well, just humming along with more work available than she can do and still be a stay at home mom. Our household income doesn't make us rich in San Diego, but we are definitely sleeping peacefully at night. This board really got us into LBYM and being smart with money so a thank you to all of you as you've all contributed to my marital bliss.

 

[harley]

At 34 years old, it's not spectacular but far more than I or my parents thought I'd see,

I worked almost that long before I finally broke 6 figures.

Congratulations. Celebrate. Get an extra large diet coke with your double cheeseburger.

 

[Nords]

So our raises were handed out this Friday...

Woo-hoo!

Double woo-hoo in this economy and your Megacorp's business sector, to say nothing of the employment rate in your area of expertise. You've really made the grade!

So... what's the anticipated asset allocation of the raise?

 

[laurence]

Woo-hoo!

Double woo-hoo in this economy and your Megacorp's business sector, to say nothing of the employment rate in your area of expertise. You've really made the grade!

So... what's the anticipated asset allocation of the raise?

We've blown most of it this weekend (not really), booze, and lots of new, thinner clothes for Hawaii as I've lost weight getting ready to look good for my beach photos. 401k is maxed, IRA is maxed. We may look into an after tax account now.

 

[NW-Bound]

Congrats!

What's your next milestone?

 

[se012101]

Congrats! I also hit that at 34 (4 years ago for me) after 12 years in my profession. It's a definate milestone and symbol that you've been working hard and progressing.

Now, make sure you're saving a healthy amount of it!

 

[W2R]

Congratulations, Laurence! That must be a wonderful feeling.

 

[donheff]

Good for you Laurence. The steps you are taking now will widen your horizons later.

 

[REWahoo]

Six figures at age 34? What's this world coming to. I can recall when my college buds and I were shooting for "making your age".....

 

[Midpack]

Congratulations!!!

 

[dex]

Congrats. In what field do you work?

Your salary was bumming me out until I did some math.

My SS statement says I earned 48K in '89 (I don't remember if I earned more - I think I did as I vaguely remember SS deductions stopping towards the end of the year 65 - 70K?) in '89 at 35

Is doubling the 48K appropriate for 20 years?

 

[donheff]

Six figures at age 34? What's this world coming to. I can recall when my college buds and I were shooting for "making your age".....

That goes back to the 60s. Making your age was a big deal. BMWs were $10K. I wonder what a comparable salary would be today - age x 3, x 4?

Edit: maybe x6? I found this calculator that indicates that: $1.00 in 1968 had about the same buying power as $6.20 in 2009. But still, even using x6, $100K today is equivalent to about a Federal GS-13 or 14 salary in 1968. Not bad grasshopper.

 

[Moemg]

Congratulations Lawrence !

 

[Alan]

Congratulations Laurence

It's good to see that, at 34, you're already maxed out on 401k and IRA contributions. Enjoy your raise, and be sure to spend a little on yourself.

 

[Bestwifeever]

Congrats, Laurence--that is wonderful. And glad everyone could help with the whole marital bliss thing....

 

[Notmuchlonger]

Good for you! Wonderful to see a success story.

 

[laurence]

Thanks everybody! I'm not sure what my next milestone will be, probably paying off the house. That's 8+ years away, though.

 

[KB]

Congratulations, Laurence. And paying off the house is a good one, in my opinion.

 

[bongo2]

My SS statement says I earned 48K in '89 (I don't remember if I earned more - I think I did as I vaguely remember SS deductions stopping towards the end of the year 65 - 70K?) in '89 at 35

Yes, SS maxed at $48k in 1989. Your statement should also show your medicare earnings which had higher max starting in 1991, so maybe you can extrapolate back. Medain income is up about 80% - so a little less than double.

 

[Bimmerbill]

Gratz Laurence!

 

[FinanceDude]

Way to go.........

Isn't life grand, sometimes........

 

[HFWR]

I make seven figures, if you the count the digits to the right of the decimal...

 

[bbbamI]

Congrats........

 

[laurence]

I make seven figures, if you the count the digits to the right of the decimal...

Yeah, but how much does a house cost where you live?! Even with the downturn 300k gets you something small and far from everything in San Diego. Now if I could take my salary with me to someplace lower cost I'd really be living large!

 

[slouch]

Congratulations on the base salary hike