How much money have you made life to date?

[BrianB]

Just going by our SS report:

Me: $968k
DW: $1188k
Total: $2156k

We're now 66/65 and our investable net worth is $2450k so we have more money than we have earned in our lifetimes..

BrianB

 

[DallasGuy]

Is there a point to comparing this to other people?

 

[Koolau]

Is there a point to comparing this to other people?

Perhaps not, but I can see how it might be interesting to compare. YMMV

 

[corn18]

Is there a point to comparing this to other people?

I was curious to see how bad I was compared to others. My suspicions were confirmed. I made a lot of money and saved only a little of it. No action required.

 

[srblanco7]

We're roughly at a 1:1 ratio.

 

[Soooretired]

Also enough. To weather a long recession without affecting our lifestyle (if U. S. Policies stay rational), contribute to charities and to allow inheritance to our decedents.

 

[aja8888]

Is there a point to comparing this to other people?

Not really, it's mostly for bragging rights and ego trips. Some people had better jobs than others.

I have two friends that made a normal living all their working careers and then when the company they were in got acquired, they hit the 9 figure net worth because they were key execs by then. They still put their pants on the same way most guys do.

 

[Sunset]

I had the data so I added it all up. Was interesting, but not actionable.

I think your story of the change in behavior is admirable. I would think, it felt somewhat depriving to quickly stop spending $$$$ on things you were used to doing.

The book, the millionaire next door, while it has faults also has many good points and I've passed my copy on to a younger generation.

 

[corn18]

Not really, it's mostly for bragging rights and ego trips. Some people had better jobs than others.

I have two friends that made a normal living all their working careers and then when the company they were in got acquired, they hit the 9 figure net worth because they were key execs by then. They still put their pants on the same way most guys do.

In my case, I’m actually kind of embarrassed that I made so much and saved so little.

 

[corn18]

I think your story of the change in behavior is admirable. I would think, it felt somewhat depriving to quickly stop spending $$$$ on things you were used to doing.

The book, the millionaire next door, while it has faults also has many good points and I've passed my copy on to a younger generation.

The funny thing is we never felt deprived. We actually felt free for the first time in our life together.

 

[indiajust]

Enough. It refutes envy, greed, avarice, sloth, and even lust on occasion. They call them deadly for a reason.

 

[Ronstar]

Don’t have a clue. But hopefully I’ve saved enough of it to get me to the finish line.

 

[Route246]

Perhaps not, but I can see how it might be interesting to compare. YMMV

It is interesting to compare. Since the vast majority here are anonymous it makes it more reliable to gauge against others.

 

[Koolau]

It is interesting to compare. Since the vast majority here are anonymous it makes it more reliable to gauge against others.

Yes and I think it's just human nature to compare. As long as we don't let envy encroach, I think it's probably not a problem. YMMV

 

[Closet_Gamer]

I live in one of the highest cost of living areas of the country but I just looked up my SS records for work spanning 50 years including busboy job in my teens to white collar job now.

SS income is $3,876,716, Medicare income is $7,558,568 over those 50 years.

During my white collar post-college years I was always maxed out on SS due to the high cost of living here.

We are doing some asset allocation adjustments from equities to our new home (real estate) and the tax burden here on capital gains is about 38% (from CPA) so it is quite expensive for us to convert some of our equities to real estate. We are finished saving so that is OK. We will have a mid 6-figure tax bill in 2025 and a barely 7-figure tax bill in 2026 in order to pull off this asset reallocation but it is the greatest feeling in the world to be able to pull it off without any feeling of pain, remorse or regret. Our investable assets grew the way they did because of tax deferral, plain and simple.

I've been saying my entire adult life when rich people complain about paying so much tax that nobody feels sorry for you so stop complaining as they would gladly trade places with you. Now I'm getting a taste of my own medicine and I have to admit that it tastes pretty good. I know nobody (excepting rich people) is going to feel sorry for us. We saved intelligently with a great amount of discipline like many or most here and it is time to celebrate and cherish paying taxes at a level where only the few privileged folks in the country are able to achieve that privilege. My CPA told me, "Stop worrying about those things, realize that you did well in life, you'll leave a nice legacy and be able to live financially comfortably in retirement." He is a good friend from college and told me he is very proud of me, something that sunk in slowly but I realized only after existing savings mode and entering into asset management mode. We have a circle of friends and in regards to those who are self-made he puts me in the top tier as he is a CPA and he knows that people are worth.

When I was in my 20s and for the first time making enough to not like the tax man, I was complaining to a friend about it.

His Dad had told him to not worry about taxes because you really only pay them when something good has happened.

I always thought that was constructive advice.

(Estate tax notwithstanding!)

 

[Koolau]

When I was in my 20s and for the first time making enough to not like the tax man, I was complaining to a friend about it.

His Dad had told him to not worry about taxes because you really only pay them when something good has happened.

I always thought that was constructive advice.

(Estate tax notwithstanding!)

Probably a good way to manage your "feelings" about taxes, but I reserve the right to react other than cheerfully to taxes - especially when triggered by one excess dollar or some other "gotcha."

I'm not too fond of our (small p) progressive tax system either. I'd like EVERYONE to feel even just a little bit of the pain of taxes no matter how much they make. I understand the reasoning, but when roughly half the w*rkers don't actually pay taxes (beyond SS/MC taxes) it's easy to say "tax the rich" which turns out to be anyone making more than you do.

Not looking for a "discussion" of progressive taxes and tax rates. I understand why we have arrived where we are on them. The tax code has been voted on and is the law. I get that.

Suffice to say, if no one complained about taxes they surely would go up until we did complain.

I guess this turned into a rant so - end of rant.

 

[INTJ10]

I think the more interesting question is what is your HH net worth divided by you HH lifetime earnings. Our liquid net worth divided lifetime earnings is about 85%. If you had in other assets like real estate is about 100%

 

[aaronc879]

$695K total over 28 years. An average of under $25K/yr. No, I am not over 100 years old with income that stopped decades ago. That is income from 1997-2024 so not affected greatly by inflation. I have always lived cheap so that has been enough. As an example, I have spent less than $12K/yr in each of the last 2 years.

 

[YB88]

Like most others here, I'm disinclined to post specific numbers. But FWIW I have a spreadsheet that tracks AGI (adjusted gross income) and tax paid on all of my federal tax returns since my first full-time job. Total tax paid as a percentage of AGI averages to 18.8%, though if I take out a few outlier years it comes down to 13.4%. Since then I've been trying to take good care to keep taxes below a certain AGI threshold in any given year, though having recently sold a house owned for many many years I'll spike my average again somewhat this year.

 

[MichaelB]

Are we talking about all the money we’ve made, or just the part that’s legal?

 

[aaronc879]

Are we talking about all the money we’ve made, or just the part that’s legal?

The drug dealing and/or gigolo work you did in college doesn't count. Only the stuff that shows up on the SS report.

 

[Ronstar]

Are we talking about all the money we’ve made, or just the part that’s legal?

Good one! There are a lot of income sources to consider.

Even the legal ones. I got my income through wages/ salaries (W2), business ownership corp and real estate LLC (1099s and K-1s), Cash from side jobs, home building and remodeling/flipping, etc.

Summing my SS earnings from W-2's would not tell me much.

 

[pacergal]

Enough.
We made enough to keep a roof over our heads, food in our bellies, and spent some fun times with the kids, along with saving a bit along the way.
We don't have millions, but we have enough for a retirement that allows us to live each day thankful for what we do have.

 

[MichaelB]

The drug dealing and/or gigolo work you did in college doesn't count. Only the stuff that shows up on the SS report.

Well, that changes everything. Thanks for clearing it up. I probably better not say anything else …

 

[mwilson]

I think the more interesting question is what is your HH net worth divided by you HH lifetime earnings. Our liquid net worth divided lifetime earnings is about 85%. If you had in other assets like real estate is about 100%

Comparing ratios like this is much more interesting, and satisfying as you approach 100%+ since it feels like you've been living "for free." Comparing absolute values is a meaningless pissing contest.