r/Money

I’m dating a woman out of my league.

This sounds amazing until you actually live it. In short, I make 6 figures. Sounds like a lot but after taxes I make probably $60k (Canada sucks). Then I have real expenses like a house, car, utilities, insurance, etc. I honestly don’t even make that much and $100k is middle class now.

I met a girl that makes $500k per year, she’s literally a millionaire.

I thought it was going to be perfect but she’s so fucking high maintenance. She always wants to go on expensive ass dates. She’ll casually drop that she wants to go expensive steakhouses every weekend, she wants to go to the mall all the time to shop, we talked about marriage and babies, she wants a “babymoon” and a honeymoon and it needs to be some expensive foreign destination like Bali and a big wedding. She’ll hint that she wants to go on multiple vacations a year. Not to mention she just has expensive taste in general regarding things like handbags, cars, etc. I’m going broke trying to take her on dates 24/7. Like I can’t see myself keeping up with this. On the other hand, am I going to meet a girl this rich ever again? I’m torn.

Currently we each make around $85k in a moderate cost-of-living area. Rent + utilities are $2,600/month, and we have no savings and only a few thousand in our 401(k)’s.

We’ll be relocating in the next few weeks to an area with similar costs. Budgeting about $3,000/month for rent + utilities. As paid travelers, we can’t own property without losing our per diem, which is about $5k/month untaxed each. So investing in real estate isn’t a possibility.

The contract is minimum 2 years with current work planned for 4. Though they do plan on acquiring additional scope over time and could easily be out there for several years.

Current situation:
GF is debt free but will need a new (used) car.
I recently financed $30k on a new car (~$550/m) after putting 50% down. I’m 1 year into the (60 month) loan and plan to pay this off first.
I’m assuming maxing out my 401(k) should be a priority.
Outside of saving as much as possible, what should our priorities be? What goals should I make?

GF and I have been together for 3.5 years and I plan to get engaged. Not sure if being married helps with taxes or hurts, so any suggestions on that would be appreciated too. I manage both our finances, so consider our incomes as one.

Obviously this is a life changing amount of money. I just want to make the most of it. Thanks for the help.

I'm not sure if this is the appropriate subreddit for this, But i was truly mesmerized about this topic.

I live in a third world country in north africa, It is slowly advancing, but the economically weak currency remains the same.

I for example, Am able to to live decently, Pay for rent and all utilities with just 400$ to 500$ assuming I'm alone. If we take a family for example, That would become 700$ to 800$ To be comfortable.

Obviously the majority of families make less, standing in the low middle class range, or even less, As some jobs pay less than 7$ a day.

In contrast, If a person from my country got their hands on first world country money, They'd live like kings, without a worry about their financial status.

What are your thoughts?

I want to invest in something that’s going to make me money now not when I’m in my 60s (bc what if I die next month)

I have a 401k that I started two years ago
I don’t have a lot in there
I have a savings account but also not a lot in there

I don’t come from money but I want to learn more about it

Hey guys, sorry if this isn’t the appropriate community (direct me to an appropriate one if not).

To get straight to the point, I’m 27 years old making 100k a year in SWFL, my wife’s makes 60k a year and is pregnant with our first child. I have no idea how to invest or manage my money efficiently. We have a joint bank account through sofi that has 13k in a HYS and 1k in checking. I don’t know where to begin to understand literally anything besides our HYSA. Our combined debt is around 75k with her student loans and cars, no home (which is also something I’d like to efficiently save for)

My only goal is to retire us both around 60 and ensure our child has college paid for by the time they’re 18. Literally any advice at all would help or resources for my wife and I to read through so we can start understanding how it all works. I’m sure this is a pretty broad question but our financial literacy is very low. I appreciate any info anyone can provide, thank you.

Took some time and read through a few of the posts and a question came to mind. What exactly are you guys saving for?

Like I understand have an emergency fund like a HSA or in case you lost your job right?

But there’s people with over a million dollars and still saving. Is there a specific goal you guys are saving for is it just a hobby at this point?

Like I saw a post where a guy wanted to reward himself with a car, and it doesn’t sound too bad. Make some money, save some money, and spend some. I bought a brand new Camry 2 years ago, now I’m saving for a Mustang Dark Horse. Unlike most people who plans to retire in the US, I thought about going to a third world country somewhere in Asia.

The dollar may have lost its value from the home that made it, but it doesn’t mean it’s also lost its value elsewhere.

I’m 24, currently work part time, school part time. I made like 17k a year. I live rent free with family, health insurance is free thanks to the VA. But I’m not exactly sure what I should be saving for. Nothing really in mind aside from that 2 door coupe. What do you guys think I should be saving for and I wanna know what you guys are saving for.

I am looking into opening a HYSA and need some advice on the best options. New to all this and need some pointers please and thank you.

Thanks for advice I appreciate anything you send

I know nothing about money. I got 10k and i want to make it work for me. Where do i start?

Not sure if this is the right sub for this but alot of people seem to think that filing for bankruptcy makes you a borderline criminal, a loser or irresponsible but shit happens. Sometimes you take on debt and think you can pay it back but circumstances change. Some people are one paycheck away from being on the street and homeless and are being harassed by creditors or have a huge chunk of it taken out from a garnishment so sometimes you have to do what you have to do. It’s why we have this system and not debtors prisons.

Hey all,
I am struggling to figure out what I want to do with excess cash. My wife and I will be welcoming our second kid in December, and as much as I want to retire early, the thought of my kids growing up doing nothing sounds so boring. Once our last car loan is paid off we will be debt free. No house yet, but that's where the conundrum comes up. We will have about $1500/month in excess cash to do whatever we want with. Are there any out there that spent all their money while their kids were young to have a good time while there was time? As well as my wife and I still being young to enjoy stuff. We have about 180k in our retirement accounts, so technically using the 7 year rule we would be at 2.5million around age 60. That feels like a lot right now. Just looking for some advice. I would hate to miss out on the world to retire at 50 and my kids are teenagers by then.

I'm 19 and at the end of a three year apprenticeship, which I've been working bloody hard to get through. I've always fancied a classic car and thought the end of my apprenticeship would be a good excuse to 'reward' myself with a new hobby.

For context, I'm on £28k a year, and once my apprenticeship finishes in August it should go up to £35-40k. I'm in a good financial position and have about £50k total in investments and saving accounts, which I hope to put towards a mortgage on a flat/house to move out in the next few years. I've already got a car to trundle to and from work in, so this classic would be a hobby car.

I'm looking at getting a classic in the £10-15k range, like a triumph GT6 or similar. The insurance, storage and upkeep will total £2-3k a year.

Is this a bad decision? I know these numbers are small compared to some of the posts on here, but I thought I should check if my financial reasoning is sound!

I wanted to close my Ally CD 250k because they interrogated me for 45 minutes and then locked my account. They said unusual activity. It took 6 days to reach a person to unlock my 250k CD account. I decided to close the account and send the money to my Local Bank. I got a message. This is too much money to Transfer. Too much money to Transfer? Call the Specialist. The Specialist who never answers the phone.

in the third trimester here, still in the womb ...yeah I know I'm young. 8 million dollars in my portfolio mainly from ORB and a few good investments I picked up in the second trimester.

My worry is i known I can save money with my parents for the next 18 years or so but if I have to move out how can I secure a future if I have to dip into my 8+ million dollar savings.

I'm sorry but is it just me or does every other post here read like the above? Just wanted to poke fun at it.

Sometimes there's some gems but mostly it's like look at my bank account (fake or otherwise) at x age. Grown men humble bragging or fishing for compliments. Sorry grown men and women. Also the occasional scammer coming in to say how they are homeless or what not and need money, but usually that's on city or state sites.

If AITA then apologies across the board.

Hi everyone! CPA here, just want to share an idea that’s helped a few people in my life.

I absolutely hate AI slop and I wrote all this genuinely to procrastinate during work.

Money doesn’t give a shit. Why do we treat it like it does?

Here’s a few ways we fail to recognize money for the sociopathic and painfully accurate mechanism of exchange that it is:

We associate our financial behaviors with what type of person we are. Frugality tends to equate to good and modest and trust worthy (even if we haven’t shed a nickel for a friend or charity in the last decade) while low balance holders carry a lot of shame (and cure that shame with a quick weekend getaway they “deserve”).

We think some purchases are morally good, some are morally bad. You think your buddy is an idiot for the tab he racked up at the bar last night. You spent the same exact amount of money on a family trip to Disney Land that you saved diligently for and you all had an awesome time.

We love to recover sunk costs (which by definition is not possible). If you’ve ever punished yourself financially for some stupid purchase you made yesterday, you’re trying to recover your sunk cost. Maybe you had a shit time at Disneyland and now you’re on a “spend freeze” for some un-calculated and unrealistic time frame. Happy to dive into this more if anyone’s interested.

The point is, the balance goes down based on HOW MUCH you spent, not WHAT you spent it on.

Let’s pretend money is nails in a jar. You spent 700 nails this week. I really don’t care what you hammered them into. You need the remaining 400 nails for groceries and car insurance.

The following week, you might go as far as to say okay, I can use 1000 nails in this time frame *cough* budget
*cough*. If my radiator blows up on Monday, I’m all out of fucking nails. Maybe I do deserve Uber Eats and I am a hard working person and the economy is shit and I want my kids to have a good life and I’m having a good day and I should have an even better day, but I just don’t. Have. Any. Nails. Left. You’re not a bad person for it. You just ran out of nails.

Or maybe nothing unplanned happens and you have 300 nails left at the end of the week. Great! You have extra nails. You’re not a better person for it. You just have more nails.

If anyone’s interested I’d love to dive into how this mindset shift translates to a healthier spending cycle. Thanks for reading!

of course, you should feed probably pay your mortgage and feed your kids before you splurge on your self-care routine. But that’s prioritization. The point here is that your balance goes up and down by the exact amount you spend, regardless of what it paid for. By refuting the emotional assignment to our balance, we can start to treat money objectively and make better decisions like accounting for cost of living FIRST and save the luxury for the smaller luxury budget.

I grew up in a great family but parents didn’t make much and there were 4 of us kids. We got everything g we needed but parents didn’t waste any money. We are all naturally minimalists. I am 30 now and have a net worth of around 1 mill composed of apartment building, house and stock market accounts. Everything I make I invest and if I won 1 million dollars tomorrow I am sure I would invest 99% of it. I am confident I will die with millions, is this bad?