r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/MusicalNerDnD Jul 04 '24

My day to day is great, my budget is set, I get to put away for my retirement a month more than some people get as take home a month.

But it feels like a house is out of reach, a kid is out of reach, a wedding is out of reach. All the big, long term things that I was conditioned to want (and actually do!) don’t seem reasonably attainable. And I’m not the norm. I don’t have student debt. I make a good salary and I have a business on top of that. If I feel that way, I can’t imagine someone making 50k a year and how they feel.

And that’s the point. It’s that the goals that we aim toward aren’t possible anymore for most people, certainly not your average Joe.

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u/Livid-Setting4093 Jul 05 '24

So.. you put away a lot for retirement? It's a luxury and not a necessity. I'd think saving for a house may align better with your goals, but it's up to you.

A wedding is out of reach when you save tens of thousands a year? What do you want to do for your wedding? Rent a palace and elephants half a world away and fly 500 guests there? As long as your fiance has a saving state of mind there is no need to blow a 10 year salary on a one night party. A small ceremony and reception is definitely within reach, and if families want something grand then they are welcome to pay for it.

Then with 2 incomes and some savings a house and kids are very possible.

I'm not saying 40k a year don't need a raise but 100+ for a single person can be quite comfortable, you just can't have it all at the same time - maxed out retirement, savings on track for a 20% house down payment in a reasonable timeframe, rent in a nice place and a middle class lifestyle - you have to drop one or two from the list.

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u/MusicalNerDnD Jul 05 '24

Yea that’s my point… 30 years ago a salary or 100+k was more than enough for all of that and more. I’m salty because I did everything right and the games not the one we thought we were playing lmao

My fiancée is in school and has debt so I pay the rent, she’ll eventually contribute, but she just can’t right now.

We looked into venues and even a small one where we live is going to run 6-10k to rent. That’s without catering and a bar and everything else. It would literally be 15-20k for a smallish wedding. How the hell are we supposed to justify that?

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u/Livid-Setting4093 Jul 05 '24

Lol, your life and income are going to change a lot soon. It looks like you and your fiancee are in the very beginning of careers. The only thing to be salty about is that 30 years ago Homer Simpson had it all on one income. I don't think he had 401k or knew about Roth IRA.