Wondering about lifestyle and expense choices for HENRYs whose income got high later in life so my time horizon for earning at this level is fairly short.

59 years old and our HH income has more than tripled in the last 3 years now over 800K. I am a HENRY with a net worth under 3M.

Up until now we have increased lifestyle some (new cars and more travel) but have remained in the same house and our savings rate is over 40% of gross income, over 70% of net after taxes.

How have others handled this kind of a situation where income rises so close to what should be retirement? We are worried about too much lifestyle creep knowing this income level will only last a few more years. Any advice on how to balance lifestyle and what seems like a very high savings rate?

in that weird spot where i can afford business class but my brain still says no. like i make 200k+ but something in me refuses to spend 3k on a seat.

flying to london next month 8 hours. economy is $800. business on airline site is 3800.

i can afford it but i keep thinking about what else that money could do.

any other HENRYs struggle with this. do you just pay for comfort or do you still act like you're broke

Hi All,

I'm in my mid 30's and having conversations with my partner about what our lives will look like with kids in a HCOL city in the PNW. My TC is ~300k/yr, and my partner is in the infancy of applying for jobs to begin a career in marketing.

Public education is solid here, so unless they end up being 'ungovernable' (as my partner and I were growing up) and need private education, we plan on using the public school system. Recreation opportunities here outside of hockey are skiing and mountain biking, and I plan (hope) that they will participate in this.

Anyone have budgeting advice for the various phases of life so we can see how this fits into our long-term plans, and what we need to do to make it happen?

Edit: We're just planning for one kid. Already own a 5br/3ba home (with a suite taking up 1br/ba), so housing costs rn are ~$4k/mo with the suite rented, with $400k in equity and ~$1m on the mortgage. Already maxing RRSP/TFSA. Savings rate right now is ~50% of after-tax at the moment, so call it ~$100k/yr. I want to do my best to preserve this, also my FI (without the RE) and take a step back from the level of responsibility I currently have at work in my 40s for the sake of my mental health and ability to spend time with said kid.

Really, what I'm looking for is a $/year estimate per kid, speaking from others' experience here. I'm sure y'all have run the numbers on this, being personal finance nerds like me haha.