Originally Posted by Diablo335
I'm a financial advisor...
First set aside $ for all medical expenses for the year (co-pays, deductibles, premiums, etc.)
Second set aside at least 15% into long-term savings (IRA, etc.). More if you are saving for a house or to pay for kids' college.
Live off the rest.
I agree with this statement. We live comfortably on my salary and here are our number (After Taxes):
Monthly Fixed Expenses: 39% of Net Income
Savings (including retirement): 19% of Net Income
That leaves us 42% of our net income to play with. Of course, this doesn't include food, clothes, taking the wife on a date, etc...But my bank account grows every month so we're not spending all of our 42%.
IMHO: go for the M5. You can't take it with you and as long as you can meet your obligations and retirement goals then you're in the clear.