View Single Post
      02-22-2013, 12:06 AM   #49
nogard13
Second Lieutenant
5

 
nogard13's Avatar
 
Drives: 2006 325i
Join Date: Mar 2010
Location: Durham


Posts: 220
iTrader: (0)

Quote:
Originally Posted by Diablo335 View Post
I'm a financial advisor...

After taxes...

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.