View Single Post
      02-22-2013, 12:06 AM   #49
Second Lieutenant
nogard13's Avatar
Drives: 2006 325i
Join Date: Mar 2010
Location: Durham

Posts: 220
iTrader: (0)

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.
nogard13 is offline  
Reply With Quote