-2,500 (public transit, auto: gas, car insurance, maintenance)
-2,000 (vacation)
-1,800 (utilities)
-1,000 (pet)
-----------
$82,300 spending
$322,000 - 108,000 - 82,300 = 131,700 savings per year
So, my total savings per year is $131,700 into taxable investment vehicles + $18,000 401k (+ additional company match money) + equity in my rental property
If I made $130,000, my spending would be at about 60% of my income, my taxes would be at about 20-25%, so my savings would be at 15-20%. However, I'd likely cut back some of my spending pretty substantially if that were the case.
$300,000 (work income)
+22,000 (rental income)
-----------
$322,000 income
-90,000 (~30% effective tax rate for CA + Federal taxes + SSI, ignoring rental income)
-18,000 (401k contribution)
-----------
$108,000 taxes and pre-tax investment
-36,000 (rent)
-17,000 (home mortgage, insurance, property taxes)
-8,000 (miscellaneous expenses, shopping)
-5,000 (groceries)
-5,000 (restaurants and bars)
-4,000 (property manager)
-2,500 (public transit, auto: gas, car insurance, maintenance)
-2,000 (vacation)
-1,800 (utilities)
-1,000 (pet)
-----------
$82,300 spending
$322,000 - 108,000 - 82,300 = 131,700 savings per year
So, my total savings per year is $131,700 into taxable investment vehicles + $18,000 401k (+ additional company match money) + equity in my rental property
If I made $130,000, my spending would be at about 60% of my income, my taxes would be at about 20-25%, so my savings would be at 15-20%. However, I'd likely cut back some of my spending pretty substantially if that were the case.