Quote:
Originally Posted by SAHM
I wanted to add that the reason we only have 300k in cash right now when my husband is making 500k is that we recently bought a property overseas paid up in cash for my mother-in-law to live in. That's not a property we can sell at will and it's solely for consumption so I will leave it out of the equation. My husband also recently got to this salary. His earnings had risen steadily from 250k through 400k the past years. His 500k salary would stay for the next years unless he makes a breakthrough in his career and gets the million dollar package. I wouldnt bank on that for our financial independence plan though.
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I would say that it's generally quite hard to break into the $million base salary levels as only a few like the partners earn that much. But $500K base should probably imply about $750K of total compensation. After about $120K of taxes and say $300K of expenses, you are probably left with $300K of savings, so you could pay the loan off in 4+ years, less if his income rises. Should not be an issue.