I hate everyone in this thread.
I hate everyone in this thread.
kimani wrote:
3 mil in the bank wrote:
Money doesn't buy you stuff. Stuff is meaningless. And travel is way over hyped. Money buys you freedom. It buys you entry into the leisure class and escape from the insanity of modern day society.
What does this mean? And couldn't you avoid the insanity of modern day society by having a different (maybe lower-paying) job, something you could freelance primarily from home? Isn't leisure the result of modern day society?
The insanity of modern day society is being forced to spend minimally 40 hours of the best hours of the week toiling away at a job that you at best don't care for and at worst absolutely hate that leaves you mentally drained and exhausted. Then once you factor in preparation and commute, the entire week is gone. We do this for the entirety of the best years of our lives, wasting our time in stressful, authoritarian, hell holes, making rich capital owners even richer.
Most people do this just to survive.
It's insane because it's voluntarily self imposed by society itself. Instead of taking our collective increased productivity and using it to work less and spend more time on more worthwhile pursuits, we continue working ourselves to death.
I want out, and the only way out of the enslaved labor class is to become an capital owner yourself. This is especially true if you have dependents.
I'm pretty much out already given my net worth, but it's my net worth that keeps me going considering how much a relief financial freedom is. I work 35 hours a week in a low stress job making > $450K. I mean I could work 20 hours a week as a contractor with no commute, but I'd make max $50K a year doing that and might as well retire now if that's the case.
skooled in the distrikt wrote:
also, the lives most of you seem to be living are deferred.
travel now.
you'll all be the slow-walking, gray-haired american tourists with limited mobility traveling AFTER you retire. Take a year or two off and esee the world and use your health. kids can pay for college or at least half of it. enjoy your life and don't hole up in your boring big house with your suv's in the driveway watching tv every night
don't put it off, that's lame and not making the most of this wonderful world
lol at equating travel with living life you basic MF.
What jobs are out there that you can make $300K/year at age 30? What did you major in?
Pay a lot of taxes!!!!
Put 6% in matching 401k, pay my share of medical, dental, vision insurance. Pay college tuition- room and board for two kids, House payment, electricity, utilities, food, vet bills, family vacations, four cars, house, car(s), boat, life, umbrella policy insurance.
Couple pair of running shoes, some race entries, travel to races, and you are about done with $300k.
liars wrote:
I hate everyone in this thread.
I agree. Can't believe that they're all so poor.
DocHollywood wrote:
Seriously what do these people do with all that money?
This;
1. Pay off any remaining student loans.
2. Pay off modest house.
3. Pay off second home.
4. Don't have kids, stay married.
5. Max out 401k and Roth. Buy stocks.
6. Buy couple of year old vehicles and then drive them until they die.
7. Don't eat out much or buy expensive things.
8. Retire at 38 to do something more interesting and flexible. Travel when you want with your wife.
What most people do with this kind of income;
1. Have 2-3 kids. (spending ~500k per kid not counting school)
2. Get divorced. (she gets at least half)
4. Buy a house that is way too expensive and keep a huge mortgage.
5. Pay down minimum on student loans.
6. Buy new vehicles every other year.
7. Eat out at expensive restaurants.
8. Send kids to private schools and high-end day care.
9. Feel trapped in a job that makes them unhappy and burns up all of their time. Feel like there is no easy way out as the money is all gone at the end of each month.
Mostly it is not how much you make, it is how much you spend. Most people spend what they make, no matter how much they make.
Medical (specialist) doctor, dentist, pro athlete (non-runner), ?Big Law lawyer, Wall Street finance, nurse anesthetist (with overtime hours), ?top engineers at Google, Tesla, SpaceX, etc, successful business owner are some I can think of
Funny thread. $300K is a great living unless you live in San Francisco or NYC. If you are single in those cities it's still really good.
It's about the equivalent of a 15:30 5K. Better than most of the running world but far from elite.
You can't qualify for a Roth if you make $300K.
Most of the rest is true but it's a better life than making $50K and hating your job.
Yeah, meant SEP IRA. Roth was early days.
Agree making 300k and hating your job is still better than making 50k and hating your job.
To the guy reporting $580k, If you have that level of money then you are sending your kids to private school.
That is you either send your kids to a school that requires admittance or you send your kid to the 'local public school' which is in an ultra wealthy exclusive zip which requires admittance (need a bunch of money).
I find it hard to believe that one could have the intellect often necessary to earn $580k but not see the schooling issue; therefore i conclude you a. don't have that level of income or b. you are a virtue signalling contrarian, which is common among high income self praising urbanites.
Wow, that sounds like a miserable life. No Kids and traveling around exotic (poor) countries with an infertile woman. Most reasoned men realize after about 22 that 'travel' and 'no kids' is a devils lie. Your post honestly sounds like something a 20 year old college girl would say, for real, you might as well have said 'I want to Eat. Pray. Love.'
Note: Money does make you happier.
Being poor and a parent is good for neither.
Being childless (when you could otherwise easily provide for a child) is not a desirable thing not so much-I'm not sure you yet fully comprehend how much the world is geared towards family/children and how exclusionary it can be without one)
Being childless because you do not have the money, suitable partner, or have poor health is probably a good idea for purposes of being 'content'.
Mkay, if you say so. I'm a guy in my 40s, who has been married for 17 years now. I'm way happier than most of the married people I know. I'm sure you live for your kids and burn the rest of your life working and that is why this struck a nerve with you. If you are happy, good on you. You are in the vast minority.
Not everyone is wired to raise kids. The world would be better off if more people figured this out before becoming miserable parents. Yes, things can get exclusionary once all your friends start having kids, but you find new friends or hang on to the ones that have more balanced lives.
No that's not why it 'struck a nerve'
Don't have kids, wife was unable to, tried for many years in 30s when we were financially sound.
Not miserable because I don't have them, however since we did financially alright and are both fairly intelligent people I think it would have probably been a nice thing had we been able to have children.
A nice thing for us as well as others.
We've found ways to be part of society and maintain close relationships with siblings which has been nice; we don't travel much or engage in sensation seeking anymore, we try to have a rhythm and be part of our immediate 'community', which I have found to create more sense of meaning for me and others.
Sidebar: I greatly appreciate the fact that we have a reasonable amount of money and are not stressed by work, however, this was due to my diligence in teen years through twenties that afforded me nice career opportunities, not because I did not have children. I know plenty of people who did not have kids and are poor.
After it was definitive we would not be able to have children, we did a lot of 'traveling', 'going out'. After a while I found it almost depressing.
Anyhow, a point is, is that people who earn $300,000 are likely the type of people who should be having kids.
They are likely intelligent and there kids will be too (assuming both parents are intelligent).
If for some reason they couldn't have kids or knew they wouldn't be good parents that's totally fine (again we dont have children) but they shouldn't be encouraging highly educated, high earning, intelligent people to abandon a family calling so that they can more often vacation to resorts staffed by indigenous people who can hardly read. I think I would have been more satisfied paying for guitar lessons for my hypothetical son or ice skating rink fees for my hypothetical daughter than supporting the the tourist industry in impoverished, uncivilized, run down countries with nice flora and beaches.
If someone earns $300,000 a year and cant figure out how to live a relatively financially stress free life AND have a kid or two they have a spending problem which will exist regardless of ones parental status. And it's not as if when you don't have kids you are somehow magically free of all stress, people will find things to stress about. Were humans, it's what we do, we worry, we prepare, find solutions and adapt.
Backdoor Roth:
http://www.rothira.com/what-is-a-backdoor-roth-ira
Most people organized enough to pull in 300K are also organized enough to figure this out and take advantage of it.
Since you're already married, then I bet you're probably already fucked because you've probably already told your wife about how much money you are going to make and she is already planning out ways to level up your lifestyle and blow through the checks. And both you and your wife probably don't have any idea how insanely high your taxes will be. So the new lifestyle you're imagining probably isn't possible.
But that aside, for starters here is some real advice:
1st: lower your taxable income by maxing out your 401k and IRA (401k annual contribution limit is $18,000 and IRA limit is 5,500)
2nd: don't buy a new house or new car, unless you can pay for them in cash
3rd: live as close to work as you possibly can so you won't waste your time or money commuting
4th: setup an LLC to turn your hobby activity into small business activity (consult a CPA and legal service for specifics because now that you make more, you have more to lose if you make a mistake)
5th: invest in municipal bonds to increase your tax free investment income
6th: give generously to local charities that support causes you believe in and also increase the value of your community (consult a CPA and legal service to see how you can give to charities and simultaneously decreasing your tax bill)
Welcome to the population of people who regularly gets fucked by the tax man. Unless you are in the defense industry or a medical sector that benefits from government subsidies, your view on exorbitant government spending for defense and medicaid/medicare might drastically change.
Also, Mr. Money Mustache and Early Retirement Extreme have some good tips too, if you're really serious about using this high wage opportunity to escape the rat race in a few years.
I don't know, I'll take an extended backpacking or biking trip with my wife any day over driving kids to soccer every single weekend. (Yes some of my friends do that) Then again I've never been wired to raise kids. If you are more fulfilled doing other things, awesome for you. You are really just making a value judgement, not everyone values the same things.
Most people don't understand why someone would spend the time and effort to run 100 mpw. They think it is a waste of time and for them maybe it is a waste of time. Having the same daily routine and being involved in your local community may be your thing, meeting and impacting people in whatever community I'm in might be mine.
Life is short, most people spend their lives chasing dreams that society has sold them, not their own. If having kids is your thing, there is no reason to spend ~500k on each of them. Just as there is no reason to buy a new car every other year. It is pretty common for someone making this kind of money to do though.
The money is all gone at the end of the month and they feel trapped, even though they should have more than enough. The average household carries 17k of credit card debt every month. On average, people are just not very good with money. Making more usually doesn't fix anything.
like this wrote:
I don't know, I'll take an extended backpacking or biking trip with my wife any day over driving kids to soccer every single weekend. (Yes some of my friends do that) Then again I've never been wired to raise kids. If you are more fulfilled doing other things, awesome for you. You are really just making a value judgement, not everyone values the same things.
Most people don't understand why someone would spend the time and effort to run 100 mpw. They think it is a waste of time and for them maybe it is a waste of time. Having the same daily routine and being involved in your local community may be your thing, meeting and impacting people in whatever community I'm in might be mine.
Life is short, most people spend their lives chasing dreams that society has sold them, not their own. If having kids is your thing, there is no reason to spend ~500k on each of them. Just as there is no reason to buy a new car every other year. It is pretty common for someone making this kind of money to do though.
The money is all gone at the end of the month and they feel trapped, even though they should have more than enough. The average household carries 17k of credit card debt every month. On average, people are just not very good with money. Making more usually doesn't fix anything.
Are you a retired cop or garbage man ?
Spend it on babes. When you're as hot as me with one of the nicest looking bods that a middle-aged dude can have and rolling in the dough, the babes come a running. ?