youngest person you know who makes a lot of f***ing money?

Apple Pie wrote:

Just go out and start running sub 28 min. 10Ks. There's a 22 yr old living in Colorado named Ritz that does that, and he makes over 200k per year.

He needs it to pay all those doctor bills (LOL)

I have 3 friends that dropped out of college and started building custom homes. Their corporation is worth millions now, but they did hit the real estate market at the perfect time. I think they started about ~4 years ago. They started by buying a $250,000 house for $50,000 down payment. Then they secured a $300,000 construction loan somehow. So they had $50,000 in, and $550,000 in loans. They ended up selling the place for $850,000. Basically in 6 months, they turned $50,000 into $350,000. They repeated this several times, making various levels of profit on each house. Now they have something like 40 projects in the works. Most are still custom homes. My guess is they clear at least $100,000 per project on average and each project takes about a year. So they make about $4mil a year and still growing. Not only that, but they have no expenses. They live in houses they build. They drive company cars. Most of their meals are business meals. Everything is written off or paid for as a business expense. That's the way to do it.

Since I believe your replying to me I just want to empasize again that the 85K is for two people, not one. If my personal income, not our house hold income rose to 85K per year I could indeed afford a 2005 BMW rather than a 91. At the moment I am prioritizing savings over "lifestyle" as I would like to someday own my own home. If we dropped our savings rate to zero (currently about $7000 per year for both of us) we could have a large two bedroom apartment and late model fords/hondas/toyotas, but thats not our priority.

that's a pretty dumb statement... how would you define unusual. let's say 1 in 1000 21-22 yr olds become millionaires on their own (i think that is actually a very high estimate)... i would still call that unusual

seeka wrote:

there are 21-22 yr olds who are millionaires. it's not unusual...

seeka wrote:

there are 21-22 yr olds who are millionaires. it's not unusual...

Um, I would actually have to file that under "highly unusual."

wow. How do I meet these guys? Gotta love ambitious people who have guts. A big turn on. It's not even so much about the money as it is about being confident and driven. These guys must be pulling in the chicks.

I know of an 18-year old who made $35 million smuggling marijuana into the US from Canada. He went way too far and eventually got caught and sentenced to 12 years.

Cgaites,This is almost completely off-point, but I live in the Bay Area, make $85k year (my girlfriend makes $70k), and also drive a 1991 BMW. Anyway, it's a 535i that I paid $9K for a few years ago. I could easily afford a new BMW, but I really prefer the style of the E34 to the newer models. A lot of my friends can't understand why I choose to drive it when I could easily afford a new one. Even if didn't like the older model for style reasons, I can't understand why someone would spend over a year's salary (after taxes) for a car. I know more than one person who makes in the range of $50K/year and has spent that much on a new Porsche or M3--and now have car payments that look like rent payments. Weird priorities.

cgaites wrote:

Since I believe your replying to me I just want to empasize again that the 85K is for two people, not one. If my personal income, not our house hold income rose to 85K per year I could indeed afford a 2005 BMW rather than a 91. At the moment I am prioritizing savings over "lifestyle" as I would like to someday own my own home. If we dropped our savings rate to zero (currently about $7000 per year for both of us) we could have a large two bedroom apartment and late model fords/hondas/toyotas, but thats not our priority.

I'm a chemist and make (30K per year) my wife is a nurse and she makes (50K per year). We just bought a brand new home for 129,500. Its a three bedroom, two full baths and we both have new cars. I drive a 2003 Toyota Tundra and my wife has a 2004 Toyota Highlander. U guys need to move down south.

haha your wife makes more than you

Not to hijack the thread, but I am a fan of the older body style BMWs as well. Mine is an E30 3 series (E30 M3 is the best looking car BMW ever made in my opinion), but I also really dig the E28 and E34 5 series. Great cars, outside routine maintence the only two repairs I've ever had to make were a muffler replacement ($80) and oil pan gasket replacement ($500). I bought the car for about 4K in 2000 - so thats five years of drving for $4500 or $75 bucks a month. Also really fun to drive.

DONT LIKE THE TOP 13 DRAFT PICKS IN ALL SPORTS MAKE MILLIONS AND ARE 19-22. THOSE WOULD BE MY TAKE AS THE MOST.

I married a guy who had college loans at 25. Within 3 years he was a millionare. That makes me one too! Life isn't just about the money, though....

30 year old wifey wrote:

I married a guy who had college loans at 25. Within 3 years he was a millionare. That makes me one too! Life isn't just about the money, though....

what did he do? what was his business?

ge

NOrunner wrote:

I'm a chemist and make (30K per year) my wife is a nurse and she makes (50K per year). We just bought a brand new home for 129,500. Its a three bedroom, two full baths and we both have new cars. I drive a 2003 Toyota Tundra and my wife has a 2004 Toyota Highlander. U guys need to move down south.

get rid of the trucks and suvs you gas-guzzling f***s. also, buy my new album.

Here's a better question:

What relatively recent (1990 to now) former top 10 NCAA DI College XC team has the highest average yearly income?

cgaites wrote:

I live in his town, am 25 and make about 55K (engineer) per year. My girlfriend makes about 30K (biologist). We share expenses. We live in a OK 1 bedroom apartment ($1250 per month plus utilities) in decent, but out of the way neighborhood. I drive a 1991 BMW with ~200K miles and the girlfriend drives a 1993 honda civic with ~150K miles. While we are among the wealthiest of our friends (all college educated professionals), we are also the only ones with our own apartment and cars. I'd say the assessment that 85K per year gets you a small apartment and a POS car is dead on for this area. Not ment as a complaint though, there are many things about this town that more than make up for the lack of material posesions.

Trying to see why a couple with combined income of $85,000 ($5,500 a month take-home) would have to drive cars that are worth about $1000 each?

Even if you contribute mightily to a retirement fund and your housing expenses are $1600 with utilities, that still leaves $3400 a month for everything else?

$85,000 / 12 months = $ 7083 per month

$ 7083 x .90 = $ 6375 after 401k contrib.

$6375 x .785 for taxes (I make 50K and that is what mine is) = $5004

$5004 - $ 1600 for rent + utilities = $3404

I figure that your car insurance could be $100/month/person. Your food could be $300/person. Your gas could be $150/month/person. Health Club could be $100/mo/each.

that makes $1300 more. That still leaves more than $2000 a month for other stuff.

Still looking pretty good!?!? Even if you pump these up quite a bit, at this salary, contributing 10% to retire., and living reasonably well you seem to have a lot of discretionary income. Maybe you have student loans?

I know that $85k is not a "lot" of money, and wherever you live it is even less (i.e. you could easily get a fancier apartment and spend $2000-2500 per month), but to say that it forces you into two POS cars and a below average apartment is misleading.

cgaites wrote:

Since I believe your replying to me I just want to empasize again that the 85K is for two people, not one. If my personal income, not our house hold income rose to 85K per year I could indeed afford a 2005 BMW rather than a 91. At the moment I am prioritizing savings over "lifestyle" as I would like to someday own my own home. If we dropped our savings rate to zero (currently about $7000 per year for both of us) we could have a large two bedroom apartment and late model fords/hondas/toyotas, but thats not our priority.

Also, not to pile on, but for an engineer you should have seen this coming: If you both save the "max" in your 401k, then you would be saving $11,000 for you and $6,000 for her, per year.

Even if you meant $7,000 a person, that isn't the "max".

Maybe your co. allows only a 15% contrib. (but I've never seen one that wouldn't allow 20%). I believe the max contribution allowed is $11,000 a year.

I do understand that even $7,000 total takes a big bite out of $85,000 a year and is a decent amount of savings. You are probably way ahead of most of us. I spent about 6 years contributing 20% and $2000-3000 a year to a ROTH (while making high-30's to mid-40's) so I feel your pain. Stick with it as you WILL be glad you did it someday.

E-commerce, computer programming consulting business.