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#81
04-15-2007, 06:10 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
[ QUOTE ] I think its pretty amazing how many posters think this is a lot of money. Throw a spouse and kids into the mix before you tell me you'd work 4 years and donate half of your money to charity. LOL. El D's observations about a "$20M windfall" seem more in line. [/ QUOTE ] It just shows that most posters have no clue when it comes to money. $20mill is the MINIMUM, if you want to live a comfortable lifesyle and not have to worry about money ever again. Anything less is not comfortable. It will take you a VERY long time to save up $20mill when you're making $800K per year. You'll probably NEVER get to that point due to your ever increasing expenses. Any idiots claiming "no not me, i'll save all the money and live in my piece of sh** apartment and drive my sh** car until I have $20mill" is stupid. When you have a job that pays 800K, you'll be working with and making friends with people who live a rich lifestyle, and you'll want to be part of it. This lifestyle will make it very difficult to save money. Especially when you're talking $20mill. [/ QUOTE ] It just shows that a bunch of people who don't know how to control their spending think that everyone making 800k would blow a lot of it. If I made this much and took this job I'd spend less because this piece of crap job only gives me 4 weeks a year for vacation. I didn't go stupid crazy spending money when I went from poor to rich. I won't go stupid spending money if I went from rich to super-rich. $20 million minimum must be some sort of joke. I could retire comfortably (on my own) for under $2 million at any age. Add in kids and I could still do it with $3 million at most. Do you really need at least $400,000/year pretax to retire comfortably? 
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#82
04-15-2007, 06:11 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
I think its pretty amazing how many posters think this is a lot of money. [/ QUOTE ] It is a lot of money (off the top of my head I'd say in the top .5% of US household income distribution), but just not enough to be set for life after a only a few years (at least not for the type of lifestyle I would like to have going forward).
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#83
04-15-2007, 06:20 PM
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Re: You\'re making 800k a year now.....
Sure, a nice house in LA or OC is going to be a couple million (one million is not a "nice" house in those areas, i'm aware that you live there but i've visited a few friend's houses and they're worth quite a bit more them one million dollars). I think it is really important to consider where you would live; if you're traveling all the time once you retire, the last thing you need is a big empty house to return to. A gorgeous condo with great views would serve the same purpose. I understand that with children you might want a bigger house, but it's inaccurate to assume that everyone wants either.
You can get a lot more bang for your buck if you don't live somewhere ridiculously expensive - you can always go to those places for vacation [img]/images/graemlins/wink.gif[/img]
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#84
04-15-2007, 06:26 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I think its pretty amazing how many posters think this is a lot of money. Throw a spouse and kids into the mix before you tell me you'd work 4 years and donate half of your money to charity. LOL. El D's observations about a "$20M windfall" seem more in line. [/ QUOTE ] It just shows that most posters have no clue when it comes to money. $20mill is the MINIMUM, if you want to live a comfortable lifesyle and not have to worry about money ever again. Anything less is not comfortable. It will take you a VERY long time to save up $20mill when you're making $800K per year. You'll probably NEVER get to that point due to your ever increasing expenses. Any idiots claiming "no not me, i'll save all the money and live in my piece of sh** apartment and drive my sh** car until I have $20mill" is stupid. When you have a job that pays 800K, you'll be working with and making friends with people who live a rich lifestyle, and you'll want to be part of it. This lifestyle will make it very difficult to save money. Especially when you're talking $20mill. [/ QUOTE ] It just shows that a bunch of people who don't know how to control their spending think that everyone making 800k would blow a lot of it. If I made this much and took this job I'd spend less because this piece of crap job only gives me 4 weeks a year for vacation. I didn't go stupid crazy spending money when I went from poor to rich. I won't go stupid spending money if I went from rich to super-rich. $20 million minimum must be some sort of joke. I could retire comfortably (on my own) for under $2 million at any age. Add in kids and I could still do it with $3 million at most. Do you really need at least $400,000/year pretax to retire comfortably? [/ QUOTE ] Depends what you define as comfortably. If you and your family can live comfortably at $50K per year, then go ahead and retire with 2 million in the bank. I'm talking living in CA, big house, nice cars, vacation anytime and anywhere you want, and not have to worry about money ever again. That's what $20 mill will buy you. That is my idea of "comfortable" living.
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#85
04-15-2007, 06:31 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
All, I think almost everyone in this thread way underestimates how long they would work and how quickly their expenses would rise to take up a relatively big chunk of what they make. I know tons of people who have gone from making 40k to 100k to 200k to 500k or more per year, and the amount they save annually definitely does not rise in equal proprortion to their increase salaries. And nobody I know has quit after a few years of making 500k+. I know many partners at consulting, banking, and law firms who planned to quit just like everyone in this thread, but have worked far more than 10 years making that kind of money. The only people I know who have quit working have all had 20M+ windfall gains. [/ QUOTE ] I'm not 100% positive but I think this salary structure combined with investments is fairly close to what my Dad accomplished working in corporate America. He did pretty much what you said nobody you know has done. Continuing to save and invest and then retiring at 50. He was a total nit with spending, automobiles, etc and kept his 'poor boy from the backwoods of West Virgina' values about him on such stuff I guess. Maybe I'm misinterpreting what you're talking about and my Dad doesn't run as contrary to your observations as I think.
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#86
04-15-2007, 06:31 PM
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Re: You\'re making 800k a year now.....
You've just described, super ridiculous top .1% of the USA rich living. That's not comfortable. And I could very comfortably raise a family spending only 100k a year.
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#87
04-15-2007, 06:43 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] I think its pretty amazing how many posters think this is a lot of money. Throw a spouse and kids into the mix before you tell me you'd work 4 years and donate half of your money to charity. LOL. El D's observations about a "$20M windfall" seem more in line. [/ QUOTE ] It just shows that most posters have no clue when it comes to money. $20mill is the MINIMUM, if you want to live a comfortable lifesyle and not have to worry about money ever again. Anything less is not comfortable. It will take you a VERY long time to save up $20mill when you're making $800K per year. You'll probably NEVER get to that point due to your ever increasing expenses. Any idiots claiming "no not me, i'll save all the money and live in my piece of sh** apartment and drive my sh** car until I have $20mill" is stupid. When you have a job that pays 800K, you'll be working with and making friends with people who live a rich lifestyle, and you'll want to be part of it. This lifestyle will make it very difficult to save money. Especially when you're talking $20mill. [/ QUOTE ] It just shows that a bunch of people who don't know how to control their spending think that everyone making 800k would blow a lot of it. If I made this much and took this job I'd spend less because this piece of crap job only gives me 4 weeks a year for vacation. I didn't go stupid crazy spending money when I went from poor to rich. I won't go stupid spending money if I went from rich to super-rich. $20 million minimum must be some sort of joke. I could retire comfortably (on my own) for under $2 million at any age. Add in kids and I could still do it with $3 million at most. Do you really need at least $400,000/year pretax to retire comfortably? [/ QUOTE ] Depends what you define as comfortably. If you and your family can live comfortably at $50K per year, then go ahead and retire with 2 million in the bank. I'm talking living in CA, big house, nice cars, vacation anytime and anywhere you want, and not have to worry about money ever again. That's what $20 mill will buy you. That is my idea of "comfortable" living. [/ QUOTE ] I didn't know that was the criteria for having a fun life. I suppose you are right; working this job for 3 years would not accomplish this.
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#89
04-15-2007, 06:56 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
I'm talking living in CA, big house, nice cars, vacation anytime and anywhere you want, and not have to worry about money ever again. That's what $20 mill will buy you. That is my idea of "comfortable" living. [/ QUOTE ] Except for those 48 weeks a year for 30 years when you're working a 9-to-5 saving up your $20 million, right? I think you seriously underestimate the value a lot of people would place on freedom from working the rest of their lives. I'd gladly give up a lot of your "necessities" in exchange for decades of additional free time.
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#90
04-15-2007, 07:00 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
[ QUOTE ] I'm talking living in CA, big house, nice cars, vacation anytime and anywhere you want, and not have to worry about money ever again. That's what $20 mill will buy you. That is my idea of "comfortable" living. [/ QUOTE ] Except for those 48 weeks a year for 30 years when you're working a 9-to-5 saving up your $20 million, right? I think you seriously underestimate the value a lot of people would place on freedom from working the rest of their lives. I'd gladly give up a lot of your "necessities" in exchange for decades of additional free time. [/ QUOTE ] i don't think people place this as high as you think - early retirement sounds like a bit of a nightmare unless you've got a plan. there's two fallacies working in this thread - 1. working this job wouldn't change you. well, assuming it's a legitimate job, it probably would. poker doesn't count towards this - it's easy not to go nuts with spending as a young poker player, especially if it comes off as vain or unnecessary to your friends 2. early retirement is a legitimate goal for a lot of people. guys who make a ton of money early in their lives do so because they're ambitious - not because they want to coast for the rest of their lives.
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