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#91
04-15-2007, 07:21 PM
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Re: You\'re making 800k a year now.....
[ QUOTE ]
[ 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 [/ QUOTE ] Fair enough, I won't speak for others. I just know that I have no desire to spend any more time working a 9-to-5 than is absolutely necessary to allow me to live a comfortable lifestyle. And my idea of comfortable is a lot closer to Metetron's numbers than that absurd $20 million figure. For $800K a year, I might stretch it out for a few extra years, but I'm sure as hell not working til I'm 60. Really, I just found it humorous that one of his keys to living comfortably was being able to take vacations at any time, yet to get that, he's going to willingly work a job for decades where he only gets 4 weeks of vacation a year. 
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#92
04-15-2007, 08:00 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" are 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 ] The danger in any discussion is taking oneself as representative of the whole. Anger at anyone differing is of course implied criticism which can feel intolerable. You didn't just fall in, you leaped with all your might and cursed everybody on the way down as if you were pushed.
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#93
04-15-2007, 08:05 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 ] "Not have to worry about money ever again" is a very different question from the one many posters are considering. This is an extremely high standard, agreed even by reference to an $800k salary. What you are defining is not necessarily enough to retire or live with reasonable or even quite good comfort. What you are defining is truly wealth. I really don't buy that a person -- at least EVERY person, or even the vast majority of them -- MUST be wealthy to have a pretty damn good life and be happy. I'd go so far as to say that if only being wealthy could possibly make someone happy, he will never be happy and doesn't really understand what happiness is, how to get it, or how to keep it.
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#94
04-15-2007, 08:14 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 ] Very important point. The supposed "freedom" you get by showing up to work every day is a contradiction in terms to a certain extent. Everything has a price; the time you give away is definitely not free. It's time you could have spent watching your kids grow up and being a bigger, more productive force in their lives, pursuing things that are not just bearable like your job but that actively interest you, honing a challenging skill, improving your knowledge about any number of things, keeping in better shape ... the list is large and keeps going. EVERYTHING has its price. When people are looking at this question and sometimes reflexively barking back their choices in anger, they are often very presumptive in thinking that everyone would want to pay the price they're willing to pay, or that they won't pay a substantial price for their own choice. They'll pay it all right. No matter what choice you make, you'll pay plenty. Even if you don't see it right away. There are a lot of middle aged people who get divorces who never saw it coming. It's easy just to fixate on your career and wind up defining decades of your life in a very shallow way and only realize it when your family is already lost. Happens a lot to professionals. Alcoholism and drug use is high, too. And some of these people like their jobs quite a bit. But by giving up time, you give up the things you could have done with the people you love. You can never get that back, not even with Bill Gates money.
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#95
04-15-2007, 08:19 PM
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Re: You\'re making 800k a year now.....
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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. [/ QUOTE ] They also sometimes do it because they're smart. You can be ambitious, smart, or both and more than happy to leave it behind, too. People are not that lacking in complexity. You can also inherit money and never want to work, and I wouldn't blame you. That kind of thing isn't terribly unusual. I remember one guy I met who made millions before he was 30. He sold out his company and enjoyed life. Maybe one day he'll do other job-type things, who knows. He seemed happy enough, and I don't see why he wouldn't be unless he totally lacked imagination. In which case, I'm not sure anything he could ever do would fit my definition of happiness.
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#96
04-15-2007, 08:21 PM
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Re: You\'re making 800k a year now.....
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Really, I just found it humorous that one of his keys to living comfortably was being able to take vacations at any time, yet to get that, he's going to willingly work a job for decades where he only gets 4 weeks of vacation a year. [/ QUOTE ] Yup, that was a good catch.
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#99
04-16-2007, 10:13 AM
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Re: You\'re making 800k a year now.....
The reality is most people would work until fired or until they go bonkers or until a normal "wealthy" retirement age like 55-60. This is just not an uncommon scenario for lots and lots of people.
It's the exceptionally rare person who hoards a huge pile of FU money.
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#100
04-16-2007, 10:14 AM
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Re: You\'re making 800k a year now.....
I really wish one of the big time ballers from the high stakes poker crowd would have come in here and laughed at this thread for asking them to take a pay cut and increase their hours.
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