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What is it like to be rich ($500K/year income)
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Date: September 24th, 2012 6:49 PM Author: impressive ocher dysfunction At $250K my life is a bit better than it was as a law clerk making $50K. I have a nicer apartment with in unit w/d, hardwood floors and lots of sunlight. I have an audi. I eat at fancy restaurants once a week. I buy more expensive clothing, and buy it more frequently. But my life does not feel that much greater.
Does it get way better at $500K? |
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Date: September 24th, 2012 6:52 PM Author: Brilliant glittery lodge Luxury is only fun until you adapt to it. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650740) |
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Date: September 24th, 2012 7:17 PM Author: silver hairy legs Welcome to the hedonic treadmill. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650980) |
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Date: September 24th, 2012 9:12 PM Author: fantasy-prone flickering kitty cat french chef MFCR (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651941) |
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Date: September 24th, 2012 7:01 PM Author: Greedy spectacular crackhouse headpube describe said expensive clothing. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650824) |
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Date: September 24th, 2012 7:13 PM Author: impressive ocher dysfunction I buy the sort of brands you get at Barneys. When I was a law clerk, I bought clothes off ebay. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650937) |
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Date: September 24th, 2012 7:15 PM Author: Greedy spectacular crackhouse headpube full price? (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650954) |
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Date: September 24th, 2012 7:16 PM Author: impressive ocher dysfunction sometimes. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650972) |
Date: September 24th, 2012 6:51 PM Author: outnumbered supple halford it doesn't, breh. you'd next wonder how it would be at $1M (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650733) |
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Date: September 24th, 2012 6:52 PM Author: impressive ocher dysfunction at $500K you can easily afford a nice house though breh. That has to be a huge upgrade in QOL. Plus you can cop that Mercedes G500 SUV. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650741) |
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Date: September 24th, 2012 6:55 PM Author: outnumbered supple halford lol no, breh. i live in an oceanfront condo with panoramic views. it gets old (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650766) |
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Date: September 24th, 2012 6:58 PM Author: impressive ocher dysfunction why do you live in a condo instead of an awesome house? (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650799) |
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Date: September 24th, 2012 7:01 PM Author: outnumbered supple halford single with no kids, lil breh. an awesome house is also high maintenance (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650818) |
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Date: September 24th, 2012 11:32 PM Author: carnelian bateful travel guidebook fortuitous meteor what about your SPS condo fees
how much are they |
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Date: September 24th, 2012 6:51 PM Author: heady feces idiot You don't have to worry about day-to-day spending, within reason.
you have a great time, but you also save a lot of cash. |
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Date: September 24th, 2012 9:12 PM Author: Brass Den he already has this (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651928) |
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Date: September 24th, 2012 6:52 PM Author: Bonkers Spot Mad-dog Skullcap sucks (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650742) |
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Date: September 24th, 2012 6:57 PM Author: startled generalized bond base ITT: FAGGOTS. DO YOU NOT REALIZE THERE ARE UNEMPLOYED PEOPLE AMONGST US (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650782) |
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Date: September 24th, 2012 7:01 PM Author: outnumbered supple halford (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650819) |
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Date: September 24th, 2012 9:12 PM Author: Brass Den (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651932) |
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Date: September 24th, 2012 7:09 PM Author: Sick Umber Trump Supporter Athletic Conference every incremental increase of 20% or more over your current income is enough to make a big difference (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650903) |
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Date: September 24th, 2012 7:09 PM Author: effete space blood rage If you're still working every day for your money, you can only trade up to materially more consumptive living but don't really get a huge change in overall lifestyle.
When you're truly rich, work is at your leisure and interest in acquiring moar shit, and your life begins to revolve around indulgence and interests beyond what the day-to-day.
$500K a year with investment should be enough to get people close to this, but there are many factors in play. Simply having a high income but no serous asset wealth and usually doesn't set you on the path to real freedom. |
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Date: September 24th, 2012 7:12 PM Author: impressive ocher dysfunction $500K is what an average service partner at my firm makes. Their lives don't seem that much better. They have pretty nice homes ($1.5MM-$2MM), send their 1-2 kids to private school, take one international vacation a year, and drive a Prius or BMW. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21650921) |
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Date: September 24th, 2012 9:13 PM Author: effete space blood rage Correct. Which is why the bar for "rich" has really changed and lifestyle matters a lot more than simply hitting a certain income level. True wealth is security and freedom, not a couple of leased luxury cars and a prestigious area code. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651946) |
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Date: September 24th, 2012 9:10 PM Author: bat-shit-crazy multi-billionaire hominid That's about $300k take home annually
You'll want to put $100k in savings each year to have any chance of a good retirement
$100k on mortgage, property tax, maintenance, landscaping, cleaning for a $1.5M house. You won't have a palace for that in any high col area, just a decent 5000sqft+ place
$50k on two decent $100kish cars. $25k if you want to drive low-end luxury vehicles
That leaves $50k for all other expenses: food, clothing, insurance, vacations, private school for the kids. It's barely enough without kids, and not nearly enough with kids
$500k isn't enough to live large |
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Date: September 24th, 2012 9:13 PM Author: Black doobsian people who are hurt church what a giant waste of money (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651945) |
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Date: September 24th, 2012 9:14 PM Author: Brass Den also what is this faggot smoking, you need to save 100k a year to live well in retirement, LOL. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651954) |
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Date: September 24th, 2012 9:14 PM Author: bat-shit-crazy multi-billionaire hominid If you're used to making $500k, yes, you do. You need $5M+ to retire on $100-150k/year (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651965) |
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Date: September 24th, 2012 9:16 PM Author: Brass Den assuming working for 30 years, and a decent return what does that add up to?
also by then the house will be paid off so you won't have that 100k a year mortgage to worry about. |
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Date: September 24th, 2012 9:17 PM Author: bat-shit-crazy multi-billionaire hominid $5-10M. If you save less, you run the risk of ending up with too little to retire comfortably
You'll still pay $30k in property taxes on that house |
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Date: September 24th, 2012 9:18 PM Author: Brass Den so you'd need over $5m to retire and have any chance of living well when you really don't have any expenses for housing (something that took 1/3 of the dood's paycheck before?) (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652008) |
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Date: September 24th, 2012 9:19 PM Author: bat-shit-crazy multi-billionaire hominid Property tax + maintenance on a 30yo $1.5M house is going to be $50k a year easily (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652028) |
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Date: September 24th, 2012 9:24 PM Author: Brass Den if it does, then your original post in not credited in terms of what is in reach with a 500k income. i'd suspect in most areas though (particularly in CA), it wouldn't come close to 50k, also i'd suspect saving 100k a year would far more than 5 million, especially if you're maxing out 401ks (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652087) |
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Date: September 24th, 2012 11:13 PM Author: bat-shit-crazy multi-billionaire hominid I may have been lowballing the estimate. Maintenance on a 30yo house is higher than it is on a 5yo house.
Median property tax rate is around 1.5%. Many NY counties have property tax rates close to 3%. 2% x 1.5M is 30k. A big aging house will need at least $20k/year in maintenance, possibly much more.
After inflation, good luck getting a high enough return to turn 3M over 30 years into far more than 5M. It can happen but it's far from guaranteed
You seem unwilling to face the fact that most people simply can't save enough to provide for themselves comfortably in retirement. |
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Date: September 24th, 2012 9:14 PM Author: bat-shit-crazy multi-billionaire hominid Cr (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651956) |
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Date: September 24th, 2012 9:11 PM Author: Brass Den gas yourself if you only think your life is slightly better than the dood who makes 50. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651917) |
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Date: September 24th, 2012 9:13 PM Author: bat-shit-crazy multi-billionaire hominid On $50k, you take home about 3k per mo. Rent a shitty place for 1200, get a Hyundai for $400 all in, spend $600 on all other expenses, and save about 10k with no hope to retire ever (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651950) |
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Date: September 24th, 2012 9:15 PM Author: Brass Den you're living thrifty as fuck for $600 bucks a month too, that's basically no money on entertainment. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651973) |
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Date: September 24th, 2012 9:16 PM Author: bat-shit-crazy multi-billionaire hominid Cr (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21651980) |
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Date: September 24th, 2012 9:18 PM Author: Black doobsian people who are hurt church "Rent a shitty place for 1200"
lol, this is like a 2500 sq. ft. 4 bedroom 3 1/2 bath with a pool in most areas of the country |
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Date: September 24th, 2012 9:18 PM Author: Brass Den true true (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652012) |
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Date: September 24th, 2012 9:20 PM Author: bat-shit-crazy multi-billionaire hominid Wtf
Most areas = rural |
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Date: September 24th, 2012 9:25 PM Author: Brass Den most populated areas = suburbs and 1 bedroom places go probably no more than 600 (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652092) |
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Date: September 24th, 2012 9:27 PM Author: bat-shit-crazy multi-billionaire hominid Wtf link? (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652106) |
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Date: September 24th, 2012 9:28 PM Author: confused meetinghouse This is true. I live downtown In a southern city and 1100 gets me the nicest luxury condo the city offers (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652122) |
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Date: September 24th, 2012 9:29 PM Author: bat-shit-crazy multi-billionaire hominid Wtf not possible (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652135) |
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Date: September 24th, 2012 9:31 PM Author: Brass Den just look up a random suburb in the US, fuck even take a look at not so suburban places like... seattle i haven't looked yet but i bet you can get a decent place there for less than 1200. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652146) |
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Date: September 24th, 2012 9:32 PM Author: confused meetinghouse Open your MFH brainwashed mind bro (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652151) |
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Date: September 24th, 2012 9:25 PM Author: mildly autistic organic girlfriend WTF 500k in savings is rich, let alone 500k per year (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652097) |
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Date: September 24th, 2012 9:27 PM Author: fantasy-prone flickering kitty cat french chef I have close to that in cash and I am not rich.
Living someplace where my all in cost is <$1000 a month is credited. |
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Date: September 24th, 2012 9:28 PM Author: mildly autistic organic girlfriend How old are you? (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652124) |
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Date: September 24th, 2012 9:30 PM Author: fantasy-prone flickering kitty cat french chef Thirty something. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652140) |
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Date: September 24th, 2012 9:31 PM Author: mildly autistic organic girlfriend I guess I could hit that by late 30s, but a lot would be illiquid (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652147) |
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Date: September 24th, 2012 9:33 PM Author: Brass Den i would define rich as being able to live on for a year less than 5% of your income relatively happily. so it's a frame of mind thing too. i'd consider my rich if i had 1 million in value. and if you're not happy as all fuck to be worth 500k in your 30s.... well looks like you'll be one of those ppl that will never be happy, enjoy life. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652157) |
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Date: September 24th, 2012 10:19 PM Author: fantasy-prone flickering kitty cat french chef I am pretty happy as I have a 180 gf, but the problem is you never know how poor you are until you get a little money.
I really want a damn mansion which has been driving me nuts, but if I get that I won't have the security of a lot of cash and basically no fixed expenses. |
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Date: September 24th, 2012 10:13 PM Author: slimy aromatic office police squad lol at your faggots defining happiness by which set of striver luxury goods you can afford at each level. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21652522) |
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Date: September 24th, 2012 11:15 PM Author: Tan Goyim Private Investor Okay, I'll bite.
Define happiness by which Dairy Queen Blizzard you can purchase. |
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Date: September 24th, 2012 11:16 PM Author: slimy aromatic office police squad It's not about buying shit you faggot (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21653030) |
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Date: September 24th, 2012 11:21 PM Author: Unholy Razzle Gas Station it will be awesome to you b/c you can buy all sorts of cool shit you never thought you would. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21653063) |
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Date: September 24th, 2012 11:21 PM Author: bat-shit-crazy multi-billionaire hominid Like an iPhone 5? (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21653066) |
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Date: September 24th, 2012 11:26 PM Author: jet vigorous becky degenerate I grew up in a family like this. You are not Donald Trump, but you have a nice life: You can take a nice vacation when you have the time You can live in a big house if you want You can buy toys like boats or sports cars You can retire early in early 50s if you are a prudent saver You probably have high job satisfaction even if you work a lot Kids graduate with no debt
May be more difficult if you live in NYC/DC/BOS/LA/SF since you have a larger peer group and it is more expensive. But we lived in a flyover city so it was fine. |
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Date: September 24th, 2012 11:29 PM Author: Electric cobalt party of the first part knife feel like my parents make at least this much give or take and I pay for my own law school. lol @ me. (http://www.autoadmit.com/thread.php?thread_id=2061031&forum_id=2#21653127) |