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Started By
Message
re: 100K Net Worth
Posted on 7/30/15 at 9:20 am to Ace Midnight
Posted on 7/30/15 at 9:20 am to Ace Midnight
quote:
quote:
For someone retiring in 30 years, does 5mm sound like a solid target?
You know that's about $4k per month, earning about 6 1/2 % average return over 30 years, right?
No debt. 25 y/o. 75k salary, saving 25k a year. Current net worth approx 60k.
5mm doesn't seem too difficult with even modest returns? I'm sure a family will hurt the savings rate but hopefully I'll have dual income at that point.
3
Posted on 7/30/15 at 9:24 am to SomeGuyFromLA
quote:
No debt. 25 y/o. 75k salary, saving 25k a year. Current net worth approx 60k.
5mm doesn't seem too difficult with even modest returns? I'm sure a family will hurt the savings rate but hopefully I'll have dual income at that point.
Enjoy that shite!
Posted on 7/30/15 at 9:24 am to notsince98
93 percentile at 39 for wife and I. Got lucky with our first house selling it for almost twice the buying price after 4 years. Katrina helped with that. Also have made a really strong salary for the last 10 years with good stock options and other profit sharing stuff. No kids and wife has a good job so that helps.
But that job got old with the stress and travel. I just switched to a new job where I do the same thing with much less travel and stress. It also comes with a 20% paycut. Probably not something I would have considered without the existing equity but has really made for better quality of life. We have almost 7x salary saved now but that won't continue to grow as fast now. But unless something really bad happens we should be able to retire early and live comfortably.
But that job got old with the stress and travel. I just switched to a new job where I do the same thing with much less travel and stress. It also comes with a 20% paycut. Probably not something I would have considered without the existing equity but has really made for better quality of life. We have almost 7x salary saved now but that won't continue to grow as fast now. But unless something really bad happens we should be able to retire early and live comfortably.
Posted on 7/30/15 at 9:27 am to Dave Worth
Just read through this entire thread. Kind of turned into a shite show there for a bit. Very entertaining.
Posted on 7/30/15 at 10:23 am to SomeGuyFromLA
quote:Live a little man... travel, see the world.
25 y/o. 75k salary, saving 25k a year
Posted on 7/30/15 at 10:28 am to TigerTatorTots
Apparently my sarcasm was too much for this thread
Thought I made it obvious enough with the whole I gotta log out ramble.
Too funny
Thought I made it obvious enough with the whole I gotta log out ramble.
Too funny
Posted on 7/30/15 at 10:30 am to LSUAfro
So you know my OT posting style and still bought my troll of flyingtiger85.
Cmon man
Cmon man
Posted on 7/30/15 at 10:31 am to SoFresh
I actually know what Net Worth is, but after reading this thread I'm as confused as hell.
Posted on 7/30/15 at 10:53 am to rocket31
quote:
So you know my OT posting style and still bought my troll of flyingtiger85.
Cm on man
Well ya got me
Leaves more hope
This post was edited on 7/30/15 at 10:55 am
Posted on 7/30/15 at 10:59 am to SomeGuyFromLA
quote:
5mm doesn't seem too difficult with even modest returns?
What assumptions are you making about growth?
If you're assuming 8 to 10 percent for 30 years - mabye, but then, inflation is going to rob you of effective value, anyway. $5 million "inflated" dollars may not be worth $3 million today.
And, yeah, it's easier to accumulate $5 million in 40 years (you ain't retiring at 55, baw - sorry to break it to you) - you'll have 10 more years of contributions, plus 10 (and that's the last 10 years) more years of growth.
quote:
dual income
Unless she's a doctor or a banker, it will actually cost you money to send a woman to work - so forget all that "dual income" jazz, chief.
Posted on 7/30/15 at 11:03 am to Ace Midnight
Woof. This thread made my head hurt.
Posted on 7/30/15 at 11:07 am to Ace Midnight
quote:What?
Unless she's a doctor or a banker, it will actually cost you money to send a woman to work
Posted on 7/30/15 at 11:10 am to Korkstand
Maybe he's arguing if they have kids and daycare prices? I dunno where he was going with that.
Posted on 7/30/15 at 11:19 am to Jcorye1
quote:
Maybe he's arguing if they have kids and daycare prices?
Kids, daycare, housekeeper, female wardrobe that has to be refreshed every 4 to 6 months, new car more frequently, lunches, etc., etc., etc.
I stand by what I said (exaggerating, of course, if she's a CEO, Hollywood actress, higher-end lawyer, etc.) - if she's going to a regular job, it will be no better than a push over the long haul. You might get the benefit of her SS contributions, retirement, etc., but the rest of that is going to evaporate.
At least in my experience.
Posted on 7/30/15 at 11:21 am to Jcorye1
quote:I know daycare is expensive, but even minimum wage should more than cover it. And there is a whole lot of stuff between min wage and doctor's pay. With the way he phrased it ("send a woman to work"), I want to respond with "at least if she's at work she'll have less time to spend your money, right?"
Maybe he's arguing if they have kids and daycare prices? I dunno where he was going with that.
Posted on 7/30/15 at 11:26 am to Korkstand
quote:
I want to respond with "at least if she's at work she'll have less time to spend your money, right?"
Fool's Gold - they're wired to spend money. And not on durable assets, either. They're wired to, dare I say it, "waste" money.
Posted on 7/30/15 at 11:36 am to Korkstand
quote:
Unless she's a doctor or a banker, it will actually cost you money to send a woman to work - so forget all that "dual income" jazz, chief.
Wife made damn close to six figures and not going back after baby #2. After you figure day care, commute time, gas, cost of tolls., etc. Spending all that time commuting on top of 40 hr weeks and business trips it was not going to be worth it for what was left as take home.
Posted on 7/30/15 at 11:40 am to Ace Midnight
quote:Let's go with premium daycare in Louisiana, $10k
Kids, daycare
quote:$3k?
housekeeper
quote:This kind of depends on the job, doesn't it? You seem to be factoring in a high wage job's wardrobe with a low wage job's earnings.
female wardrobe that has to be refreshed every 4 to 6 months
quote:Will she really drive more back and forth to work than she would without a job? I think this is a wash.
new car more frequently
quote:What's the difference between eating a sandwich at home and packing one for lunch at work? Wash.
lunches
The way I figure it, a minimum wage job would cover premium daycare plus a housekeeper (unnecessary), and leave a little bit left over for a minimum wage wardrobe. I would have to assume your wife is qualified for a bit more than working the window at McDonald's, and believe it or not, sir, it's quite easy for a woman to earn twice minimum wage. Then she could spend several grand per year on a "fancy" wardrobe, and contribute another $10k or so to your yearly take-home.
shite, if you help out with the housekeeping chores, that's another $3-4k you can pocket per year. Maybe $10k+ per year is peanuts to you, but I would take it.
quote:Perhaps you value certain qualities in women that brought that experience on yourself?
At least in my experience.
Posted on 7/30/15 at 11:45 am to bamaphan13
quote:You either have some serious budgeting issues (with both money and time), or you live in an area with an extremely high cost of living, or your income is so high that the additional income is insignificant. In what world is a high 5-figure income not worth it?
Wife made damn close to six figures and not going back after baby #2. After you figure day care, commute time, gas, cost of tolls., etc. Spending all that time commuting on top of 40 hr weeks and business trips it was not going to be worth it for what was left as take home.
Posted on 7/30/15 at 11:51 am to Korkstand
quote:
The way I figure it, a minimum wage job would cover premium daycare plus a housekeeper (unnecessary), and leave a little bit left over for a minimum wage wardrobe.
So, she would be working to cover the expenses of her working.
Thank you for confirming my analysis.
quote:
I would have to assume your wife is qualified for a bit more than working the window at McDonald's, and believe it or not, sir, it's quite easy for a woman to earn twice minimum wage.
At her peak, Mrs. Midnight was approaching $30k per year. Still no net benefit, on hindsight. We had other money problems back then, to be fair (we were budget-impaired) - I was undercompensated, we were overleveraged, the whole 9 yards - but her not working has resulted in the best period of financial solvency the Midnight household has experienced in almost 30 years (running about 5 years, now).
So, there's that. Theory goes out the window when confronted with experience in the field.
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