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Started By
Message
Posted on 1/25/24 at 12:24 pm to Maderan
First, we need to agree on what defines a baller.
I think it should be based on net worth.
Then, move on to a value that must be exceeded.
I propose 5 million net.
I think it should be based on net worth.
Then, move on to a value that must be exceeded.
I propose 5 million net.
Posted on 1/25/24 at 12:25 pm to Maderan
I can still afford 12 packs of soda.
Bow before me.
Bow before me.
Posted on 1/25/24 at 12:25 pm to Maderan
Stormy Daniels
Scot Van Pelt
Scot Van Pelt
Posted on 1/25/24 at 12:26 pm to H2O Tiger
quote:
If your annual income is north of 7 figures your net worth will be way over $10 Million
My first job out of college was working for a private equity group putting together oil and real estate deals. When we would get a group together everyone had to send in their tax returns and personal financial statements.
I am not exaggerating when I tell you that probably 30% (conservatively) had incomes in excess of their net worths. I am talking about surgeons making $500k a year in 1995 who had $100k of equity in their house and $50k in their checking accounts and still had student loan debt.
Many, many, many guys in their 40s working as insurance agents, lawyers, etc who made good money and had negative net worth.
And that was 30 years ago. I assume it's worse now.
Posted on 1/25/24 at 12:28 pm to SECdragonmaster
$5 million net worth is pretty good but not out of control high since you are including illiquid items like housing and business values.
$5 million in cash/investable assets is a whole different story though.
$5 million in cash/investable assets is a whole different story though.
Posted on 1/25/24 at 12:30 pm to No Colors
quote:
I am not exaggerating when I tell you that probably 30% (conservatively) had incomes in excess of their net worths
It wouldn't be too weird today. Especially since they don't start making money until later in life, and probably take on a mortgage and family formation while still paying student debt. The income growth from year to year can outpace their ability to save it. For example, calculations such as have 2x salary by X age wouldn't work.
But if that continues into late 40s there's potentially a problem. The income growth eventually slows down.
This post was edited on 1/25/24 at 12:31 pm
Posted on 1/25/24 at 12:30 pm to No Colors
quote:
My first job out of college was working for a private equity group putting together oil and real estate deals. When we would get a group together everyone had to send in their tax returns and personal financial statements.
I am not exaggerating when I tell you that probably 30% (conservatively) had incomes in excess of their net worths. I am talking about surgeons making $500k a year in 1995 who had $100k of equity in their house and $50k in their checking accounts and still had student loan debt.
Many, many, many guys in their 40s working as insurance agents, lawyers, etc who made good money and had negative net worth.
And that was 30 years ago. I assume it's worse now.
Agree, people with high income tend to spend a bunch and $1 mil is much different than $9 mil...but both are 7 figure incomes.
Posted on 1/25/24 at 12:31 pm to No Colors
quote:
My first job out of college was working for a private equity group putting together oil and real estate deals. When we would get a group together everyone had to send in their tax returns and personal financial statements.
I am not exaggerating when I tell you that probably 30% (conservatively) had incomes in excess of their net worths. I am talking about surgeons making $500k a year in 1995 who had $100k of equity in their house and $50k in their checking accounts and still had student loan debt.
Many, many, many guys in their 40s working as insurance agents, lawyers, etc who made good money and had negative net worth.
And that was 30 years ago. I assume it's worse now.
Yeah, but an income "north of 7 figures" would be $10 million a year minimum. I'd hope someone bringing in that kind of cash would have a net worth in excess of that. Your scenario makes sense for someone making a few hundred thousand though.
Posted on 1/25/24 at 12:32 pm to GRTiger
I wear a 8888 hat
This post was edited on 1/25/24 at 12:36 pm
Posted on 1/25/24 at 12:33 pm to H2O Tiger
quote:
Yeah, but an income "north of 7 figures" would be $10 million a year minimum. I'd hope someone bringing in that kind of cash would have a net worth in excess of that. Your scenario makes sense for someone making a few hundred thousand though.
No, 7 figures starts a $1 mil and goes to $9.99 Mil. 8 Figures is $10 mil.
Posted on 1/25/24 at 12:38 pm to Maderan
He's mincing words about "north" of 7 figs which to some implies 8 figs. Ignore these ones. Smart people know what you mean.
Posted on 1/25/24 at 12:42 pm to Maderan
quote:
No, 7 figures starts a $1 mil and goes to $9.99 Mil. 8 Figures is $10 mil.
Right. What is "north" of 7 figures?
Hint: The answer is at the end of your post.
Posted on 1/25/24 at 12:43 pm to Maderan
I have active memberships at BOTH Costco & Sam's.
Ball 'til I fall.
Ball 'til I fall.
Posted on 1/25/24 at 12:45 pm to Long Ball Larry
quote:
I have active memberships at BOTH Costco & Sam's.
Ball 'til I fall.
You must do well on Sample Saturday
Posted on 1/25/24 at 12:45 pm to GRTiger
quote:
Tiger Ryno is a veritable baller.
He doesn't even take all his available tax breaks because he doesn't have to care about his money.
Posted on 1/25/24 at 12:47 pm to TheChosenOne
When you can not notice your wife not being paid for 6 months, you're probably balling. That's all I'm saying.
Posted on 1/25/24 at 12:49 pm to H2O Tiger
quote:
Right. What is "north" of 7 figures?
$1,000,001 and above is north of 7 figures
$10,000,001 and above is north of 8 figures
Hint: duh
Posted on 1/25/24 at 12:52 pm to Maderan
quote:
$1,000,001 and above is north of 7 figures
This is 7 figures.
quote:
$10,000,001
This is more than 7 figures
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