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re: Creating Wealth and the people you know who have it ...
Posted on 3/23/09 at 9:40 am to Cold Cous Cous
Posted on 3/23/09 at 9:40 am to Cold Cous Cous
quote:
I would hope that anyone with an income of $300K a year would have assets worth more than 1 million dollars
depends on how long you have been making 300k+. Even if you save 30% of your income, it would still take time to get up to the 1M zone.
2
Posted on 3/23/09 at 9:46 am to MileHigh
quote:right, someone making over $300K is paying 6-figures in taxes, and could be sending a sizable chunk of change to pay for his/her house, cars, country club, private schools, etc...
depends on how long you have been making 300k+. Even if you save 30% of your income, it would still take time to get up to the 1M zone.
and while the house is an asset, there is no telling how much equity the person has in it.
This post was edited on 3/23/09 at 9:47 am
Posted on 3/23/09 at 11:14 am to MileHigh
Well I'm assuming that the people we're talking about are over forty years old and have had some time to build up wealth. Most people don't just go from 0 to $300K (although I'm well aware that some do, like these 23 year old finacial analysts at investment banks). And as for your private school payments, country club dues, leased Lexus, etc. cry me a river. Those are choices you make.
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
This post was edited on 3/23/09 at 11:17 am
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