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Posted on 1/21/24 at 1:00 pm to Lawyered
quote:
I’d love to see that credit card statements of this stay at home wife and what all she does with her time and his money
I’m sure it’s plenty of $3,000 Hermes bags and week trips to vail and $25,000 country club memberships and god knows what else
Found the guy who didn't watch the video
Posted on 1/21/24 at 1:15 pm to PrecedentedTimes
I remember seeing one of the very nice houses on Perkins, just past the Bayou Manchac bridge and there was a huge motorhome, Hummer, Denali, very nice pleasure boat and other toys all parked in the driveway and thinking....damn just how deep in debt are is this family.
Posted on 1/21/24 at 1:16 pm to La Place Mike
quote:
It doesn't sound like the Advisor's high fees are the problem.
I read the article. Did I miss the part where they are spending all of their money. 1.25% fee on your money that is already set aside is not why you are struggling. Is this an ad for a brokerage company?
Posted on 1/21/24 at 1:23 pm to Will Cover
1.24% for managing someone's money isn't that high. Hell, when we were running a PE fund we had a 3% carry plus 2% annual expenses. That is 5% and people were handing us money as quick as we could open another fund. Why? Because they couldn't beat our returns without quitting their jobs or selling their companies.
Most people don't have the skill set to truly manage their own portfolios.
Most people don't have the skill set to truly manage their own portfolios.
Posted on 1/21/24 at 1:25 pm to Will Cover
quote:
Wait till his wife of 19 years figures out what she can make on alimony and child support ...
I used to think it would suck to lose half your income to an ex wife. After being married for over a decade now I think I would end up with more money if I only had to give her half.
Posted on 1/21/24 at 1:28 pm to Will Cover
Doctors are notoriously financially inept and easy marks.
Look how many in lockstep called a vaccine safe and effective when it was more or less 0% effective, untested and as the evidence unfolds unsafe.
Look how many in lockstep called a vaccine safe and effective when it was more or less 0% effective, untested and as the evidence unfolds unsafe.
Posted on 1/21/24 at 1:30 pm to Strannix
quote:
Doctors are notoriously financially inept and easy marks.
Absolutely. Anyone I know in the financial services industry tells me this. It's a well known fact in their profession.
Posted on 1/21/24 at 1:39 pm to Will Cover
I don’t need $426k every year… I just need that amount one time and I’d be set for life…
Posted on 1/21/24 at 1:53 pm to Hangover Haven
quote:
Only proves on thing… Lot of Dr’s don’t have common sense…
My mom was an accountant and always said doctors were the worst when it came to managing their own finances. She always preached what you do with money matters way more than how much of it you make.
Posted on 1/21/24 at 1:58 pm to dukke v
Over 10 years ago one of the Drs.she worked for was whining about his income tax bill for the preceding year.
He told her “I made a million dollars last year,my tax bill is $200,000 and I have $200 in my checking account.”
Knowing him and his situation, it was his wife that was the spendaholic and he couldn’t control her He didn’t wear expensive clothes,he drove an old Chevrolet truck.
He told her “I made a million dollars last year,my tax bill is $200,000 and I have $200 in my checking account.”
Knowing him and his situation, it was his wife that was the spendaholic and he couldn’t control her He didn’t wear expensive clothes,he drove an old Chevrolet truck.
Posted on 1/21/24 at 1:58 pm to Will Cover
You could even possibly live in a socialist liberal utopia like NY or LA at least sheltered and fed on that
Posted on 1/21/24 at 2:00 pm to LSUA 75
quote:
“I made a million dollars last year,my tax bill is $200,000 a
I would get a new cpa
Posted on 1/21/24 at 2:00 pm to Will Cover
if you put your money to work like you should then you should feel cash broke on a 665k salary.
maybe it's just me but if i have extra money sitting in my checking account I invest it in something ASAP. money just sitting there is lost money.
maybe it's just me but if i have extra money sitting in my checking account I invest it in something ASAP. money just sitting there is lost money.
Posted on 1/21/24 at 2:01 pm to Jones
quote:
quote:
“I made a million dollars last year,my tax bill is $200,000
I would get a new cpa
yep. theres no way that should ever happen.
This post was edited on 1/21/24 at 2:02 pm
Posted on 1/21/24 at 2:05 pm to Jones
quote:
quote:
“I made a million dollars last year,my tax bill is $200,000 a
I would get a new cpa
A 20% effective tax rate isn't terrible on a million, considering what the top marginal rates are over 500,000.
Posted on 1/21/24 at 2:07 pm to Puffoluffagus
quote:
A 20% effective tax rate isn't terrible on a million, considering what the top marginal rates are over 500,000.
yeah... but paying 200k to the tax man is much different than having a 20% effective tax rate
Posted on 1/21/24 at 2:10 pm to Corinthians420
quote:
yeah... but paying 200k to the tax man is much different than having a 20% effective tax rate
Uh what? Having a 20% effective tax rate on a million dollar is literally the same thing as paying 200k to the tax man.
Posted on 1/21/24 at 2:11 pm to Puffoluffagus
Doctors are almost always 400-500k in student loan debt these days. I know LSU dental school your be 400kin debt now. Tack on 7.5% interest and you’re making 600k so probably 3-4K a month just going to student loan debt. And then 25% off the top goes to taxes. Then if responsible 13% goes into a retirement account. So that’s over 50% before looking at a cent. Then add another 5-6k a month for house payment he’s at 70% gone
Posted on 1/21/24 at 2:16 pm to Puffoluffagus
quote:
Uh what? Having a 20% effective tax rate on a million dollar is literally the same thing as paying 200k to the tax man.
nope.
you have a lot to learn young Padawan
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