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Started By
Message
re: Feeling broke on a $665K salary
Posted on 1/21/24 at 2:19 pm to Corinthians420
Posted on 1/21/24 at 2:19 pm to Corinthians420
quote:
nope.
you have a lot to learn young Padawan
Feel free to educate.
1
Posted on 1/21/24 at 2:21 pm to Puffoluffagus
as long as you can record a huge financial loss somewhere in your tax history, you can put your yearly taxes owed towards filling that hole.
so while you are being taxed at 50% and "pay 200k", the transaction only happens on paper towards the loss you previously incurred
so while you are being taxed at 50% and "pay 200k", the transaction only happens on paper towards the loss you previously incurred
This post was edited on 1/21/24 at 2:23 pm
Posted on 1/21/24 at 2:24 pm to Will Cover
I have an uncle who was like this. Never had kids, always had a well-paying job, didn't get married till he was nearing retirement. He should have been able to live comfortably the rest of his life.
Then he retires and decides to sell his house and move to Florida and buy a house he can't actually afford. Now he and his wife are struggling in retirement.
Then he retires and decides to sell his house and move to Florida and buy a house he can't actually afford. Now he and his wife are struggling in retirement.
This post was edited on 1/21/24 at 3:00 pm
Posted on 1/21/24 at 2:27 pm to Powerman
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.
Sad, but mostly true. I think a lot just don't want to think about it and just resign themselves to work forever.
Another problem is that we haven't had a raise from insurance in almost 20 years. Cuts, but no raises. People assume their income will at least go up with inflation/cola, but that hasn't been true in medicine. I
Most doctors I know are worth waaaaay less than people would ever imagine. I think the biggest thing is they are tired of delaying gratification any longer once they start making money.
Posted on 1/21/24 at 2:31 pm to Motownsix
quote:
She always preached what you do with money matters way more than how much of it you make.
Your mother is/was a very smart woman.
Posted on 1/21/24 at 2:35 pm to Will Cover
I make 6 figures and we struggle
Posted on 1/21/24 at 2:36 pm to Will Cover
Rich people travel way more. Travel isn't cheap.
Posted on 1/21/24 at 2:41 pm to RogerTheShrubber
quote:
When it came to annual salary, respondents said they needed $284,167 a year to be happy.
Feels like just about everyone is making this kind of money these days.
Posted on 1/21/24 at 2:41 pm to 850SaintsGator
There’s a big difference in “6 figures” and “6 figures starting with a 6”. Your life is completely out of your control if you’re struggling at $665k/year.
Posted on 1/21/24 at 2:42 pm to Will Cover
Tell that hoe to get on OF and start showing that butthole to pick up the slack.
Posted on 1/21/24 at 2:44 pm to GeorgeTheGreek
quote:
Feels like just about everyone is making this kind of money these days.
Or a comparative amount in a low cost area.
This post was edited on 1/21/24 at 2:45 pm
Posted on 1/21/24 at 2:46 pm to beaverfever
quote:
There’s a big difference in “6 figures” and “6 figures starting with a 6”. Your life is completely out of your control if you’re struggling at $665k/year.
Lol very fair and true - I’m in the round down to $100k rather than round up to $1M range for sure
Posted on 1/21/24 at 2:49 pm to GeorgeTheGreek
quote:
Feels like just about everyone is making this kind of money these days.
284k? The median US household income is 75k
Posted on 1/21/24 at 2:51 pm to SmackoverHawg
Every doctor I’ve ever gotten to know was financially illiterate and seemed to think they were invincible.
Posted on 1/21/24 at 2:51 pm to Corinthians420
quote:
as long as you can record a huge financial loss somewhere in your tax history, you can put your yearly taxes owed towards filling that hole.
so while you are being taxed at 50% and "pay 200k", the transaction only happens on paper towards the loss you previously incurred
This doesn't work how you think it works.
Yes you can carry over losses. But you have incurred a loss first which usually isn't recommended although unavoidable for start up, businesses etc. Even still on an individual income level, there's a cap on carry over losses which is small.
Not sure where you got the 50% at any way, highest marginal rate is 37%.
Posted on 1/21/24 at 2:54 pm to GeorgeTheGreek
They sure do look like it
Posted on 1/21/24 at 2:55 pm to Puffoluffagus
quote:
A 20% effective tax rate isn't terrible on a million,
I didn't mean it could be better.
Posted on 1/21/24 at 2:57 pm to Puffoluffagus
quote:
there's a cap on carry over losses which is small.
Posted on 1/21/24 at 3:09 pm to Corinthians420
quote:
Corinthians420
Feel free to actually make a rebuttal with evidence. Certainly yes there's carry forward losses on business entities and corporations in regards to profits at a fairly large percentage. This is helpful for businesses etc.
But on an individual level for income tax purposes there's a finite annual limit. Which on a million dollar income is pretty neglible.
Posted on 1/21/24 at 3:09 pm to Will Cover
I hope the wife has her own money squirreled away, because he's going to trade her in for a flashier model very soon.
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