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Started By
Message
re: Feeling broke on a $665K salary
Posted on 1/21/24 at 6:16 pm to PrecedentedTimes
Posted on 1/21/24 at 6:16 pm to PrecedentedTimes
I'm not surprised at all. There's an old say, "It's not how much you make that matters, but it's how much you keep that counts." My kids are grown now, but both of my children went to private schools their entire lives and I saw so many households where both parents were making a lot of money, but they lived paycheck to paycheck and some were worst off than that.
People with money often feel like they have to continue to outdo each other, so they're constantly buying stuff and it's never enough. If family X just purchased the new top-of-the-line Yukon, the others felt like they had to make another big purchase to keep their status in the group. Sometimes church felt more like a fashion show than a religious gathering.
I know one family personally that made a lot of money, owned one of the biggest houses in town and also had a beautiful beach house, but went through some financial difficultly, filed for bankruptcy and got divorced. Almost instantly, the "power group" they hung out with, vacationed with and did business dealings with vanished. The so-called close friends quit calling, texting, quit inviting them to social events and basically avoided them like the plague in public. For awhile, I felt sorry for the couple, but I then realized they knew the entire time what they were dealing with and chose to be a part of it.
As a parent, I told my children if it takes a piece of paper, which is probably the dirtiest thing you will ever touch in your life, to make you happy, you're never going to be happy. Fortunately, both of my children are happily married and have successful careers and haven't fallen victim to chasing money and I hope they never will. As a parent, I can only hope they will continue to follow the path they are on, but there no guarantees.
People with money often feel like they have to continue to outdo each other, so they're constantly buying stuff and it's never enough. If family X just purchased the new top-of-the-line Yukon, the others felt like they had to make another big purchase to keep their status in the group. Sometimes church felt more like a fashion show than a religious gathering.
I know one family personally that made a lot of money, owned one of the biggest houses in town and also had a beautiful beach house, but went through some financial difficultly, filed for bankruptcy and got divorced. Almost instantly, the "power group" they hung out with, vacationed with and did business dealings with vanished. The so-called close friends quit calling, texting, quit inviting them to social events and basically avoided them like the plague in public. For awhile, I felt sorry for the couple, but I then realized they knew the entire time what they were dealing with and chose to be a part of it.
As a parent, I told my children if it takes a piece of paper, which is probably the dirtiest thing you will ever touch in your life, to make you happy, you're never going to be happy. Fortunately, both of my children are happily married and have successful careers and haven't fallen victim to chasing money and I hope they never will. As a parent, I can only hope they will continue to follow the path they are on, but there no guarantees.
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Posted on 1/21/24 at 6:25 pm to Corinthians420
quote:
i'd rather buy a new work truck at the end of the year than give it to uncle sam if i see i'm gonna owe a lot
Do you honestly think it’s that easy? You just get to subtract $75k for the new work truck from any taxes you would otherwise owe?
Posted on 1/21/24 at 6:42 pm to baldona
quote:
Do you honestly think it’s that easy? You just get to subtract $75k for the new work truck from any taxes you would otherwise owe?
you don't owe anyway, recorded huge losses in 2020 due to covid and now all taxes owed at the end of the year are just making that number go down. if you buy a vehicle/equipment/property, that number stays more in the negative.
Trump already told you, only dumb people pay taxes.
This post was edited on 1/21/24 at 6:52 pm
Posted on 1/21/24 at 8:15 pm to tiger rag 93
quote:
Subtle
Never with that guy. Never misses a chance to brag
Posted on 1/21/24 at 8:19 pm to Will Cover
I predict that the wife will be on Only Fans
Posted on 1/21/24 at 8:23 pm to Will Cover
Where does he live?
Obviously not saying he’s financially intelligent but anyone suggesting it’s hard to blow through $450k a year is probably a low income earner.
Obviously not saying he’s financially intelligent but anyone suggesting it’s hard to blow through $450k a year is probably a low income earner.
Posted on 1/21/24 at 9:29 pm to Robin Masters
Article is pretty dumb. Mostly just positioned as investment advisor critique.
On the other side, if you don't go through a progression of higher income then it's pretty tough to comment. The purpose of income is not to retire and do nothing sitting at home because now you can afford to do that. It is to live and enjoy your life and, yes, balance is important in spending and saving.
Most of you speak like if you made that much then you would only work a few years and then retire. Pretty worthless view. Yes, if you make more you will be wanting to spend more. And you should, the purpose of life is to live it and enjoy it.
On the other side, if you don't go through a progression of higher income then it's pretty tough to comment. The purpose of income is not to retire and do nothing sitting at home because now you can afford to do that. It is to live and enjoy your life and, yes, balance is important in spending and saving.
Most of you speak like if you made that much then you would only work a few years and then retire. Pretty worthless view. Yes, if you make more you will be wanting to spend more. And you should, the purpose of life is to live it and enjoy it.
Posted on 1/21/24 at 9:34 pm to Maderan
Doc probably has a mistress up in a nice apt, luxury car, etc.
Posted on 1/21/24 at 9:37 pm to Robin Masters
quote:
Obviously not saying he’s financially intelligent but anyone suggesting it’s hard to blow through $450k a year is probably a low income earner.
You can pretty easily live paycheck to paycheck (or at least not pile up money) on 500k a year in lots of places, and not elite places either. And without ballin'.
Private school is expensive. Even nice domestic trucks and SUVs are expensive. Non-mansions in established parts of cities or better suburbs can easily push 1.5-2m. People in those professions and in those areas aren't sending their kids to Primrose, they're getting a nanny. Which is expensive. They're paying more in insurance, probably throwing money at charitable causes (altruistically or not). Upkeep on nice-ish stuff in a nice-ish place is expensive.
None of that is to say it's justifiable, just that it's not some giant departure from how people at lower incomes are blowing through their own money. Things are just on a different scale, and honestly, it can happen with just a handful of variables without getting into grand luxury, etc. (putting 2-3 kids through private school, for example).
Posted on 1/21/24 at 9:43 pm to Will Cover
It’s why the best thing you can do when you get that big pay raise is to pretend you never did. Sure, incidentally improve live by needing to save less, but it you should live under the old check and save/invest the rest.
You’ll always find something to buy if it’s in your general bank account.
Personally my job and side hustles all go into Wealthfront, and I pay myself out of that account instead of a direct deposit from the W-2 job to my main
You’ll always find something to buy if it’s in your general bank account.
Personally my job and side hustles all go into Wealthfront, and I pay myself out of that account instead of a direct deposit from the W-2 job to my main
This post was edited on 1/21/24 at 9:45 pm
Posted on 1/21/24 at 9:48 pm to Will Cover
Why do people use AUM % FA’s? So foolish. I worked in finance for years. When regular Joes asked for advice I said the same thing. Open up an online brokerage account and invest in an S&P 500 index fund.
Posted on 1/21/24 at 10:01 pm to JasonDBlaha
Guarantee, he's taking the kids to Disney for a week and staying at the Grand Florida and then 3-4 days at Universal and 2 rooms at Portofino.also leasing the Lexus for himself and buying a Yukon Denali does not help.
Posted on 1/21/24 at 10:10 pm to Pettifogger
quote:
You can pretty easily live paycheck to paycheck (or at least not pile up money) on 500k a year in lots of places, and not elite places either. And without ballin'.
Yes. Being an idiot is easy.
Posted on 1/21/24 at 10:27 pm to Oilfieldbiology
It is def a personal issue. Some people who did not come from money and then make a living where they have a very high income do not know how to manage the money. I knew someone who had a salary north of $250K a year after taxes and was stressed over money each month. It is because she would shop and have multiple packages from various online stores delivered each month.
That money would flow out as easily as it brought in. High end purses. Shoes. Clothes. Decorations. Just never stopped.
That money would flow out as easily as it brought in. High end purses. Shoes. Clothes. Decorations. Just never stopped.
Posted on 1/21/24 at 10:32 pm to PhiTiger1764
quote:
Yes. Being an idiot is easy.
I do find it somewhat humorous that people will justify how you can blow through almost half a million easily and simultaneously shite on the poors that make less than 35K a year and say they could easily live on that.
Posted on 1/21/24 at 10:33 pm to KiwiHead
quote:
Guarantee, he's taking the kids to Disney for a week and staying at the Grand Florida and then 3-4 days at Universal and 2 rooms at Portofino.also leasing the Lexus for himself and buying a Yukon Denali does not help.
His problem isn't this. This is the problem with those making 150k to 250k.
Posted on 1/21/24 at 10:49 pm to Powerman
I live off a quarter million annually, but could also live off $1,700/month…..I’ve done both.
If I lost my earning potential, I couldn’t live where I live. Property taxes alone are $1K/month.
But I would easily, and have actually considered it, quitting everything and moving to a small town where I can buy a decent home for less than $100k and go back to my first job at 15 when I worked at McDonald’s.
No stress, move to Hardee’s, Taco Bell, or Burger King if I don’t like the manager.
LINK: 4 beds • 3 baths • 2,146 sq ft for $90K
LINK: $14/hour McDonald’s crew member job 4 min drive/9 min bike ride away.
If I lost my earning potential, I couldn’t live where I live. Property taxes alone are $1K/month.
But I would easily, and have actually considered it, quitting everything and moving to a small town where I can buy a decent home for less than $100k and go back to my first job at 15 when I worked at McDonald’s.
No stress, move to Hardee’s, Taco Bell, or Burger King if I don’t like the manager.
LINK: 4 beds • 3 baths • 2,146 sq ft for $90K
LINK: $14/hour McDonald’s crew member job 4 min drive/9 min bike ride away.
This post was edited on 1/21/24 at 10:53 pm
Posted on 1/21/24 at 10:51 pm to Volvagia
quote:
It’s why the best thing you can do when you get that big pay raise is to pretend you never did
Never told my GF of 4 years that I had jumped from $56 to $98k years back. I was afraid she would put more pressure to marry. I saved a lot keeping up the charade.
Posted on 1/21/24 at 11:57 pm to Furious
quote:
If you aren’t financially minded, it is easy to see where most people wouldn’t realize the costs over time.
He went to high school, college, and med school. I am assuming he had an economics and math class at some point.
Posted on 1/22/24 at 6:12 am to MasterKnight
quote:
I knew someone who had a salary north of $250K a year after taxes and was stressed over money each month
I used to be a guy who made good money but not great money for a family of 4. I was never financially comfortable.
Now we are a blessed family making a lot of money. What I have noticed between the two lifestyles:
You earn more you spend more.
The temptation for frivolous spending is always there. It is way easy to rationalize buying a more expensive car, a luxury vacation, etc. etc. Laying $1,000 on something won't break you or cause a lack of sleep, but if you do that 100X it would put you in a pickle, like this guy.
The more you make usually means the more successful you are and have ambitions. If someone is making a million dollars a year, they are not going to stockpile their money and live in a 350K house, drive a chevy, live cheap etc so they can retire at 50 and sit in his lazyboy watching fox news every day. I guarantee that the guy is determined to be making more $, so he is determined to work harder. When you are making that kind of money, you want/expect a better lifestyle, the problem is people don't understand that they can live a better lifestyle but only within reason.
The worry that our success could topple is more stressful than managing money. I save a good chunk of money to prepare for a doomsday event. A lot of people don't think that way.
No matter how much money you have in the bank, or how much income you bring in every year, you are not satisfied. You set the bar higher and attempt to achieve it.
This post was edited on 1/22/24 at 6:13 am
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