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re: Lets say you plan on retiring at age 60 and you are now 30....
Posted on 7/10/18 at 1:07 pm to TH03
Posted on 7/10/18 at 1:07 pm to TH03
quote:
I would hate to be just making close to 6 figures after 29 years of 3% raises.
1988 median US income - $26,000
2018 inflation-adjusted buying power - $55,700 (2.57% annualized inflation)
Growing your wages 2% faster than inflation - $99,415 in 2018
That's 78% higher income than inflation alone over 30 years, and the top quintile of American workers have only seen wages grow ~60% from 1980 to 2015.
So we're talking about a top quintile earner AND an elite saver. We're getting into unicorn territory.
1
Posted on 7/10/18 at 1:07 pm to dragginass
quote:
You're kidding, right?
Empiraccly, yes.
For me, no.
Posted on 7/10/18 at 1:07 pm to Mingo Was His NameO
Posted on 7/10/18 at 1:08 pm to Mingo Was His NameO
quote:
You're a fricking idiot. That puts you in like the top 10% of US earners.
This statement is the one that tells me you know absolutely nothing about finance or wage growth.
Haha. We live in a lazy nation. Plumbers, electricians, welders, laugh at you. Just because you don't want to do what it takes to find a valuable skill(white or blue collar) doesn't mean it's "hard" or even rare to make that much.
I hired a completely average painter recently who hit me for about $2k a week in labor, and he was on the cheap end. Get off your arse and go work and you won't be impressed by your $100k statistics any more.
Posted on 7/10/18 at 1:08 pm to Count Chocula
quote:Can you recalculate for me with about 6 weeks vacation per year?
Assuming 2 weeks of vacation each year, you only have 7,500 more days to work.
I'll wait.
Posted on 7/10/18 at 1:08 pm to slackster
quote:
1988 median US income - $26,000
2018 inflation-adjusted buying power - $55,700 (2.57% annualized inflation)
Growing your wages 2% faster than inflation - $99,415 in 2018
That's 78% higher income than inflation alone over 30 years, and the top quintile of American workers have only seen wages grow ~60% from 1980 to 2015.
So we're talking about a top quintile earner AND an elite saver. We're getting into unicorn territory.
Who cares about your facts, I know an operator that makes 400k so that's reality.
Posted on 7/10/18 at 1:08 pm to dragginass
quote:
Umm no. I said entire retirement mortgage free at minimum. You could buy a house at 20, pay off at 35 and buy another and still be done at 50.
You said you'd have all this free cash flow to invest because your house is paid off, but now you're buying another one at 35.
Like I said, the bottom line is that it's not easy AT ALL without SS, which was your original statement.
Posted on 7/10/18 at 1:08 pm to Mingo Was His NameO
Good and top 10% aren’t the same though.
Posted on 7/10/18 at 1:09 pm to dragginass
quote:
Haha. We live in a lazy nation. Plumbers, electricians, welders, laugh at you. Just because you don't want to do what it takes to find a valuable skill(white or blue collar) doesn't mean it's "hard" or even rare to make that much.
I hired a completely average painter recently who hit me for about $2k a week in labor, and he was on the cheap end. Get off your arse and go work and you won't be impressed by your $100k statistics any more.
I made almost 100k my first year out of college. That is relevant at about a one in 400 million rate.
Posted on 7/10/18 at 1:10 pm to Count Chocula
There's roughly 250-251 working days in a year. Minus 14 days each year. Puts it at 7100 days left to work.
Your job sucks if that's you. I am 30 and if I retire at 60 I only have roughly 6800 days left to go, minus sick days and it's more like 6500.
Your job sucks if that's you. I am 30 and if I retire at 60 I only have roughly 6800 days left to go, minus sick days and it's more like 6500.
Posted on 7/10/18 at 1:11 pm to slackster
quote:
You said you'd have all this free cash flow to invest because your house is paid off, but now you're buying another one at 35.
Like I said, the bottom line is that it's not easy AT ALL without SS, which was your original statement.
Keep trying. If you roll equity from house #1 (paid off) into #2 then even with a substantial upgrade your mortgage is reasonable, and a 10 year would be a legitimate option in that scenario. Assuming the want/need to upgrade is legitimate.
The really prudent thing to do after #1 is paid off is to save a few years and cash flow an upgrade.
This post was edited on 7/10/18 at 1:13 pm
Posted on 7/10/18 at 1:12 pm to TH03
quote:
Inflation Rate in the United States averaged 3.27 percent from 1914 until 2018,
Inflation rates near 20% in the 19teens help that average. Inflation hasn't been over 3% since 2011.
Posted on 7/10/18 at 1:13 pm to dragginass
quote:
Keep trying. If you roll equity from house #1 (paid off) into #2 then even with a substantial upgrade your mortgage is reasonable, and a 10 year would be a legitimate option in that scenario. Assuming the want/need to upgrade is legitimate
Cash flow buddy
Posted on 7/10/18 at 1:18 pm to Mingo Was His NameO
quote:
Inflation hasn't been over 3% since 2011.
That’s not that long ago. And it was 2.8% as of May.
We’re nitpicking though, I was basing it on slack’s example.
Posted on 7/10/18 at 1:20 pm to Mingo Was His NameO
Ok gentleman, it's been fun. I'm off to go make money.
Only on the OT do a bunch of lazy Fricks start to argue that $40k a year is a reasonable salary because they don't want to be financially responsible. The formula is simple. Don't buy shite you don't need, don't finance vehicles, use 15 year mortgages, and start saving early. Find a valuable skill/qualification/degree and use it. If you don't, you only have yourself to blame.
Only on the OT do a bunch of lazy Fricks start to argue that $40k a year is a reasonable salary because they don't want to be financially responsible. The formula is simple. Don't buy shite you don't need, don't finance vehicles, use 15 year mortgages, and start saving early. Find a valuable skill/qualification/degree and use it. If you don't, you only have yourself to blame.
This post was edited on 7/10/18 at 1:21 pm
Posted on 7/10/18 at 1:23 pm to dragginass
quote:
Haha. We live in a lazy nation. Plumbers, electricians, welders, laugh at you. Just because you don't want to do what it takes to find a valuable skill(white or blue collar) doesn't mean it's "hard" or even rare to make that much.
I hired a completely average painter recently who hit me for about $2k a week in labor, and he was on the cheap end. Get off your arse and go work and you won't be impressed by your $100k statistics any more.
, the OT is constantly in fantasy land about trades. Average painters are running around making $100k/yr, yet the 90th percentile for painters in the US is less than $65k/yr. Go figure.
Electricians and plumbers are often cited as a job where it's "easy" to gross over $100k/yr, yet the 90th percentile for both was $92k.
Posted on 7/10/18 at 1:25 pm to dragginass
quote:
Only on the OT do a bunch of lazy Fricks start to argue that $40k a year is a reasonable salary because they don't want to be financially responsible. The formula is simple. Don't buy shite you don't need, don't finance vehicles, use 15 year mortgages, and start saving early. Find a valuable skill/qualification/degree and use it. If you don't, you only have yourself to blame.
Only on the OT is a starting salary of more than $40k/yr for a 20 year old considered too conservative.
Posted on 7/10/18 at 1:26 pm to dragginass
quote:
The formula is simple. Don't buy shite you don't need, don't finance vehicles, use 15 year mortgages, and start saving early. Find a valuable skill/qualification/degree and use it. If you don't, you only have yourself to blame.
Worked for me, retired at 56 and doing really well doing nothing but having fun.
Posted on 7/10/18 at 1:27 pm to dragginass
quote:
don't finance vehicles,
Which is factually incorrect 99% if the time if you are trying to maximize your money.
Posted on 7/10/18 at 1:31 pm to EA6B
quote:
Worked for me, retired at 56 and doing really well doing nothing but having fun.
Navy pension?
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