Those of you who are under 25 and making ~100k+

[JS80]

Guess what the most owned car of millionaires (as quoted in Millionaire Next Door) is?






















Ford F-150

 

[Vegito]

Originally posted by: rh71
Know a few people doing financial stuff in NY/NYC and they can make a lot when they're young... but you know what ? The stuff can be boring and they can work extremely long hours. While I can be envious of the car they drive (at such a young age)... I am definitely not envious of the life they lead otherwise. I'll continue to drive my "ordinary" car until I settle with kids graduated... then I'll have my fun I suppose.

true.. 29 @ 200k.. been making 200k for the past 3 years.. prior to that was 150k.. long long hours.. 7:30 am till 7-9 pm.

drive a low end accord.. dress cheap in t-shirts.. each cheap food..

a lot of these kids do get money from their parents.. lucky them..

 

[Achtung]

Well, I'm 24 and not making quite as much though I'm paid well. Sometimes though it feels like I buy fewer fancy things than my friends who are still in grad school! My only major purchases have been a new car (~$25K) and a plasma tv (~$3000). Beyond that, I've gone on a few vacations and buy some decent work clothes, but nothing much. I do try to save as much as I can in my 401(k) and IRA (maximum allowed if possible).

 

[pinion9]

I am in the bracket.. I am 24 years old. I just topped 100K for the year, although I have only had my lucartive job for 7 months of it or so. I also just closed on a real estate deal and went and deposited a check fro $100 k in my savings account. My wife and I will clear over a quarter million this year (including the real estate deal.)

Know what I'm doing? My wife and I both have a 401(k) through work. We also both have a Roth IRA. On top of it, we have started a college fund for our two year old daughter. Hmmm... We will be building a nice home this next summer (home + land = investment) I bought a USED (year: 2000) Ford truck because using our Envoy would suck for building. Not an investment, but since it was used I didn't through away 10 grand when I drove it off the lot. We have a few things we really don't need, such as a nice massage chair, a few computers, a big screen TV, a boat. However, you wouldn't really know we made a quarter of a million dollars this year. We vacation every year and this year is no different and no more extravagant. I don't buy the hottest thing out there the day it is released...

Essentially, I am not frugal, but I also still value the dollar, and no matter how much I make I will never be able to justify spending $1000 on a video card or $300 on a longaberger basket. I also know that if I were to lose my awesome job today (say, for neffing at work) I wouldn't have to turn everything I own over to the bank...

 

[DJFuji]

Originally posted by: spidey07

Originally posted by: sygyzy
I don't really understand your comment regarding buying a house because you had to pay taxes. Now, if you said something like "I bought a house after throwing away all that money towards rent each month" then it'd make more sense to me.

Everyone pays taxes. What does that have to do with buying a house?

Turning in a tax return as a HCE with no deductions will make a grown man cry.

heh yes indeed. That in addition to throwing away money in rent. Let's put it this way. With zero deductions, i was paying more in taxes each month than i EARNED when i was active duty.

 

[DJFuji]

Originally posted by: pinion9
I am in the bracket.. I am 24 years old. I just topped 100K for the year, although I have only had my lucartive job for 7 months of it or so. I also just closed on a real estate deal and went and deposited a check fro $100 k in my savings account. My wife and I will clear over a quarter million this year (including the real estate deal.)

Know what I'm doing? My wife and I both have a 401(k) through work. We also both have a Roth IRA. On top of it, we have started a college fund for our two year old daughter. Hmmm... We will be building a nice home this next summer (home + land = investment) I bought a USED (year: 2000) Ford truck because using our Envoy would suck for building. Not an investment, but since it was used I didn't through away 10 grand when I drove it off the lot. We have a few things we really don't need, such as a nice massage chair, a few computers, a big screen TV, a boat. However, you wouldn't really know we made a quarter of a million dollars this year. We vacation every year and this year is no different and no more extravagant. I don't buy the hottest thing out there the day it is released...

Essentially, I am not frugal, but I also still value the dollar, and no matter how much I make I will never be able to justify spending $1000 on a video card or $300 on a longaberger basket. I also know that if I were to lose my awesome job today (say, for neffing at work) I wouldn't have to turn everything I own over to the bank...

I'm the living-in-southern-california, single, non-kids version of you. That's just the thing though. By not having kids or a wife, the allure of blowing a ton of money on a car and luxury goods is very enticing. It's a lot harder to be responsible when you don't have to be. =)

 

[Achtung]

Originally posted by: DJFuji

Turning in a tax return as a HCE with no deductions will make a grown man cry.

heh yes indeed. That in addition to throwing away money in rent. Let's put it this way. With zero deductions, i was paying more in taxes each month than i EARNED when i was active duty.[/quote]

It's good that you've found a quality job like that. The security guard where I work is also an ex-Marine, doubt he earns a quarter of what you do though. Sad that there are so many ex-military personnel haivng to make do like that.

 

[Skunkwourk]

Originally posted by: rh71
Know a few people doing financial stuff in NY/NYC and they can make a lot when they're young... but you know what ? The stuff can be boring and they can work extremely long hours. While I can be envious of the car they drive (at such a young age)... I am definitely not envious of the life they lead otherwise. I'll continue to drive my "ordinary" car until I settle with kids graduated... then I'll have my fun I suppose.

Im with you, I want a family of my own above all things...

 

[DJFuji]

Originally posted by: Achtung

Originally posted by: DJFuji

Turning in a tax return as a HCE with no deductions will make a grown man cry.

heh yes indeed. That in addition to throwing away money in rent. Let's put it this way. With zero deductions, i was paying more in taxes each month than i EARNED when i was active duty.

It's good that you've found a quality job like that. The security guard where I work is also an ex-Marine, doubt he earns a quarter of what you do though. Sad that there are so many ex-military personnel haivng to make do like that.

[/quote]

It is, but he was also the guy who was out partying on weekends when i was studying for finals in the barracks. That's what keeps me on track financially now...knowing that doing what i SHOULD do is more important tha what i WANT to do. But that doesnt mean i dont start daydreaming when i pass a new M3 on the road...

 

[amoeba]

I don't make nearly that much but I do fairly well for 23.

I don't think 100k is enough to significantly change my lifestyle.

300k, then I can see some changes.

 

[DJFuji]

Originally posted by: NeoV
you are 24 and in IT and making 100k+?

What exactly do you do in IT?

Director of a software development team/branch. Also do work as a consultant.

 

[DJFuji]

I'm surprised no one has posted with the opposite viewpoint...making AND spending 100k on everything from cars to boats.

 

[Achtung]

Originally posted by: DJFuji
It is, but he was also the guy who was out partying on weekends when i was studying for finals in the barracks. That's what keeps me on track financially now...knowing that doing what i SHOULD do is more important tha what i WANT to do. But that doesnt mean i dont start daydreaming when i pass a new M3 on the road...

Oh I agree, wasn't trying to make you feel guilty or anything like that. And yeah I'm with you that even though it'd be SWEET to drive an M3/S4, etc., I agree that saving up for the future is incredibly important. Look at all the home refinancing and credit management commercials on TV. Hopefully you never have to even worry about that kind of crap. My plan (for now) is to save up enough to retire around 50ish. Maybe optimistic, but damned if I'm not going to try my best to do it.

 

[Specop 007]

Originally posted by: DaveJ

Originally posted by: Specop 007

Originally posted by: DJFuji
I wonder sometimes if in 15 years i'll wish i had spent more time LIVING when in my 20s and less time planning and saving.

Most likely, yes.

Actually, he'll be laughing all the way to the bank, while his friends who went nuts with spending will be way behind. I agree that it's important to have a balance between saving/spending, but it's also *extremely* important to save as much as you can as early as possible, to take advantage of compound interest. Life doesn't end at 29, you can still live it up in your 30's while your friends are struggling to pay the bills they racked up and save for retirement too.

Dave

You misunderstand me. I'm not saying go blow it all and live stupid. As has been said, you need to find a balance. This cat NEEDS to spend some on himself, but certainly dont empty the bank to do so.

 

[Achtung]

Well, everyone's idea of balance is different I guess. From a purely financial standpoint though, it just makes more sense to save more early and let compound interest do its thing. Everyone will have regrets about when they did when they were younger, regardless.

 

[DaveJ]

Originally posted by: DJFuji
I'm surprised no one has posted with the opposite viewpoint...making AND spending 100k on everything from cars to boats.

D00d! You gotta live it up while you're young! It's better to burn out than fade away! \m/ \m/



Dave

 

[LS20]

Originally posted by: DaveJ
[ It's better to burn out than fade away! \m/ \m/



Dave

neil young says it best

everyone has their own idea of balance.. mines a bit more liberal than the ones posted here... but as long as we're all happy, its cool (except for the ppl who have too much fun and are always in debt )

 

[pontifex]

man, wtf are you people doing that you're under 25 and make 100K a year? i guess im in the wrong business and wrong part of the country.

 

[Nutdotnet]

Christ man, I make 44k a year and I feel like I have plenty of $$$...I'd definetly splurge here and there if I was making 100k...but that would involve purchasing a house...

I don't understand why you WOULDN'T induldge yourself a bit if you're making that much. This is the best time of your life right now man...why invest everything right now??? I'm not saying to NOT invest...but c'mon...live a little!

 

[w00t]

I dont have a Job

 

[FrustratedUser]

I will never earn $100k/year.

 

The vast majority of people under 25 don't earn 100K+.

 

[bleeb]

You save and you save... in the end, you save nothing. Make sure you enjoy your youth, your life, before it's you're old and rich, but no energy to spend it.

 

[Argo]

I try to balance it the best I can. Yes, I do like nice things - nice place to live, nice car going out, etc, but at the same time I set $2k aside every month (savings, 401k, investing). Of course this is much easier to do when you're a bachelor.

 

[CraigRT]

Originally posted by: SampSon
The vast majority of people under 25 don't earn 100K+.

The vast majority of everyone in general do not earn $100k..
I'd be very happy between 60-80 Cdn, even at best. That's tons of money. I really could not ever see myself making more, no matter what.. and I couldn't care less.