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

[DJFuji]

Originally posted by: 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!

edit: clarification

Well see i have this goal of being a millionaire (in net worth) by the time i'm 30. A few years back, 30 years old seemed like such a long way away. But I'm starting to realize now that <6 years is a VERY short time to accumulate that kind of money. If i could NET 50k every year from now until age 30, i'd still only have 300k. I'd have to more than triple that with investments in order to hit the magic 7 figures. And if i was that good at tripling my money, i wouldn't be in IT. =)

100k is not really that much money when you factor in taxes, several thousand dollars a month in mortgage, 15-20% into investments, maxed out contributions to a roth and 401k, and regular living expenses.

 

[JEDI]

lifestyle:

dont buy stuff you dont need... for those things that you need...

live off Hotdeals... follow in Rossman's footspteps

 

[DJFuji]

Originally posted by: JEDI
lifestyle:

dont buy stuff you dont need... for those things that you need...

live off Hotdeals... follow in Rossman's footspteps

lol in my experience, hot deals causes me to spend more than i normally would...

 

[Deleted member 4644]

I am 23 now, and have almost no income. I do have a car that is fully paid off.. but I am renting. I expect to be making ~125k a year by time I am 27-28. My theory is that I will have enough to buy another new car by ~29.. and most of the rest of my money will go into a house. I go to bars and buy computer parts.. and I expect that to continue. However, I also plan to have a nice nest egg by around ~35... so I don't think I will start buying M3s or staying in 5 star hotels any time soon.

I guess a balance is needed. It's not that expensive to go to bars and enjoy yourself on the weekends or buy a few $100 in computer parts now and then. But that doesn't mean you should buy 10 DVDs a week, or drop $300 on concert tickets every month.

Moderation...

I DO NOT live like a pauper, nor do I ever plan to. I don't want to die with $10 million w/o having lived. (I plan to die with $3 million and having lived )

 

[xaeniac]

Originally posted by: Train
Read the "Millionaire Next Door" great book if you are interested in seeing how most american millionaires live and act.

Most millionaires in America got there by being smart. Most live in avg size houses, drive cars under $25k. Only 2% of them recieved any kinf of inheritence.

And it's a pretty miserable life; What fun is it to be a millionaire and drive a 5000 dollar beater? I feel that that book was full of a bunch of greedy gold pinchers; What good is money once you go to the grave?

 

[randomlinh]

all you have to do is balance it out. are you happy with how things are going? if so.. leave it be. you don't need to be like others.

 

[Rudee]

Originally posted by: xaeniac

Originally posted by: Train
Read the "Millionaire Next Door" great book if you are interested in seeing how most american millionaires live and act.

Most millionaires in America got there by being smart. Most live in avg size houses, drive cars under $25k. Only 2% of them recieved any kinf of inheritence.

And it's a pretty miserable life; What fun is it to be a millionaire and drive a 5000 dollar beater? I feel that that book was full of a bunch of greedy gold pinchers; What good is money once you go to the grave?

Exactly. What is the point of wealth if you die like a peasant that only looks good on paper. You only live once, have some fun and treat yourself.

 

[EngenZerO]

i live comfortably...

but i am not making 100K yet... soon... two more years...

 

[ManSnake]

I made 125k when I was 12, I gave the money to my parent. Now I make 150k at 9.

 

[LS20]

i might offend people saying this, but i always see people throwing around "the millionaire next door" or "rich dad poor dad".

you know who the rich dads are? the people who made a million dollars SELLING those books
and who are the poor dads? the people who buy those books.. who dont have financial common sense that they require such books.. and who will probably never become millionaires

kinda funny, i thought

 

[JS80]

Originally posted by: LS20
i might offend people saying this, but i always see people throwing around "the millionaire next door" or "rich dad poor dad".

you know who the rich dads are? the people who made a million dollars SELLING those books
and who are the poor dads? the people who buy those books.. who dont have financial common sense that they require such books.. and who will probably never become millionaires

kinda funny, i thought

You cannot compare millionaire next door to rich dad poor dad. The author of rich dad is a fraud and a moron.

 

[SilentZero]

What degrees do you hold?

 

[DJFuji]

Originally posted by: LS20
i might offend people saying this, but i always see people throwing around "the millionaire next door" or "rich dad poor dad".

you know who the rich dads are? the people who made a million dollars SELLING those books
and who are the poor dads? the people who buy those books.. who dont have financial common sense that they require such books.. and who will probably never become millionaires

kinda funny, i thought

god i hope youre a millionaire. Otherwise the 800lbs irony anvil is going to drop a la roadrunner.

 

[DJFuji]

Originally posted by: SilentZero
What degrees do you hold?

just a BS. And i *DO* mean BS. =) Working on a masters although truthfully, it's more for the prestige than for anything else. The ROI is horrible except that Uncle Sam is paying for it.

 

[jadinolf]

Originally posted by: Slimline
Um, i made 6200 last year. Can I have a cookie?

 

[Aztech]

Originally posted by: Safeway
When I graduate from law school, I'll be 24 (for a few months) ... making about $120k a year. I'll let you know then.

Yeah, but what kinda student loans you got to pay off?

 

[Aztech]

Originally posted by: LS20
the problem is that most people's spending is almost slightly above their means, no matter HOW much their means are... thats why people get richer but generally dont get any happier. whats hilarious are people just getting out of high school who stretch themselves through minimum-wage job just to make monthly payment on a sports economy car (ie Best Buy kids driving civic Si and eclipses)... after those 72 months is over and theyre out of college they make switch over to another 72 months of payments for a BMW they can ill-afford... and thats why these people still make mortgage payments at 50 years old.

Most people will still be paying their mortgages at 50. I would think the goal is just to have it paid off before you retire (usually in your 60s).

 

[DJFuji]

lol yeah i was kinda doing the mental math myself....30 year mortgage....paid off at 50....so basically you bought a house at 20 years old or you managed to pay it all off before you hit 50. Rare in either case.

 

[Aztech]

Originally posted by: Eghck

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...

Huh? The quote doesn't say anything about having a family...

 

[Ameesh]

I think its all about budgeting, I have no debt currently and make a good salary

my budget is roughly

33% living expenses - house, food, bills
33% fun/whatever
33% investing (I am currently buying as much real estate as i can afford)

 

[markgm]

Not much has changed. Bought a house, otherwise drive a used car, don't go out to eat often, etc. I plan to live the same, just invest so I can retire early. As people above wrote, 100k a year isn't really all that much after taxes to be throwing money away. I guess the reason a lot of people aren't saying blow money on a new car and a boat is because we were attracted to the site to get the most for our money either in the hot deals forum or by seeing which technology will give us the best bang for our buck.

 

[Aztech]

Wow, you 100Kers should be picking up some women up in here. Oh wait, this is ATOT...

 

[Skunkwourk]

Originally posted by: Aztech

Originally posted by: Eghck

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...

Huh? The quote doesn't say anything about having a family...

says he'll continue his current lifestyle till his kids graduate. I was agreeing that I too would sacrifice luxuries until I have what I truly want...

 

[Red]

What's the average HOUSEHOULD income in the U.S.? About 35k / year? I'm a little doubtful of the salaries most people are posting in here. Most people with money do not boast about it.

However, I'm 23 and should make about 200k/year after in 3-4 years selling real estate for a new home company. I graduate with a BS in Public Relations (minor in marketing) this May. I'm a great salesman and am getting a job with some family help. My cousin and her husband (30 and 31) are extremely wealthy in the same business and have encouraged me to move to their area to get a job with them ASAP... so my fiancee and I are picking up and moving this summer after I graduate and we get married. It's insane that they are barely into their 30s with zero debt... a huge home (nice furnishing, enclosed pool, but small yard in a cramped subdivision), a boat, BMW, a Harley... all paid in cash. Her husband refuses to pay interest.. on anything.

EDIT: But, having said all that... I don't anticipate their same level of success. They are in the office and out in the field constantly... all day, and do not have time for children. They do not plan on having children, but my fiancee and I want to start thinking about it when we're 30. If I share their success with a paid off house and some toys, I'm sure we'll be ready to put a bun in the oven.) Family is important to me.

 

[dirtboy]

I'm a few years older and I hit six figures this year... still live like I make 30k. I figure, easy come, easy go. I always reinvest what I make back into myself or other opportunities. I imagine in a few years I'll hit 7 figures...atleast the trend will push me in that direction.

The funny thing is, only my close personal friends know what kind of money I have. Most people treat me like I have nothing, which amuses me, but I don't care -- because at the end of the day, I have something to show for my hard work and I'm only headed upwards.

The other reason I do it, is in case my luck turns, it's much easier to continue my standard of living, then drop down from my high roller status.