I kill people for a living, and make quite a bit more than I can spend. But then again I'm pretty frugal with my money. I like the simple things. You know, boom boom, rip rip, the soft sounds of a job falling to the floor.
Skunkwourk
Diamond Member
- Dec 9, 2004
- 4,662
- 1
- 81
A lot of this also depends on the area you live in. Cali or NY making $100K != Dallas making $100K. Dallas is known for being the area with all the wannabe millionaires, leasing Beamers and renting/living in The Village/Uptown just b/c they want to be fancy/cool. Don't get me wrong - I don't hate on "rich" people - my GF makes about $120K a year, all of her friends from Duke's MBA program also make over $100K a year, her boss whose Christmas party we went to makes over $250K a year - it's a lot more general attitude towards life and people than how much money you make.
My last job which just ended on Friday I was making around $55K and was having trouble finding ways to spend it all, including rent, car payment, bills, etc. I've always been frugal with my money so it's not like I was looking to spend it all either though.
My last job which just ended on Friday I was making around $55K and was having trouble finding ways to spend it all, including rent, car payment, bills, etc. I've always been frugal with my money so it's not like I was looking to spend it all either though.
QFT. This was my first thought after reading the first few posts. Of course, occasionally thinking, "It would have been nice to flaunt this nice car 15 years ago," is significantly better than having trouble making ends meet or not having the funds to retire.
I spend a little extra for a larger apartment, eat out once a week, and drop $300-500 on "fun" purchases every 2-3 months, usually in clumps. I max out my tax-advantaged investments, but haven't started on other investments. I'm satisfied with my standard of living - I'd buy more stuff if I weren't.
rh71
No Lifer
- Aug 28, 2001
- 52,844
- 1,049
- 126
:thumbsup: I had the same thought WHILE reading the stories told in that book.
I'm all for investing money and living within means, but for those undoubtedly hard-working people to save every dollar means not even enjoying their youthful days. They're basically hoarding it... and seemingly have the personalities to do so till the day they are buried. Wow, what a millionaire.
oogabooga
Diamond Member
- Jan 14, 2003
- 7,806
- 3
- 81
at least you arn't living beyond your means.
It's good to indulge once in awhile - but savings is an everyday thing.
Generally things don't bring happiness. It doesn't sound like you're overly discontent with how you're living either - but if you want to be that guy who has a nice car, crazy rig, and takes vacations - it's your call though it sounds like you don't think it's the right one (psst it probally isn't)
It's good to indulge once in awhile - but savings is an everyday thing.
Generally things don't bring happiness. It doesn't sound like you're overly discontent with how you're living either - but if you want to be that guy who has a nice car, crazy rig, and takes vacations - it's your call though it sounds like you don't think it's the right one (psst it probally isn't)
Yeah tell me about it. When the average price of a home is over 600k, 100k doesnt go very far. I would LOVE to be able to only spend 33% of my income on housing and living expenses like ameesh.
Red, the avg income is about 40k, and remember, the avg ATOTer is probably much better educated than the average joe from kentucky. And for fvck's sake, don't accuse people of lying about their income and then go off and "boast" about what you MIGHT be making. In 3-4 years you might not HAVE a job in the RE market if interest rates climb rapidly. That's what i dont like about being in a field that cyclical. Sure you can make some great money while the market is hot...but when its down, you're working at denny's to make ends meet. Go ask an old schol realtor how much he was making in the early 90s when real estate was in the gutter. Or better yet, ask him how much he was making in the 70s when interest rates were approaching 20%.
No i'm not overly discontent. But i feel like i'm on a diet and i'm watching people eat chili burgers while i drink my protein shake. A little less discipline and i'd be sitting down at that table right alongside them. Sometimes doing what you SHOULD do rather than what you WANT to do....sucks.
I started this thread because i was curious if other people sometimes felt the same way. Like "ok i'm building for the future....but i kick myself every time my friend comes over in his M3".
rare.. yes, thats point... with all the people ive seen managing finances the way that they do... its not a wonder at all.
ive always read little briefs on newspapers and 'zines and assorted publication (especially college-targeted ones) with finance tips to be smart about credit... such as dont overspend, tear up/cancel extra CCs, use it wisely to avoid credit problem and future major purchases... all of which amuses me because they should be common sense to anyone with half-a-brain.
seems to me like many students and young people are in compromised position because of poor financial management
not to brag, but only to provide a counter example, my family and extended families all own our all our homes and cars outright... and we all immigrated to the US in the 90s with literally nothing in terms of asset... we were blue-collar in our native country, and we're hard-working blue-collar workers here. it just takes prudent care.
What kind of company hires 20 something directors? I don't think there is a single director in the company I work for who is under 40.
DJ,
I would guess that the average ATOT'er is less than 25 years old and makes much less than 100K/year. Also, since we're talking averages, the average household income in Kentucky isn't THAT much lower than the median household income in California.
Also, I don't recall accusing anyone of lying... I simply said "I'm a little doubtful" ... don't be so defensive because it DOES make certain people appear to be lying when they become defensive.
The real estate market is cyclicle, but forecasts are very favorable in the area I will be working in. It's a baby boomer hot spot, of course, so every single forecast I've read predicts huge movement in the real estate market for the next 5-10-15+ years. That doesn't mean I'll make money, either, it just means the opportunity is there. I've talked with many successful people who have been in the real estate market for years... and yes, they praise the success of the '90s, but always comment on steady success. A lot of people quit at the first sign of incomplete success, and that's why they aren't in the game anymore. I don't plan to quit!
Well my wife and I have pretty much the same attitude as you. Our combined income is very high, and we don't have a mortage (thanks to family) or many other bills for that matter. So roughly 80% of our monthly income is invested (minus bills, taxes, routine spending, food, and entertainment). We are both 28 so theres no time better to start saving then now. The only thing of value I have spent money on in the past few years is my M3 and WRX, well and my computers. However the M3 and WRX are paid off, and the computer spending I try not to go overboard, but sometimes my hobby gets the better of me. Sounds like your doing the right thing though....save save save.
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
Damn, what a waste. It sounds like you are living just to make money. Life isn't about having the most money at the end of the game, it's about life experiences. Sure you'll be a very rich 65 year old, but what are you going to? Look back and regret what you didn't do, or be proud that all you got was a large figure in a bank book?
There is a happy median between saving every penny and living paycheck to paycheck, and my goal is to be in that middle ground.
quakefiend420
Lifer
- Aug 26, 2004
- 14,685
- 1
- 76
The point is not to work. Its not about hoarding, just planning sucessfully to not work.
I don't want to point out, but that attitude is going to hit you very hard later in life. I was the exact same way and now kick myself for being so stupid and not listening. It is much harder to build wealth later in life than it is if you start early.
"oh, but I'll always make more money later in life"
Something about counting chickens before they hatch comes to mind.
-edit-
what I mean is make your money make money for you. That way you don't care what your salary is or if you even work.
Casting doubt is a mild version of an accusation of lying. How about "i doubt you're not gay." But wait! I didnt say that youre gay! I just said "i doubt" it. Don't be so defensive about your homosexuality. =P
With regard to the RE market, it sounds like you're doing your research, which is good. However, keep in mind that another industry also has "forecasters". Yeah, the guys that "predict" the weather. And we all know THEIR track record... All i'm saying is that it's silly to "doubt" people's "boasting" as you put it, while simultaneously "boasting" of what you MIGHT make in the future.
I would also guess that the average household income of an ATOTer is significantly higher than average. So while the average member might be too young to have a high income, i'd say there are more 6-figure individuals here than say, at kentuckynascar.com forums. No offense to you nascar fans from kentucky, of course. =)
FYI--
US CENSUS STATISTICS: 3 year average median household income by state
California 48,113
Kentucky 37,893
Difference: Nearly 30%
DJ, just as an FYI...
you are not your salary. 100K where you live is like 50K here in KY, with the nicest homes in louisville or lexington going for 120-140 a squarefoot, lot included.
I was hoping to help you but now I fear its turned into a penis wagging.
Keep on your path, but you are far from rich. As am I.
I believe you are falling into the trap of "I'm making darn good money!!!" Yes, that's decent money - but that's middle class normal american. So hopefully you'll find a balance.
-edit-
And now that you've insulted my home state...going wage for a plant team leader is 150K. That's high school diploma with a few years experience.
That's in KY. So translate that into CA dollars.
you are not your salary. 100K where you live is like 50K here in KY, with the nicest homes in louisville or lexington going for 120-140 a squarefoot, lot included.
I was hoping to help you but now I fear its turned into a penis wagging.
Keep on your path, but you are far from rich. As am I.
I believe you are falling into the trap of "I'm making darn good money!!!" Yes, that's decent money - but that's middle class normal american. So hopefully you'll find a balance.
-edit-
And now that you've insulted my home state...going wage for a plant team leader is 150K. That's high school diploma with a few years experience.
That's in KY. So translate that into CA dollars.
You are way late for the real estate game. Hate to tell you, but the forecasts are going to be wrong. I've heard about this never ending boom, yet houses are sitting and people aren't buying. Interest rates continue to rise and couple that with a oversupply of building will lead to a big correction. Even now we are seeing a drastic rise in foreclosures, a sharp decline in sales and a continually rising supply. None of which lead to you or any other realtor making money. After all, if this area you're going to is so great, there'd be a zillion realors there... there are tons of them around, because the opportunity cost to become a realtor is very low.
Not to burst your bubble; go chase your dream. Just remember, when you get into something after the money has been made, odds are you'll be the first to go, especially if you listen to the builders. There boom is over, anyone telling you there's a 5-10-15 year bull run coming, hasn't studied the history of real estate. People don't quit because they want to, they quit because they can't make money and their spouse can't afford to finance their business.
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