Making 100k a year - What's it like?

[Thatrogueassdiaz]

Not with 1 job. You have to find things you're good at, cultivate these talents and sell them to the public as services.

Don't think about starting your own lawn care business, do it. Save up money for equipment, start researching the amount of money you'll charge, and begin networking to effectively target your potential clients. Ownership is the only way to true wealth. Also get ready to be disappointed. I pay about 33% of my income in taxes. I pay more in taxes now per month than I used to take home when I was making 50k/year. Lastly you won't feel any different. You're still going to have to budget. You're still going to have save. And you're still going to have to be responsible and sensible with your money.

Tips:
Have a plan and don't think of it as a quick hustle. Building up takes time. You're most likely not going to jump from 40k to 140k in 3 weeks. You'll have to have a sound plan, and spend the majority of your time executing that plan.

Make your financial goals your priority. If you spend more time bullshytting (on the internet, playing video games, watching TV) than you do pursuing your goals, you'll never be successful. You have sleep for 8 hours, and work for 8 hours. If you spend that other 8 hours fukking around, don't complain about not being financially successful.

Don't be a broke high earner. Making 6 figures doesn't mean your rich. It means you have a lot of income. Don't blow your money on bullshyt. I made myself the promise that my monthly bills will no go over $2000/mo, regardless of how much I make. I still drive the same car, still shop the clearance rack at Macy's, and I'm still stingy with my money. Right now I'm saving around ~75% of my income and I give myself an allowance of $100 week (which includes gas). If I want to buy something, it has to come out of that $100. Including haircuts, going out with friends, going out to eat, alcohol, etc.

Purchase income generating assets. Once you hit 6 figures, don't blow your money on bullshyt. Don't go out and buy an Audi, an expensive house, and expensive clothes. Purchase things that will increase in value. Stocks, bonds, various funds, real estate holdings, etc. You should have multiple streams of income.

I'm an IT consultant.

Financial freedom. If your view on money is to give it right back to someone else, you'll always be a slave to it. Everything you purchase takes money out of your pocket, and puts it in someone else's.

Money should be used as a tool to provide you with freedom. The way you describe money, it's going to be used as a tool to keep you in debt.

In 2-3 years I should have enough income generating assets to where I no longer have to work at all. Meanwhile you've spent 10s of thousands of dollars to give someone else that same financial freedom you'll never get.

I had to change the way I view money and what my definition of rich is. I used to view money as something I use to buy shyt with. I go to work, get paid, buy shyt. I work harder, get paid more, buy more expensive shyt. That's the trap that people fall into. And I used to view being rich as making a lot of money and owning expensive shyt

Now I go to work, get paid, buy shyt that makes me more money (rental property, dividend earning assets, investments in companies). Over the years, your money grows, and that's how you STACK money. You have income coming in from multiple sources. Now I view being rich as the number of months my passive income can allow me to live without having to work. Currently my monthly expenses is around ~2500/mo. If I can bring in enough income passively that 100% of my expenses are met, I'm rich. I no longer HAVE to work and I can still keep the same lifestyle as I've always had.

Posters like this come a dime-a-dozen. How old are you, if you don't mind me asking?

 

[↓R↑LYB]

Waste of time. Those books are nothing but self ego boosting feel good rhetoric that offer no actual advice.

Don't know what to tell you breh. Rich Dad Poor Dad gave me some great advice on starting to build wealth. The most basic one was have more assets than liabilities.

I know it sounds simple as fukk, but the average american has more liabilities than assets. They have one income stream putting money in their pocket, and 9 or 10 streams taking money out their pocket. Once that primary income stream is gone, they're fukked. So the goal is to view money as a tool to give you freedom, not as a tool to buy "things" with.

God willing, i'll be making 120k+ by thirty. I just hope im not too old to enjoy it by then .

EDIT: but dam, alot of nikkas saying 100K still aint enough to be comfortable? I know circumstances are different with bills and a family....but 90%+ of this country aint making that much. So basically everybody is struggling??

That average american family is about 1-2 pay checks away from being homeless, you tell me

Posters like this come a dime-a-dozen. How old are you, if you don't mind me asking?

I'm 30

 

[MeachTheMonster]

Don't know what to tell you breh. Rich Dad Poor Dad gave me some great advice on starting to build wealth. The most basic one was have more assets than liabilities.

I know it sounds simple as fukk, but the average american has more liabilities than assets. They have one income stream putting money in their pocket, and 9 or 10 streams taking money out their pocket. Once that primary income stream is gone, they're fukked. So the goal is to view money as a tool to give you freedom, not as a tool to buy "things" with.



That average american family is about 1-2 pay checks away from being homeless, you tell me

What I mean is its all common sense packaged in a way to make you feel good about yourself, but the books offer no new ideas/advice.

 

[Mr. Somebody]

Posters like this come a dime-a-dozen. How old are you, if you don't mind me asking?

Early 30's. For example i can fix computers, set up networks, write well and i have a brown belt in brazillian jiujitsu. I have a lot of lanes that i can get into to bring income into my home. I think in your teens and 20s you should begin to establish hobbies that you have a passion for and become as good as you can be at those hobbies. Hopefully, these hobbies give you a tappable market that you can use to generate income. Its easy to find help, its hard to find good help in a lot of lanes. Be the best, one of the best or the bottom of the best at anything and you will make money. Some people make money being average but often times their lane dries up.

 

[patscorpio]

Early 30's. For example i can fix computers, set up networks, write well and i have a brown belt in brazillian jiujitsu. I have a lot of lanes that i can get into to bring income into my home. I think in your teens and 20s you should begin to establish hobbies that you have a passion for and become as good as you can be at those hobbies. Hopefully, these hobbies give you a tappable market that you can use to generate income. Its easy to find help, its hard to find good help in a lot of lanes. Be the best, one of the best or the bottom of the best at anything and you will make money. Some people make money being average but often times their lane dries up.

i dig this and this is where i falter a little bit..the hustle in me i feel is not strong enough at times...im 30 years old and i do have a good job..i have investments and whatnot..i got plenty of hobbies..some i can make a living with..my pops witnessed me build a pc from scratch and set up TVs and systems..he tells me all the time i should start a business and really start making some serious side dough off it but i just be like ..i drag my feet too much....i need to change that for 2013

 

[Mr. Somebody]

i dig this and this is where i falter a little bit..the hustle in me i feel is not strong enough at times...im 30 years old and i do have a good job..i have investments and whatnot..i got plenty of hobbies..some i can make a living with..my pops witnessed me build a pc from scratch and set up TVs and systems..he tells me all the time i should start a business and really start making some serious side dough off it but i just be like ..i drag my feet too much....i need to change that for 2013

Low income areas are tappable market for services like building pcs. You can build pcs in a low income area and undercut the market and sell pcs to people who dont have 500 dollars to buy a desktop computer. It just takes drive, a strong work ethic, a good area and you're good to go. Word of mouth spreads quickly.

 

[↓R↑LYB]

What I mean is its all common sense packaged in a way to make you feel good about yourself, but the books offer no new ideas/advice.

Is it so common that you're doing it yourself? What does your investment portfolio look like and how much is it worth?

It's one thing to say it's common sense and have a portfolio worth hundreds of thousands of dollars. But most of the time that really isn't the case at all. Common sense isn't common at all, even to people that have it.

 

[MeachTheMonster]

Is it so common that you're doing it yourself? What does your investment portfolio look like and how much is it worth?

It's one thing to say it's common sense and have a portfolio worth hundreds of thousands of dollars. But most of the time that really isn't the case at all. Common sense isn't common at all, even to people that have it.

Reading the book doesn't automatically give you a investment portfolio, most of the men who read the book won't go out and get an investment portfolio. You seem like a responsible guy, I'm willing to bet you'd have one with or without reading the book.

With that said no I don't have one. I don't have the extra money as of right now, but I don't need a book to tell me that I should work forwards getting one.

 

[So-Chi]

Don't think about starting your own lawn care business, do it. Save up money for equipment, start researching the amount of money you'll charge, and begin networking to effectively target your potential clients. Ownership is the only way to true wealth. Also get ready to be disappointed. I pay about 33% of my income in taxes. I pay more in taxes now per month than I used to take home when I was making 50k/year. Lastly you won't feel any different. You're still going to have to budget. You're still going to have save. And you're still going to have to be responsible and sensible with your money.

Tips:
Have a plan and don't think of it as a quick hustle. Building up takes time. You're most likely not going to jump from 40k to 140k in 3 weeks. You'll have to have a sound plan, and spend the majority of your time executing that plan.

Make your financial goals your priority. If you spend more time bullshytting (on the internet, playing video games, watching TV) than you do pursuing your goals, you'll never be successful. You have sleep for 8 hours, and work for 8 hours. If you spend that other 8 hours fukking around, don't complain about not being financially successful.

Don't be a broke high earner. Making 6 figures doesn't mean your rich. It means you have a lot of income. Don't blow your money on bullshyt. I made myself the promise that my monthly bills will no go over $2000/mo, regardless of how much I make. I still drive the same car, still shop the clearance rack at Macy's, and I'm still stingy with my money. Right now I'm saving around ~75% of my income and I give myself an allowance of $100 week (which includes gas). If I want to buy something, it has to come out of that $100. Including haircuts, going out with friends, going out to eat, alcohol, etc.

Purchase income generating assets. Once you hit 6 figures, don't blow your money on bullshyt. Don't go out and buy an Audi, an expensive house, and expensive clothes. Purchase things that will increase in value. Stocks, bonds, various funds, real estate holdings, etc. You should have multiple streams of income.

I'm an IT consultant.

how long DID you go to school for IT? You like it? Is it as open a job field as I hear?

 

[Data-Hawk]

So the goal is to view money as a tool to give you freedom

I try to tell people this all the time....yet I always get hit with the "You just want to ball".....no nicca.... I dont want to worry

 

[Data-Hawk]

how long DID you go to school for IT? You like it? Is it as open a job field as I hear?

I feel the IT field is just like any other field, If you are good at what you do and have a passion for it. Eventually you will do well and just like any other field unless you have connections or went to a top school, most likely you are going to start @ the bottom... Dont get caught up in that " If i get this certification, i'm going to be caking".

 

[Aprogressivone]

I make 110k. I graduated with a bachelors of science in computer engineering technology spring 2011. It feels amazing to be here so quickly out of school! I am a software developer(SharePoint and ASP.NET web application developer) and I work in the DC area. That means 100k is nothing here. Its baby money. I have so much free time though so I am looking for a part time I.T. job where I can telework from home to stack more income(looking to add like another 30-40k on top of that of my fulltime job). Rather work harder now while I am young and relax later but also still work on learning to work smarter so I can get better at generating other streams of income without relying on a "job/career".

I will admit when I first got those checks I had 4 months of just having fun blowing money like it was nothing but after that I switched up my lifestyle completely. My parents were not able to teach me much about managing money but I did have a great mentor I met in college who taught me many important lessons. I needed to dig out my roots of bad money management taught from my parents and replace it with my mentors knowledge. I currently have everything budgeted out into different areas. I don't have a car payment and I have just been focusing on saving for a home/condo and paying off my student loan asap. I only have one and its not much at all but the interest is high since it is a private Sallie Mae loan. I plan to have it finished before end of 2013. I am just getting started basically. I want to learn more about investing. I understand the basics of mutual funds, 401k, and ira/roth ira investing right now(I use these). I however, want to get to a level where I feel comfortable managing my investments directly rather than just clicking a button online between conservative, moderate, aggressive modeling. Does anyone have any good reading material to help me with this?

It feels awesome but it really is not all that much depending on where you live. Also it is not about how much you make but what you can save/keep. I learned super quick in those 4 months that if you dont manage your money right, you wont have much to show for it. A person with less income could be way better off than a ***** with 6 figures trying to stunt on people all day. However as a single guy who is now doing 100% better at managing my money, making 6 figures allows me to have so much more freedom as a young black male. Glad I have been able to correct this and not still be on that path. 4 months was long enough to be ignorant. My mentors teaching really helped me out when I started to apply them.

 

[marcuz]

@bdizzle in rare form today

 

[Sonic Boom of the South]

[

yo you was in every thread before trying to telling me i wasnt making what im making

and talking bout how no one was making 6 figures on here beforenow you in here on some other shyt

this why i laugh at you coli nikkas

 

[marcuz]

yo you was in every thread before trying to telling me i wasnt making what im making

and talking bout how no one was making 6 figures on here beforenow you in here on some other shyt

this why i laugh at you coli nikkas

what the fukk are you talking about? what other shyt?