SheWantTheD
Veteran
Lower your expenses
The game is rigged. 100k is still not enough, and that is crazy.
- Thread starter The Realist Perspective
- Start date
I promise you this is not a brag thread but one to open the eyes of people pining for that six figure salary. It truly is not much at all to break 100K. I make well over 100K and it still takes me an incredible long time to amass any type of formidable capital, other than financing it. Which just should not be the case. If the crucial things in life, for example, a house (or any property, condo, etc.) and a car, require the vast majority of people to have the money loaned to them, something is very much wrong. I couldn't imagine doing it on my salary let alone half.
I have it in a spreadsheet and track everything in and out. On a base level, after all expenses I am able to save $2000 a month. That's with maxing out my 401K. I also put $500 a month into the stock market. $2000 a month is $24000 a year. The average cost of a house last year was 280k. The average cost of a car is $40k. Sure you can buy the car used but who is going to buy the new car so that it becomes "used?" You're or someone else is forced to take a loan from a bank that you'll be paying on for YEARS and be plagued by interest.
Mind you, only 10% or so of people make 100K or more in the US. What is everyone else doing? How is everyone else surviving? It just doesn't make sense. I am blessed to be in the position I am so I am able to save what I am able but what about 90% of the rest of society? So maybe someone who is smarter than me can explain to me how this all works. As of 2019 the US median income is fukking 32K.
You either learn to market and sell or work for those that do.
It's as simple as this.
You might feel blessed now but if you don't work in government then that firm can be acquired or go bankrupt.
There are other sacrifices you can make to increase your income and networth but the hardest people to convince are those who believe they've made it.
Live above your means and complain about it brehs
“Why would I want a used car?” explains everything you need to know about his mentality and why he’s asking these questions.
“Why would I want a used car?” explains everything you need to know about his mentality and why he’s asking these questions.
I promise you this is not a brag thread but one to open the eyes of people pining for that six figure salary. It truly is not much at all to break 100K. I make well over 100K and it still takes me an incredible long time to amass any type of formidable capital, other than financing it. Which just should not be the case. If the crucial things in life, for example, a house (or any property, condo, etc.) and a car, require the vast majority of people to have the money loaned to them, something is very much wrong. I couldn't imagine doing it on my salary let alone half.
I have it in a spreadsheet and track everything in and out. On a base level, after all expenses I am able to save $2000 a month. That's with maxing out my 401K. I also put $500 a month into the stock market. $2000 a month is $24000 a year. The average cost of a house last year was 280k. The average cost of a car is $40k. Sure you can buy the car used but who is going to buy the new car so that it becomes "used?" You're or someone else is forced to take a loan from a bank that you'll be paying on for YEARS and be plagued by interest.
Mind you, only 10% or so of people make 100K or more in the US. What is everyone else doing? How is everyone else surviving? It just doesn't make sense. I am blessed to be in the position I am so I am able to save what I am able but what about 90% of the rest of society? So maybe someone who is smarter than me can explain to me how this all works. As of 2019 the US median income is fukking 32K.
I make over 100k and I'm doing okay.
Hater Eraser
Veteran
Its a lot of brothers in here making 100k + .. are we sure the top percentile stats are correct ? 
the bossman
Superstar
Great point you brought up at the end. At 100k+ When majority or all of your money comes from your W2, taxes really have you losing in the end.
That's why Warren Buffet has a lower tax rate than his secretary.
Focusing only on getting the highest salary or hourly rate you can possibly get and nothing else is hustling backwards. Focus should be on how can I get most of my money coming from my investments which are taxed way less than money coming from your W2 as a high wage earner. Otherwise you just a high priced ho
What should they do instead
Literally everyone I fukk w earns 100k and up.
Most are slow to invest and mainly invest after saving and saving and saving... and then are late to invest out of fear of losing. They believe they are middle class , when in reality you need about 250k yr gross to be middle.
Imo they should buy property, rental homes and also rural land. Or learn about other long term investments and go harder at those than bs like 401ks.
Also.... just cuz you gross 180k doesnt mean you drop 9k on family vacation. You can go in a hiking and white water rafting trip for less than a 1k. (For example)
the bossman
Superstar
That lifestyle inflation be the biggest killer. I can already see it in my little cousin who just turn 25. She just got her first 100k job and now she on that
"I deserve" "I work too hard to not deserve" blah blah wave. as she finances the new whip, renting the luxury apt, taking mad trips with little attention paid to investments. Trying to get her to change her mindset but you know how our women b sometimes. Once they get a little bit of paper can't tell'em nothing
If he buys a new car to eat the depreciation in the first year on a $40K car he has to end up sacrificing a month and a half of pay to fund the depreciation.
Skip that depreciation by buying a car in its 2nd year and invest that $8K untouched over 30 years at 8% growth annually and it grows to $80K. Do that 4 times over a 30 year career in 8 year intervals and that’s an extra $160K.
In your retirement that’s an extra $530 a month in income with a 4% drawdown annually pre-tax. That money could also be pulled and dumped into the mortgage to help finish it off towards the end of your career.
Nobody wants to hear that though. They just wanna make poor financial choices now and not think of any opportunity cost.
I had to start investing to understand what I was giving up my my youth being dumb with money. Once you start seeing your own money grow and compound over time it changes how you view money. Most changes people need to make aren't major. Instead of buying a brand new car get a 2 year old car with low miles and invest the difference. Set budgets and track your spending.That lifestyle inflation be the biggest killer. I can already see it in my little cousin who just turn 25. She just got her first 100k job and now she on that
"I deserve" "I work too hard to not deserve" blah blah wave. as she finances the new whip, renting the luxury apt, taking mad trips with little attention paid to investments. Trying to get her to change her mindset but you know how our women b sometimes. Once they get a little bit of paper can't tell'em nothing
Its a lot of brothers in here making 100k + .. are we sure the top percentile stats are correct ?
Only the top 10% of the US comes on The Coli
Made so much money last year it's crazy. The rich get richer while the people who have no investments seem like their money has less value because everything went up
If you want to take a few vacations a year or upgrade day to day life with perhaps a maid or landscapers,etc. You need money on top of bills, savings and investments.
And it’s ok to want and have “luxuries”.
It's okay to want them but still understand that's what those are. Luxuries. Putting away $30K is unfeasible for 95% of people on the planet.
