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(Yahoo) Amusing What does a HS dropout making $200k a year spend his money on? Aye chihuahua   (finance.yahoo.com) divider line 55
More: Amusing, cost of capital, iron ores, mining companies, Peter Lougheed Centre, company town, BHP Billiton, Australian Government, McKinsey  
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4961 clicks; posted to Business » on 17 Nov 2011 at 12:13 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



55 Comments   (+0 »)
   

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basemetal [TotalFark]
2011-11-17 09:29:19 AM
Good for him, it's honest work.
 
RexTalionis [TotalFark]
2011-11-17 09:38:51 AM
Miners deserve the compensation they get, considering half the time their bosses seem to be cutting corners with their safety.
 
The Stealth Hippopotamus [TotalFark]
2011-11-17 10:42:51 AM
basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude!
 
Jubeebee [TotalFark]
2011-11-17 11:19:53 AM
The Stealth Hippopotamus: basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude!

Honest = not criminal or underhanded. Being a miner is more honest than being an investment banker, for example.

The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.
 
impaler [TotalFark]
2011-11-17 11:51:35 AM
Jubeebee: The only sad thing about this story is how he has no savings.

People that do that are the type that say this about math: "why do I need to learn this? I will never use it after high-school."

And I'm not talking about calculus, I'm talking arithmetic.
 
Walker [TotalFark]
2011-11-17 11:52:45 AM
owns a sky-blue 2009 Chevy Ute

"Did you say Ute?"
img.photobucket.com
 
Comic Book Guy
2011-11-17 11:59:02 AM
Everyone and their mother seems to have a Ute in Australia. I bet he's rocking a Holden Commodore with engine upgrades.

That being said, living in WA is no joke. I was there for 4 days in February and it hit 45C (114F)twice when I was there. Not to mention the local wildlife just laying in wait to kill you and feast on your goo... ;)
 
poot_rootbeer
2011-11-17 12:20:09 PM
Jubeebee: The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

This.

If my income were AUD200,000/year, I'd be living on 50K or less (probably not hard when there's nothing to do for fun except work more overtime) and saving/investing the rest.
 
jst3p
2011-11-17 12:28:42 PM
The Stealth Hippopotamus: basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude lack of brain!
 
Rapmaster2000
2011-11-17 12:34:13 PM
sky-blue 2009 Chevy Ute, which cost $55,000

Something is off here with the exchange rate math. How can an El Camino cost more than a 5-series?
 
Moopy Mac
2011-11-17 12:36:42 PM
There are maids making near six figures in and around Perth.

I need to get some of that maid money.
 
roc6783
2011-11-17 12:37:44 PM
Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.
 
error 303
2011-11-17 12:41:40 PM
I understand and commend people with few opportunities doing incredibly difficult work to support yourself and your family. Given the choice, I'd take my $60k a year 9-5 office job doing something I enjoy every time.
 
groppet
2011-11-17 12:53:04 PM
Damn looks like I should have gone to the Colorado school of mining.

Good for him making that money, too bad he seems to have gone to the NBA school of finace.
 
jst3p
2011-11-17 12:58:38 PM
roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr.

You might be surprised, maybe she doesn't like you as much as you think she does. A fat insurance policy might seal the deal!
 
downstairs [TotalFark]
2011-11-17 01:01:17 PM
Jubeebee: The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

If you saved 50% of your income after taxes (almost impossible) that would be a base of maybe $700,000 or so. Even with excellent luck in investing (10% per year, compounded)... you're not retiring on that much after 10 years.

By my calculations you'd have 1,408,743 in your account after 10 years. And you'd be 35. Not gonna retire on that.
 
Walker [TotalFark]
2011-11-17 01:01:39 PM
Rapmaster2000: sky-blue 2009 Chevy Ute, which cost $55,000

Something is off here with the exchange rate math. How can an El Camino cost more than a 5-series?

He seems stupid and easily ripped off. $1,200 for a dog? You can get one free at the animal shelter. He will blow all his money in no time and be a rags to riches to rags story.
 
tdyak
2011-11-17 01:06:15 PM
Jubeebee: The Stealth Hippopotamus: basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude!

Honest = not criminal or underhanded. Being a miner is more honest than being an investment banker, for example.

The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

This guy isn't planning on retiring, not at 25. He's looking at how insanely dangerous his job is, glad he makes it out alive every day, and living life to it's fullest.

That being said, if you can pass a pee-test and don't mind living in the middle-of-nowhere Australia, you too can have a high-paying job doing this type of work.
 
Saiga410
2011-11-17 01:11:23 PM
owns a sky-blue 2009 Chevy Ute, which cost $55,000 before a $16,000 engine enhancement

Want. Chevy get to work bringing this over. I must say that the kid needs to be slapped around for bolting on that ugly rollbar thingy onto that truck. Completely ruins its lines and looks stupid.
 
AcneVulgaris
2011-11-17 01:14:38 PM
poot_rootbeer: Jubeebee: The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

This.

If my income were AUD200,000/year, I'd be living on 50K or less (probably not hard when there's nothing to do for fun except work more overtime) and saving/investing the rest.

And when the financial system collapses, you'll have nothing to show for it.
 
mod3072
2011-11-17 01:20:44 PM
I have a chihuahua. My wife paid $25 for it, and I felt like I got ripped off. There's no way in hell I would ever pay $1,200 for an overgrown rat, even if I had all the money in the world.
 
Savoir-Faire
2011-11-17 01:22:18 PM
roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.

There's a company that is theoretically going to open another taconite mine up in the U.P. or northern WI, but the government can't get on board, so it's all up in the air.
 
roc6783
2011-11-17 01:24:11 PM
jst3p: roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr.

You might be surprised, maybe she doesn't like you as much as you think she does. A fat insurance policy might seal the deal!

That is fantastic (no snark). Just this morning I realized that in 10 years we will have been together for over 50% of our lives to that point, to which she replied, how do you know we will make it that long. My smart arse-remark was that I haven't gotten a life insurance policy yet. She just smiled and said:

s3.amazonaws.com

//Are you planning something with her?
 
watson.t.hamster
2011-11-17 01:42:54 PM
You can start out at 18 with no highschool degree earning 100k per year and their expecting a shortfall of workers?

I get that the conditions are terrible and you have to live in less than pleasant areas. But come on, people join the army for equally terrible conditions, horrible locations, and far less pay because "hey, they're hiring". .

Living modestly you could easily save up a quarter million within 5 years, then go do something else.

/besides at 18 you're invincible, why worry about the risks?
 
AcneVulgaris
2011-11-17 01:54:31 PM
watson.t.hamster: You can start out at 18 with no highschool degree earning 100k per year and their expecting a shortfall of workers?

I get that the conditions are terrible and you have to live in less than pleasant areas. But come on, people join the army for equally terrible conditions, horrible locations, and far less pay because "hey, they're hiring". .

Living modestly you could easily save up a quarter million within 5 years, then go do something else.

/besides at 18 you're invincible, why worry about the risks?

Heavy mining equipment has a way of making you vincible.
 
Big_Fat_Liar
2011-11-17 02:08:09 PM
tdyak: Jubeebee: The Stealth Hippopotamus: basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude!

Honest = not criminal or underhanded. Being a miner is more honest than being an investment banker, for example.

The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

This guy isn't planning on retiring, not at 25. He's looking at how insanely dangerous his job is, glad he makes it out alive every day, and living life to it's fullest.

That being said, if you can pass a pee-test and don't mind living in the middle-of-nowhere Australia, you too can have a high-paying job doing this type of work.

Yeah, but his lack of education is shining through. He thinks living life at its fullest is buying a bunch of retarded shiat that will be worth next to nothing 10 years from now if it even exists at all. Meanwhile, where will he be in 10 years should he lose this job? Flipping burgers maybe? Dude needs to learn to save. (I'm ASSuming he doesn't save much, but that could be wrong)

He's buying the exact sort of really really stupid stuff my kids would buy if they ran into that kind of money. (which is really an admission of failure on my part as well as theirs)
 
Jubeebee [TotalFark]
2011-11-17 02:15:43 PM
downstairs: Jubeebee: The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

If you saved 50% of your income after taxes (almost impossible) that would be a base of maybe $700,000 or so. Even with excellent luck in investing (10% per year, compounded)... you're not retiring on that much after 10 years.

By my calculations you'd have 1,408,743 in your account after 10 years. And you'd be 35. Not gonna retire on that.

I know AUS$ is not = US$, and I don't care to look it up. Nor do I care to look up Australia's tax code.

However, assume 40% taxes between local, province, federal. That leaves you with $120,000 net. Why is saving half of that almost impossible? He's living in a podunk town, so cost of living is going to be low. $3000 per month would easily cover rent on a decent apartment, food, bills, and plenty of alcohol. Hell, you could probably get by on half that if you wanted to.

If you have $1.5 million and you get a 3% annual return, your interest is $45,000 per year, which is more than enough to get by. It won't last you forever, but it'd take you a long way.
 
WellBelowAverage
2011-11-17 02:19:20 PM
Big_Fat_Liar: tdyak: Jubeebee: The Stealth Hippopotamus: basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude!

Honest = not criminal or underhanded. Being a miner is more honest than being an investment banker, for example.

The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.

This guy isn't planning on retiring, not at 25. He's looking at how insanely dangerous his job is, glad he makes it out alive every day, and living life to it's fullest.

That being said, if you can pass a pee-test and don't mind living in the middle-of-nowhere Australia, you too can have a high-paying job doing this type of work.

Yeah, but his lack of education is shining through. He thinks living life at its fullest is buying a bunch of retarded shiat that will be worth next to nothing 10 years from now if it even exists at all. Meanwhile, where will he be in 10 years should he lose this job? Flipping burgers maybe? Dude needs to learn to save. (I'm ASSuming he doesn't save much, but that could be wrong)

He's buying the exact sort of really really stupid stuff my kids would buy if they ran into that kind of money. (which is really an admission of failure on my part as well as theirs)

Youth is wasted on the young.
George Bernard Shaw
 
Lawnchair
2011-11-17 02:24:43 PM
downstairs: By my calculations you'd have 1,408,743 in your account after 10 years. And you'd be 35. Not gonna retire on that.

Jubeebee: If you have $1.5 million and you get a 3% annual return, your interest is $45,000 per year, which is more than enough to get by. It won't last you forever, but it'd take you a long way.

Came here to say just that. And that doesn't have all the little payroll tax takeaways either, no commuting costs, and you can live anywhere (so moving somewhere cheap with poor job prospects isn't a problem).

Yes, yes I can live on $30k. No sweat at all. Really. And if I can get 2% over inflation on investments over the long-haul (which, if that isn't easy, the world has gone Mad Max anyway), I can do that (with inflation adjustments) for the rest of my life on a little under $1mm after-tax.

I'm tired of the "oh no, I can't possible retire on a million". Sure you can. You just can't live like a millionaire.
 
Fubini
2011-11-17 02:30:25 PM
Jubeebee: However, assume 40% taxes between local, province, federal. That leaves you with $120,000 net. Why is saving half of that almost impossible? He's living in a podunk town, so cost of living is going to be low. $3000 per month would easily cover rent on a decent apartment, food, bills, and plenty of alcohol. Hell, you could probably get by on half that if you wanted to.

I don't know about middle-of-nowhere Austraila, but housing gets REALLY expensive around big mineral operations REALLY quick here in the US.

I talked to a guy who lived in a podunk-nowhere town before a big fracking operation moved into town. The Average rent went from $400/mo to something like $5000/mo. The smart guys got trailers, but even a trailer hookup was outrageously expensive.

The oilmen were OK with it because they were getting paid six figures to do the job, and apparently were pretty used to it. Sucked if you just happened to live there and needed a place to stay, though.
 
Geotpf
2011-11-17 02:31:31 PM
Rapmaster2000: sky-blue 2009 Chevy Ute, which cost $55,000

Something is off here with the exchange rate math. How can an El Camino cost more than a 5-series?

The article actually mentions the exchange rate with the US dollar-it's currently almost exactly 1 for 1.

So, yeah, $55k for a modern El Camino-y thing.
 
The Stealth Hippopotamus [TotalFark]
2011-11-17 02:51:17 PM
Jubeebee: Honest = not criminal or underhanded. Being a miner is more honest than being an investment banker, for example.

It's not a "more" honest kinda deal. It is either legal or illegal. You sound like the kind of person that believes that people can earn "too much".


jst3p: lack of brain!

I was trying to be nice.
 
atomic-age
2011-11-17 03:18:47 PM
Geotpf: Rapmaster2000: sky-blue 2009 Chevy Ute, which cost $55,000

Something is off here with the exchange rate math. How can an El Camino cost more than a 5-series?

The article actually mentions the exchange rate with the US dollar-it's currently almost exactly 1 for 1.

So, yeah, $55k for a modern El Camino-y thing.

Did you notice he paid even more and got an upgraded engine?
 
downstairs [TotalFark]
2011-11-17 03:21:55 PM
Jubeebee: I know AUS$ is not = US$, and I don't care to look it up. Nor do I care to look up Australia's tax code.

However, assume 40% taxes between local, province, federal. That leaves you with $120,000 net. Why is saving half of that almost impossible? He's living in a podunk town, so cost of living is going to be low. $3000 per month would easily cover rent on a decent apartment, food, bills, and plenty of alcohol. Hell, you could probably get by on half that if you wanted to.

If you have $1.5 million and you get a 3% annual return, your interest is $45,000 per year, which is more than enough to get by. It won't last you forever, but it'd take you a long way.

You'd have to find a way to make more each year, because 45,000 in 2011 isn't going to go as far as 45,000 in 2021, 2031, etc.
 
jst3p
2011-11-17 03:43:46 PM
The Stealth Hippopotamus: jst3p: lack of brain!

I was trying to be nice.

Common mistake.
 
Ken VeryBigLiar
2011-11-17 03:47:22 PM
roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.

Closest you can get is to work for Caterpillar or clean up that mess in Oak Creek. Although the way it's going you could mine for heroin in the suburbs with as bad as some are starting to get.
 
1nsanilicious
2011-11-17 03:49:19 PM
So when do we "occupy Mandurah" for paying this man too much. Too much wealth and not distributing it through increased taxes is bad!

Wait you guys don't have a problem with this? You realize that he enjoys the same financial loopholes that the other people in his tax bracket get, you know, the 1%?

Oh, it's because you have to be a banker or hoard your cash, but because he spends it all foolishly he gets a free walk.

Whatever, you guys never made much sense to begin with.
 
Slaves2Darkness
2011-11-17 04:02:36 PM
roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.

You want Southern Illinois coal mines, we just had a job fair that was hiring 50-75 people at around $13-25 an hour. Granted that is only about 25-50K a year with out overtime.
 
BobBastard
2011-11-17 04:02:37 PM
My dad works in the mines in Northern Ontario.... tried to convince me to go underground with him at 80k a year base salary, he makes 140k.

I said i'd rather be broke and happy than moderately rich and depressed... he laughed at me.

He was right. I'm reconsidering.
 
roc6783
2011-11-17 04:05:37 PM
Ken VeryBigLiar: roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.

Closest you can get is to work for Caterpillar or clean up that mess in Oak Creek. Although the way it's going you could mine for heroin in the suburbs with as bad as some are starting to get.

Ya, this bust Link (new window) was about 2 blocks from the home I grew up in.

//Why would you need pot and dynamite? You can't light in the house, and you aren't going anywhere.
 
BobBastard
2011-11-17 04:06:07 PM
AcneVulgaris: watson.t.hamster: You can start out at 18 with no highschool degree earning 100k per year and their expecting a shortfall of workers?

I get that the conditions are terrible and you have to live in less than pleasant areas. But come on, people join the army for equally terrible conditions, horrible locations, and far less pay because "hey, they're hiring". .

Living modestly you could easily save up a quarter million within 5 years, then go do something else.

/besides at 18 you're invincible, why worry about the risks?

Heavy mining equipment has a way of making you vincible.

Loose rocks from the tunnel ceiling after a blast is the #1 risk of injury or death. Could be a pound, could be a ton...
 
roc6783
2011-11-17 04:10:05 PM
Slaves2Darkness: roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.

You want Southern Illinois coal mines, we just had a job fair that was hiring 50-75 people at around $13-25 an hour. Granted that is only about 25-50K a year with out overtime.

I would probably be on the low end as I have no experience, so dropping $4/hr to leave my office job to mine coal a few hundred miles away does not seem like the right direction for my career.
 
poot_rootbeer
2011-11-17 04:26:28 PM
AcneVulgaris: And when the financial system collapses, you'll have nothing to show for it.

And if I had spent all that money on trucks and novelty dogs instead, I'd still have nothing to show for it.

Except a broken-down truck and a dog corpse.
 
factoryconnection
2011-11-17 04:46:34 PM
atomic-age: Geotpf: Rapmaster2000: sky-blue 2009 Chevy Ute, which cost $55,000

Something is off here with the exchange rate math. How can an El Camino cost more than a 5-series?

The article actually mentions the exchange rate with the US dollar-it's currently almost exactly 1 for 1.

So, yeah, $55k for a modern El Camino-y thing.

Did you notice he paid even more and got an upgraded engine?

For the top of the line, SSV RedLine the MSRP is $49,500AU (new window). I can see a moron checking all sorts of option boxes for underbody spray and whatnot up to $55K.

$200K/year and no savings? Sounds like a stripper.
 
watson.t.hamster
2011-11-17 05:05:46 PM
AcneVulgaris: watson.t.hamster: You can start out at 18 with no highschool degree earning 100k per year and their expecting a shortfall of workers?

I get that the conditions are terrible and you have to live in less than pleasant areas. But come on, people join the army for equally terrible conditions, horrible locations, and far less pay because "hey, they're hiring". .

Living modestly you could easily save up a quarter million within 5 years, then go do something else.

/besides at 18 you're invincible, why worry about the risks?

Heavy mining equipment has a way of making you vincible.

I realize that, but as a deterrent I'm not sure how many 18 year-olds actually consider the risk. And if they do it's to other people, not themselves. At that age you really don't see yourself dying or being injured severely.
 
HellRaisingHoosier
2011-11-17 05:30:56 PM
Jubeebee: The Stealth Hippopotamus: basemetal: Good for him, it's honest work.

Honest?! Dude is miles underground running heavy machinery! He isnt paid for his brain he is paid for his testicular fortitude!

Honest = not criminal or underhanded. Being a miner is more honest than being an investment banker, for example.

The only sad thing about this story is how he has no savings. If I made 200k a year, I'd set myself up to retire in 5-10 years.



From the sounds of the work, I don't think you most people would survive 5-10 years.
Probably get black-lung or something even if you did make it.
 
bigmattress
2011-11-17 05:31:49 PM
downstairs: Jubeebee: I know AUS$ is not = US$, and I don't care to look it up. Nor do I care to look up Australia's tax code.

However, assume 40% taxes between local, province, federal. That leaves you with $120,000 net. Why is saving half of that almost impossible? He's living in a podunk town, so cost of living is going to be low. $3000 per month would easily cover rent on a decent apartment, food, bills, and plenty of alcohol. Hell, you could probably get by on half that if you wanted to.

If you have $1.5 million and you get a 3% annual return, your interest is $45,000 per year, which is more than enough to get by. It won't last you forever, but it'd take you a long way.

You'd have to find a way to make more each year, because 45,000 in 2011 isn't going to go as far as 45,000 in 2021, 2031, etc.

Slow, small withdrawals on the principle to make up the difference.
Work part time doing something you enjoy.
Only use 30,000 of that 45,000 for as long as you can.

It's simple! What could go wrong?!?
 
kbotc
2011-11-17 06:22:20 PM
Slaves2Darkness: roc6783: Any mines opening in SE Wisconsin? I do not think I could convince my wife to move to Australia for a job that has a not insignificant chance of resulting in my death, even if it pays 200k/yr. But, if we didn't have to move...

//She would probably be pissed about the 2 years I spent getting an MBA too, though...still worth it.

You want Southern Illinois coal mines, we just had a job fair that was hiring 50-75 people at around $13-25 an hour. Granted that is only about 25-50K a year with out overtime.

Yep. There's not even a history of violent explosions and lots of death or anything!

/Looks at the history about why the people from Vandalia are called the "Orphans"
//Oh wait.
 
downstairs [TotalFark]
2011-11-17 06:32:22 PM
bigmattress: Slow, small withdrawals on the principle to make up the difference.
Work part time doing something you enjoy.
Only use 30,000 of that 45,000 for as long as you can

Slow, small? The dude is 25. If he tried to live off $1.4mil for life, the $45,000 you mention would be worth like $15,000 when he's 55 (estimated using 1980-2010 inflation calculation, which is 30 years.)

That's a lot to make up. He'd run out of it before he turned 50, and would have no job skills to find a job... at 50.

Just saying... $1million is not something you can retire on at a young age.
 
poot_rootbeer
2011-11-17 06:35:55 PM
downstairs: You'd have to find a way to make more each year, because 45,000 in 2011 isn't going to go as far as 45,000 in 2021, 2031, etc.

Someone else upthread mentioned "2% return over inflation in the long run", which is key. Historically, that's also usually been pretty easy to achieve with little or no risk (though not so much in the US in 2011).
 
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