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(CNBC)   How to retire at 34 with $3 million. Step one: Get a job at an investment bank   (cnbc.com) divider line
    More: Asinine, Pension, Retirement, Termination of employment, investment banking job, Life annuity, toughest full-time job, common questions people, industry of work  
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872 clicks; posted to Business » on 24 Jun 2019 at 4:25 PM (24 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2019-06-24 04:19:34 PM  
Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...
 
2019-06-24 04:26:51 PM  
LOL

"Sure, I got lucky by landing a high-paying investment banking job and in some of my investments"

That's a bingo
 
2019-06-24 04:27:57 PM  
Depends on what kind of life you want to have, if you live a simple life and are in good health that could last you a while. But if you plan on partying like a rock star it could go real fast.
 
2019-06-24 04:31:29 PM  
He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?
 
2019-06-24 04:32:58 PM  
HOLY FARK, ALLLLLLLLLL the way at the bottom.

After seven years of retirement, I finally found my groove by regularly doing things that I enjoy:
-Writing on Financial Samurai
-Investing in real estate


So, not retired.
 
2019-06-24 04:36:35 PM  

jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?


Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.
 
2019-06-24 04:46:40 PM  
If only everybody could be as lucky as him then all of our problems would be solved.
 
2019-06-24 04:56:24 PM  

Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.


Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.
 
2019-06-24 05:00:43 PM  
1.) Be born into a wealthy white family.

Or, as Trump puts it, "The Art Of The Deal".
 
2019-06-24 05:02:23 PM  

akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.


No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.
 
2019-06-24 05:04:02 PM  

akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.


His wife also worked, and he never mentions her income.  My wife stays at home with our kids, and our youngest will be going to school full time in 2 years.  She plans on continuing the tutoring she is doing now, and adding becoming a substitute teacher (she was a teacher before deciding to stay home).  Anything additional she brings in will be a huge boost to our savings.
 
2019-06-24 05:06:21 PM  

Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...


Watch me retire on three million dollars..   Fixed annuity rates on something 2.75 Mil are about 2.75 right now.

Calculating out 45 years, you could withdraw 8860 a month.  Now we are not stupid, we would only  take 6800 a month out in case my fat as lives to be over 90.  HAHAHAHAHAHA, but still.  Gotta dream, right?  This leaves us a significant amount left at the end.

Now that im widowed early, I would very happy in a small town decent house worth maybe 75K.  that's a much nicer house than youd think possible. a small pickup that is trustworthy and im good.  Set up the house, truck and nifty stuff is about 150,000, leaving me a 125,000 liquid savings to start.

Insurance would suck, but Obama care to the rescue.   Silver plus out of pocket is about 12K a year,   or 1K a month.

insurance, taxes, maintenance would be less than 350 a month.  Clothes, food and kitty care 1000.  power water garbage power, internet, car insurance.  all that is 600.

4 $3K vacations a year another 1000 a month.

4000 a month.   Leaves roughly 30K for fun expenditures like Xanax, beer and planet fitness memberships.  and beer.

dear lord, that's a comfy life.

someone please give me 3 million dollars.
 
2019-06-24 05:09:00 PM  
taxes.  drat.  I forgot taxes.   less beer and xanax
 
2019-06-24 05:13:23 PM  

I sound fat: taxes.  drat.  I forgot taxes.   less beer and xanax


As an alternative strategy, don't pay taxes, and up the beer and Xanax?
 
2019-06-24 05:19:22 PM  
TFA doesn't really have anything to do with how he saved $3 million or how he budgets to make that last a lifetime (and farkers above have noted that it seems high risk and he continues to work). It's about expecting retirement itself to give you some happiness or even contentment. Like having money vs not, it eliminates some common points of suffering, but you still need some internal skills and awareness to turn that into happiness. I think it's useful advice on that front.
 
2019-06-24 05:19:22 PM  

roc6783: I sound fat: taxes.  drat.  I forgot taxes.   less beer and xanax

As an alternative strategy, don't pay taxes, and up the beer and Xanax?


This strategy works for some of our very own government officials, so I second this motion.
 
2019-06-24 05:30:03 PM  

Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...


If you can't live on $75k a year you are a very sad person.

It's a LOT of money to almost everyone. $3 million is more than most get in a lifetime, and more than any one person needs. $75k is a very decent lifestyle anywhere, maybe Manhattan or the city of San Francisco excepted.
 
2019-06-24 05:30:54 PM  
Articles like this just remind me of how useless and pointless life is. Unless you're going to spend your retired half century trying to make the world a better place or somehow contributing the the welfare of others you're just spinning your wheels. Might as well kill yourself now and take a tiny bit of burden off the planet.
 
2019-06-24 05:34:47 PM  

wax_on: Articles like this just remind me of how useless and pointless life is. Unless you're going to spend your retired half century trying to make the world a better place or somehow contributing the the welfare of others you're just spinning your wheels. Might as well kill yourself now and take a tiny bit of burden off the planet.


Hate to say it but a lot of "work" is actively destroying the earth to produce crap that nobody needs. So of you're talking about ethics, not working stacks up well against a lot of bad work.

Doing good is another thing entirely.
 
2019-06-24 06:17:09 PM  

wax_on: Articles like this just remind me of how useless and pointless life is. Unless you're going to spend your retired half century trying to make the world a better place or somehow contributing the the welfare of others you're just spinning your wheels. Might as well kill yourself now and take a tiny bit of burden off the planet.


If you truly believe that, please call someone and talk with them.
 
2019-06-24 06:22:58 PM  
Fark user imageView Full Size
 
2019-06-24 06:23:53 PM  

Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...


$3 million is absolutely enough to retire on at 34.   You should be able to get 4-5% in dividends from reasonably safe companies, which is $120-150k a year.  Say you get taxed down to $90-100k, half of that is still $50k a year which is above the average income for one person in North America, and the other half goes back in (along with any capital gains) to invest more to cover inflation.

Even at $2 million I would be gone in a heartbeat.
 
2019-06-24 06:29:57 PM  

pacified: LOL
"Sure, I got lucky by landing a high-paying investment banking job and in some of my investments"
That's a bingo


"And sure, I'm a sociopath, but I feel like I should make the most of my gifts."
 
2019-06-24 06:32:50 PM  
Heck, if he just spent it down, assuming he was going to make 90, that's $53,571 a year. I have only made more than that once, and I wasn't starving by any means.

Now, $3 million is not "I have a boat I keep on my yacht" money, but it is "I never have to work again" money.
 
2019-06-24 07:05:12 PM  

Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...


Yeah assuming you keep that 3 million in a checking out and never invest it.  You invest that 3 million and earn 5-8% off it a year and you're making way more than 75K a year
 
2019-06-24 07:54:25 PM  

HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.


Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.
 
2019-06-24 07:58:05 PM  
Hate to break it to you Subby, but there are quite a few steps before that.
 
2019-06-24 08:05:49 PM  

Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...


How the fark did 6 people smart this. Assuming investments match inflation, that is 75k in today's dollars a year, AFTER farkING TAXES!, for the reasonable rest of your life.

Subtract 20k for funsies and that is a better financial life than half of Americans.


The real reason you don't retire at 34 is you will drink yourself to death and waste away.
 
2019-06-24 08:06:12 PM  

adamatari: Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...

If you can't live on $75k a year you are a very sad person.

It's a LOT of money to almost everyone. $3 million is more than most get in a lifetime, and more than any one person needs. $75k is a very decent lifestyle anywhere, maybe Manhattan or the city of San Francisco excepted.


Well if course we can LIVE on $75k/yr.  Only someone incredibly out of touch would disagree.  But you would have to be willing to accept the lifestyle it provides.  I would choose to live on $75k only if I could retire, and the amount rose annually with the cost of living.  Otherwise I'd rather keep working and maintain our current lifestyle.
 
2019-06-24 08:08:37 PM  

adamatari: Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...

If you can't live on $75k a year you are a very sad person.

It's a LOT of money to almost everyone. $3 million is more than most get in a lifetime, and more than any one person needs. $75k is a very decent lifestyle anywhere, maybe Manhattan or the city of San Francisco excepted.


There's several entire states where it's not a lot of money.
 
2019-06-24 08:09:32 PM  

TheAlgebraist: Even at $2 million I would be gone in a heartbeat.


I will say this. I don't like my job. It isn't fulfilling, and it doesn't make me happy, and it doesn't keep me intellectually occupied.  But I'd have to win 10 million after taxes to quit, I think.

Why?

Because I'd be more valuable if I work my grade and step level for the government and donate 100% of my salary to charities than I would doing any actual hands on work for charities. And since I wouldn't do any fulfilling work upon retiring (maybe do a party version of charter boating, but I could cut hours and still do that), I'd be a jerk to throw my salary away and spoon soup.

So only if I gained so much that I'd throw a large chunk of it straight to charities would I actually quit, instead of working for charities by proxy.
 
2019-06-24 08:09:57 PM  

Dr.Fey: Despite how it sounds, $3 million ain't that much money, and certainly not enough to retire on at 34.

If you live until 74, that's 75k a year.  And if you are an investment banker who earned enough to make $3 million, your lifestyle (and maybe your family's lifestyle) can't be accommodated.

/yeah, I know, much more complicated positively and negatively, interest, inflation, investments, etc...


Bullshiat.

BrotherBuk retired early 40s with 1 million. No kids. House paid off. Knows how to do most of the upkeep housework/yardwork/farmwork himself so little overhead. We are Polocks so being cheap is in our blood.
 
2019-06-24 08:14:50 PM  

Eightballjacket: HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.

Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.


$80mm is a shiat ton of money, but those who think $75/yr is need perspective.  To most people that's a lot of money.  To a guy who retired with $3mm in the bank it's nothing.  I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live.  Property taxes take $40k right off the top.  Utilities $15k.  Health insurance $20k.  Bam, I'm broke.  No food for the family this year.  Didn't count a mortgage either since we're fortunate enough not to have one.  No clothes.  No cars.  No vacations.  No repairs on anything we own.  $75k is a lot of money, unless you're "middle class", then it's half what you need to pay to live "middle class."
 
2019-06-24 08:22:53 PM  

Livinglush: Eightballjacket: HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.

Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.

$80mm is a shiat ton of money, but those who think $75/yr is need perspective.  To most people that's a lot of money.  To a guy who retired with $3mm in the bank it's nothing.  I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live.  Property taxes take $40k right off the top.  Utilities $15k.  Health insurance $20k.  Bam, I'm broke.  No food for the family this year.  Didn't count a mortgage either since we're fortunate enough not to have one.  No clothes.  No cars.  No vacations.  No repairs on anything we own.  $75k is a lot of money, unless you're "middle class", then it's half what you need to pay to live "middle class."


I'm usually on the edge of arguing that X per year really isn't as much as some say.

I'll just say this, without plotting the full 50 year out future of life, the universe, and everything....

If you don't think a personal income that is greater than 50% of household incomes is a decent amount of money, then 50% of households in the US should be called poor. And that is before acknowledging that you can take your income to a low-income environment, whereas folks making 60k in NYC or Silicon Valley cannot.

75k this year is effectively 90th percentile income if you pick the right location. Even Detroit is relatively expensive to other places in Michigan, for example. 100k is around 90th percentile for the state as a whole.  But you don't get a farkton of engineers in Midland.
 
2019-06-24 08:23:55 PM  

Livinglush: Property taxes take $40k right off the top.


Imagine the privilege required to complain about $40k worth of property taxes. That's more than most people make in a year, but at least you don't have to live in a fly over state, huh?
 
2019-06-24 08:28:36 PM  
Now that's a top level humblebrag.
 
2019-06-24 08:30:45 PM  

Smackledorfer: Livinglush: Eightballjacket: HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.

Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.

$80mm is a shiat ton of money, but those who think $75/yr is need perspective.  To most people that's a lot of money.  To a guy who retired with $3mm in the bank it's nothing.  I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live.  Property taxes take $40k right off the top.  Utilities $15k.  Health insurance $20k.  Bam, I'm broke.  No food for the family this year.  Didn't count a mortgage either since we're fortunate enough not to have one.  No clothes.  No cars.  No vacations.  No repairs on anything we own.  $75k is a lot of money, unless you're "middle class", then it's half what you need to pay to live "middle class."

I'm usually on the edge of arguing that X per year really isn't as much as some say.

I'll just say this, without plotting the full 50 year out future of life, the universe, and everything....

If you don't think a personal income that is greater than 50% of household incomes is a decent amount of money, then 50% of households in the US should be called poor. And that is before acknowledging that you can take your income to a low-income environment, whereas folks making 60k in NYC or Silicon Valley cannot.

75k this year is effectively 90th percentile income if you pick the right location. Even Detroit is relatively expensive to other places in Michigan, for example. 100k is around 90th percentile for the state as a whole.  But you don't get a farkton of engineers in Midland.


That's exactly it.  If I had $75k a year and lived in flyover country, I'd live like a king.  Where I live I make almost double than that and LITERALLY have the cheapest house on the block.  I'm not complaining by any means, I'm just saying that people at all income levels need perspective about other income levels, up to a certain point.
 
2019-06-24 08:31:32 PM  

Wonktnod: Livinglush: Property taxes take $40k right off the top.

Imagine the privilege required to complain about $40k worth of property taxes. That's more than most people make in a year, but at least you don't have to live in a fly over state, huh?


I never complained.
 
2019-06-24 08:35:52 PM  

HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.


I don't think it's so simple. AT&T is down slightly over the last 5 years. DuPont is slightly up. Philips 66 is up about 10%, but their yield is currently about 4%. Philip Morris has a higher yield, but is down slightly over 5 years - just guessing maybe that's who you meant. The S&P 500 is up about 50% over that 5 years, but its yield has been around 2% over that time - probably a little under.

Dividends are not committed beyond the next quarter, and as above, are very often associated with companies that are not seeing the kind of growth the general market is. It's not an especially safe or probably prudent investment plan with a multi-decade timeline.

"In 2018, many well-known companies cut their dividend. Companies such as GE, Owen & Minors, Buckeye Partners, L Brands (NYSE:LB), Anheuser-Busch InBev, Artis REIT (AX.UN.TO), Corus Entertainment (OTCPK:CJREF) (CJR.B.TO), and AltaGas (OTCPK:ATGFF) (ALA.TO). All of them came with a stock value loss as well"
https://seekingalpha.com/article/4240​9​49-dividend-cut

Anyway, I think 2.7% is a very credible yield for a broadly invested portfolio.

$75k does seem like a comfortable income to live on, as long as you assume either medicare or current ACA costs - those are around $20k for a middle aged couple on the silver plan in my state. Major medical issues may add significant costs to that. It sounds a bit tight to me - we could probably make it work, but I've chosen to try to save for more buffer. And also to reduce our years without Medicare.
 
2019-06-24 08:36:30 PM  

Wonktnod: Livinglush: Property taxes take $40k right off the top.

Imagine the privilege required to complain about $40k worth of property taxes. That's more than most people make in a year, but at least you don't have to live in a fly over state, huh?


Again, lack of perspective.  My taxes is $40k, this guy's is probably $140k.  And I'm pretty sure he doesn't drive a 10 year old Ford like I do.  My point is he's not living off $75k a year, no way no how.
 
2019-06-24 08:46:45 PM  

Livinglush: $80mm is a shiat ton of money, but those who think $75/yr is need perspective. To most people that's a lot of money. To a guy who retired with $3mm in the bank it's nothing. I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live. Property taxes take $40k right off the top. Utilities $15k. Health insurance $20k. Bam, I'm broke.


40K in property taxes? 15K in utilities? If you are paying that much for those things then it is by choice and you could easily move somewhere less expensive.
 
2019-06-24 08:46:57 PM  

Livinglush: That's exactly it.  If I had $75k a year and lived in flyover country, I'd live like a king.  Where I live I make almost double than that and LITERALLY have the cheapest house on the block.  I'm not complaining by any means, I'm just saying that people at all income levels need perspective about other income levels, up to a certain point.


But in this case, since his income minus interest is 75k per year after taxes (just 40 years of drawing on principle) and he's all but guaranteed to beat inflation over time with safe investing, he can live in flyover.

And honestly, I wouldn't call a lot of the cheaper standard of living areas in the US flyover. They won't be bleeding edge NYC lifestyles, but like you said, living like a king. There are a lot of very nice places where you can fish, boat, hunt, hike etc away the rest of your life for not a lot of money.  You just can't actually EARN that money while living there unless you are an exception like myself (SE michigan, government employed). But this guy sure can.
 
2019-06-24 08:50:49 PM  

Pincy: Livinglush: $80mm is a shiat ton of money, but those who think $75/yr is need perspective. To most people that's a lot of money. To a guy who retired with $3mm in the bank it's nothing. I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live. Property taxes take $40k right off the top. Utilities $15k. Health insurance $20k. Bam, I'm broke.

40K in property taxes? 15K in utilities? If you are paying that much for those things then it is by choice and you could easily move somewhere less expensive.


In auburn hills michigan I saved a down payment for my first house while working in high school. I rented rooms out to pay the rent and then some while working full time through college as a freaking waiter. I came out without debt.  You can buy my exact home, which I sold as a rental last year, for marginally more than I paid in 2001.  Taxes + utilities + association fee doesn't come close to those numbers.

For whatever reason, people are stupidly applying the numbers from the TFA to areas that aren't worth living in.  Oh sure, they are objectively nice on their own and that has value, but they are mostly only expensive because that's where the real jobs are.

There is a CA poster on this forum I no longer pay attention to who used to argue his high salary in silicon value left him in poverty. I told him to move and be a bartender. He ultimately admitted he had massive stock options and was describing his lifestyle AFTER investments, 401k, etc etc.  Well duh.
 
2019-06-24 08:52:00 PM  

Pincy: Livinglush: $80mm is a shiat ton of money, but those who think $75/yr is need perspective. To most people that's a lot of money. To a guy who retired with $3mm in the bank it's nothing. I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live. Property taxes take $40k right off the top. Utilities $15k. Health insurance $20k. Bam, I'm broke.

40K in property taxes? 15K in utilities? If you are paying that much for those things then it is by choice and you could easily move somewhere less expensive.


Nobody is seeing the point.  I'm middle class and those are my expenses.  Imagine his, and you try telling me the asshat who wrote that article would setting for a four square in middle America.
 
2019-06-24 08:55:18 PM  

Smackledorfer: Pincy: Livinglush: $80mm is a shiat ton of money, but those who think $75/yr is need perspective. To most people that's a lot of money. To a guy who retired with $3mm in the bank it's nothing. I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live. Property taxes take $40k right off the top. Utilities $15k. Health insurance $20k. Bam, I'm broke.

40K in property taxes? 15K in utilities? If you are paying that much for those things then it is by choice and you could easily move somewhere less expensive.

In auburn hills michigan I saved a down payment for my first house while working in high school. I rented rooms out to pay the rent and then some while working full time through college as a freaking waiter. I came out without debt.  You can buy my exact home, which I sold as a rental last year, for marginally more than I paid in 2001.  Taxes + utilities + association fee doesn't come close to those numbers.

For whatever reason, people are stupidly applying the numbers from the TFA to areas that aren't worth living in.  Oh sure, they are objectively nice on their own and that has value, but they are mostly only expensive because that's where the real jobs are.

There is a CA poster on this forum I no longer pay attention to who used to argue his high salary in silicon value left him in poverty. I told him to move and be a bartender. He ultimately admitted he had massive stock options and was describing his lifestyle AFTER investments, 401k, etc etc.  Well duh.


Exactly!  West Virginia is stunning to vacation in, and you can live very well on next to nothing, but you wouldn't want to.

I am by no means claiming poverty, I'm blessed to have what we do, especially since I started out with less than zero.  But nobody who has the lifestyle he does is going to live in a way that $75k can afford.
 
2019-06-24 08:57:34 PM  

Pincy: Livinglush: $80mm is a shiat ton of money, but those who think $75/yr is need perspective. To most people that's a lot of money. To a guy who retired with $3mm in the bank it's nothing. I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live. Property taxes take $40k right off the top. Utilities $15k. Health insurance $20k. Bam, I'm broke.

40K in property taxes? 15K in utilities? If you are paying that much for those things then it is by choice and you could easily move somewhere less expensive.


I don't know how you could consider utilities a choice, but ok.  Maybe you think we run the air conditioner and heat at the same time in an all year round battle royals.
 
2019-06-24 08:58:46 PM  

Livinglush: Pincy: Livinglush: $80mm is a shiat ton of money, but those who think $75/yr is need perspective. To most people that's a lot of money. To a guy who retired with $3mm in the bank it's nothing. I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live. Property taxes take $40k right off the top. Utilities $15k. Health insurance $20k. Bam, I'm broke.

40K in property taxes? 15K in utilities? If you are paying that much for those things then it is by choice and you could easily move somewhere less expensive.

I don't know how you could consider utilities a choice, but ok.  Maybe you think we run the air conditioner and heat at the same time in an all year round battle royals.


My money would be on the heat, it's a bit warm in here even without it running against the a/c.
 
2019-06-24 09:00:02 PM  

Smackledorfer: Livinglush: Eightballjacket: HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.

Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.

$80mm is a shiat ton of money, but those who think $75/yr is need perspective.  To most people that's a lot of money.  To a guy who retired with $3mm in the bank it's nothing.  I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live.  Property taxes take $40k right off the top.  Utilities $15k.  Health insurance $20k.  Bam, I'm broke.  No food for the family this year.  Didn't count a mortgage either since we're fortunate enough not to have one.  No clothes.  No cars.  No vacations.  No repairs on anything we own.  $75k is a lot of money, unless you're "middle class", then it's half what you need to pay to live "middle class."

I'm usually on the edge of arguing that X per year really isn't as much as some say.

I'll just say this, without plotting the full 50 year out future of life, the universe, and everything....

If you don't think a personal income that is greater than 50% of household incomes is a decent amount of money, then 50% of households in the US should be called poor. And that is before acknowledging that you can take your income to a low-income environment, whereas folks making 60k in NYC or Silicon Valley cannot.

75k this year is effectively 90th percentile income if you pick the right location. Even Detroit is relatively expensive to other places in Michigan, for example. 100k is around 90th percentile for the state as a whole.  But you don't get a farkton of engineers in Midland.


Not to.mention that in Michigan if you are paying $40k in property taxes, you are living in a $2,000,000 house at a minimum. And Michigan has a relatively high property tax rate.
 
2019-06-24 09:01:38 PM  

Eightballjacket: Smackledorfer: Livinglush: Eightballjacket: HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.

Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.

$80mm is a shiat ton of money, but those who think $75/yr is need perspective.  To most people that's a lot of money.  To a guy who retired with $3mm in the bank it's nothing.  I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live.  Property taxes take $40k right off the top.  Utilities $15k.  Health insurance $20k.  Bam, I'm broke.  No food for the family this year.  Didn't count a mortgage either since we're fortunate enough not to have one.  No clothes.  No cars.  No vacations.  No repairs on anything we own.  $75k is a lot of money, unless you're "middle class", then it's half what you need to pay to live "middle class."

I'm usually on the edge of arguing that X per year really isn't as much as some say.

I'll just say this, without plotting the full 50 year out future of life, the universe, and everything....

If you don't think a personal income that is greater than 50% of household incomes is a decent amount of money, then 50% of households in the US should be called poor. And that is before acknowledging that you can take your income to a low-income environment, whereas folks making 60k in NYC or Silicon Valley cannot.

75k this year is effectively 90th percentile income if you pick the right location. Even Detroit is relatively expensive to other places in Michigan, for example. 100k is around 90th percentile for the state as a whole.  But you don't get a farkton of engineers in Midland.

Not to.mention that in Michigan if you are paying $40k in property taxes, you are living in a $2,000,000 house at a minimum. And Michigan has a relatively high property tax rate.


Yeah where I live $40k taxes means $350k.
 
2019-06-24 09:03:00 PM  

Eightballjacket: Smackledorfer: Livinglush: Eightballjacket: HempHead: akya: Livinglush: jayphat: He just became a parent last year. How is he going to provide for a kid and pay for medical coverage on that little income?

Middle of the road insurance for my family of four, all in good health - $1800/mo

Hope his hobbies pay well.

Honestly, 80k year sounds like plenty, particularly if he paid his house off prior to retiring.

Median income in US as of 2016 is $31,099, meaning a 2 income household making median income is bringing in less in a year then this retired guy.  and most of them are renting or paying a mortgage.

No way he is making only $80k/year. That is only a 2.7% return.

AT&T is paying over 6%,  DuPont is returning 5.3%, and Phillips 6.8%.  All three in different industries.

Well there are apparently a lot of big ballers on Fark.  There was one shooter on the Entertainment tab proclaiming that $80 Million really isn't that much wealth.

$80mm is a shiat ton of money, but those who think $75/yr is need perspective.  To most people that's a lot of money.  To a guy who retired with $3mm in the bank it's nothing.  I'll never have anywhere near that, but $75k is a lot of money to spend but not a lot of money to live.  Property taxes take $40k right off the top.  Utilities $15k.  Health insurance $20k.  Bam, I'm broke.  No food for the family this year.  Didn't count a mortgage either since we're fortunate enough not to have one.  No clothes.  No cars.  No vacations.  No repairs on anything we own.  $75k is a lot of money, unless you're "middle class", then it's half what you need to pay to live "middle class."

I'm usually on the edge of arguing that X per year really isn't as much as some say.

I'll just say this, without plotting the full 50 year out future of life, the universe, and everything....

If you don't think a personal income that is greater than 50% of household incomes is a decent amount of money, then 50% of households in the US should be called poor. And that is before acknowledging that you can take your income to a low-income environment, whereas folks making 60k in NYC or Silicon Valley cannot.

75k this year is effectively 90th percentile income if you pick the right location. Even Detroit is relatively expensive to other places in Michigan, for example. 100k is around 90th percentile for the state as a whole.  But you don't get a farkton of engineers in Midland.

Not to.mention that in Michigan if you are paying $40k in property taxes, you are living in a $2,000,000 house at a minimum. And Michigan has a relatively high property tax rate.


Well probably $400k now
 
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