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Posted: 3/3/2023 10:45:54 AM EST
[#1]
I thought he was supposed to be in jail?
But he is correct in that statement |
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Posted: 3/3/2023 10:46:22 AM EST
[#2]
Quote HistoryQuoted: 30 is EXTREMELY young. Having a million already would give you some options most don’t have at 30 though. Less than 1% retire before 50. Mostly because we don’t want to. I could sell out and retire tomorrow. But, I don’t want to. Why live on 100k a year? In 10 years my investments will make me ~500k a year. In 20 years, they’ll make me over 1m a year. My income potential with my company is nearly unlimited. |
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Posted: 3/3/2023 10:47:53 AM EST
[#3]
Quote HistoryQuoted: $1MM is simply not a lot these days It is if you are currently 67 years old and coupled with a fully paid off $1+ million lake house and no debt! |
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Posted: 3/3/2023 10:50:03 AM EST
[#4]
Quote HistoryQuoted: Article reads like an ad to invest in the guys business. Oh it's paid for. GC is a scumbag of the highest order. Why else is his firm the first option to keep those single digit 30-something millionaires from being poor. |
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Posted: 3/3/2023 10:51:04 AM EST
[#5]
 Article is an ad for GC's business. |
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Posted: 3/3/2023 10:51:29 AM EST
[#6]
Quote HistoryQuoted: It is if you are currently 67 years old and coupled with a fully paid off $1+ million lake house and no debt! I turned 67 2 weeks ago, no debt. If all I had was a $1 million dollar house, I would consider myself poor. Not lower middle class, but poor. |
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Posted: 3/3/2023 10:53:10 AM EST
[#7]
Quote HistoryQuoted: The economic classes are determined by income, not net worth. A 40 year old millionaire can easily be middle class. Quote HistoryQuoted: Quoted: What a dumb asshole. His face, his name, and his intellect are all equally punchable. 8.8% of Americans are millionaires by standard net worth calculator. 2/3 of those are between 60-79. Sure, a million isn’t what it once was. But a million in net worth under age 50 isn’t middle class. A million under 40 even less so. The economic classes are determined by income, not net worth. A 40 year old millionaire can easily be middle class. It’s rare and you know it. Most 40 year old millionaires are high income. Or sold a business they built. |
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Posted: 3/3/2023 10:58:12 AM EST
[#8]
Quote HistoryQuoted: It’s rare and you know it. Most 40 year old millionaires are high income. Or sold a business they built. If they sold their business for a million, (let’s say a million after paying cap gains taxes), and are not working, their income from that million $ portfolio reasonably invested is going to be solidly middle class. |
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Posted: 3/3/2023 11:00:36 AM EST
[#9]
Quote HistoryQuoted: If they sold their business for a million, (let’s say a million after paying cap gains taxes), and are not working, their income from that million $ portfolio reasonably invested is going to be solidly middle class. Quote HistoryQuoted: Quoted: It’s rare and you know it. Most 40 year old millionaires are high income. Or sold a business they built. If they sold their business for a million, (let’s say a million after paying cap gains taxes), and are not working, their income from that million $ portfolio reasonably invested is going to be solidly middle class. I didn’t include that if in my statement. We can go down a million what ifs and what abouts. The fact of the matter is a millionaire at or under 40 is relatively rare. |
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Posted: 3/3/2023 11:04:38 AM EST
[#10]
Quote HistoryQuoted: I didn’t include that if in my statement. We can go down a million what ifs and what abouts. The fact of the matter is a millionaire at or under 40 is relatively rare. I can agree that 40 year old millionaires are relatively rare, and self made one’s even more so. If the only income they have is from a reasonable $1million portfolio, they are middle class. |
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Posted: 3/3/2023 11:05:49 AM EST
[#11]
Quote HistoryQuoted: I can agree that 40 year old millionaires are relatively rare, and self made one’s even more so. If the only income they have is from a reasonable $1million portfolio, they are middle class. Quote HistoryQuoted: Quoted: I didn’t include that if in my statement. We can go down a million what ifs and what abouts. The fact of the matter is a millionaire at or under 40 is relatively rare. I can agree that 40 year old millionaires are relatively rare, and self made one’s even more so. If the only income they have is from a reasonable $1million portfolio, they are middle class. I’d agree with that. |
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Posted: 3/3/2023 11:08:34 AM EST
[#12]
Quote HistoryQuoted: I didn't include that if in my statement. We can go down a million what ifs and what abouts. The fact of the matter is a millionaire at or under 40 is relatively rare. I've been a decently paid IT geek right out of college. I was in my early 30s before my total career earnings ever broke a million. Granted I never did the west coast/silicon valley type roles. I'm sure it can be done, but cost of living, debt, etc are serious equalizers. And one market tank makes those RSUs a hell of a gamble. |
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Posted: 3/3/2023 11:09:52 AM EST
[#13]
Quote HistoryQuoted: The author wrote "if you have a million dollars at 30 and you withdraw $4,000 each month with no other income you are dead broke in 21 years". So $4,000 per month times 252 months (21 years) = $1,008,000. The author assumes 0% returns on the million dollars. “No other income” Interest would be other income. He’s not predicting the market. Based on the last couple years 0% may be generous. |
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Posted: 3/3/2023 11:10:11 AM EST
[#14]
Quote HistoryQuoted: I've been a decently paid IT geek right out of college. I was in my early 30s before my total career earnings ever broke a million. Granted I never did the west coast/silicon valley type roles. I'm sure it can be done, but cost of living, debt, etc are serious equalizers. And one market tank makes those RSUs a hell of a gamble. Quote HistoryQuoted: Quoted: I didn't include that if in my statement. We can go down a million what ifs and what abouts. The fact of the matter is a millionaire at or under 40 is relatively rare. I've been a decently paid IT geek right out of college. I was in my early 30s before my total career earnings ever broke a million. Granted I never did the west coast/silicon valley type roles. I'm sure it can be done, but cost of living, debt, etc are serious equalizers. And one market tank makes those RSUs a hell of a gamble. Are we talking about career earnings or about savings? As I’m in that category of 30’s with a liquidity of over 7 figures. And I’m *extremely* rare. |
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Posted: 3/3/2023 11:12:27 AM EST
[#15]
Quote HistoryQuoted: if you had 1m in the bank, lived on 4k per month and got 6%, it would last forever. https://www.calculator.net/retirement-calculator.html?cneededamount=1000000&cmonthlywithdraw=4000&cinterestrate=6&ctype=4&x=99&y=21#howlongtowithdraw I think my number is 3.5M. Quote HistoryQuoted: Quoted: Quoted: A million in net worth by 30 is certainly rich and right on track to retirement even if not quite there yet. A million in net worth by 65 is basically a payed of home and normal to low 401k. Quoted: I wonder how the authors math works if the million is invested in something exotic like CDs or treasuries at 4.5% or so? He estimated 4k per Month withdrawal. With a million @4.5% percent you would loose like 15k every year for capital gains tax. If you invest at 6% you could do it indefinitely but will loose to inflation. The author wrote "if you have a million dollars at 30 and you withdraw $4,000 each month with no other income you are dead broke in 21 years". So $4,000 per month times 252 months (21 years) = $1,008,000. The author assumes 0% returns on the million dollars. if you had 1m in the bank, lived on 4k per month and got 6%, it would last forever. https://www.calculator.net/retirement-calculator.html?cneededamount=1000000&cmonthlywithdraw=4000&cinterestrate=6&ctype=4&x=99&y=21#howlongtowithdraw I think my number is 3.5M. How do you guarantee 6% every year in a Biden economy? A million in 2020 is about $800K now |
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Posted: 3/3/2023 11:14:38 AM EST
[#16]
Quote HistoryQuoted: Are we talking about career earnings or about savings? As I’m in that category of 30’s with a liquidity of over 7 figures. And I’m *extremely* rare. Quote HistoryQuoted: Quoted: Quoted: I didn't include that if in my statement. We can go down a million what ifs and what abouts. The fact of the matter is a millionaire at or under 40 is relatively rare. I've been a decently paid IT geek right out of college. I was in my early 30s before my total career earnings ever broke a million. Granted I never did the west coast/silicon valley type roles. I'm sure it can be done, but cost of living, debt, etc are serious equalizers. And one market tank makes those RSUs a hell of a gamble. Are we talking about career earnings or about savings? As I’m in that category of 30’s with a liquidity of over 7 figures. And I’m *extremely* rare. That’s why the authors premise is so ridiculous. I’m low 40’s and in your similar shoes. I nor anyone like me is going to stop working at this age, without genuine fuck you money. But I’m not middle class, nor worried about money. I’m blessed as fuck and I know it. I’d also never invest in a Cardone scheme. |
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Posted: 3/3/2023 11:17:12 AM EST
[#17]
Quote HistoryQuoted: How do you guarantee 6% every year in a Biden economy? A million in 2020 is about $800K now Quote HistoryQuoted: Quoted: Quoted: Quoted: A million in net worth by 30 is certainly rich and right on track to retirement even if not quite there yet. A million in net worth by 65 is basically a payed of home and normal to low 401k. Quoted: I wonder how the authors math works if the million is invested in something exotic like CDs or treasuries at 4.5% or so? He estimated 4k per Month withdrawal. With a million @4.5% percent you would loose like 15k every year for capital gains tax. If you invest at 6% you could do it indefinitely but will loose to inflation. The author wrote "if you have a million dollars at 30 and you withdraw $4,000 each month with no other income you are dead broke in 21 years". So $4,000 per month times 252 months (21 years) = $1,008,000. The author assumes 0% returns on the million dollars. if you had 1m in the bank, lived on 4k per month and got 6%, it would last forever. https://www.calculator.net/retirement-calculator.html?cneededamount=1000000&cmonthlywithdraw=4000&cinterestrate=6&ctype=4&x=99&y=21#howlongtowithdraw I think my number is 3.5M. How do you guarantee 6% every year in a Biden economy? A million in 2020 is about $800K now JEPI currently is one super simple strategy. S&P 500 index funds over the last 30 years is a bit more risky. But should manage 8-9%. |
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Posted: 3/3/2023 11:19:25 AM EST
[#18]
Quote HistoryQuoted: How do you guarantee 6% every year in a Biden economy? A million in 2020 is about $800K now How do you guarantee 6% every year in anybody’s economy? (Not a pro Biden comment). |
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Posted: 3/3/2023 11:19:35 AM EST
[#19]
Quote HistoryQuoted: Are we talking about career earnings or about savings? As I'm in that category of 30's with a liquidity of over 7 figures. And I'm *extremely* rare. Earnings. I'm late 30s and probably one of those broke ass millionaires these days. ETA 22-32, dig out of the debt while a making a few bucks.32-now, be worth that million. |
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Posted: 3/3/2023 11:23:15 AM EST
[#20]
aaaaaaaaannnnnd?
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Posted: 3/3/2023 11:24:09 AM EST
[#21]
Quote HistoryQuoted: I know idiots who have early retired because their retirement account hit a million dollars and now they are "millionaires", so fuck it, they aren't going to work anymore. Then they start accessing this money and get eaten the fuck up by taxes (there is a penalty for accessing that money before you have hit the "retirement" requirements, 10% iirc.) They have to go back to work, making much less sometimes. That's why you have a couple million in a standard brokerage account and draw that down first, saving the 401k and IRAs for after retirement age. |
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Posted: 3/3/2023 11:25:13 AM EST
[#22]
Quote HistoryQuoted: How do you guarantee 6% every year in anybody’s economy? (Not a pro Biden comment). Quote HistoryQuoted: Quoted: How do you guarantee 6% every year in a Biden economy? A million in 2020 is about $800K now How do you guarantee 6% every year in anybody’s economy? (Not a pro Biden comment). You save money and don't mess with your 401k when shit gets wonky. We actually JUST had the worst 25 year period in S&P 500 history and it STILL averaged 7.64% |
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Posted: 3/3/2023 11:33:19 AM EST
[#23]
Quote HistoryQuoted: You save money and don't mess with your 401k when shit gets wonky. We actually JUST had the worst 25 year period in S&P 500 history and it STILL averaged 7.64% Averaging 7.64% is not the same as 6% every year. Sequence of returns risk can rear its ugly head. |
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Posted: 3/3/2023 11:40:39 AM EST
[#24]
Quote HistoryQuoted: The economic classes are determined by income, not net worth. A 40 year old millionaire can easily be middle class. Ooooh....yeah....gotta kind of disagree with you on that. Income determines the ability to larp as economic upper class. Net worth is still the measure. |
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Posted: 3/3/2023 11:43:38 AM EST
[#25]
Quote HistoryQuoted: Earnings. I'm late 30s and probably one of those broke ass millionaires these days. ETA 22-32, dig out of the debt while a making a few bucks.32-now, be worth that million. Quote HistoryQuoted: Quoted: Are we talking about career earnings or about savings? As I'm in that category of 30's with a liquidity of over 7 figures. And I'm *extremely* rare. Earnings. I'm late 30s and probably one of those broke ass millionaires these days. ETA 22-32, dig out of the debt while a making a few bucks.32-now, be worth that million. Again, I don’t see how you do that at 32 without being extremely fortunate. Like fortune enough you’re not going to have debt from 22-32. Or you’re extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn’t include home / guns / cars. Liquid. |
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Posted: 3/3/2023 11:45:36 AM EST
[#26]
Quote HistoryQuoted: Ooooh....yeah....gotta kind of disagree with you on that. Income determines the ability to larp as economic upper class. Net worth is still the measure. Sorry, words have meanings. Maybe you are right, and net worth should be the definition. However, in the real world, income is the defining factor. Consumption really doesn’t count either, it is strictly income. |
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Posted: 3/3/2023 11:48:10 AM EST
[#27]
Quote HistoryQuoted: Again, I don’t see how you do that at 32 without being extremely fortunate. Like fortune enough you’re not going to have debt from 22-32. Or you’re extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn’t include home / guns / cars. Liquid. Quote HistoryQuoted: Quoted: Quoted: Are we talking about career earnings or about savings? As I'm in that category of 30's with a liquidity of over 7 figures. And I'm *extremely* rare. Earnings. I'm late 30s and probably one of those broke ass millionaires these days. ETA 22-32, dig out of the debt while a making a few bucks.32-now, be worth that million. Again, I don’t see how you do that at 32 without being extremely fortunate. Like fortune enough you’re not going to have debt from 22-32. Or you’re extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn’t include home / guns / cars. Liquid. Yup. We were poor into 30’s grinding through school/early career and then paying off debt. Each 10 years under 60 makes being a millionaire less and less likely. Telling the 90+% of the country without even a non-liquid million that a million isn’t a lot and middle class is laughable. I still declare Cardone to be all-around punchable and a grifter. |
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Posted: 3/3/2023 11:49:32 AM EST
[#28]
Quote HistoryQuoted: Averaging 7.64% is not the same as 6% every year. Sequence of returns risk can rear its ugly head. Yep. Which is why when you get CLOSER to drawing your funds you change up your allocation. Hell right now you can even get 4% on a 10 year treasury. It all just boils down the when do you need it. If you don't need for 25 years your worst return was 7.64% |
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Posted: 3/3/2023 11:50:32 AM EST
[#29]
Quote HistoryQuoted: Again, I don’t see how you do that at 32 without being extremely fortunate. Like fortune enough you’re not going to have debt from 22-32. Or you’re extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn’t include home / guns / cars. Liquid. A 1 mil NW is impressive. A 1 Mil LNW is extremely impressive for a 30 year old. . |
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Posted: 3/3/2023 11:54:54 AM EST
[#30]
Quote HistoryQuoted: A 1 mil NW is impressive. A 1 Mil LNW is extremely impressive for a 30 year old. . Quote HistoryQuoted: Quoted: Again, I don’t see how you do that at 32 without being extremely fortunate. Like fortune enough you’re not going to have debt from 22-32. Or you’re extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn’t include home / guns / cars. Liquid. A 1 mil NW is impressive. A 1 Mil LNW is extremely impressive for a 30 year old. . Oh, I know absolutely how absurdly fortunate I am. Thus, I’m pointing it out that there is a major difference between having a 1m NW and a 1m LNW. 1m NW is having a decent house mostly paid off, a car or two paid off, some fun expensive toys paid off. And some savings/investments. 1M LNW is buy a raptor for your own Christmas present. In cash. (Which, I did.) |
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Posted: 3/3/2023 11:56:34 AM EST
[#31]
Quote HistoryQuoted: Again, I don't see how you do that at 32 without being extremely fortunate. Like fortune enough you're not going to have debt from 22-32. Or you're extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn't include home / guns / cars. Liquid. Pull in on average 100k/yr from 22-32, there you have it. I'll emphasize average. Again, I said earnings. I also said nearly a decade later I'm just catching up to your liquid figure. |
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Posted: 3/3/2023 12:00:36 PM EST
[#32]
Quote HistoryQuoted: Yep. Which is why when you get CLOSER to drawing your funds you change up your allocation. Hell right now you can even get 4% on a 10 year treasury. It all just boils down the when do you need it. If you don't need for 25 years your worst return was 7.64% You change your allocation and chances are you get further and further away from either of those numbers. 7.64% CAGR is a reasonable rate of return. 6% every year is not reasonable. |
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Posted: 3/3/2023 12:03:33 PM EST
[#33]
They will also be the richest people in the cemetery
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Posted: 3/3/2023 12:03:36 PM EST
[#34]
Quote HistoryQuoted: It is if you are currently 67 years old and coupled with a fully paid off $1+ million lake house and no debt! Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. |
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Posted: 3/3/2023 12:06:39 PM EST
[#35]
Real wealth means you can live a privileged lifestyle with generational wealth. The kind of wealth that means not only will you never need to have a job, but your children, their children and their children, etc will never need to work.
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Posted: 3/3/2023 12:06:52 PM EST
[#36]
Quote HistoryQuoted: Pull in on average 100k/yr from 22-32, there you have it. I'll emphasize average. Again, I said earnings. I also said nearly a decade later I'm just catching up to your liquid figure. Quote HistoryQuoted: Quoted: Again, I don't see how you do that at 32 without being extremely fortunate. Like fortune enough you're not going to have debt from 22-32. Or you're extremely lucky with your job. Especially to have a liquid net worth over 7 figures. That doesn't include home / guns / cars. Liquid. Pull in on average 100k/yr from 22-32, there you have it. I'll emphasize average. Again, I said earnings. I also said nearly a decade later I'm just catching up to your liquid figure. I did that. With 0 debt. Your tax burden puts you around ~72k income give or take from 100k. Add in if you’re married or not (I wasn’t.) I saved about 25k a year into investments. Which puts me down to ball park 50k for easy math. I had a home loan until I was ~32. Other miscellaneous expenses. (Insurance, health care, etc.) Which means you have about 30-35k to live on depending on your house / payment schedule. Assuming you’re below the 25% of your income house payment, you’re still around 700 month. Vehicle payment as you’re not going to have the cash to buy something nice with cash. Or you drive a beater which is fine. If you lived absolutely frugal and didn’t spend a dime on yourself / travel / significant other / kids / fun. Sure. You can do that. And you didn’t have large debt expenses for loans. But I’m in super rare. Even my S/O who is a plastic surgeon on track to make ~500k a year, would take almost a decade to catch up to me. And that’s just the LNW. Not the total NW. Having someone with literally 1m LNW is very rare. Could you make other plays to have a “1m NW” at 30? Yeah but you’re still *extremely* rare. If you’re an average individual, 50% of the population is dumber than you. Being smart enough to be debt free by the time you’re ~30 puts you above average. Way above average. Making 100k in your 20’s puts you even significantly more above average. Being smart enough to invest, puts you even beyond that. So, if you did all that, yeah you’re top 5%. Going to be top 1% by the time you retire. I admit, I got lucky from bornt day. I just capitalized on it. |
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Posted: 3/3/2023 12:07:03 PM EST
[#37]
Quote HistoryQuoted: You change your allocation and chances are you get further and further away from either of those numbers. 7.64% CAGR is a reasonable rate of return. 6% every year is not reasonable. Quote HistoryQuoted: Quoted: Yep. Which is why when you get CLOSER to drawing your funds you change up your allocation. Hell right now you can even get 4% on a 10 year treasury. It all just boils down the when do you need it. If you don't need for 25 years your worst return was 7.64% You change your allocation and chances are you get further and further away from either of those numbers. 7.64% CAGR is a reasonable rate of return. 6% every year is not reasonable. That’s why 4% withdrawl rate is so often used for planning. You have greater than 90% probability of having that withdrawl last 30 years. But don’t forget about inflation. That compounds as well. So we’re talking 40k a year income todays dollars. The same as a 20/hr job. Below poverty line. |
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Posted: 3/3/2023 12:09:54 PM EST
[#38]
Quote HistoryQuoted: Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. Quote HistoryQuoted: Quoted: It is if you are currently 67 years old and coupled with a fully paid off $1+ million lake house and no debt! Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. Better hope your life expectancy is 74 then. Live it up for the next 7-8 years. Otherwise inflation is going to start catching up realllly fast. |
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Posted: 3/3/2023 12:10:30 PM EST
[#39]
Quote HistoryQuoted: Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. Explain to me where that $50k income comes from if all you own is a $million house. ETA; OK, my fault, you were actually talking about a $2million worth. Still, it is hard to make a $1million portfolio reliably generate $50k year after year. Especially when inflation is considered. |
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Posted: 3/3/2023 12:35:01 PM EST
[#40]
Quote HistoryQuoted: Being smart enough to be debt free by the time you're ~30 puts you above average. Way above average. Making 100k in your 20's puts you even significantly more above average. Being smart enough to invest, puts you even beyond that. So, if you did all that, yeah you're top 5%. Going to be top 1% by the time you retire. I admit, I got lucky from bornt day. I just capitalized on it. I'm came from the trailer park. I was covering rent in my teens and bail money in my twenties. I didn't do traditional college cause fuck dorms. I didn't buy a house till I was otherwise debt free and had 20% down. Still only bought a cheap ass house during the last housing crash. From there it was bust ass at work and save. Dodged layoffs and ate market downturns. Average is autopilot putting you in a ditch. Pay attention and you might not get eaten alive. After that it's pure will power to set your ceiling. [/Boomer rant]  |
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Posted: 3/3/2023 12:39:19 PM EST
[#41]
Quote HistoryQuoted: Explain to me where that $50k income comes from if all you own is a $million house. ETA; OK, my fault, you were actually talking about a $2million worth. Still, it is hard to make a $1million portfolio reliably generate $50k year after year. Especially when inflation is considered. Quote HistoryQuoted: Quoted: Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. Explain to me where that $50k income comes from if all you own is a $million house. ETA; OK, my fault, you were actually talking about a $2million worth. Still, it is hard to make a $1million portfolio reliably generate $50k year after year. Especially when inflation is considered. Is it? 
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Posted: 3/3/2023 12:40:32 PM EST
[#42]
Quote HistoryQuoted: Is it? Quote HistoryQuoted: Quoted: Quoted: Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. Explain to me where that $50k income comes from if all you own is a $million house. ETA; OK, my fault, you were actually talking about a $2million worth. Still, it is hard to make a $1million portfolio reliably generate $50k year after year. Especially when inflation is considered. Is it? Yes. And this is coming from someone that has averaged 24% growth over 2 years. I just got lucky. |
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Posted: 3/3/2023 12:41:41 PM EST
[#43]
Lots of truth to that.
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Posted: 3/3/2023 12:43:08 PM EST
[#44]
Quote HistoryQuoted: Yes. And this is coming from someone that has averaged 24% growth over 2 years. I just got lucky. Quote HistoryQuoted: Quoted: Quoted: Quoted: Lol...ain't getting into this argument again. Almost impossible to make GD understand $50K or $60K in passive income is more than adequate at that point. Explain to me where that $50k income comes from if all you own is a $million house. ETA; OK, my fault, you were actually talking about a $2million worth. Still, it is hard to make a $1million portfolio reliably generate $50k year after year. Especially when inflation is considered. Is it? Yes. And this is coming from someone that has averaged 24% growth over 2 years. I just got lucky. Energy has been gangbusters over the last 2 years. It's been fantastic to watch all the "Climate Concerned" funds starting loading up on Exxon and the like.  |
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Posted: 3/3/2023 12:46:07 PM EST
[#45]
Quote HistoryQuoted: Mostly because we don’t want to. I could sell out and retire tomorrow. But, I don’t want to. Why live on 100k a year? In 10 years my investments will make me ~500k a year. In 20 years, they’ll make me over 1m a year. My income potential with my company is nearly unlimited. Quote HistoryQuoted: Quoted: 30 is EXTREMELY young. Having a million already would give you some options most don’t have at 30 though. Less than 1% retire before 50. Mostly because we don’t want to. I could sell out and retire tomorrow. But, I don’t want to. Why live on 100k a year? In 10 years my investments will make me ~500k a year. In 20 years, they’ll make me over 1m a year. My income potential with my company is nearly unlimited. Because time is way more valuable than money. No amount of money has value when I'm dead, nor when I'm so old and decrepit that I cannot enjoy it. You might not live another 20 years, or you may become a cripple. It really boils down to your priorities and values, and it's stupid to shit on people whose priorities are different (in either direction). I'd rather spend less money and spend more time doing things that I value than slaving away for a system that hates me (and progressively punishes me the more I earn). |
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Posted: 3/3/2023 12:48:17 PM EST
[#46]
Quote HistoryQuoted: How do you guarantee 6% every year in anybody’s economy? (Not a pro Biden comment). Quote HistoryQuoted: Quoted: How do you guarantee 6% every year in a Biden economy? A million in 2020 is about $800K now How do you guarantee 6% every year in anybody’s economy? (Not a pro Biden comment). If I could get a guaranteed 6% a year, I'd retire today. |
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Posted: 3/3/2023 12:48:19 PM EST
[#47]
Quote HistoryQuoted: Real wealth means you can live a privileged lifestyle with generational wealth. The kind of wealth that means not only will you never need to have a job, but your children, their children and their children, etc will never need to work. That is true, but those people are statically insignificant. The vast majority of us work for a living. The taxation system is punitive to the most productive group in our society. But at the end of the day, America is still the land of opportunity, and we all live like kings for the most part. We each have to decide what our priorities are. What do you really need? |
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Posted: 3/3/2023 12:49:18 PM EST
[#48]
Quote HistoryQuoted: Is it? Yes, it is. Not saying it is impossible, especially for a few years. But it is going to be hard to do for two decades which a 67 year old can reasonably look forward to. Which brings up another factor, age. At 67, I am still able to manage my financial affairs. But I expect that ability to decline after a few years. Making it much less likely that I can steer my portfolio towards generating 5% returns year in and year out. |
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Posted: 3/3/2023 12:51:49 PM EST
[#49]
You could live a pretty kickass Trustafarian lifestyle with a million at 30 and a side gig in something outdoor recreation related like hunting/fishing/kayaking guide work.
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Posted: 3/3/2023 12:53:10 PM EST
[#50]
Quote HistoryQuoted: That's why you have a couple million in a standard brokerage account and draw that down first, saving the 401k and IRAs for after retirement age. Quote HistoryQuoted: Quoted: I know idiots who have early retired because their retirement account hit a million dollars and now they are "millionaires", so fuck it, they aren't going to work anymore. Then they start accessing this money and get eaten the fuck up by taxes (there is a penalty for accessing that money before you have hit the "retirement" requirements, 10% iirc.) They have to go back to work, making much less sometimes. That's why you have a couple million in a standard brokerage account and draw that down first, saving the 401k and IRAs for after retirement age. Or know and follow the rules for accessing the money penalty free at a younger age. It would be really retarded to pay the early withdrawal penalty. Most people are retarded with money, of course. |
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