Board 8 > six figure income base [foolmo] [ulti] [sephsg]

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LordoftheMorons
03/24/17 9:07:04 PM
#51:


Anyway I def don't make anywhere near $100k as a grad student, but I believe typical salaries for physics PhD's bailing academia to do something like finance or data science are above that so hopefully in a few years I will be!
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#52
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Peridiam
03/24/17 10:03:08 PM
#53:


Tag
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#54
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foolm0r0n
03/24/17 11:22:08 PM
#55:


metaIslug posted...
you know what they say about moe money

moe personal freedom
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Kain66
03/25/17 1:11:07 AM
#56:


UltimaterializerX posted...
Xiahou Shake posted...
UltimaterializerX posted...
I'm a vet tech, which pays nothing (I have the luxury of just doing what makes me happy), but with my money I invest and save it. I have my total worth over 5 million at this point, which is great.

Out of curiosity, Ulti, what do you invest in/how much did you get started with? I'm pretty much never going to come close to six figures short of a career change so I kinda need to figure out the whole investing thing. >_>

The stock market is only worth getting in if you plan on hitting singles and doubles. If you go for home runs, it won't work. I have about 25% of it in there and only stick to the safest possible stuff; for example, when it became obvious Trump was winning the election (and for me it was easy to see back in 2015) I moved nearly everything over to manufacturing and my portfolio exploded. I have very tangible evidence of his effect on the economy. Investor's Business Daily is your best source if you don't plan on hiring a professional -- and despite what the low-IQ leftists in the politics topic say it's also the best source for politics outright, and has been since 2000. They don't have a bias, don't BS people, and only report the news. In today's climate of extremist trash on both sides, they're a great alternative.

Past that, I use extremely safe, low-risk CDs. A 0.81% interest rate sounds low, but if you get a 5 year CD on 3 million dollars that's 24k for doing literally nothing with your money. Most of the rest of it is put away in those accounts and left alone with long term with interest rates around 2%. So in my adulthood I'm saving virtually everything extra, living in a cheap apartment, and when I retire it'll be very comfortable. I'm one of the very very rare type of person to come across a lot of money out of no where and actually save almost all of it. Most blow through it within a couple years.

As someone who's 34 and happy to see people younger than me on here doing well, I can tell you from experience to SAVE YOUR MONEY, and the answer for everyone outside your immediate family is "no". People will ask. Say no. If you say yes to one person, you'll have 100 asking for handouts. You need enough of everything to live on for six months should the economy collapse, including things like toilet paper, storable food, and so on. It sounds goofy, but if another 2008 happens and the bottom actually does fall out entirely, there won't be any necessities on store shelves. Look at how dumb people get when it snows for an hour. Imagine that for a year.

Lastly, invest something in physical gold and silver. Silver is better unless you're ultra rich. It's an amazing emergency backup as a last resort should the dollar collapse.


I like the single/double strat. I'm also curious what you started out with when you decided it was investment time
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XIII_rocks
03/25/17 1:37:13 AM
#57:


Woo glad to be here
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ff6man
03/25/17 5:08:14 AM
#58:


When I'm done my training. :)
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Colegreen_c12
03/25/17 5:33:29 AM
#59:


Kain66 posted...
UltimaterializerX posted...
Xiahou Shake posted...
UltimaterializerX posted...
I'm a vet tech, which pays nothing (I have the luxury of just doing what makes me happy), but with my money I invest and save it. I have my total worth over 5 million at this point, which is great.

Out of curiosity, Ulti, what do you invest in/how much did you get started with? I'm pretty much never going to come close to six figures short of a career change so I kinda need to figure out the whole investing thing. >_>

The stock market is only worth getting in if you plan on hitting singles and doubles. If you go for home runs, it won't work. I have about 25% of it in there and only stick to the safest possible stuff; for example, when it became obvious Trump was winning the election (and for me it was easy to see back in 2015) I moved nearly everything over to manufacturing and my portfolio exploded. I have very tangible evidence of his effect on the economy. Investor's Business Daily is your best source if you don't plan on hiring a professional -- and despite what the low-IQ leftists in the politics topic say it's also the best source for politics outright, and has been since 2000. They don't have a bias, don't BS people, and only report the news. In today's climate of extremist trash on both sides, they're a great alternative.

Past that, I use extremely safe, low-risk CDs. A 0.81% interest rate sounds low, but if you get a 5 year CD on 3 million dollars that's 24k for doing literally nothing with your money. Most of the rest of it is put away in those accounts and left alone with long term with interest rates around 2%. So in my adulthood I'm saving virtually everything extra, living in a cheap apartment, and when I retire it'll be very comfortable. I'm one of the very very rare type of person to come across a lot of money out of no where and actually save almost all of it. Most blow through it within a couple years.

As someone who's 34 and happy to see people younger than me on here doing well, I can tell you from experience to SAVE YOUR MONEY, and the answer for everyone outside your immediate family is "no". People will ask. Say no. If you say yes to one person, you'll have 100 asking for handouts. You need enough of everything to live on for six months should the economy collapse, including things like toilet paper, storable food, and so on. It sounds goofy, but if another 2008 happens and the bottom actually does fall out entirely, there won't be any necessities on store shelves. Look at how dumb people get when it snows for an hour. Imagine that for a year.

Lastly, invest something in physical gold and silver. Silver is better unless you're ultra rich. It's an amazing emergency backup as a last resort should the dollar collapse.


I like the single/double strat. I'm also curious what you started out with when you decided it was investment time


Ulti's got some good advice here but unless you have a large starting capital you probably won't make as much as you want. The stock market historically makes 7-8%. Instead of risking a home run, just invest in a index fund tracking the s&p 500 which has a historical return of 10% or so (it does usually have a small yearly fee however, under .25% though). It's pretty damn safe in the long run, as long as you can afford to wait out a bearish market. (So don't sell when the market has a setback and wait for it to rebound).

But you should diversify in some bonds, commodities and cash investments (cds are cash investments).
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On_The_Pence
03/25/17 5:56:02 AM
#60:


Anyone here technically a one percenter? :)
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foolm0r0n
03/25/17 9:24:15 AM
#61:


Yup
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#62
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trdl23
03/25/17 9:05:46 PM
#63:


I hope to join this club someday.

I do wonder if I'll ever be good enough to get that far though, let alone achieve my ambitions.
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Lockes Ragnarok
03/25/17 9:31:33 PM
#64:


This topic. I'll just leave it at my wife and I both do well, and I think going to school isn't always the best option
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Kain66
03/25/17 10:16:46 PM
#65:


UltimaterializerX posted...
Kain66 posted...
I'm also curious what you started out with when you decided it was investment time

I pretty much got 3 million all at once and immediately started investing/saving.


Jeez Louise! That's an insane amount of coin. I'm glad you seem to be investing it smartly
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ff6man
03/26/17 4:44:56 AM
#66:


Lockes Ragnarok posted...
This topic. I'll just leave it at my wife and I both do well, and I think going to school isn't always the best option


Going to University is my biggest regret. I could have went straight into the field I'm entering now without spending thousands on school and I'd already be in this base easy.
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Ultii
03/26/17 5:17:09 AM
#67:


Trade school is the only schooling that matters unless you're going for one of the big degrees, like engineering.
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Dantezoid
03/26/17 5:22:34 AM
#68:


True story: unskilled craft start at 30/hour on site here. The guys who have specialized and do more than tie rebar make a hell of a lot more than me
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On_The_Pence
03/26/17 6:25:47 AM
#69:


Anyone else here personally responsible for the direction of a billion dollars worth of sales? Let's share advice :)
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iiaattgg
03/26/17 6:30:28 AM
#70:


Nelson Mandela is a perfect match for you cant believe i never put that together
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JetJaguar
03/26/17 6:36:09 AM
#71:


Starting this year I'm making about $130k a year and just got an 11% raise that is retroactive for the last 4 years, which means I'm getting a pretty hefty check in two weeks.
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On_The_Pence
03/26/17 6:52:37 AM
#72:


JetJaguar posted...
Starting this year I'm making about $130k a year and just got an 11% raise that is retroactive for the last 4 years, which means I'm getting a pretty hefty check in two weeks.

Damn bruh, that's Suffolk county money!
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foolm0r0n
03/26/17 7:12:22 AM
#73:


UltimaterializerX posted...
Kain66 posted...
I'm also curious what you started out with when you decided it was investment time

I pretty much got 3 million all at once and immediately started investing/saving.

That's a really good strategy, I should try that
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foolm0r0n
03/26/17 7:15:32 AM
#74:


On_The_Pence posted...
Anyone else here personally responsible for the direction of a billion dollars worth of sales? Let's share advice :)

Yep, my trick is to drink coffee in the morning. Helps with decision making!
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#75
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JetJaguar
03/26/17 7:52:01 AM
#76:


It requires a decent amount of OT and I need to stay on the night shift which is pretty terrible for quality of life but yeah
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JDPizza
03/26/17 8:03:54 AM
#77:


"Poverty is not natural. It is man-made." - Nelson Mandela
"I direct a billion dollars worth of sales, to rich people." - SephG, the Nelson Mandela of Board 8
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RPGlord95
03/26/17 8:04:01 AM
#78:


I make reasonable salary. Have great benefits and pension.

Will never have money.
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Metal_DK
03/26/17 8:57:11 AM
#79:


I make 110k at my job, but the thing i like the most is having no f***ing debt. Amazing feeling, although ive never had a ton of debt to begin with so maybe i dont even understand it that much tbh. Atlanta is also really cheap compared to most major cities, although were a few tiers below the NYCs, LAs, San Frans, Chicagos, etc.

I just put most of my money in decent dividend stocks. Some blue chip, some high yield but more risky types, etc. Getting my dividend income up to 1400/month is the 2017 goal.

But ya to me being debt free is more important than having 110k vs 80k vs 50k etc.
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Regaro
03/26/17 9:12:56 AM
#80:


Metal_DK posted...
But ya to me being debt free is more important than having 110k vs 80k vs 50k etc.

As somebody who's 100% debt free and not making six figures, I can confirm this
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foolm0r0n
03/26/17 9:14:56 AM
#81:


JDPizza posted...
"Poverty is not natural. It is man-made." - Nelson Mandela
"I direct a billion dollars worth of sales, to rich people." - SephG, the Nelson Mandela of Board 8

He only takes home 6 of those 10 figures though. That's true modesty and generosity if I've ever seen it. Or naivete.
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foolm0r0n
03/26/17 9:16:14 AM
#82:


Metal_DK posted...
But ya to me being debt free is more important than having 110k vs 80k vs 50k etc.

Absolutely, I hope everyone here is talking about 6 figs after debt

Not after taxes though for me :( 47% effective tax rate this year
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On_The_Pence
03/26/17 9:19:06 AM
#83:


JDPizza posted...
"Poverty is not natural. It is man-made." - Nelson Mandela
"I direct a billion dollars worth of sales, to rich people." - SephG, the Nelson Mandela of Board 8

Actually I make money from people of all income levels. In that regard, I am an egalitarian.
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Dantezoid
03/26/17 9:21:55 AM
#84:


Who has six figs with debt lol
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On_The_Pence
03/26/17 9:25:29 AM
#85:


Dantezoid posted...
Who has six figs with debt lol

Bad lawyers lmao!
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Colegreen_c12
03/26/17 9:33:08 AM
#86:


Dantezoid posted...
Who has six figs with debt lol

people who graduated less than a year ago maybe.

Not sure, I paid off my student loans asap
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ff6man
03/26/17 9:44:26 AM
#87:


The true protip is to just be smart enough to pass and get into Air Traffic Controller training. No schooling required past high school.
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Metal_DK
03/26/17 9:47:34 AM
#88:


I'd imagine there could be a lot of 20 somethings (late 20 something mostly) who make 100k and have quite a bit of debt. Lawyers and doctors immediately come to mind. And of course there are still tons of people making 6 figs who have no idea how to live within their means, even if their means is much greater.

I went Math/CS, so ya. Cheaper for sure. Graduated with a little student loan debt and paid it off before moving out. I commuted to undergrad and for my masters which hurt my social life a bit, but i saved so much money. Hell I finished my master's from Georgia Tech, got my first job at 80k, and still lived at my parents till i paid it off. That was a bit overboard tbh, but whatever. Lotta weird conversations with parents when you live with them in your mid 20s making 80k+.

Saving like 85% of your take home pay though man....sometimes i miss those days.
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foolm0r0n
03/26/17 10:24:01 AM
#89:


ff6man posted...
The true protip is to just be smart enough to pass and get into Air Traffic Controller training. No schooling required past high school.

"smart enough"
"work for the government"

okay lol
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transcience
03/26/17 10:28:30 AM
#90:


it's easy to be in debt with student loans, big medical bills, kids etc. I'm living proof of that.
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foolm0r0n
03/26/17 10:42:23 AM
#91:


transcience posted...
it's easy to be in debt with low income

true
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transcience
03/26/17 11:14:57 AM
#92:


maybe if you make like >300k/year! kids are tough
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Kain66
03/26/17 6:47:25 PM
#93:


foolm0r0n posted...
UltimaterializerX posted...
Kain66 posted...
I'm also curious what you started out with when you decided it was investment time

I pretty much got 3 million all at once and immediately started investing/saving.

That's a really good strategy, I should try that


lol
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3DSRage
03/26/17 7:08:53 PM
#94:


I'm here.
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iiaattgg
03/26/17 7:09:27 PM
#95:


Im making less than i ever have as a professional and while i enjoy my new line of work more than any previous job im sure that tune will change after im on the 40k diet for a year or two
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foolm0r0n
03/26/17 8:00:14 PM
#96:


transcience posted...
maybe if you make like >300k/year! kids are tough

I know, my mom had 3 on like 40k/year
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iiaattgg
03/27/17 4:55:46 AM
#97:


foolmo you might not be aware but youre picking a fight with the top king of the clique. Keep at it and youll never win another user contest again
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SmartMuffin
03/27/17 6:52:12 AM
#98:


failing foolmo doesn't even know how to properly cheat on his taxes. sad! #fakerich
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MysticBrohan
03/27/17 6:56:04 AM
#99:


ill see you in like 4 years
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On_The_Pence
03/27/17 7:01:04 AM
#100:


foolm0r0n posted...
I know, my mom had 3 on like 40k/year

silver spoon kid over here!

we survived on $15k till I started working
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