How do I get rich

[RWebb]

so, 1 million = not rich

2 million = rich

[SeanPizzle]

Originally Posted by Hugh R

Fidelity and others say you should draw no more than 5% of your 401K per year, maybe less in today's market. Say $1,000,000 in the 401k that equates to $50,000/year. Top tier payout on SS is something like $2,400/month if you retire at 66 (my wife and I have maxed out on the SS contribution limits for decades). So double that for me and the wife. Call it another $55K/year. However, above a certain amount of "draw from the 401k/IRA they start taxing SS and of course your IRA/401k which were pre-tax to begin with.

The question is: Can you live on that $105K a year comfortably? In most parts of the country, absolutely! In today's dollars, with no house payment, no car payments and solar (this summer's project for us) to offset the PG&E bills, all that is left is health insurance, food, minimal utilities and prop taxes.

[RWebb]

and... state income or sales taxes, car repairs, house repairs, insurance for the house & contents, medical payments, medicines

but I agree, 100k/yr should do it

[porsche4life]

You guys need to move, or adjust your lifestyles if you don't think you can be comfortable on 100k/yr....

Seriously....

[1979 930]

will take over 5 mil to start playing the way i want to play!without that amont i would be just stopping !!!!!!

[masraum]

Originally Posted by porsche4life

You guys need to move, or adjust your lifestyles if you don't think you can be comfortable on 100k/yr....

Seriously....

Absolutely +1

[Brian in VA]

Originally Posted by McLovin

Don't like baseball?

Because maybe you could be like, an announcer. Like a color man. Or maybe the manager of the NY Yankees.

Hahaha George!

[pavulon]

Originally Posted by porsche4life

You guys need to move, or adjust your lifestyles if you don't think you can be comfortable on 100k/yr....

Seriously....

Be sure to tell us how comfortable you are the first year you make $100K/yr in a place with remarkably low costs of living. $100K is a lot of money but I'd bet you'll be shocked at how little you have after taxes, expenses and trying to save for retirement...not to mention paying for things you wanted/needed to get to $100K/yr...assuming you can get there in some small town. Considering the alternatives, it's a good problem to have but $100k/yr won't make you a 'baller...not even a wiffle 'baller. Seriously.

[porsche4life]

I didn't say 100k would make me a 'baller. I said I could be comfortable on it. I know plenty of people around here that are comfortable on less than that.

[pwd72s]

Originally Posted by porsche4life

I didn't say 100k would make me a 'baller. I said I could be comfortable on it. I know plenty of people around here that are comfortable on less than that.

Exactly...

My daughter just landed a gig paying $91K per. My prediction? She'll remain perpetually broke. Some people simply cannot stand having cash. Some people simply don't want to manage money. The classic ant/grasshopper thing.

[azasadny]

It doesn't matter how much you make, it's how much you spend that really matters...

[pavulon]

Originally Posted by porsche4life

I didn't say 100k would make me a 'baller. I said I could be comfortable on it. I know plenty of people around here that are comfortable on less than that.

Fair enough. Just be sure to check back in here at $100K/yr.

[Embraer]

Originally Posted by porsche4life

I didn't say 100k would make me a 'baller. I said I could be comfortable on it. I know plenty of people around here that are comfortable on less than that.

i make into six figures, but live on $1200 every two weeks. just my choice. after around 1200 a month going into my TSP, insurance, taxes, etc....i'm able to put around 5k a month into my "do not touch savings account." im also single, no kids, no debt, etc.

if i was married or whatever, yes, i would have a lot less money to play with.

[stealthn]

How do you look in a doo rag with an alarm clock chained around your neck? You can rhyme right? Auto-tune is your friend.

[szyzygy]

You're supposed to save 10% a year.

It would take me beyond the rest of my remaining expected lifetime to accumulate the $12m I spoke of earlier at that rate.

Even to accumulate (assuming 0% return on investment, which is the norm these days, lol) say, $2m, that would take beyond my remaining lifetime. If I put my $$$ into a mortgage instead of rent that might help, but still it's pretty crazy how short of rich I will be. (I've owned a couple of houses before)

I actually just had a good idea for a Porsche product that might help me line my pockets. I ain't telling what it is until I design it and get quotes.

[pwd72s]

"You really don't need to begon saving for retirement before you reach 60. At that point, simply save 250 percent of your income each year and you'll be able to retire comfortably at 70."

- Jonathan Pond

(edit) Update on a salary that would allow you to buy that new Porsche...apply for the head coaching job at the U of Oregon...Chip Kelly seems to be departing that $4.5 million per job in order to coach the Tampa Bay NFL team. Gee, just ahead of possible NCAA sanctions. Is there a pattern here?

Send in your applications, guys...