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Old 10-26-2014, 04:15 PM
 
Location: Southeast, where else?
3,914 posts, read 4,495,180 times
Reputation: 5810

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Quote:
Originally Posted by Tenzo View Post
Hi, I'm one of those evil Millionaires who are living lavish lives and not paying their fair share.
The government says I'm responsible for a low minimum wage, people without homes and high health care costs.

Almost every speech I hear Obama talk about how bad we are and should pay our fair share!

So here I am to brag about my life. To tell you, the little people, how I live in luxury.
This is my confession, so eat your heart out.

I drive expensive and luxurious cars!
I own a 9 year old Saturn Vue. It's the length of a small car and I use it to haul rocks, junk, drywall etc. I used it to haul stuff when I built shelving in my luxurious one car garage. But I park on the street. On some day's I even have someone else drive me to work. That's right, I have someone who's only job is to drive people like me to work. It's the 156 bus.
My wife parks in the garage in her 8 year old car we bought used.
And my garage has an automatic garage door opener! hahahaha luxury!

I wear high priced clothes!
Right now I'm wearing a Gap Henley, a sweater from REI, hiking boots from 3 years ago, and Levis Jeans that are a year old. That's right beatches, my jeans are only a year old!

I eat at expensive restaurants!
My last dinner I ate at the neighborhood bar. Before lunch I ate at potbellies. For our 10th anniversary we went to an Italian place and rang up an outrageous bill of $170.
We go out to eat 2-3 times a month, because we can!

I shop at the best stores!
Gap, Levis, Costco, REI, Nordstrums and Macy's. Why just this year I got a tailored suit. I didn't really need one, my last suit I bought was in 2004 when I got married.
See, I even buy expensive clothes when I don't need to!
And I just got back from Costco and divided the food into two person servings. We have a STOCKED freezer, with MEAT!

I have money just spread around me!
Right now I have $42 in wallet as 'mad money'. That's money I carry around just in case I want to spend it! I have a big honking bowl of coins by the washing machine, cuz cash just flows out of my pockets. Why this week alone I found 52 cents that I picked up off the ground. Mostly its just pennies, but I pick up every one I see. Money must just fall from the sky around me!

Both my wife and I work full time jobs. Mine is 40 hours a week, my wife is a little more. She just got finished working 9 days straight. She spent 15 years learning her craft. I supported the family and she only have a mere $150,000 in student loans. We make so much, the government told us the student loans were no longer tax deductible. So we get to pay out about $12,000 a year in loans for interest only. We have so much money we pay the interest off every month. (But for some reason the principle is going up)

But back to the point. We are Millionaires!!!!

Yep, I've got it all calculated out. Right now we can retire in the high life!
At our ages we can expect to retire with $1,600 a month for the rest of our lives. That is 20% over the poverty rate! Ha HA HA!
Shoot we even have money to pay for my father in law's medical bill deductible after he fell down the stairs.

(except for that pesky student loan. )

So when you hear that those Millionaires aren't paying their fair share and are living the high life. They are talking about us Beatches!!!!! Obama says we are RICH!!!!
Great post....I've always lived like this even when times were very good....just never changed...blue jean kind of guy....found it easier...but, then again, I was never a millionaire either....bravo, love the post.
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Old 10-26-2014, 05:45 PM
 
Location: Nesconset, NY
2,202 posts, read 3,740,889 times
Reputation: 2141
Quote:
Originally Posted by griffon652 View Post
Ummmm Tenzo? Was that a serious post? If your not trolling what exactly are you doing that's causing your retirement to be a mere $1,600 when you retire (among other things you posted)? If your total net worth (minus liabilities) is truly over $1 Million, it seems really farfetched that your retirement will be that low when you retire........
Maybe he's one of those 'barely there' millionaires. But the rest sounded about right...couple exceptions...and the attitude is all wrong (well, maybe not for the 'barely there's').
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Old 10-29-2014, 04:46 PM
 
Location: Purgatory
6,321 posts, read 5,197,227 times
Reputation: 9789
Quote:
Originally Posted by LIGuy1202 View Post
Maybe he's one of those 'barely there' millionaires. But the rest sounded about right...couple exceptions...and the attitude is all wrong (well, maybe not for the 'barely there's').
Wrong attitude indeed. Unfortunately, there is rarely a reward for doing the right thing except the one you give yourself by doing it. Very angry and entitled post.
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Old 10-30-2014, 12:41 AM
 
28,315 posts, read 30,906,238 times
Reputation: 28904
Quote:
Originally Posted by Hoonose View Post
I can tell you that very very few making $50K a year will be willing to, and then in fact put in $7500 per year.
Fixed that for 'ya.
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Old 10-30-2014, 01:27 AM
 
Location: Honolulu
517 posts, read 633,072 times
Reputation: 589
Quote:
Originally Posted by Tenzo View Post
If you put the max in your 401K at 15% that is $7,500


Quote:
Originally Posted by HedgeYourInvestments View Post
Um, the limit on 401(k) contributions is $17,500.
Quote:
Originally Posted by ohio_peasant View Post
In the United States, the Internal Revenue Service sets an annual limit on 401K contributions. For 2014, this limit is $17,500 per year, if memory serves. An employer can match employee contributions at whatever percentage is negotiated, and the employee is free to save whatever portion of his/her salary is available. But employee 401K contributions are limited. If somebody found a way to legally contribute $100K/year to their 401K, please send me a private message, and I'll be glad to pay you a generous fee for your advice.
Quote:
Originally Posted by mkpunk View Post
First off, most people making enough net pay to put 100K into a 401K, wouldn't put 100K into a 401K. Anyway, a person can only put 17K a year away with an additional 4K to "catch up after 50" into a 401K (source: about.com.)

FYI, the IRS just increased the 415 hard cap to 53,000 for 2015. Employee-contribution is increased to 18,000.

But yes most people do not know you can actually sock away over 50k in a "401k." Though I'm still trying to figure out how to do that.

At my employer I just found out I have access to both a 403b and a 457b, which allows me a total of $36,000 in tax-deferred savings to investments. Very nice.

IRS news: http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015

Quote:
Originally Posted by Lowexpectations View Post
52k is the max that could go into your 401k this year including employer contributions

401(k) Plans - Deferrals and matching when compensation exceeds the annual limit
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Old 10-30-2014, 09:07 AM
 
11,409 posts, read 4,836,886 times
Reputation: 2463
Quote:
Originally Posted by mysticaltyger View Post
Fixed that for 'ya.
Just to inform you, it is not within forum rules to edit posts like this.
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Old 11-05-2014, 12:41 PM
 
122 posts, read 158,494 times
Reputation: 249
Yeah, we're not talking about people who worked their whole life in middle class jobs and saved up a couple mil in their IRA's. We're talking about people who hedge fund managers who got rich by robbing the middle class, and executives who boosted their salaries by outsourcing their workforce.
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Old 11-05-2014, 05:34 PM
 
140 posts, read 154,517 times
Reputation: 152
Wealthier people tend to be more responsible with their money. Most of the people driving sports cars can't afford them. Most people who blow their money on weed and cocaine can't afford it. Responsible people tend to save their money and invest it and become richer.

..Or maybe what I'm referring to is upper-middle class.
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Old 11-05-2014, 07:40 PM
 
33,031 posts, read 23,765,998 times
Reputation: 8988
Quote:
Originally Posted by Tenzo View Post
Hi, I'm one of those evil Millionaires who are living lavish lives and not paying their fair share.
The government says I'm responsible for a low minimum wage, people without homes and high health care costs.

Almost every speech I hear Obama talk about how bad we are and should pay our fair share!

So here I am to brag about my life. To tell you, the little people, how I live in luxury.
This is my confession, so eat your heart out.

I drive expensive and luxurious cars!
I own a 9 year old Saturn Vue. It's the length of a small car and I use it to haul rocks, junk, drywall etc. I used it to haul stuff when I built shelving in my luxurious one car garage. But I park on the street. On some day's I even have someone else drive me to work. That's right, I have someone who's only job is to drive people like me to work. It's the 156 bus.
My wife parks in the garage in her 8 year old car we bought used.
And my garage has an automatic garage door opener! hahahaha luxury!

I wear high priced clothes!
Right now I'm wearing a Gap Henley, a sweater from REI, hiking boots from 3 years ago, and Levis Jeans that are a year old. That's right beatches, my jeans are only a year old!

I eat at expensive restaurants!
My last dinner I ate at the neighborhood bar. Before lunch I ate at potbellies. For our 10th anniversary we went to an Italian place and rang up an outrageous bill of $170.
We go out to eat 2-3 times a month, because we can!

I shop at the best stores!
Gap, Levis, Costco, REI, Nordstrums and Macy's. Why just this year I got a tailored suit. I didn't really need one, my last suit I bought was in 2004 when I got married.
See, I even buy expensive clothes when I don't need to!
And I just got back from Costco and divided the food into two person servings. We have a STOCKED freezer, with MEAT!

I have money just spread around me!
Right now I have $42 in wallet as 'mad money'. That's money I carry around just in case I want to spend it! I have a big honking bowl of coins by the washing machine, cuz cash just flows out of my pockets. Why this week alone I found 52 cents that I picked up off the ground. Mostly its just pennies, but I pick up every one I see. Money must just fall from the sky around me!

Both my wife and I work full time jobs. Mine is 40 hours a week, my wife is a little more. She just got finished working 9 days straight. She spent 15 years learning her craft. I supported the family and she only have a mere $150,000 in student loans. We make so much, the government told us the student loans were no longer tax deductible. So we get to pay out about $12,000 a year in loans for interest only. We have so much money we pay the interest off every month. (But for some reason the principle is going up)

But back to the point. We are Millionaires!!!!

Yep, I've got it all calculated out. Right now we can retire in the high life!
At our ages we can expect to retire with $1,600 a month for the rest of our lives. That is 20% over the poverty rate! Ha HA HA!
Shoot we even have money to pay for my father in law's medical bill deductible after he fell down the stairs.

(except for that pesky student loan. )

So when you hear that those Millionaires aren't paying their fair share and are living the high life. They are talking about us Beatches!!!!! Obama says we are RICH!!!!

If you try really hard, one day you might be a non-evil millionaire.
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Old 11-06-2014, 02:52 PM
 
3,565 posts, read 2,058,698 times
Reputation: 2265
Quote:
Originally Posted by SportyandMisty View Post
People are not talking about the CEO of Arnold's Roofing when they talk about CEOs (picked up in your link). They are talking about people like GE's Jeffrey Immelt, who earned ~$15 million in 2010, in a pretty good looking year for GE (~$12 billion net income, ~12% year on year increase)--in 2014, his base pay rose to $3.5 million, with a $5 million cash bonus, and $19.8 million total compensation. They are also talking about people like IBM CEO Ginni Rometti, who earned $6.1 million in cash pay (not including stock) in the company's dreadful 2013. Or Caterpillar CEO Douglas Oberhelman, whose pay fell 33% to $15 million due to the company's poor performance (and some investors still thought he was overpaid).

The Highest-Paid CEOs Are The Worst Performers, New Study Says - Forbes

http://www.chicagobusiness.com/artic...deeper-pay-cut

Quote:
Originally Posted by Tenzo View Post
Not at all. (and thank you for setting me up.)
The average in come in the US is now close to $50K
If you put the max in your 401K at 15% that is $7,500
Only its not $150,000 saved over 20 years, or even $225,00 over 30 years.
If you put just 15% of your pay in each year you will have $2 Million if you retire at age 53.
(assuming a conservative stock mix and average inflation)

The assumption that a millionaire did something wrong, cheated society or didn't pay his pair share is wrong.
Actually I would think millionaires are getting the shaft. They make enough money to be taxed heavily. But the truly rich don't make there money in jobs. They make it in wealth accumulation and are able to avoid the taxes.
It does not seem that you accumulated $1 million this way--why would your spouse have $150k in loans after you have been saving for 20 years (and haven't managed to pay down the principal). And at $50k, the loan interest deduction would be available to you.

As you indicated that you cannot deduct the loan interest, your AGI must be at least $160k. If you are under $300k, you are not being hit by the changes from the 2012 American Taxpayer Relief Act, so I don't know what you have to whine about. Your marginal rate didn't increase unless you are over $450k (compared to the "Bush Tax Cuts"). If your income is over those limits, I doubt you'll get much sympathy.

Based on your post, I'm guessing you are closer to $160k - $180k AGI. Still nothing to whine about, really. Hawaii is an expensive state, and $1 million does not make you wealthy. But you are not being hit by new taxes. The student loan interest deduction phase out existed before Obama.

My biggest question is: why on Earth would you be paying interest only on $150k in student loans with that kind of income (and the only reasonable answer is that your interest rate is miniscule)? If I am right about your salary range, then your take home ought to be in the 100k - 120k range. If you're paying $24k annually for housing, you should be able to pay much more than than 12k annually for loans. I also do not see why you would want to retire at 53 with $150k in loans to pay--that seems like madness.
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