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Old 10-19-2014, 02:11 PM
 
13,298 posts, read 11,013,243 times
Reputation: 10570

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Quote:
Originally Posted by Tenzo View Post
[1,000,000 (savings) -$150000 (student loan) ] / 30 (life expectancy) / 12 (months per year) = 2,361(less student loan payments)
= $1600.

Of course that assumes that I the loan amount doesn't increase like it is now.

Now,
It's not a Troll.
The government is trolling saying that Millionaires have too much money and need to pay their fair share.

The government is even talking about not allowing you unemployment benefits if you have $1M.

My point is that people who manage to save $1M and have no pension are not unduly rich.
and I'm tired of it showing up in every one of Obama's speeches.
Why aren't you JUST subtracting the student loan debt from your savings? You only really have $850,000. Once you use that as your starting point, there is no need to subtract "student loan payments" from what you can draw since it has already been taken out of the $1,000,000.

More importantly, you seem to assume you aren't investing any money and give the impression that you're not thinking about investing much. If that is the case, why should I be inclined to believe you managed to amass $1 million in the first place? I suspect either big inheritance or you're trolling.
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Old 10-19-2014, 02:30 PM
 
3,697 posts, read 2,629,420 times
Reputation: 2944
I don't think millionaires in general are evil; but the ones who complain about how hard it is to get by with millions, and then mock people trying to live on $10/hr, are something else.
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Old 10-19-2014, 02:44 PM
 
3,201 posts, read 3,816,636 times
Reputation: 4426
seriously, let me borrow $50k
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Old 10-19-2014, 04:34 PM
 
Location: moved
9,992 posts, read 6,087,065 times
Reputation: 16899
I propose a surtax on millionaires who can't spell the very term by which they describe themselves.
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Old 10-19-2014, 05:08 PM
 
Location: NC
2,009 posts, read 2,817,544 times
Reputation: 3159
Quote:
Originally Posted by ohio_peasant View Post
I propose a surtax on millionaires who can't spell the very term by which they describe themselves.
Lol. Good catch!
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Old 10-19-2014, 05:11 PM
 
83,150 posts, read 80,658,265 times
Reputation: 59209
why just yesterday i couldn't spell millionaire and today i are one.
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Old 10-19-2014, 09:35 PM
 
1,267 posts, read 2,643,667 times
Reputation: 1240
Quote:
Originally Posted by Almeida93 View Post
Could i borrow some money?
I was just kidding i have no problem with millionaries if you work hards its your money and you cab do whatever you want my friend
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Old 10-19-2014, 09:40 PM
 
29,536 posts, read 36,089,682 times
Reputation: 39259
Quote:
Originally Posted by Tenzo View Post
[1,000,000 (savings) -$150000 (student loan) ] / 30 (life expectancy) / 12 (months per year) = 2,361(less student loan payments)
= $1600.

Of course that assumes that I the loan amount doesn't increase like it is now.

Now,
It's not a Troll.
The government is trolling saying that Millionaires have too much money and need to pay their fair share.

The government is even talking about not allowing you unemployment benefits if you have $1M.

My point is that people who manage to save $1M and have no pension are not unduly rich.
and I'm tired of it showing up in every one of Obama's speeches.
So, when you add up your assets, and subtract your debts, are you worth over a mill? If not, you are not a millionaire.
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Old 10-19-2014, 09:52 PM
 
33,031 posts, read 23,746,774 times
Reputation: 8987
Quote:
Originally Posted by Tenzo View Post
According to the IRS you have to pay taxes on employer provided housing, food, medical, transportation.
So no
There is no way he can abide by the same rules he has placed on others.
Not now or in the future.

Um, not always and often not.

Specifically, housing provided by an employer is NOT taxable income if

  1. The lodging is:
    1. Furnished on the business premises of your employer,
    2. Furnished for the convenience of your employer, and
    3. A condition of your employment. (You must accept it in order to be able to properly perform your duties.)


There are many examples where an employer requires an employee to live onsite, e.g.

A manager of an RV park, trailer park, storage facility, etc is required to live onsite as a hands-on manager who also provides security after business hours.

The President is required to live in the White House - imagine one who commutes to the job!

I once applied for a church janitor job where the person was required to live onsite in order to be always available and to perform off-hours security.
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Old 10-19-2014, 09:59 PM
 
2,569 posts, read 2,655,296 times
Reputation: 2549
Quote:
Originally Posted by ncole1 View Post
Why aren't you JUST subtracting the student loan debt from your savings? You only really have $850,000. Once you use that as your starting point, there is no need to subtract "student loan payments" from what you can draw since it has already been taken out of the $1,000,000.

More importantly, you seem to assume you aren't investing any money and give the impression that you're not thinking about investing much. If that is the case, why should I be inclined to believe you managed to amass $1 million in the first place? I suspect either big inheritance or you're trolling.
If OP has $1M in the bank (or other relatively liquid assets), they are not getting a tax break on the interest paid against student loans, then they need to analyze why they are still carrying the loans.
  • Are they at a low enough interest rate that the $150K you would use to pay it off is making a higher rate of return than the amount you are paying on the loans? If so, then keep the loans.
  • Does your wife have loan principal forgiveness after a certain number of years of work? If so, you may want to keep the loan.
  • The loan interest deduction income threshold is fairly low, especially for dual income families in major metro areas. Can you exchange the student loan debt for another type of debt which would be deductible? [E.g. take cash you would have used to buy a rental property and pay the student loan off, buy the rental with a new loan which would potentially be deductible]
  • A little late at this point, but everyone should do a cost benefit analysis of higher education, especially post graduate/professional education which is not subsidized. How much income increase is realistic, how long will it take to obtain it and how much will it cost to achieve it (not just principal borrowed but total cost including interest)
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