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Old 10-22-2014, 11:30 AM
 
33,031 posts, read 23,761,449 times
Reputation: 8987

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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 adown 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!!!!

You're just behaving self-indulgently, that is all. Reversal of economy and fortune might change that.
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Old 10-22-2014, 11:38 AM
 
33,031 posts, read 23,761,449 times
Reputation: 8987
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.

Either you earned enough to save $1m or you had a windfall (e.g jackpot or inheritance, so I'd say you are most likely rich.
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Old 10-22-2014, 11:41 AM
 
33,031 posts, read 23,761,449 times
Reputation: 8987
Quote:
Originally Posted by Miss Hepburn View Post
Millionaires are everywhere.
It's the multi's the Prez may be talking about.
I know a few...they are great.
One gave me money to pay off my mortgage. No strings.

I've never see a millionaire in the 'hood.
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Old 10-22-2014, 11:42 AM
 
Location: moved
10,038 posts, read 6,106,313 times
Reputation: 16994
Quote:
Originally Posted by Dopo View Post
Simple question.... how much to do you put into your 401K every year?
$100,000/year for 20 years give you $2 million ... assuming you get zero in interests

If it's less than $100,000/year, you are doing something seriously wrong.
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.
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Old 10-22-2014, 12:11 PM
 
11,398 posts, read 4,832,999 times
Reputation: 2458
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.
In the Reagan years one could stash away tax free such a large amount into a defined benefit plan. I don't think any longer.
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Old 10-22-2014, 12:48 PM
 
Location: Buckeye, AZ
33,230 posts, read 18,251,663 times
Reputation: 11999
Quote:
Originally Posted by freemkt View Post
You're just behaving self-indulgently, that is all. Reversal of economy and fortune might change that.
It is very possible it can. Health disasters as well as natural disasters both with undercoverage can cause issues. Health is much harder to figure out because say car and home insurance covers a lot more (in terms of money.) Health typically you can cap if you are getting treated for cancer in network. Out of network, the money comes straight from you.
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Old 10-23-2014, 02:35 PM
 
181 posts, read 251,282 times
Reputation: 298
Quote:
Originally Posted by Dopo View Post
Simple question.... how much to do you put into your 401K every year?
$100,000/year for 20 years give you $2 million ... assuming you get zero in interests

If it's less than $100,000/year, you are doing something seriously wrong.
How is one able to contribute 100K/year into a 401K?
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Old 10-23-2014, 04:14 PM
 
Location: Buckeye, AZ
33,230 posts, read 18,251,663 times
Reputation: 11999
Quote:
Originally Posted by chipper21 View Post
How is one able to contribute 100K/year into a 401K?
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.)
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Old 10-23-2014, 07:21 PM
 
Location: Passed out on the trail to Hanakapi'ai
1,643 posts, read 3,709,588 times
Reputation: 1272
Quote:
Originally Posted by Dopo View Post
Simple question.... how much to do you put into your 401K every year?
$100,000/year for 20 years give you $2 million ... assuming you get zero in interests

If it's less than $100,000/year, you are doing something seriously wrong.
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.
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Old 10-23-2014, 07:26 PM
 
Location: Passed out on the trail to Hanakapi'ai
1,643 posts, read 3,709,588 times
Reputation: 1272
Interesting
I posted this 5 days ago, and have received more reputation points than I usually get in 6 months.

I just meant to point out that you should think about what others say and don't take it for granted.
Beware of anyone who tries to play one group off against each other. Because the only thing you know for sure is that you are being played.
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