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Let's not play the compare game 9-5ers...
Trust me..I'm in a different boat...
Quote:
Originally Posted by Dr. Lapaglia, PhD, Esq.
I can't spell debt...mortgage...9-5...or slavery...
Can you?
I can spell condescending...the other word I can spell would be edited out by the censor, sorry.
Honestly, I made a conscious effort to BE a 9-5er. My parents have been successful business owners all my life. They work evenings, weekends, etc, at least 60 hours a week each. I work 40-45 and get evenings and weekends off with my husband. My parents are pushing past 60 and have no plans to retire anytime soon. I intend to retire before 55. My mortgage will be paid off by about the time I am 41 or 42 and I have no other debt. I wouldn't switch with them for anything.
Many young people on this forum have reached impressive financial success using the solid formula of securing a good job after college, paying off debt, living below their means and feeding their investment portfolio. Congratulations, everyone!
However, it’s not the case that reaching some threshold necessarily makes the next threshold easy. Note the 2000-2003 and 2007-2009 bear markets. I had my own milestone (not necessarily $100K); reached it and went further, then fell back, then recovered and went still further, then fell back again, and most recently recovered again… but lagging the starry-eyed goals set decades ago. That’s not from speculation, but from dollar-cost averaging in index funds.
As the ratio of your portfolio to your annual salary grows, continued success is less dependent on personal discipline (thrift, living below your means) and more on investment skill/luck. Making your first $100K is more a matter of being thrifty. Making your 10th $100K (that is, $1M) is more about navigating the stock market.
The more money one amasses, the more skittish one becomes about further losses, potentially destroying hard-won gains. Equity-allocation gets reduced, potential for further annual gains gets reduced and the portfolio plateaus. This is why so-called “middle class millionaires” – modest people who began with nothing at age 18 and have a couple of million by middle age – rarely make it into the true 1%.
I can spell condescending...the other word I can spell would be edited out by the censor, sorry.
Honestly, I made a conscious effort to BE a 9-5er. My parents have been successful business owners all my life. They work evenings, weekends, etc, at least 60 hours a week each. I work 40-45 and get evenings and weekends off with my husband. My parents are pushing past 60 and have no plans to retire anytime soon. I intend to retire before 55. My mortgage will be paid off by about the time I am 41 or 42 and I have no other debt. I wouldn't switch with them for anything.
Classic cognitive dissonance..
'I LIKE being a 9-5 wage slave'...
But, but, but... I had a pocketful of troll crumbs & was attempting to lasso one in... you know, taking one for the team & all that.
And, besides, he's a doctor, a lawyer, has an additional doctorate & I suspect an author, spy, one-armed race car driver, ballerina AND awesome nail tech. Thanks Snowden... now I'll never know...
Pretty much but I did end up paying $1700 in taxes last year. lol.
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