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As to your attempted user name snark: pot, meet kettle. I can see why you are solo. To the rest of your post, the vast majority of people making $100k per year don't save $60k per year. There is a little thing called income tax, federal and local, that tends to take a bite. Also, the Silicon Valley isn't exactly a cheap place to live.
IPOs? I guess we can always hope to win the lottery. It's a rare case indeed for an IPO to reward a brand new employee to that extent. It happens, but not to the degree that you seem to believe. But keep reaching for those rainbows...
His explanation of starting his own business makes a lot more sense than your hypotheses.
Quote:
Originally Posted by SoloTraveler
Not sure why people need proof. It's an online forum. I hope people's egos aren't tied to their usernames...
More to the point; first off, there's no way to disprove the poster's claim.
Second, consider this: lots of new hires from top schools are paid well over 100K starting on day 1. Over the past 3 years, almost all of the top silicon valley tech firms have started out fresh 22 year old hires (engineers, c.s. guys) with about a 100K salary, significant RSUs (market value of over 100K), signing bonus, end of year variable performance bonus, and, if needed, a relo bonus. That's to say nothing of the i-banking comp model, which, while a little worn from pre-2009 levels, is still very formidable. And strat consulting firms, too, although there are far fewer grads who end up there in their early 20s.
Third, IPOs. In SV alone, over 50 firms have gone public since 2013. There's a staggering amount of overnight wealth there. We're not even talking yet about the dozens of companies bought out for over $100 million in SV alone, in that same time period. Most anyone working at these places attained well over a couple of 100K overnight.
Ah, the ol' entrepreneur route. That is indeed how it's done. Don't sell yourself short. If your business is increasing your net worth by over 100% a year, you are well on your way to tycoon-dom.
Quote:
Originally Posted by Chengdu Nanhai
I started a business 2 years ago while still in grad school. I was studying to become a college professor, but my business soon proved to be much more lucrative. And I wouldn't call my case "rags to riches", money was pretty lean during my student days, but I was never wanting for food, shelter, or clothing. In fact, I had more than $10k in savings when graduated from college, again, fully self-supported. Also, I don't consider myself "rich" exactly, well-off, perhaps even upper-middle class in terms of annual income, but not "rich" or "wealthy" yet.
As to your attempted user name snark: pot, meet kettle. I can see why you are solo. To the rest of your post, the vast majority of people making $100k per year don't save $60k per year. There is a little thing called income tax, federal and local, that tends to take a bite. Also, the Silicon Valley isn't exactly a cheap place to live.
IPOs? I guess we can always hope to win the lottery. It's a rare case indeed for an IPO to reward a brand new employee to that extent. It happens, but not to the degree that you seem to believe. But keep reaching for those rainbows...
His explanation of starting his own business makes a lot more sense than your hypotheses.
My explanation makes more sense because it's true, whereas SoloTraveler is simply making plausible scenarios. Anyway, I think SoloTraveler's main point is that one probably shouldn't be emotionally invested on others' responses to a topic like this.
Ah, the ol' entrepreneur route. That is indeed how it's done. Don't sell yourself short. If your business is increasing your net worth by over 100% a year, you are well on your way to tycoon-dom.
Thanks for the words of encouragement. I have no aspirations to becoming a tycoon, just reasonably wealthy to the point of being able to live very comfortably. I hope to achieve this at a relatively early age too, say $10 million dividend-producing assets by 35. Sounds like a good plan, no?
Based on your user name, let me guess: a hotpot restaurant chain?
Quote:
Originally Posted by Chengdu Nanhai
Thanks for the words of encouragement. I have no aspirations to becoming a tycoon, just reasonably wealthy to the point of being able to live very comfortably. I hope to achieve this at a relatively early age too, say $10 million dividend-producing assets by 35. Sounds like a good plan, no?
At 66yrs old i've yet to have $100K in the bank,never even came close, i've basically turned all my money into life experiences like various trips around the world,Fast cars, motorcycles and boats. At the moment i have a grand total of $8.95 in my savings account but am totally debt free and have a head full of memories instead of a bank full of money.If i had it to do over again i wouldnt change a thing.
No offense, but saving and living are not an either or proposition. I am 36, have a net worth of $175k, and I also have a life full of memories as I spent my youth as a US Marine, traveling the world. I also take biannual international trips (Asia this year), and my last two cars have been new. If I was the frugal type, I could have $100k more, but I choose to live a little. If I could change anything, I would have taken a few less trips to Vegas
I would hate to have no life experiences, but to only have $9 in the bank at 66 is scary. I hope you have kids to help you out.
I think somewhere in my late 20s (currently 40). I'm WAY behind now because life threw a few curve balls at me... but that's ok.
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