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Of course it does. $100K in my bank account spends like $100K. $100K in an IRA account has to be discounted in some way for the tax liability. It's not real until you liquidate it. You can sell your primary residence tax-free assuming it's not super-expensive house with a big gain. If you sell a vacation home, you have to start with the cost basis of the home when you bought it and then pay tax on the gain just like if you're selling stock.
If I had to liquidate everything today and come up with a suitcase of $100 bills, the amount I end up with is going to be far lower than the market value of my real estate and what my bank, retirement, and brokerage accounts say I have.
Nothing you said changes what net worth is, taxes do not impact net worth it's really that simple. Functionality is a totally different story but that doesn't change net worth
Last edited by Lowexpectations; 09-29-2015 at 02:32 PM..
There's so many multi-six-figure incomes on this thread, I'd be pretty interested in how people got there. I made a goal to be 6 figures by the time I'm 30 and it doesn't look like I'll make it. Multi-six-figures just a handful of years later seems so far out of the realm of possibility I can't even fathom it.
There's so many multi-six-figure incomes on this thread, I'd be pretty interested in how people got there. I made a goal to be 6 figures by the time I'm 30 and it doesn't look like I'll make it. Multi-six-figures just a handful of years later seems so far out of the realm of possibility I can't even fathom it.
I know for a fact that at least a few of these individuals (ourselves included) are in the high tech industry on the west coast. They are project managers or junior level executives with 15+ years of experience. They frequently have college degrees in science or engineering, or if they don't, they have an MBA or advanced degrees in something like Economics. I know of several that don't even have a degree, but were simply lucky.. right place, right time, right company.
Mostly bloated bay area salaries + Bloated RSU.
I got there by being a super geek. Engineering degree. and picking the right employer.
Quote:
Originally Posted by Garfunkle524
There's so many multi-six-figure incomes on this thread, I'd be pretty interested in how people got there. I made a goal to be 6 figures by the time I'm 30 and it doesn't look like I'll make it. Multi-six-figures just a handful of years later seems so far out of the realm of possibility I can't even fathom it.
Mostly bloated bay area salaries + Bloated RSU.
I got there by being a super geek. Engineering degree. and picking the right employer.
My wife and I both have engineering undergrad degrees. She added a MD and I added a CompSci masters and a MBA. No degree will guarantee a lucrative career, but I do agree that there are certain degrees that tend to provide more opportunities than others.
My wife and I both have engineering undergrad degrees. She added a MD and I added a CompSci masters and a MBA. No degree will guarantee a lucrative career, but I do think that there are certain degrees that tend to provide more opportunities than others.
Do any of you notice a higher standard of living to go along with those 'bloated bay area salaries', or does it all end up going to taxes?
Six figure salaries are common here in Chicago, but so are double digit taxes that eat up a large part of that pay.
I'm an experienced BI programmer, and my wife can get a job anywhere (gov't transfer). She'd move to somewhere like San Diego tomorrow if it meant we could afford living in something other than a 600 sqft shack.
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