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Old 06-09-2019, 05:54 PM
 
1,415 posts, read 794,770 times
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I can't even imagine how I would spend 160 grand a year. Well I'd buy a new $5000 car, fix the roof, replace my windows and furnace, and go to Colombia for a couple weeks, but the other 100 grand left over after living expenses would go in the mattress and after 5 years I'd retire.
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Old 06-09-2019, 06:09 PM
 
11,922 posts, read 21,503,013 times
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Quote:
Originally Posted by Deserterer View Post
I can't even imagine how I would spend 160 grand a year. Well I'd buy a new $5000 car, fix the roof, replace my windows and furnace, and go to Colombia for a couple weeks, but the other 100 grand left over after living expenses would go in the mattress and after 5 years I'd retire.
You couldn't spend it - the government and other various entities will take about $60k of it...now you are left with $8k a month after tax...after putting $2k a month towards retirement (401k and IRA) you're left with $6k, living a fairly minimalist lifestyle you're going to spend $2500 a month just to stay alive...now left with $3,500. That's an entire years worth of savings to get a new roof, windows and furnace.
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Old 06-09-2019, 08:08 PM
 
1,415 posts, read 794,770 times
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Oh, the hardships I could suffer with $8000 a month.
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Old 06-09-2019, 08:17 PM
 
4,069 posts, read 5,463,311 times
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Quote:
Originally Posted by X7L9 View Post
These salaries that I see on Glassdoor are seriously frustrating me. People making 160k with barely 10 years of experience based on what's shown on LinkedIn.

I get that we should always be grateful for what we have, but these six figure incomes are seemingly impossible to obtain. Is there an element of luck or what? The only reason I'm where I am at is because of successful, relentless job hopping. Waited another year and can't get anyone to pay six figures.

I'm in corporate training and my comp is at 90k. I have 4 years of experience and about to finish my master's.

Which positions and companies, do you see $160k for 10 years experience?
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Old 06-09-2019, 08:18 PM
 
528 posts, read 616,303 times
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Quote:
Originally Posted by Deserterer View Post
I can't even imagine how I would spend 160 grand a year. Well I'd buy a new $5000 car, fix the roof, replace my windows and furnace, and go to Colombia for a couple weeks, but the other 100 grand left over after living expenses would go in the mattress and after 5 years I'd retire.
It's very easy to be broke at $160k. Gotta live with a budget.
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Old 06-09-2019, 08:18 PM
 
1,665 posts, read 547,450 times
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Basing your happiness on where you are relative to other people will pretty much guarantee you are miserable your entire life.

If you want a shot at being happy, stop caring about how much money other people are making.
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Old 06-09-2019, 08:56 PM
 
528 posts, read 616,303 times
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Originally Posted by wheelsup View Post
FIRE sounds cool to many people but the absolute brutal truth is lower income folks will have a much harder time realizing it. It is far easier to spend a minimal amount of money when you have a lot rolling in and can see the light at the end of the tunnel.

90k is decent I mean I wouldn't say it's low income and honestly the person who switched gears mid life and has come back to make that money in such a short time frame will be successful. I'm confident reading the OP's posts he(?) will realize his goals. It may not be doing what he's doing now, or just from one income stream, but his drive to self improve will get them there.
Agreed. It can actually be easier to spend less when you make lots of money since you can see the growth in the checking and savings and then you can invest it to make it make babies and they make babies, etc.

But it is also very easy to spend it all lol.

When I started to make a lot of money my expenses sky rocketed. Then I switched my life to live under a budget and now I have growing accounts every month. It wasn't easy to get the family to make the switch to a budget.
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Old 06-10-2019, 01:42 AM
 
2,139 posts, read 524,377 times
Reputation: 3731
Quote:
Originally Posted by Deserterer View Post
I can't even imagine how I would spend 160 grand a year. Well I'd buy a new $5000 car, fix the roof, replace my windows and furnace, and go to Colombia for a couple weeks, but the other 100 grand left over after living expenses would go in the mattress and after 5 years I'd retire.
Just spend half on hookers and blow, and then waste the rest.
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Old 06-10-2019, 02:29 AM
 
Location: Silicon Valley
3,604 posts, read 1,622,110 times
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You worth $100K? Test your theory. Develop a training of some sort. Put it on Youtube, publish on Amazon books. Not after the retail market? Build a tool to make training easier for others to put together. Pick up a side gig making you as much as your day job, who cares what your boss wants to pay.
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Old 06-10-2019, 10:00 AM
 
Location: Chandler, AZ
2,275 posts, read 1,150,257 times
Reputation: 5345
Quote:
Originally Posted by wheelsup View Post
FIRE sounds cool to many people but the absolute brutal truth is lower income folks will have a much harder time realizing it. It is far easier to spend a minimal amount of money when you have a lot rolling in and can see the light at the end of the tunnel.
Plenty of "high earners" spend every penny they make and then some. And more than a few people with lower incomes have the discipline to pay themselves first, strictly live within a budget, save, do low-cost or free things for fun, etc.

"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
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