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The new thing is not one million in assets but to make 10x your age. That is the new bar to success if you can make 10x your age in salary.
Remember in 1984 folks were happy making double their age
In 1975 folks were happy making their age.
it's never what you make. it's what you keep and how you use/enjoy what you have kept. never forget that. plenty of ppl. make a lot of money but blow it uselessly or make bad choices.
it's never what you make. it's what you keep and how you use/enjoy what you have kept. never forget that. plenty of ppl. make a lot of money but blow it uselessly or make bad choices.
Exactly! Half the battle is figuring out how to make it, the other is learning how to keep it. First the government takes a big chunk, after that expenses, after that spending.
million bucks today can still go very far. heck you can retire on it in your 20s if you invest correctly and live well below your means and figure out tricks on how to save and travel, etc.
well my chart stops at 40 years so drawing at a 3% withdrawal rate or 30k a year inflation adjusted with a 50/50 mix would have lasted 4o years.
at 20 you are talking 60-70 years so unless you can live on 15- 20k pretax income and pay for medical insurance it isn't a life many here would attempt
Anyway, a 90% taxes, Why would anyone work if the government is going to take 90%, I wouldn't get out of bed. Back in those days the tax code wasn't as tight and they didn't deal in credit cards so much.... cash and hand printed receipts. So you think people going to work and only keeping 10% of their income after taxes actually reported everything?
After reading all of your posts on this matter, I really don't think that you understand what a "graduated income tax " is. Its disturbing that people who dont are giving advice to potential voters.
I don't think many voters understand our current tax system. I think that if they did, there would be less rallying behind a "flat tax."
i have no issues with our tax system other than the AMT is way out dated.
a system that allows almost 74k in tax free qualified dividends and capital gains is amazing . even if you go over it the taxes can be quite low if they are long term gains.
with the tax brackets expanding each year pretty soon 100k will be in the 15% bracket.
you could have written off your 401k and ira contributions at far higher rates . in fact you could have written them off and still pull 22k a year tax free out,.
Then why is it when people suggest taxing wealth instead of income, that is considered worse?
When someone talks of replacing taxing wealth instead of income, there may be a discussion to be had. But the only discussion I see is to tax wealth IN ADDITION to income. That is worse.
For me, it would be vile to live in one of the side boroughs of NYC, no matter how much money I had. I wouldn't consider that a "million dollar lifestyle" and wouldn't think that being a millionaire there would be a big deal.
But others wouldn't think it's a big deal when someone is a millionaire if they live in a lower cost region of America.
If OP wants to know about the bigdealyness of having a million dollars in order to determine how much money to save for retirement, cool. But if OP wants to know whether or not he or she should be considered a Big Deal for having more than a million dollars in liquid assets, it's just silly.
Who cares what other people think? Sometimes it comes down to apples v oranges.
If you have enough money to live the lifestyle you choose, to never worry about money, and to be able to pass along the wealth to family or charity, then the exact amount of liquid assets you have on hand is irrelevant. If you don't have that amount, then keep on workin' and savin' and fiddlin' with tax laws.
(PS - how many times has this subject been discussed on CD? Seems like a million or so.)
After reading all of your posts on this matter, I really don't think that you understand what a "graduated income tax " is. Its disturbing that people who dont are giving advice to potential voters.
I don't think many voters understand our current tax system. I think that if they did, there would be less rallying behind a "flat tax."
... Our plan is to pay cash to build a new home in Tennessee and move there. The low cost of living there is a bonus as we actually really like the area, climate and the people.
Yeah, Tennessee was on our short list when we retired (I semi-retired at 40, and fully before 50, although I occasionally do a bit of consulting but only for a day at a time). It is a lovely state and I enjoy visiting there.
We sold our house in high COL Silicon Valley, and built in Las Vegas, Nevada using cash. No debt.
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