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Why would you have multiple 401Ks? That's ridiculous. You can just roll them into IRAs for any past employer.
From an solely an accounting perspective it's not an expense. It's a deduction in available cash flow. A mortgage payment also isn't entirely an expense. There's an interest expense as well as a reduction in the loan balance (principal payment) which is not an expense. But any person doing cash planning or household budgeting would call the entire mortgage payment an "expense" because that's the amount that needs to get paid each month.
This really isn't a complicated concept, but hey, whatever makes you happy. Go for it. This is clearly why you're a lawyer and I work in finance. We worry about stuff that actually matters. Lawyers just want to waste everyone else's time and rack up more billable hours.
You can't roll all 401Ks to an IRA. It has to meet certain criteria (you have to be separated from the company, for example).
I can't explain why you don't have an understanding of basic financial concepts if your claim of working in finance is true. But it's hard to believe based on your posts in this thread.
It's also telling that you have to attack someone's profession (which you know nothing about) rather than learn from all the information others have posted here.
Contrary to what you believe, putting away money for investing is not an expense. It's an allocation.
I think the op is correct. When I hit a millionaire status my life wasn’t anything like I thought a millionaire lifestyle would be like. My life didn’t change at all it seemed.
It just figures, once I finally get close to one milestone they'd move it twice as far away.
Not really - no one changed anything and just to be clear $100K of 5 years ago (2018) is the same as about $120K now in 2023.
You would have to go back to 1995, 28 years ago, that is when $100K then would be worth $200K today. Also $200K puts someone in the top 10% of earners so not that many are making $200K.
I think the op is correct. When I hit a millionaire status my life wasn’t anything like I thought a millionaire lifestyle would be like. My life didn’t change at all it seemed.
this is especially true when that million has to generate an income .
that 40k it can spin off is less then the typical average household income in the worst hoods here.
brownsville brooklyn clocks in higher and that is no place i would want to visit
A $300,000 Salary Feels Like $100,000 in The Priciest US Cities
In the country’s most expensive cities, the high cost of living and taxes mean you need to make much more than $100,000 to get six-figure purchasing power.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by mathjak107
this is especially true when that million has to generate an income .
that 40k it can spin off is less then the typical average household income in the worst hoods here.
brownsville brooklyn clocks in higher and that is no place i would want to visit
My net is closer to 4 million now, but I don’t feel Like the millionaire I had envisioned years ago. I guess it was just a stereotype I had in my mind like lifestyles of the rich and famous. Lol
I’m not complaining as I’m happy with what I have and secure.
My net is closer to 4 million now, but I don’t feel Like the millionaire I had envisioned years ago. I guess it was just a stereotype I had in my mind like lifestyles of the rich and famous. Lol
I’m not complaining as I’m happy with what I have and secure.
the millionaire my brain remembers wore a top hat and had a butler ….
today a million in retirement gets you a rented apartment and a leased honda
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