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I am wondering if anyone in here who are single with income over $300,000.
My question is what you do with that large amount of money. Do you invest it, save it, use it to buy toys such as a new fancy car, go to fancy restaurants everyday, go to exotic vacations or all the above?
I just think it will be hard to spend such a large amount of money for someone who is single.
I know single people making $28,000/ year income and are doing just fine. Some even manage to save some money with that income.
How would someone who is single spend that $300,000? I am curious.
I wouldn't divulge how much I make ...but be it $300k or $28k...and being able to save it comes down to choices and priorities.
It's pretty simple to save money and let it multiply.
No financial expert here...just some common sense. Personally, I'd rather invest and use the interest on vacations or higher ticket items.
I'm not a huge spender...if I can't pay cash for something...I don't need it.
I'd say I'm happy with what I have right now... it boils down to choices I've made and analyzing my needs and wants list.
Usually someone making that much money (and I work with people that earn significantly more) has a few homes, is incredibly well invested, and is actually saving for retirement. Mostly you're looking at really old lawyers that just won't die.
Someone pulling in after tax income of $300k is seriously not the kind of person who ever gets out and about. They're working 70+ hour work weeks, they had to go through decades of advanced education, and then spend a few more decades building a client base through dumb luck and hard work.
I am wondering if anyone in here who are single with income over $300,000.
My question is what you do with that large amount of money. Do you invest it, save it, use it to buy toys such as a new fancy car, go to fancy restaurants everyday, go to exotic vacations or all the above?
I just think it will be hard to spend such a large amount of money for someone who is single.
I know single people making $28,000/ year income and are doing just fine. Some even manage to save some money with that income.
How would someone who is single spend that $300,000? I am curious.
I wouldn't feel comfortable revealing how much I make, but I've known people who make a lot of money. They have nice homes, gardens, and cars. Some work hard for the money, some not so hard. Some people invest it wisely, others run through it foolishly.
I am wondering if anyone in here who are single with income over $300,000.
My question is what you do with that large amount of money. Do you invest it, save it, use it to buy toys such as a new fancy car, go to fancy restaurants everyday, go to exotic vacations or all the above?
Like others, I would not be comfortable disclosing our income. But, it suffices to say it allows one to be able to enjoy certain things one might not otherwise enjoy. It allows one to also help others without worrying about ones self
Someone pulling in after tax income of $300k is seriously not the kind of person who ever gets out and about. They're working 70+ hour work weeks, they had to go through decades of advanced education, and then spend a few more decades building a client base through dumb luck and hard work.
Not necessarily, I know 1 couple in particular who have a VERY high income, works less than 50 hours/ week, and only has a Bachelor's Degree. They own their own business which is quite sucessful and now they're enjoying the fruits of their labor. You don't have to have this fancy degree or work long hours to make serious money (although it definetly helps).
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I know single people making $28,000/ year income and are doing just fine. Some even manage to save some money with that income.
It's definetly possible as long you don't live in an unaffordable real estate market such as NYC, L.A., or San Fran. Rewind 7 years and my salary was only a tad bit better than that and I was doing just fine. Heck I know people who make less than $20K/ year and are the happiest people you'll ever meet; likewise I know those who makes 6 figures and they couldn't be any more depressed.
Not necessarily, I know 1 couple in particular who have a VERY high income, works less than 50 hours/ week, and only has a Bachelor's Degree. They own their own business which is quite sucessful and now they're enjoying the fruits of their labor. You don't have to have this fancy degree or work long hours to make serious money (although it definetly helps).
You know that one person that just so happens to earn that much money. I can think of only one as well-- the overwhelming majority of people making that much are the sort as I have described.
High income can be attained in many different ways, not just by working at a traditional job. Very few people except CEOs and specialty physicians have a straight salary "earned income" of $300K. Many more might make that kind of dough from incentives paid to the best of the best in certain lines of work. Some people have lots of income coming in to their own business, but most business owners I know re-invest a big portion of their earnings back into the business. Not long ago anybody with a mortgage brokers license was raking in big bucks, but that nonsense has come to a quick halt, fortunately. Some people with investment portfolios can see that kind of income in one year, but it is not necessarily "earned income" because that's just the increase in value of their holdings. You don't actually get any "income" until an asset is sold for a profit, and if it's an asset held over a year it becomes a long term capital gain taxed at a much lower rate than "earned income". Many people live on investment income almost exclusively, and don't have to forsake a normal life and work like a dog in some 80 hr a week job.
There's a whole group of people out there who have lives most of us can't even understand. We might go to Walmart for some clothes, but they go to Hermes in Paris and spend 30K on a handbag and a scarf. We buy Timex and they pick up a couple platinum Rolex's.
It's all relative. You can spend what you make. There's no doubt rich people have better toys. JMHO but I think rich is better. Lots of rich folks live just like the rest of us. That's how they stay rich!
Rich people don't have better toys. They have more expensive toys.
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. Heck I know people who make less than $20K/ year and are the happiest people you'll ever meet; likewise I know those who makes 6 figures and they couldn't be any more depressed.
