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re: Are most posters on this board very financially well-off?
Posted on 6/16/21 at 8:27 am to Zachary
Posted on 6/16/21 at 8:27 am to Zachary
I am not well off. I am middle class. I can afford to pay off debt, save, and invest a little of my pay check into the stock market, but if macroeconomic issues forces job layoffs the comfortability will end. These issues may not happen, but until then I am trying to be as financially responsible as possible.
1
Posted on 6/16/21 at 8:36 am to RedStickBR
quote:
I’ve seen you admit that to yourself a few times, and hats off to you for doing so. Spending too much is a classic American problem. You’ve been wired since birth to spend with reckless abandon. Good on you for realizing that route is a dead end.
I used to drink a lot. Turns out it's an expensive habit.
And I've been a little bit too generous to friends in need in the past
I've got things under control now on both fronts
Posted on 6/16/21 at 8:48 am to Powerman
So is 5M the board benchmark for being well off? If so, I will always be a poor. Half that would be a gravy train for me.
Posted on 6/16/21 at 8:57 am to Hussss
quote:
Jerome Powell remained irrational longer than I could stay solvent so now....I’m flat busted and living off well water and brim I catch with a cane pole.
A (somewhat) humble post from Husss? No more gloom and doom? This is when the market sells off.
Posted on 6/16/21 at 8:58 am to FinleyStreet
I don't think 2.5 milli is going to be as much as you think it is
inflation is just getting started my man...
inflation is just getting started my man...
Posted on 6/16/21 at 9:02 am to SlidellCajun
quote:There is a 100% chance the answer is yes to this question.
Anyone here with net worth more than 5mil?
Posted on 6/16/21 at 9:06 am to williejameshuft
I’m a quite humble guy.
I just used to like messing with LSURussian.
I just used to like messing with LSURussian.
Posted on 6/16/21 at 9:19 am to rocket31
quote:
I don't think 2.5 milli is going to be as much as you think it is
inflation is just getting started my man...
I get that, but in right now, today's dollars, that number would give me more than enough.
Posted on 6/16/21 at 9:25 am to FinleyStreet
quote:
I get that, but in right now, today's dollars, that number would give me more than enough.
Yeah
Also your lifestyle is a big driver of "what is enough" money
I'm trying to live a somewhat minimalist lifestyle going forward so I probably need less than most
Posted on 6/16/21 at 9:27 am to FinleyStreet
quote:I guess it depends on how many years you need it to last. I'm early 30s so no shot in hell I could make $2.5MM last until I die with inflation doing what it is doing right now.
I get that, but in right now, today's dollars, that number would give me more than enough.
This post was edited on 6/16/21 at 9:28 am
Posted on 6/16/21 at 9:32 am to TigerTatorTots
Theoretically, the 2.5M would outpace inflation if you have it invested properly. Obviously we are in a weird place right now in terms of the economy, so I probably wouldn't quit right now even if I had 2.5M although I might scale back to part time.
Posted on 6/16/21 at 9:35 am to Zachary
I am straight middle class with my only major expense being a mortgage
My only goal is to retire as early as humanly possible (41 now)
My only goal is to retire as early as humanly possible (41 now)
Posted on 6/16/21 at 9:38 am to TigerTatorTots
quote:
Anyone here with net worth more than 5mil?
There is a 100% chance the answer is yes to this question.
Yep. Same for $10mil $15mil and probably more. Down know why you scored a downvote.
Posted on 6/16/21 at 9:45 am to Zachary
Define Well Off
Posted on 6/16/21 at 9:52 am to jangalang
I’m very comfortable. Don’t worry about money. I would be doing a lot better if they didn’t find a tumor in my spine literally a year removed from college. So, my entire professional life has been hampered by costs dealing with that. It wasn’t too bad until ACA came through. Have to get an mri (among other things) every year. Used to cost $150. Now it’s over $800. I skip them now because that is pretty ….well, unaffordable. I’m a computer scientist (programmer). Have a minor in physics. I can get a job just about anywhere and the social justice affirmative action type crap doesn’t really affect me (yet). You can either do the job, or you can’t. If you can’t, you are gone because there really is no use for you.
Posted on 6/16/21 at 10:28 am to xxTIMMYxx
I don't think I'd be skipping an annual $800 MRI no matter what level of income I had. That seems like something that I would want to prioritize.
Posted on 6/16/21 at 10:33 am to SmackoverHawg
quote:Indeed.
Same for ... $15mil and probably more.
Speaking of which, what happened to LSURussian?
Anyone know if he's okay?
Posted on 6/16/21 at 10:44 am to boomtown143
Not sure how OP would define well off.
For me well off < financially independent < wealthy
I don't currently have to worry about paying the bills or any other financial expense and I have enough left over to fully fund retirement accounts. I'd consider that well off. When you can confidently fund your lifestyle if you leave/lose your job I'd say that's FI. (I am FI but still working) Wealthy would be FI + ability to consistently fund extravagances and/or pass on generational wealth.
For me well off < financially independent < wealthy
I don't currently have to worry about paying the bills or any other financial expense and I have enough left over to fully fund retirement accounts. I'd consider that well off. When you can confidently fund your lifestyle if you leave/lose your job I'd say that's FI. (I am FI but still working) Wealthy would be FI + ability to consistently fund extravagances and/or pass on generational wealth.
Posted on 6/16/21 at 10:44 am to SmackoverHawg
For whatever reason, concrete net worth numbers and incomes are downvoted on the MT.
Posted on 6/16/21 at 10:50 am to Yak
quote:
my only major expense being a mortgage
Same here. It's such a great place to be. And with money so cheap right now, it's easy to carry that debt
This post was edited on 6/16/21 at 10:51 am
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