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Started By
Message
re: “If you aren’t pulling 6 figs by 30, you should re-evaluate your life” Is this wrong?
Posted on 1/14/21 at 9:09 am to McCaigBro69
Posted on 1/14/21 at 9:09 am to McCaigBro69
quote:This is the most important thing. "Comfortable" is different for different people. As long as you are comfortable, that's all that matters. When I was in my 20's I chased money, once I got to a certain level (my "comfort level"), I decided that flexibility and freedom were more important than continuing to chase dollars.
Not a big deal. I’m comfortable.
0
Posted on 1/14/21 at 9:10 am to Pettifogger
quote:
6 figures by 30 means you're either a professional or you're in sales.
Last time I hired a plumber, the hourly rate for him and his apprentice was $185/hr.
Posted on 1/14/21 at 9:10 am to marchballer
quote:
People always say living in a small town is cheaper than the big city. What all is actually cheaper besides housing?
Taxes usually.
The collar counties around Chicago are insane - even for a state with a stupid high fuel, income, and consumption tax. Moving to suburban Louisiana, Mississippi, or even Texas would save us many hundreds of thousands in taxes over our working careers.
Posted on 1/14/21 at 9:11 am to Centinel
quote:
it's way less than 10%.
if you include everyone, kids, stay at home mom, students etc well its less than 5%. If you remove those its closer to 9%.
but according to Louisiana State Rep Gene Reynolds, if you make 6 figures you are the super rich in this state.
LINK
feels good to be in Elon Musk Territory
Posted on 1/14/21 at 9:11 am to marchballer
quote:
People always say living in a small town is cheaper than the big city. What all is actually cheaper besides housing?
Genuinely curious because it feels like the cost of most goods is standard.
Some real some imagined/self-imposed.
You're a real estate agent in a city or a lawyer taking a client to lunch = nice car
Social maneuvering and networking means you're dining and drinking in expensive places and vacationing in nice places.
Big city = private schools. An alternative is public schools and long commutes. Long commutes=wear and tear on vehicles and fuel.
Higher housing expenses might mean two incomes. Two professional or two demanding jobs might mean more childcare expenses (nanny, etc.).
You don't have to do all of this, but it requires choices and the easiest path is usually to spend the money associated with the lifestyle. And not all of that is keeping up with the joneses or being extravagant. Some of it just comes with the territory.
Posted on 1/14/21 at 9:13 am to The Third Leg
quote:
Last time I hired a plumber, the hourly rate for him and his apprentice was $185/hr.
I mean most plumbers aren't raking in 100k at 30 I'd imagine, but for sure it's not sales/professional for all. A ton of the 100k+ class are small business owners, but again, probably not a ton of that at 30.
Posted on 1/14/21 at 9:13 am to StringedInstruments
quote:
If you’re primarily concerned with making 6 figs by 30, you should re-evaluate your life.”
If you’re primarily concerned with making 6 figs by 30 and you can’t accomplish that, you should re-evaluate your life.
Let’s face it, 6 figures isn’t what it used to be. If that is your primary goal out of high school or college, that shouldn’t be a problem at all.
But if you are focusing on starting a family, your hobbies, starting a business, a job in the arts, etc., then hitting 100k by 30 doesn’t just magically come.
Posted on 1/14/21 at 9:14 am to GreatLakesTiger24
In to downvote. You start with a very faulty premise that believes, money is the root of a persons satisfaction in life.
This post was edited on 1/14/21 at 9:14 am
Posted on 1/14/21 at 9:14 am to GreatLakesTiger24
Lol, yes.
Especially in today’s economy where many have lost their businesses and their jobs. Yes. Lol
Especially in today’s economy where many have lost their businesses and their jobs. Yes. Lol
Posted on 1/14/21 at 9:15 am to GreatLakesTiger24
I was right at $90,000 at that age and I thought that was pretty good. Certainly wasn't having to check my bank balance every day.
Posted on 1/14/21 at 9:15 am to kciDAtaE
Let's also note that the most common source of making 100k by 30 is probably being a young professional. And that often requires better schools and graduate schools, and that usually comes with student debt.
Posted on 1/14/21 at 9:15 am to Pettifogger
quote:of course it is
Is that preferable to making 80k or a combined 150k out in suburb?
Posted on 1/14/21 at 9:16 am to marchballer
quote:Housing can be a big difference. Could be the difference between a 2k mortgage and a 4k mortgage. On top of that, schools could be a big difference depending upon where you live. The difference between public school and sending your kid to a private school that is 20k per year is pretty significant. Those two things right there could account for a 40k post tax difference in cost of living.
People always say living in a small town is cheaper than the big city. What all is actually cheaper besides housing?
Posted on 1/14/21 at 9:16 am to Pettifogger
quote:
I mean most plumbers aren't raking in 100k at 30 I'd imagine, but for sure it's not sales/professional for all. A ton of the 100k+ class are small business owners, but again, probably not a ton of that at 30.
Yeah, few achieve that due to poor understanding of their own potential and opportunity. And they won’t do the things that few do to put themselves in position to make real money.
However, a well guided kid out of HS that goes into trade school for plumbing and gets hired on by a big company will develop enough contacts and experience by 25 to branch out solo and build an operation.
Posted on 1/14/21 at 9:18 am to lsu777
quote:
but according to Louisiana State Rep Gene Reynolds, if you make 6 figures you are the super rich in this state.
You aren't rich simply by earning a good paycheck.
"Rich", at least to me, is a function of wealth. Someone who earns $175K a year in a place like Baton Rouge can more easily become rich than a person earning $75K in New York.
You need to play both good offense and defense. Maximize earnings, but also invest and spend carefully if you want to become "rich". Try not to have kids too young. Try to avoid buying cars every 5 years. Buy a house when you can afford it instead of renting. Contribute to your retirement account as much as you can. Set money aside for the future, etc.
Posted on 1/14/21 at 9:19 am to Concernednewguy7
quote:
, yes.
Especially in today’s economy where many have lost their businesses and their jobs. Yes. Lol
Guys, don't buy this shite. Damn sure don't look at 50K as a failure. You're fine. You just have to live fine.
Posted on 1/14/21 at 9:20 am to Epic Cajun
quote:
The difference between public school and sending your kid to a private school that is 20k per year is pretty significant. Those two things right there could account for a 40k post tax difference in cost of living.
True.
And to Louisiana's credit (they rely heavily on private schools), tuition isn't usually that bad. And unlike property taxes, you are done paying tuition when the kid finally graduates. Property taxes never go away, and they never seem to decrease.
Posted on 1/14/21 at 9:20 am to dgnx6
quote:
Most are government jobs.
I was talking to someone the other day about this. In Louisiana, if you want to make a large salary you either have to be in healthcare, law, a CPA, O&G (during good times), or be an entrepreneur of some type. The jobs outside of those that pay 100k+ are few and far between.
Posted on 1/14/21 at 9:20 am to Sao
quote:
Guys, don't buy this shite. Damn sure don't look at 50K as a failure. You're fine. You just have to live fine.
Dude, I am fairly certain you misunderstood what I meant.
Hell, if you have a job in today’s economy you’re doing better than most. These lockdowns have destroyed so much.
Posted on 1/14/21 at 9:21 am to GreatLakesTiger24
So about 92% of the adult population.
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