Reply to Are you living beyond your means?

Forum Index » Money and Finances

Reply to "Are you living beyond your means?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I took risks and some paid off some haven't. You don't become rich being a worker b ea, saving 401k and avoiding debt. [/quote]

Meh, I don't know. I'm 32 and have about $1.5M total or $1.1M net. I'll likely retire with at least $5M and possibly even as much as $10M. I'm a working stiff and am boring [/quote]

So you saved/invested an average of about $90K every year you've worked?[/quote]

No. When I was in my early 20s I worked in investment banking. By 22 I was clearing $200k. I made a large amount of money early on and invested it heavily. After that, got married, switched jobs and started saving less - about $100k a year. [/quote]

Wow- what do you do now? Did you clear 200k after all your expenses?[/quote]

Something far less lucrative. In fact, I made more at 22 than I do now, but I have my soul... Ibanking is awful- 100 hour weeks, week in week out. A private sedan home is cool for about a week and then you just don't care cause it's two am and you just want to go home to get 4 hours of sleep. My expenses were low back then - I lived in the same place I did in college so I didn't really have much in the way of rent, etc. I used to raid the office fruit basket for breakfast. I had some lucky breaks to be sure, but the formula for retirement isn't that complex: keep your expenses low despite rising income. My mortgage is $2,000. I have no other debts. Kids go to public schools. I drive regular cars (Toyota, not BMW). If I'd stayed in banking I'd likely be clearing $700 to $800k a year by now, possibly more - but I'd have sacrificed my 20s, I'd probably not ever met my wife, I'd have no kids as a result - or if I did, I'd be a pretty absent father. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics