Anonymous
Post 06/24/2015 10:58     Subject: How old were you when you started making a lot of money?
At 28, in 2001 I was earning about $110k. I was single.

I consider that "a lot of money" especially considering I was single and in my 20s, and it was nearly 15 years ago.

Our current HHI, family of 4, is now less than $100k. I also consider that fairly substantial but know that it's not considered "a lot" here on DCUM.
Anonymous
Post 06/23/2015 21:09     Subject: Re:How old were you when you started making a lot of money?
I would never say that I make a lot of money. However, I've always felt like I've had enough - paid of my private student loans two years early, able to go on vacation, out to nice dinners, buy whatever I've wanted. My professions will ever be a high earning one.

22-25 - $35-$40k
26-29 - $45-$55k
30 - $60k
32 - $65k

I've always worked in nonprofit associations where raises aren't guarenteed and promotions happen when someone quits or retires. But I like what I do and that counts for a lot.
Anonymous
Post 06/23/2015 20:44     Subject: How old were you when you started making a lot of money?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Mid 30's, and our combined earned income is around $200k. So very solid, but not spectacular. However, we've managed to compile an investment portfolio of around $1.5M. We get bigger "raises" from that then we're ever likely to see from our salaries.

This is a capitalist economy. If you want to make a lot of money, you need to iown capital.


how? how did you do this? a portfolio of 1.5M at you age and income is awesome. do you own multiple properties? a business? buy and sell?



We got married at 23, and we were making about $140k at the time. So our income started out strong and hasn't gone up much (although I work P/T now). People often talk about how engineers "top out" relatively early, and there's some truth to that if you're not willing or don't have the personality to push your way into management. But what most people don't recognize is that you can take advantage of that early income, if you're disciplined, turn it into income-generating investments, and you likewise reach a point early on that earning a lot more just doesn't matter. You have to capitalize on the advantages you have. Just like the PP about the lobbyist couple who were making $77k and now $250k+, that's great, too, but from a totally different perspective. We're at the point where we can make up that difference in capital gains and not work nearly as hard, and we get much better tax treatment doing so.


So how exactly did you amass the 1.5M?
Anonymous
Post 06/23/2015 11:27     Subject: How old were you when you started making a lot of money?
They say that ages 40-50 are the "prime earning years," which may have been true historically. Today's millenials, if not some Gen Xers, may have their prime earning years from 45-55 (or even beyond).

The key to financial success is not how much you earn, but rather how much you save. Ultimately, the revenue from your savings will cover your annual expenses (making you financially independent), and possibly eclipsing your annual income (which would allow you to retire without any change in lifestyle and continue to save).
Anonymous
Post 06/23/2015 07:25     Subject: How old were you when you started making a lot of money?
Anonymous wrote:I'm in my twenties and pretty depressed about our low HHI. When did you start to make good money? What field are you in?


"a lot of money" is a relative statement. "A lot" to you might not be "a lot" to someone else.

For us, I'd say age 40 when DH's salary was $175K plus bonus.....so income was probably $210K.

He is now at $300K with stock and bonus. I also work - but part time. My income is around $40K.

I'm 49. DH is 54.