Anonymous wrote:
Anonymous wrote:
Anonymous wrote:For the love of god don't chase the dream, follow the money
Buy that house in California; I know $400k seems like a lot of money (I mean your childhood home is worth $40k in 2010), but that is dirt cheap where it is going.
X1000 !!
As a 20-something who stumbled upon this thread (it's under Recent Topics), I'm honestly curious - do most people reading this feel this way?
In my opinion, there is a middle ground. You do not have to be a complete sell out, but you can pursue things that follow your passion. In my case, I was faced with a choice after I finished my STEM PhD 25 years ago. I could have followed the passion of pure research. If things broke right, I would be making 80-100K today. But, the job offers I received: 1 was a postdoc paying 25K, one was with a gov't contractor paying twice that with benefits. I took the latter. Today, I have an interesting job making 200K. But, I do not have the intellectual freedom to look at a problem because it intrigues me; my work has to be somewhat practice -- someone needs to be willing to pay for the idea.
But, where people get really rich is not from salary, it is from investing the money. I played in my 30's. The wealthy people I know lived like grad students; they invested. Some of them guessed right, and are wealthy.
I took an approach to lock in expenses where possible, so 20 years ago, I bought a house. And I put money in the 401K to maximize the company match. The small starter house I bought for 250K in now worth 700K. My expenses for the 700K are 2000/mo. In 1997, that was hard. Today, it is trivial. In hind sight, I should have bought up every Vienna Rambler I could; back then, they were selling for under 200K. I could rent them for what it would cost, and sell the houses for 550K....I didn't. I am not wealthy, but am UMC, and comfortable (net worth about 1.4 million, but not liquid).