<p>hotpiece101,</p>
<p>If you can't afford a decent lifestyle on $500,000 a year, then all the power to you, but I think you're nuts. </p>
<p>As Tyler Durden said in Fight Club, "The things you own end up owning you."</p>
<p>That Mercedes guy is my hero.</p>
<p>UCLAri, </p>
<p>yeah, what you say is true a lot. It's also unfortunate that people don't recognize that being balance sheet rich is better than being income statement rich. Accumulate assets, not liabilities, and the need to trade all your time to make a bunch of money won't be there.... If your house is paid for, your cars are paid for, and you have good cash creating investments, then you are truly free to do what you'd like. Truly wealthy people don't live the rat race.... they defeat it, and have a different lifestyle that=more freedom, less timeclock punching.</p>
<p>
[QUOTE]
The problem is that many people give up their time in order to earn more money, but don't really save in the meantime. Ever heard of the phrase "golden handcuffs?" It's an imperfect example, but it shows what can happen to people who are earning decent salaries at the expense of their time.
[/QUOTE]
</p>
<p>nail on the head...</p>
<p>many people just don't understand the concept of investing for retirement...they just dont get it...</p>
<p>
[quote]
hotpiece101,</p>
<p>If you can't afford a decent lifestyle on $500,000 a year, then all the power to you, but I think you're nuts.
[/quote]
well, if you noticed my previous post (it was on the previous page), i outlined all the things that i wanted in life. a family, a huge house, etc. and i know from experience that the house takes money away from the family and vice versa. especially if i want to send my kids to private schools and eventually the best schools they can get into. i mean, even with my dad's salary (my mom only works on the side a little bit, so her contribution to overall income is negligible) it will be a huge stretch for them to pay for my Harvard education (obviously, we get no fin. aid). so yeah, i do want to make more than 500k a year.</p>
<p>I know people making those "great' six fig salaries who are miserable and single and alone. I make less than $40K a year, but I'm fabulously happy with my life. I may not have a Mercedez Benz, but I'm experiencing living abroad, I have great friends, and I have a girlfriend who I'll one day marry.</p>
<p>What else do I need? A 12 bedroom manor? Why?</p>
<p>hotpiece,</p>
<p>Wants /= needs. Never forget that.</p>
<p>
[QUOTE]
well, if you noticed my previous post (it was on the previous page), i outlined all the things that i wanted in life. a family, a huge house, etc. and i know from experience that the house takes money away from the family and vice versa. especially if i want to send my kids to private schools and eventually the best schools they can get into. i mean, even with my dad's salary (my mom only works on the side a little bit, so her contribution to overall income is negligible) it will be a huge stretch for them to pay for my Harvard education (obviously, we get no fin. aid). so yeah, i do want to make more than 500k a year.
[/QUOTE]
</p>
<p>just some friendly advice...living below your means for your first few years in the work force may prove to be a life saver...</p>
<p>your household income is over 500k, yet your parents are having a hard time paying for your education...?</p>
<p>dont make the same mistake they did... invest... and invest early...</p>
<p>
[quote]
hotpiece,</p>
<p>Wants /= needs. Never forget that.
[/quote]
hmmm, but if i'm willing to work for it and spend the time amassing that wealth (and/or marrying someone rich) then why shouldn't i get everything i want. </p>
<p>on another note, everyone acts like making a 500K+ salary is sooo time consuming, etc. but really, i can tell you that my dad makes time for family. in fact, he doesn't even work on the weekends (he says that weekends are for relaxing and family). so yeah, i really don't think making my 500K+ salary will take away too much time from the things i enjoy.</p>
<p>I know parents who paid for Ivies with sub-$500K a year salaries. They gave up the MBZs and BMWs for a decade, but it paid off; in other words, they put their CHILDREN's needs ahead of their own.</p>
<p>What a concept...</p>
<p>hotpiece,</p>
<p>Your dad is probably at a point in his life where he can afford to take off weekends regularly. That may not be the case early in your career.</p>
<p>
[quote]
just some friendly advice...living below your means for your first few years in the work force may prove to be a life saver...</p>
<p>your household income is over 500k, yet your parents are having a hard time paying for your education...?</p>
<p>dont make the same mistake they did... invest... and invest early...
[/quote]
well, don't get me wrong, my dad didn't start out making that much. in fact, for the better part of my childhood my mom had to buy all my clothes from Goodwill. so, as such, they really had no college fund set up. and with 4 kids, 200K over 4 years is a lot. i mean, they are already paying for my brother and sister at college, in the fall they add me to that bill and next year they'll add my younger sister. so yeah, Harvard is really breaking the family bank.</p>
<p>
[quote]
on another note, everyone acts like making a 500K+ salary is sooo time consuming, etc. but really, i can tell you that my dad makes time for family. in fact, he doesn't even work on the weekends (he says that weekends are for relaxing and family). so yeah, i really don't think making my 500K+ salary will take away too much time from the things i enjoy.
[/quote]
</p>
<p>for the most part, if you're making that much it will take up most of your time. For example, my dad has a well paying job (it's six-figures, but I'm not going to specify how much) and he has to log long hours at the office (7am to 5pm is a normal workday for him) and he also has to travel, a lot (he's in japan right now and at the end of the month he's leaving to germany.)</p>
<p>I once saw a picture of three overwhelmingly starving children in Africa (the kind you can see all the bones in their body and they have a big gut) next to a picture of a brand new Cadillac Escalade with really nice rims, tinted windows, etc. the whole package. And the picture said "define necessity"... man, I don't know about you, but that kind of stuff really hits home for me. It makes me recognize once again just how spoiled some people are, and how there has to be some lifetime justice for the separation in life opportunities for some of these people. I mean, religious folk have got to have some sort of belief that this inequity will be made up somewhere--maybe in another life?</p>
<p>
[quote]
I know parents who paid for Ivies with sub-$500K a year salaries. They gave up the MBZs and BMWs for a decade, but it paid off; in other words, they put their CHILDREN's needs ahead of their own.</p>
<p>What a concept...
[/quote]
i'll pretend that this comment wasn't meant to be condescending... if you read my last post you'll understand why it is hard for my parents to pay for my college.
[quote]
</p>
<p>Your dad is probably at a point in his life where he can afford to take off weekends regularly. That may not be the case early in your career.
[/quote]
well, as i said above, my dad just recently starting making this salary (i'd say maybe 5 or 6 years) and he just started with his new job this year (he wavered between careers for a bit), so i guess just his job allows for flexibility.</p>
<p>Well, that's a bit extreme, but I oftentimes wonder if all the moneymongers understand what "happiness" can actually come from. </p>
<p>It doesn't cost a cent to enjoy your child's smile.</p>
<p>^^ Amen. The best things in life are FREE!!!</p>
<p>oh 311Griff, that stuff really gets to me too. even though i talk about all the stuff i want and the amount of money i wanna make, i think when it really comes down to, i would give a large portion of it away to sponsor a child in africa. in that respect, angelina jolie and brad pitt are my heroes. along with oprah, bill gates, and bono. i mean, whenever i see oprah in africa and such, it's hard for me to hold back the tears.</p>
<p>hotpiece,</p>
<p>It was meant to be condescending toward those parents who complain about how they can't pay for their children's tuition at school, but go out and buy a new 7 Series in the middle of the school year.</p>
<p>I sometimes question parents' priorities, but yours may not be the same.</p>
<p>
[quote]
hotpiece,</p>
<p>It was meant to be condescending toward those parents who complain about how they can't pay for their children's tuition at school, but go out and buy a new 7 Series in the middle of the school year.</p>
<p>I sometimes question parents' priorities, but yours may not be the same.
[/quote]
well, rest assured, my parents haven't purchased new vehicles in about 4 or 5 years.</p>