[Nachbar]

How rich? Some Bitcoins

[floridaorange]

I worked with a young man recently who told me about a famous youtuber who knocks on the doors of big homes to ask the owner how they got the money to buy such a big house.

The younger generations do not separate private from public discourse the same way previous generations did. Thanks internet.

[shimmy23]

Originally Posted by joooiiiiii

Shit, I wish I was rich. To me, being rich is having so much money I wouldn't even know what to do with it. I'm finally at 6 figures and going well into $150-170k in the next 5 years and that will be going into my late 30s. I think most people have already stated about being retired, married w/2 incomes, etc. For me even with the salary I have--most of it goes into maxing out my retirement every year ($19500) and also saving the rest as much as I can to invest it so that I will be living a comfortable life after retirement.

Been in the military for 16 years this year and I look back how life has already flown by. It's never too early to save and plan for retirement. Anyways, I digress--I'm not rich, but I saved up and worked my credit good enough to purchase my first M3.

I don't know much about military. Are you saying you make 6 figs in the military? If so what position do you have that'll make 150-170k?

[hubbahubba]

Originally Posted by zx10guy

Living this "dream" right now with my sailboat I purchased in November. Since then, it's been non stop projects to be done on it. Next big bill is in a few weeks when I pay my slip/dock fees.

Whatcha got?

[zx10guy]

Originally Posted by hubbahubba

Whatcha got?

1988 Beneteau First 285

[Fly320s]

To me, being rich means being financially independent from working. If I still need to work to provide for myself or family, then I'm not rich regardless of how much money I earn. I still need to work to support myself and family, so I don't consider myself rich.

From the perspective of a poor person living in the slums of India then I am tremendously rich. We all are. I don't have to go hungry or worry about paying my bills or worry what will happen if I or my kids get sick or worry how I will get to work if my car breaks down.

I spend less than I earn and I save at least 20% of my pre-tax income. I've been doing that for 30+ years, so now I can afford to buy a nice car that I want, but don't need.

There will always be someone who gets paid more, who is worth more, who has a nicer car/house/boat/whatever. Good for him. As long as he isn't lying, cheating, or stealing to get there, that is none of my business.

[joooiiiiii]

Originally Posted by shimmy23

I don't know much about military. Are you saying you make 6 figs in the military? If so what position do you have that'll make 150-170k?

I am with the Reserves. (10y active, 6y reserve) My full-time civilian job salary is that lol. I can see where that looks confusing. You definitely won't be pushing that much in the military.

[Pablo Chacon]

Originally Posted by jonatious

I generally look at people owning cars over 120ish grand as super rich and they having a busy life and not having time for forums. I see a lot of people here posting just casually that they are replacing their 2019 $150K car with a 2021 $150K car. I don’t like to judge people by their financial decisions, but I‘m still curious how rich they are and what they do for a living 😄

I consider myself a multi-thousandaire, but that’s mostly on the first of the month, it’s downhill from there.

[JustinHEMI]

This says I'm in the top 3% of income earners, but I don't consider it "rich" in the traditional sense of opulence and financial independence. I would hate to lose my income. It also depends on location. Here in west PA I'm sure many around here would consider me rich, but in San Diego, I'd barely get by.

However, it does allow me to live debt free, save aggressively for a very comfortable retirement, while enjoying some luxuries in along the way such as the car in my sig. I live well below my means.

https://money.cnn.com/calculator/pf/...ank/index.html

[flybigjet]

Originally Posted by joooiiiiii

I am with the Reserves. (10y active, 6y reserve) My full-time civilian job salary is that lol. I can see where that looks confusing. You definitely won't be pushing that much in the military.

Weeeeeellll, not necessarily.

Here's some "napkin math"-- it's pretty rough, but you get the idea.

Assumptions (all numbers are per annum):

USAF Lt. Col (O-5), over 18 years
Mobility Transport Pilot, actively flying, accepted the Pilot Retention Bonus
Living in Northern California with Dependents

Base Pay: ~ $114,700
Pilot Retention Bonus: $30,000
Flight Pay (over 10, under 22): $12,000
BAS (for food) (non-taxable): $3,100
BAH (housing) (non-taxable): $36,900

Total: $196,700

Additionally, every time you fly into a Combat Zone (CTZE), your pay for the month becomes tax free (up to about $8,300/month but it's a little more complicated than that). So, theoretically, if you flew downrange ten out of twelve months of the year, you'd only pay taxes on about $32k of income- and that works for State, Local and Federal.

There's also Per Diem for every day that you're TDY (i.e. not at your base)-- it can be anywhere from a few bucks a day (in the desert) to about $55/day (MI&E). It adds up and is also tax-free.

Now, I did cherry pick a "best-case" scenario and sort of "threaded the needle", in that as the pilot approaches 19-20 years of service, the $30k bonus will go away, and after going over 22 years, flight pay will decrease. However, every even year, there will be a "time in grade" raise (until you hit the cap at 28 years or so) and possibly a promotion, which would be a significant raise. If said pilot is single, that will decrease BAH. If they live on base, they lose BAH, but live "rent-free".

The point was to show that you can do well in the military if you are in the right career field, in the right place at the right time.

And, of course, you get very good at the loopholes.

When I bought my M3 in 2005, I paid cash from nothing but three years of Per Diem.

R.

[TheWatchGuy]

Originally Posted by kscarrol

Might as well ask how big is your pecker... everything is bigger on the internet!

4" and my bank account is 4 figures. you get an inch for every 0

[evil-G-nius]

Originally Posted by zx10guy

1988 Beneteau First 285

Attachment 2529150

Very pretty!

[TheWatchGuy]

Originally Posted by kscarrol

And frankly an X7 ain't cheap, hell the X7 M550 starts at $100k before various options so how about the OP start off telling about his/her's net worth/what they do for a living.

Just busting OP's chops but this has been discussed before but I believe very little I see on the internet including what people say they are worth. Enjoy the cars, come to the OT for the funny bullshit and don't worry about the Jones'!!

personally i like to know what people make while affording things. not so i can compare and be jelly, but so i can get a feel for where i need to be salary wise to afford said things. Also cause i can get stingy and stress out about a big purchase like a car while easily being able to afford it, and seeing lower paid people living the same way sometimes eases that stress

granted there are a lot of people with a ton of debt as well, but for the most part, you can tell if they are or arent.

[Murf993]

Originally Posted by TheWatchGuy

personally i like to know what people make while affording things. not so i can compare and be jelly, but so i can get a feel for where i need to be salary wise to afford said things. Also cause i can get stingy and stress out about a big purchase like a car while easily being able to afford it, and seeing lower paid people living the same way sometimes eases that stress

granted there are a lot of people with a ton of debt as well, but for the most part, you can tell if they are or arent.

I think there is also the human nature thing....people just want to know what the other guy makes. But that only ever tells part of the story. Debt/Asset ratio, cash flow, net worth are all part of it and then just because I'll throw the philosophical fly in the ointment.....what do you want, what makes you happy, what do you spend your spare money on or do you just save it to have a big number on paper? My wife is a business person, she pours over the numbers, lots of spread sheets. I pay the bills and really manage the household money but I have no idea what our net worth is, my bride on the other hand knows to the penny and when she told me a while ago I was shocked. But more importantly, we can manage our lifestyle and fingers crossed will have al long happy retirement doing the things we want and money won't be a big worry.

[TheWatchGuy]

Originally Posted by Murf993

So I wish I was fuck you rich, I could do some real damage. I do love Porsche, the build quality and reliability plus the drivability is something. I'd think nothing of jumping in my 25 year old Porsche and driving it to Florida. I do love the vibe of the Italians though....ah me.

I'm fuck you rich and its not all its cracked up to be.

"I want to buy this on a payment plan cause i cant afford it outright"
"Fuck you"

or do i have the wrong definition?

[Murf993]

Originally Posted by TheWatchGuy

I'm fuck you rich and its not all its cracked up to be.

"I want to buy this on a payment plan cause i cant afford it outright"
"Fuck you"

or do i have the wrong definition?

I have a buddy who's very funny, one of the things he says is that he wishes he was "broke" because that's completely run out of money, he figures that's better off then he is now.

[JJ 911SC]

Originally Posted by Murf993

... my bride on the other hand knows to the penny and when she told me a while ago I was shocked...

IIRC wasn't she the one that told you to get a 993? You should've beg for a Turbo

[TheWatchGuy]

Originally Posted by Murf993

I think there is also the human nature thing....people just want to know what the other guy makes. But that only ever tells part of the story. Debt/Asset ratio, cash flow, net worth are all part of it and then just because I'll throw the philosophical fly in the ointment.....what do you want, what makes you happy, what do you spend your spare money on or do you just save it to have a big number on paper? My wife is a business person, she pours over the numbers, lots of spread sheets. I pay the bills and really manage the household money but I have no idea what our net worth is, my bride on the other hand knows to the penny and when she told me a while ago I was shocked. But more importantly, we can manage our lifestyle and fingers crossed will have al long happy retirement doing the things we want and money won't be a big worry.

this is definitely part of it as well, and i am just a curious person by nature as well and always want to know what other career paths would have turned out for me.

One of my wife's sisters never actually says what her and her husband make, but they live like they are royalty and i cant imagine they make more than we do and im always wondering what they actually make. while her other sister lives frugally and has told us what they make and its more than we do.

we on the other hand live weirdly. If you stayed with us for a week and ate ramen, $5 dominos and cheap food like a broke college kid, youd be like wtf when you saw my watch collection and other expensive hobbies.

its why i love car shopping cause it always throws the sales guy for a loop cause they never notice the expensive watches and jewelry, just the walmart clothes i wear.

[joooiiiiii]

Originally Posted by flybigjet

Weeeeeellll, not necessarily.

Here's some "napkin math"-- it's pretty rough, but you get the idea.

Assumptions (all numbers are per annum):

USAF Lt. Col (O-5), over 18 years
Mobility Transport Pilot, actively flying, accepted the Pilot Retention Bonus
Living in Northern California with Dependents

Base Pay: ~ $114,700
Pilot Retention Bonus: $30,000
Flight Pay (over 10, under 22): $12,000
BAS (for food) (non-taxable): $3,100
BAH (housing) (non-taxable): $36,900

Total: $196,700

Additionally, every time you fly into a Combat Zone (CTZE), your pay for the month becomes tax free (up to about $8,300/month but it's a little more complicated than that). So, theoretically, if you flew downrange ten out of twelve months of the year, you'd only pay taxes on about $32k of income- and that works for State, Local and Federal.

There's also Per Diem for every day that you're TDY (i.e. not at your base)-- it can be anywhere from a few bucks a day (in the desert) to about $55/day (MI&E). It adds up and is also tax-free.

Now, I did cherry pick a "best-case" scenario and sort of "threaded the needle", in that as the pilot approaches 19-20 years of service, the $30k bonus will go away, and after going over 22 years, flight pay will decrease. However, every even year, there will be a "time in grade" raise (until you hit the cap at 28 years or so) and possibly a promotion, which would be a significant raise. If said pilot is single, that will decrease BAH. If they live on base, they lose BAH, but live "rent-free".

The point was to show that you can do well in the military if you are in the right career field, in the right place at the right time.

And, of course, you get very good at the loopholes.

When I bought my M3 in 2005, I paid cash from nothing but three years of Per Diem.

R.

Cool. Wish i was a pilot.

[racerbruce]

Originally Posted by Fly320s

To me, being rich means being financially independent from working. If I still need to work to provide for myself or family, then I'm not rich regardless of how much money I earn. I still need to work to support myself and family, so I don't consider myself rich.

From the perspective of a poor person living in the slums of India then I am tremendously rich. We all are. I don't have to go hungry or worry about paying my bills or worry what will happen if I or my kids get sick or worry how I will get to work if my car breaks down.

I spend less than I earn and I save at least 20% of my pre-tax income. I've been doing that for 30+ years, so now I can afford to buy a nice car that I want, but don't need.

There will always be someone who gets paid more, who is worth more, who has a nicer car/house/boat/whatever. Good for him. As long as he isn't lying, cheating, or stealing to get there, that is none of my business.

As my wife says...."there will always be someone with more windows in their private jet than yours"

[NorCalAthlete]

There's BMW rich, and then there's helicopter rich.

According to this calculator posted above, I'm not even in the top 10% (yet).

https://money.cnn.com/calculator/pf/...ank/index.html

[hubbahubba]

Originally Posted by zx10guy

1988 Beneteau First 285

Attachment 2529150

Outstanding. Eff the projects and go sailing. Seriously, go sailing!!!