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Who Here Has a Net Worth of Over One Million USD

Do you have a net worth (net of debt you owe) of over $1 million USD

  • Yes

    Votes: 22 19.3%

  • No

    Votes: 92 80.7%
  • Total voters
    114
  • Poll closed .
what are you going to do when you get out of school and land a sweet $35k/year job? $50/month on food?
 
PhDeac said:
Exactly. My best friend is single and lives in Fort Lauderdale. He's 34. We used to both be single young professors here in Tampa transitioning into making good money after living off $15K or so as grad students. Less than 2 years after I started my job, I was in a relationship and eventually got married. I still did some traveling to Wake games and such but most of my travel was shut down due to lack of funds and now that I have the funds, I don't have the freedom to do more than a road trip to FSU and one or two home games as part of family trips.

After several years of making good money, my single friend has been to the last two Final Fours, scalped into the Super Bowl in Miami, been to the Masters, and a few other major sporting events it would have been tougher to swing when we were younger.

That $1,000 you're saving by not going on a golfing trip with your buddies or road tripping to South Bend next Fall or other stuff will just end up going towards some household appliance 5-10 years. Not saying you shouldn't save, but don't not do things either.
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You need to talk to your woman. I still take a couple guy trips a year, for golf or just a few days of vacation.
 
OliveGardenDeac said:
totally hypothetical and somewhat optimistic figure, but it's fun to think about :D

And LK, yea I know there are very few $120k comp sci jobs with six years exp, but it's more common than you think in the bay area. You just have to have a good connection. A lot of times you are worth more with 6 years experience than with 20 years there as weird as it sounds.

$80k at age 22 isn't uncommon
$120k at 27 is quite possible
Then back down to $80k at 35 unfortunately as employers see you as older, not as familiar with the latest technologies and not as able physically to put in the long hours.

And yea, 65k would be the average nationwide for MS in CS starting, but bay area pays quite a bit higher than average. Living expenses are more too, but that's why I plan on living int he ghetto. I do need to add in the gun and bullets though as ABC suggested. I can probably pick one up on the black market for cheap.
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Come on dude...

Average rent in the Bay Area is probably close to $1600/month....if you're using Bay Area salaries to build this plan, you've got to adjust everything else to Bay Area prices.
 
Question for those of you who made around $50k a year out of college. At tax return time, how much of that money did you get back?

I have quite a bit of student loan interest that I will be deducting. I'm not 100% sure how it works, is it conceivable that you can get most of what you paid in back? Or, is there some type of hard cap?

Right now, realistically, this is the only way that I can develop a large savings buffer quickly.
 
PhDeac said:
OGD, I think most married guys will tell you that it's great to save money to be financially secure when you're married, but the extra things you can blow money on as a single dude are better than the extra things you'll be forced to blow money on as a married dude. To have the latter without the former is a damn shame.
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Exactly. You save it now to your detriment. That will just set you up to afford a bigger house, bigger ring, better car, better neighborhood, etc. I joined the country club before I got married because that shit just wouldn't have happened afterwards - too many "joint" things to spend it on. Have fun while you are young and can afford it. Save reasonably throughout. Learn to live within your means, but don't punish yourself. You do so and you are going to live a miserable existence; wake up when you are 33 and realize your last ten years sucked ass; probably won't meet any girls that are any fun because they are out having fun and spending money while you are watching basic cable and eating ramen noodles every night; and you are going to start hoping like hell that the nanobots are delayed because you don't want to live like this forever. You are going to become a wealthy, boring, Luddite.
 
leftcoastdeac said:
Come on dude...

Average rent in the Bay Area is probably close to $1600/month....if you're using Bay Area salaries to build this plan, you've got to adjust everything else to Bay Area prices.
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I know, I lived in a 1 bedroom apartment in Palo alto this summer that was $1700/month. We split it 3 ways for $565. You don't have to live in PA though, for instance,

http://www.trulia.com/rental/3044587068--Prescott-Ave-Sunnyvale-CA-94089

3 bedroom for $1450. Just make sure you are packing a little heat and stay out of the druglords' way
 
Liquid Karma said:
You need to talk to your woman. I still take a couple guy trips a year, for golf or just a few days of vacation.
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Yeah, I kind of exaggerated. I'm headed to a trip with the Wake guys this weekend and I have taken a few solo Wake trips. We're also staying at home for Thanksgiving so I can go to the Old Spice Classic. She may not let me come back home after the Dayton game.
 
I'm really enjoying this conversation. Thanks for the insights. From: a 25-year-old in his first year out of school.
 
I obviously need more married friends--most of my friends are rich with no kids. Its expensive hanging out them. I have definitely spent more money as I've made more money over the past few years--especially going out to dinner and drinks. As a single guy (not dating anyone), I spend on avg around $900/month on food/dinner/drinks. Hopefully I've reached some sort of critical "saturation" with eating out.

I don't live my life without total regard to financial responsibility, but I am not going to be a prisoner in my own home. No way in hell I am going to turn down a great experience because I need to hit a savings goal for that month if I already have a decent amount of savings accumulated. I want to do the awesome stuff now, not when I'm 70.

That being said, I don't think I am going to save myself to "Millionaire" status. I see myself saving a nice cushion and having enough to retire comfortably, but true wealth is going to occur for windfall events like selling businesses, bonuses, etc.
 
what is the % of millionaires to non-millionaires in the general population?
 
OliveGardenDeac said:
Around 8.4 million or around 7% of American households have > $1million net worth, http://www.chron.com/business/article/Number-of-millionaires-in-the-U-S-increases-1682802.php

Which means our boards are a great deal wealthier than the overall American population despite our youth, currently sitting at about 22% millionaires according to this poll
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Now down to 17%. But, yes, I think that is to be expected - that we'd fair better than the general population.
 
DeacMan said:
Now down to 17%. But, yes, I think that is to be expected - that we'd fair better than the general population.
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In some categories at least :plos:
 
bmoneydeac said:
so true. i try to justify why i didn't save as much money as i wanted to in a given month. it's usually something like, oh because i wasn't planning on spending $750 on a new water heater this month. then the same thing happens every fucking month although instead of a water heater, it's a dr. bill, or vehicle taxes, or car repair, or new appliances, and on and on.
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Don't forget the HOA dues, landscaping supplies, anniversary/birthday/Christmas presents, or the weekend wedding trip for some schmuck that you don't really care about. I swear that every month I pay like $1,000 of after-tax cash for something from which I derive minimal or no tangible benefit.
 
2&2 Slider To Leyritz said:
Don't forget the HOA dues, landscaping supplies, anniversary/birthday/Christmas presents, or the weekend wedding trip for some schmuck that you don't really care about. I swear that every month I pay like $1,000 of after-tax cash for something from which I derive minimal or no tangible benefit.
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That shall pass. Eventually she runs out of friends who remain to get hitched. But by that time you'll have kids - and then the expenses will really ramp up. Youth hockey $500 - just to play - never mind all the "gear". Travel soccer - similar. Best plan for savings is to max out the 401(k), send some portion of the remainder into an account automatically and then live off whatever you allow to remain. Out of sight, out of mind when it comes to savings.
 
PhDeac said:
OGD, I think most married guys will tell you that it's great to save money to be financially secure when you're married, but the extra things you can blow money on as a single dude are better than the extra things you'll be forced to blow money on as a married dude. To have the latter without the former is a damn shame.
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SPOT ON.
 
ImTheCaptain said:
what are you going to do when you get out of school and land a sweet $35k/year job? $50/month on food?
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I make even less.

Granted, I won't have a master's, I am living in a small rural area, and my degree is in English, but I don't even come close to the life plan of an OGD. I'll be lucky to make his starting salary in 5-10 years. And I have more debt, a long-distance girlfriend, and may be the only one OGD's age here that drinks more whiskey than he does... I'm in trouble. :D
 
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