• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

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 .
leftcoastdeac said:
Fair point; sounds fucking miserable to split a 1 bedroom apartment that way though.
Click to expand...

And it doesn't take long to get out of the college mindset for that lifestyle to get old either. I was fine spending a week at spring break sharing a room with 5 other dudes during college. Now, if I am on some sort of trip with other guys (i.e. golf trip), I want to stay in a nice hotel and at a minimum have my own bed, if not my own room. Ramen noodles and sharing bedrooms is old news once you hit your mid 20s.
 
Bubble Boy said:
And it doesn't take long to get out of the college mindset for that lifestyle to get old either. I was fine spending a week at spring break sharing a room with 5 other dudes during college. Now, if I am on some sort of trip with other guys (i.e. golf trip), I want to stay in a nice hotel and at a minimum have my own bed, if not my own room. Ramen noodles and sharing bedrooms is old news once you hit your mid 20s.
Click to expand...

This is so true (and I have a feeling it actually happens for girls even faster than for guys).
 
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.
Click to expand...

Unless OGD is a Brad Pitt clone, he ain't getting laid on that budget, so safe bet he's going to stay single for a while.
 
OliveGardenDeac said:
But turkey sandwiches and cliff bars are just sooo delicious :)

Food could probably be bumped up a bit but clothes and furniture were overestimated. Also the $400 entertainment includes going out every once in a while.

But as ABC and you have noted, this is admittedly not a very fulfilling life to maintain forever. 6 years of this though and you are 30 years old with $350k+ saved with interest and probably a job making $120k. Then you can double the lifestyle, get married, buy a house and still save the same $40k. Though I agree you can't count on anything in this economy. And I should mention, this is a good bit better of a lifestyle than I have lived for the past 5 years, if you can believe that.
Click to expand...

$120k a year at 30. I know it's possible, but damn, I don't know anyone doing that. I'm 29 and making $52k (if you adjust for my pension and stuff, it's probably close to $60k). Granted, I work in local government so wages are lower, but I don't think $120k a year is very common.
 
HeltonCreek said:
$120k a year at 30. I know it's possible, but damn, I don't know anyone doing that. I'm 29 and making $52k (if you adjust for my pension and stuff, it's probably close to $60k). Granted, I work in local government so wages are lower, but I don't think $120k a year is very common.
Click to expand...

Ask mr stan gable. :thumbsup:
 
So suppose you are age 50, two kids, and a cool net worth of 1 million? Doesn't sound like WFU tuition money to me, but don't count on much (or anything) in the way of financial aid, either. A million bucks ain't what it used to be, especially if you run in this crowd.
 
HeltonCreek said:
$120k a year at 30. I know it's possible, but damn, I don't know anyone doing that. I'm 29 and making $52k (if you adjust for my pension and stuff, it's probably close to $60k). Granted, I work in local government so wages are lower, but I don't think $120k a year is very common.
Click to expand...

You don't know any big law lawyers?
 
AMCDeac said:
So suppose you are age 50, two kids, and a cool net worth of 1 million? Doesn't sound like WFU tuition money to me, but don't count on much (or anything) in the way of financial aid, either. A million bucks ain't what it used to be, especially if you run in this crowd.
Click to expand...

If you are age 50, two kids and worth a million, it's likely you put money into college savings funds for 20-25 years so you don't have to worry too much about financial aid.
 
Not sure whether it's likely they're putting money in or that they won't have to worry much? If they're putting enough money in from the beginning, they should be in pretty good shape when college rolls around.
 
Shooshmoo said:
If you are age 50, two kids and worth a million, it's likely you put money into college savings funds for 20-25 years so you don't have to worry too much about financial aid.
Click to expand...

Increases in college costs have consistently outstripped increases in other costs. If you have $1 MM in the bank and want to send your kid to a school like Wake 18 years from now you will in all likelihood have nothing left over.

Tuition at Wake has on average risen 6% a year for each of the last 20 years. If that were to continue tuition at Wake in another 18 years would be an astounding 152K a year. 4 years all in would cost 608K. That's just tuition. Better hope you have just one kid.

And unless you send your kid to an instate public school the story won't be that much better at any other school.

Higher education needs to pull its head out of its collective ass and realize they are selling a product that only has so much value.

ETA - You are "only" allowed to put 55K into a 529 plan every 5 years. So by the time Jr. heads off to college you will have been allowed to put 165K into his/her fund. At 5% that 165K will be worth 300K. You'll have roughly half the cost of Wake covered. Hurray!!
 
Last edited:
DeacMan said:
ETA - You are "only" allowed to put 55K into a 529 plan every 5 years. So by the time Jr. heads off to college you will have been allowed to put 165K into his/her fund. At 5% that 165K will be worth 300K. You'll have roughly half the cost of Wake covered. Hurray!!
Click to expand...

Really? I don't know much about Section 529, but I was under the impression that you could contribute basically whatever you want to a 529. However, anything in excess of the gift tax annual exclusion (currently $13,000/$26,000 for married couples) would be a taxable gift and that if you made a contribution in excess of the annual exclusion in one year, you could spread it over 5 years, effectively allowing you to make a $65,000 ($130,000 for married couples) contribution in one year with no gift tax consequences (assuming no other gifts to Jr. in the next 5 years).

Also, completely agree about your points on the costs of higher education - don't think you'll get too many around here who disagree.
 
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.
Click to expand...

Yeah, I'm trying to quickly buy a Super Chexx bubble hockey table before I get married. Gotta blow the cash before the bitches can get their hands on it.
 
A couple friends from Wake are lawyers and maybe clear $120k a year. A couple work in investment banking (one just started an MBA at the Wharton School) and were probably clearing at least $90k.

I just moved from Alexandria where the per capita income is about $72,000 a year which I think was 9th highest for cities in the US. Average rent for a 1br apartment was about $1,200 according the the census. I didn't know anyone paying less than $800 even with roommates. Roanoke's per capita income is something like $32,000 a year and I pay $660 a month to live by myself in a 1br. My $52k salary goes a lot further here than in Alexandria.
 
Wakelaw2006 said:
Really? I don't know much about Section 529, but I was under the impression that you could contribute basically whatever you want to a 529. However, anything in excess of the gift tax annual exclusion (currently $13,000/$26,000 for married couples) would be a taxable gift and that if you made a contribution in excess of the annual exclusion in one year, you could spread it over 5 years, effectively allowing you to make a $65,000 ($130,000 for married couples) contribution in one year with no gift tax consequences (assuming no other gifts to Jr. in the next 5 years).

Also, completely agree about your points on the costs of higher education - don't think you'll get too many around here who disagree.
Click to expand...

You could be right on the gift tax analysis. I just know we socked away the limit for each kid and it came to 55K over 5 years. That may have moved perhaps to 65K as it was a few years ago when we contributed.
 
DeacMan said:
You could be right on the gift tax analysis. I just know we socked away the limit for each kid and it came to 55K over 5 years. That may have moved perhaps to 65K as it was a few years ago when we contributed.
Click to expand...

Yeah the 5-year limit would have been $55k when the annual gift tax exclusion was $11k, which would have been 2002 - 2005.
 
You must log in or register to reply here.
Back
Top