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Thoughts on money by Someone making 6 figures



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 4 weeks ago '07        #1
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GrezyNclean  topics gone triple plat - Number 1 spot x6
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Thoughts on money by Someone making 6 figures
 

 
I've been thinking about making a thread like this for a while, but the recent net worth thread blew my mind so much I decided to make this

See thread - visit this link https://boxden.com/showth .. .php?t=3056340

Basically this is an overview of what it's like to make a certain amount of money in a standard city in the USA from my perspective. For those wondering, YES, I ACTUALLY MADE ALL THESE AMOUNTS OF MONEY WHILE LIVING IN THE USA. Note this does not include Cali or New York wages. If you have your thoughts, let me know in the thread below. Also if you're experience is different let me know. I am not God, I could be wrong

Quick notes
What does "One time Expense where you need to rethink budget?" - think of it as your emergency budget. Anything over this and it may take you a few months to pay off

What does "Investment/month" mean? - How much you can invest in stocks, IRA, funds, crypto, etc, and it not affect your budget. Meaning if you buy a new shoes costing $1,000 it does not affect how much you can afford to save.



Making $25,000-$30,000 / year
You're broke. You're living with your parents and cannot afford a pot to p*ss in. You are barely making minimum payments on the little bills you have like car and phone and, if you have student loans, you are on income based repayment. At this point it may make sense to get a second job

One time Expense where you need to rethink budget? $100 and up
Investment/month - $0


Making $55,000 / year
Welcome to the average club. You can afford basic bills such as rent, car, phone, but anything outside of that is an issue. You may be able to go to a party here and there and live it up but you are barely surviving. If you have a girlfriend, she must have a job to help support the both of you otherwise it will be a HUGE struggle

One time Expense where you need to rethink budget? Around $500 and up
Investment/month - Under $1,000


Making $120,000 / year
This is the first stage of your life where you will feel financially free. Not $90,000, not $100,000, but when you're making $10K a month. You can afford anything you want, money, clothes, travel, etc. You can even purchase an upper tier car if you are willing to drop the amount you invest a month. In this tier you should have a nice amount saved up and are able to pay off bills with ease. If you are looking to be super frugal, you could probably pay off all loans (student, car, etc) of up to $30,000 in 12 months

One time Expense where you need to rethink budget? Around $2,000 and up
Investment/month - $1,000- $2,000


Making $200,000-$250,000 / year
This is when you start to feel rich. Like really rich. This is what I thought half a million would feel like TBH. You will be able to drop thousands on luxury items and not feel it hit your wallet (why would you, you got another $10-$15K coming next month after taxes). If you have a gf whatever her job is doesn't matter at all as she's essentially paying for trips and other luxury items. If you are super frugal, you can pay off most debts. Your taste will most certainly change at this level in everything from food, to clothes, to women, because you can afford it.

One time Expense where you need to rethink budget? $5,000 and up
Investment/month - $2,500-$3,500
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216 comments
 

 4 weeks ago '06        #2
imthatinfamous  topics gone triple plat - Number 1 spot x1
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Great post OP.


As someone who grew up poor and really had nothing but people in the same social standing in my circle growing up, people who truly had a poor mentality, I will say you can easily make $200K a year and still feel pinched/poor.

I remember when I was in college, still grinding a full 9-5, I had this magical number of $75K. If i could make $75K a year I would be set. Then I graduated, and got promoted twice in 11 months, and in less than 2 years after graduating college I was making $95K and thought all my problems would be set...that feeling lasted about 2 or 3 months, I learned $95K didn't have the same impact as I thought.

It wasn't until I started getting people in my circle who knew money, and could teach me about personal finances, that i started feeling I had financial freedom and wealth. This is my advice to anyone on BX. Find out how wealthy people live, not the ultra rich, but people who still have to put in work to maintain their wealth. Then you will see the faults in your spending habits and lack of proper movement with the money you do have.

People who I know who have had long term success and wealth, making over $200K, aren't dropping money on luxury items, aren't leaving crazy tips when they go out to eat, aren't doing most of the bad spending habits that you typically find with poor people. In fact, most of them will tell you that the key to their success is the fact they live well below their means. People making $200K a year are living like they only make $100K, the rest is typically on investments.
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 4 weeks ago '04        #3
nwking  topics gone triple plat - Number 1 spot x3
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Once again it's your lifestyle and what you want to do with the money. Some doctors make 250k + but also have student debt/loans medic school 300k they didn't start making the 250+ until they were on the job for at least 3-7 depending on speciality yet they still want a nice house car etc. Anyway depends on your profession, lifestyle debts you have, maybe family to take care of. Life is hard
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 4 weeks ago '04        #4
Tastemaker331  topics gone triple plat - Number 1 spot x21
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@
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 4 weeks ago '15        #5
Prad Bitt 
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This is misleading slightly. Any competent accountant or advisor will tell you the man making 100 and living like he never climbed up is far ahead of the 50-100k “millionaire” lifestyle members. Reduce your expenses. Temper your tastes and escape this capitalism. America is failing, look at your leadership, they are grabbing the silverware, steaks, champagne, and drapes quietly moving to the lifeboats. The last glimmer of the tide rising for all ended when Lehman Brothers failed. This is quantitative easing, crony capitalism, and state sponsored theft through taxation.
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 4 weeks ago '16        #6
The Waraba  topics gone triple plat - Number 1 spot x3
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Thanks for dropping knowledge my friend. Thanks a lot. Posts like these put you in the right mindset and show you that it’s possible.

Now, for someone in the average club, how do you grind and invest to get up to the 6 digits club ?
Any pointer will be appreciated.
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 4 weeks ago '04        #7
nwo504 
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 4 weeks ago '16        #8
Proveone  topics gone triple plat - Number 1 spot x4
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 nwking said
Once again it's your lifestyle and what you want to do with the money. Some doctors make 250k + but also have student debt/loans medic school 300k they didn't start making the 250+ until they were on the job for at least 3-7 depending on speciality yet they still want a nice house car etc. Anyway depends on your profession, lifestyle debts you have, maybe family to take care of. Life is hard
Came in to say this. I was making 156k straight out of law school but had minimum payments on my loans at about 1k but I was making 2k a month payments. Throw in a lease on the Westside and car payment and I was damn near check to check for two years


Last edited by Proveone; 09-27-2021 at 10:38 PM..
+51   

 4 weeks ago '08        #9
Kewop Decam  topics gone triple plat - Number 1 spot x1
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I’d say you only really feel rich at low 6 figs if you aren’t saving money. You don’t max a 401k, Roth, and have personal savings. Drop all of those, and yea low 6 figs got you feeling and living nice!

I make good money but I don’t spend much. I still drive a busted 2002 4Runner but I plan on getting a weekend car.
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 4 weeks ago '08        #10
Kewop Decam  topics gone triple plat - Number 1 spot x1
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 Proveone said
Came in to say this. I was making 156k straight out of law school but had minimum payments on my loans at about 1k but I was making 2k a month payments. Throw in a lease on the Westside and car payment and I was damn near check to check for two years
How much were your school loans in total?
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 4 weeks ago '20        #11
Detr0it 
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My question is relatively simple: for OP and anyone else that has climbed those ranks, did you do it as an employee, a contractor, or an entrepreneur or investor?
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 4 weeks ago '16        #12
Proveone  topics gone triple plat - Number 1 spot x4
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 Kewop Decam said
How much were your school loans in total?
With undergrad about 161k split equally between the Feds and Access Group. I paid access loans of a while ago. I'm paying the Feds back slowly, then loans are at 1% damn near free money
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 4 weeks ago '16        #13
Homer Pimpson 
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In before the BX millionaires

+53   

 4 weeks ago '16        #14
Homer Pimpson 
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 Proveone said
With undergrad about 161k split equally between the Feds and Access Group. I paid access loans of a while ago. I'm paying the Feds back slowly, then loans are at 1% damn near free money
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 4 weeks ago '17        #15
sweetermanz 
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I save/invest 1.5k - 2k a month and I’m in the average club 55k + 12k (2nd job). So to me it’s not about how much you make it’s how much you keep. Keep in mind I live in an expensive market as well (Toronto, which is nyc prices; and yes I lived in nyc too so I know the prices)

And tbh I’m not interested in climbing the ladder because ultimately I want to make money by having a business (a venue/ music biz)

So I’m just getting by but at least I’m stacking, have no consumer debt and good credit.

Nowadays if you’re not breaking 100k people look at you like you’re nothing but it is what it is, we’ll see who wins in the end.
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 4 weeks ago '08        #16
Kewop Decam  topics gone triple plat - Number 1 spot x1
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 Proveone said
With undergrad about 161k split equally between the Feds and Access Group. I paid access loans of a while ago. I'm paying the Feds back slowly, then loans are at 1% damn near free money
161kÖ yeeesh! I left grad school owing $35k. I got annoyed by it and paid it all off in 16 months while only making $65k. How much you got left on your loans?
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 4 weeks ago '11        #17
indagame 
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I'm not really sure what the point of this thread is, but I'll speak on me.

I graduated with my master's last June, had 5 figures in student debt. I started my first job with my master's in November of last year. I finished paying my student loans off last week, by making 4 figure payments monthly since December of last year. My cash flow was basically negative for most of these months. So, I don't make $120k but I was able to pay off my student loans in less than a year.

I haven't been able to invest a ton while I was in grad school or since. I've put a few hundred into crypto, Roth IRA, and my individual brokerage account. Now that I'm done with loans, I'm going to max out my Roth IRA before the end of the year, throw a little more into crypto, and probably a few thousand into my individual brokerage.

I can't really calculate how much I'm investing per month, since I haven't been investing for the majority of the year. I have a budget set up though, so I can keep track moving forward.
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 4 weeks ago '06        #18
imthatinfamous  topics gone triple plat - Number 1 spot x1
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 sweetermanz said
I save/invest 1.5k - 2k a month and Iím in the average club 55k + 12k (2nd job). So to me itís not about how much you make itís how much you keep. Keep in mind I live in an expensive market as well (Toronto, which is nyc prices; and yes I lived in nyc too so I know the prices)

And tbh Iím not interested in climbing the ladder because ultimately I want to make money by having a business (a venue/ music biz)

So Iím just getting by but at least Iím stacking, have no consumer debt and good credit.

Nowadays if youíre not breaking 100k people look at you like youíre nothing but it is what it is, weíll see who wins in the end.
big props to you but never knock an opportunity. You may never know what you might learn in a new position that will eventually help you to start or run that business. It just isn't the work too, it could be the new network connections you make in that role.
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 4 weeks ago '14        #19
Cuttysark 
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I'm at 92k and it's definitely not enough

Still grinding and I think 125k is where I'll really feel more comfortable
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 4 weeks ago '17        #20
sweetermanz 
Props total: 1307 1 K  Slaps total: 249 249
 imthatinfamous said
big props to you but never knock an opportunity. You may never know what you might learn in a new position that will eventually help you to start or run that business. It just isn't the work too, it could be the new network connections you make in that role.
Big facts! Itís going to take time for the business so I might as well soak up more game for the time being.
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 4 weeks ago '11        #21
indagame 
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 Cuttysark said
I'm at 92k and it's definitely not enough

Still grinding and I think 125k is where I'll really feel more comfortable
Keep making vertical moves



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 4 weeks ago '06        #22
imthatinfamous  topics gone triple plat - Number 1 spot x1
Props total: 30748 30 K  Slaps total: 8841 8 K
 Cuttysark said
I'm at 92k and it's definitely not enough

Still grinding and I think 125k is where I'll really feel more comfortable
My advice to you on your way to $125K, up to and when you eventually get to that point, live like you just make $92K. Make moves with the money you save.
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 4 weeks ago '15        #23
Teddy KGB 
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 imthatinfamous said
Great post OP.


As someone who grew up poor and really had nothing but people in the same social standing in my circle growing up, people who truly had a poor mentality, I will say you can easily make $200K a year and still feel pinched/poor.

I remember when I was in college, still grinding a full 9-5, I had this magical number of $75K. If i could make $75K a year I would be set. Then I graduated, and got promoted twice in 11 months, and in less than 2 years after graduating college I was making $95K and thought all my problems would be set...that feeling lasted about 2 or 3 months, I learned $95K didn't have the same impact as I thought.

It wasn't until I started getting people in my circle who knew money, and could teach me about personal finances, that i started feeling I had financial freedom and wealth. This is my advice to anyone on BX. Find out how wealthy people live, not the ultra rich, but people who still have to put in work to maintain their wealth. Then you will see the faults in your spending habits and lack of proper movement with the money you do have.

People who I know who have had long term success and wealth, making over $200K, aren't dropping money on luxury items, aren't leaving crazy tips when they go out to eat, aren't doing most of the bad spending habits that you typically find with poor people. In fact, most of them will tell you that the key to their success is the fact they live well below their means. People making $200K a year are living like they only make $100K, the rest is typically on investments.
Facts. $200k/year is good if you are single. If you have a family, it's way different.
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 4 weeks ago '15        #24
mwtx  topics gone triple plat - Number 1 spot x1
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It really depends where you live and your lifestyle If you can find a place to live for $900 only spend like $4-500 on food a month and you’re single, 55k can go a long way. 25-30k would be livable under these circumstances, but yea you wouldn’t be able to have too much spending money.

Expenses are different, lifestyles are different. This must be a list for expensive a*s areas tho.
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 4 weeks ago '04        #25
ddash 
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This is BX
We all make 6 Figures
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