Wht would you do if you made 25k a month?

[Ryan94LOZ]

Buy a 5 1983 Volkswagen Scirrocos every month. Keep going until I have every 1983 Scirroco . Then my plans go into motion.

[nn586]

hookers and blow

[donblaximus]

I make about that now. I save about 10-15k for retirement/investing/building capitol. The rest I use to pay all my expenses, dates etc. Rent is about 3k per month for my apartment. If you make this much the odds are that you are self employed so make sure you save 30-50% for taxes at the end of the year, depending on what state you live in. You can also pay them quarterly which is slightly less annoying than getting robbed in one big sum at the tax time every year.

What retirement vehicles are you putting your money into?

[donblaximus]

closer to 40% so 300k vs. ~500k but yeah

You are assuming no write offs. I dont know many people making $300-500k with no write offs.
My effective tax rate after all is said and done is in the low 20%

[hermanmunster2]

I'd start looking into how to reduce my expenses.

[matt3989]

What retirement vehicles are you putting your money into?

I have the vanguard S&P 500 index fund. Chase private client (fees are high but they manage your money if you have at least 250k with them) and an IRA. I want to save up a junk of cash and put it into a tax free muni bond but that's quite a ways down the road. Any advice?

[Insanity_SC]

Difference is what 30%? So $300k vs $420k per year? Either way you are still not flying private, partying on private islands and living like Dan Bilzerian.



If you are investing properly, you might have a nice house, pimp ass pool, a few exotic cars and a vacation home on the beach. But you arent making it rain like Jay Z in the music videos.

yup. plus lifestyle creep is real. respect to those guys who manage to not succumb to it.

pulling up the 'transactions' tab on Mint.com is some sobering chit.

[DinoPOOP]

I'd tell the misc I already make more than that

[donblaximus]

I have the vanguard S&P 500 index fund. Chase private client (fees are high but they manage your money if you have at least 250k with them) and an IRA. I want to save up a junk of cash and put it into a tax free muni bond but that's quite a ways down the road. Any advice?

What kind of IRA?

[AndYUKnowThis]

-Live on maybe $4500 a month
-Sports car, Classic American Muscle car, motorcycle
-Ultimately buy a beach house

[ivanporkinurwif]

I have the vanguard S&P 500 index fund. Chase private client (fees are high but they manage your money if you have at least 250k with them) and an IRA. I want to save up a junk of cash and put it into a tax free muni bond but that's quite a ways down the road. Any advice?

no real estate?

[HoustonNoProb]

25k x 12 months = $300,000

10k/day x 365 = $3.65 million

Wonder where the fuk my 3.3 mill went??

[donblaximus]

yup. plus lifestyle creep is real. respect to those guys who manage to not succumb to it.

pulling up the 'transations' tab on Mint.com is some sobering chit.

Agreed. Its important to stay grounded else you will piss it all away or your children will learn from your behavior and piss it all away for you later.
If your money is working for you there are also expenses. I pay over $100k in property taxes alone so there always has to be a plan B and a bit of conservatism to weather the storm if the economy takes a down turn.

[ivanporkinurwif]

Difference is what 30%? So $300k vs $420k per year? Either way you are still not flying private, partying on private islands and living like Dan Bilzerian.

If you are investing properly, you might have a nice house, pimp ass pool, a few exotic cars and a vacation home on the beach. But you arent making it rain like Jay Z in the music videos.

probably more like 1 nice convertible Porsche and you're renting a beach house on the jersey shore for a month. That's more realistic

[Iamasupersayin]

save half. Cause when shiet starts to pile on you'll understand that's not that much money

Only on the misc is 300k a year still poverty

[matt3989]

What kind of IRA?

It's a roth IRA, I transfer into a traditional IRA to bypass the income requirements and then transfer it into a Roth.

[Kenneth925]

I make more money than yo gotti and ***** mane

[ivanporkinurwif]

Only on the misc is 300k a year still poverty

I know it seems absurd. But trust me you're only one bad divorce away from being screwed. Plus a multitude of other challenges that pop up when you play at that level

[Nelly87]

25k/month take home? I'd only take that pending it doesn't completely fuk my personal life over and I can still enjoy work/life balance.

If I did make that much and still had the work/life balance:
-Get a decent home($2,500-3,500k/month mortgage) - this would get me in a nice upper middle-class neighborhood where I live, maybe less mortgage pending house being around 400-550k. Sucks houses in this price range were easy 300k-350k range 3 years ago, stop moving here bitches.
-Keep my current car. Get a project car, buy the lady a new ride - so I'd guestimate $500/month car loans or less if I wait a few months and pay cash...
-Live off of a fun/expense (gas, food, utilities, etc.) budget of a generous $5k/month.

Would still leave me with ~$15k/month to save/invest. I'd prob keep like a 20K "emergency fund" and once hit that, drop the rest into investments, would need to learn a ton though.

[matt3989]

no real estate?

Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.

[donblaximus]

It's a roth IRA, I transfer into a traditional IRA to bypass the income requirements and then transfer it into a Roth.

Why not a SEP IRA?

[donblaximus]

Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.

You frauding bro?
S&P 500 index didnt do close to 10% last year.
I have chase private client for some of my conservative assets and even set to moderate to aggressive it didnt do 10% either

[fadetoblack1]

buy rentals.

I am about to close on my 11th rental property this month. It will put me at $5k per month of rental income after all expenses/taxes/insurance/mortgages etc. At the rate I am going I should be hitting $100k per year off rental income in the next 3 years. I self manage all my rental property and it takes about 2-3 hours per month. I also have a full time 6 figure job. My biggest expense is my $1700 mortgage on my personal house, I save the rest and buy more rentals when I have the cash. Its like i am constantly going broke. Every time my bank account gets juicy I just buy a house cash, then work my butt off at my 9-5...live frugally and do it again 3-4 months later. Hopefully will pay off one day.

[ivanporkinurwif]

Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.

you should rent. The home you live in is never an investment. I'm talking real properties. Rentals, commercial or future land to develop. All the old degos I know got rich off of land and development.

[shortys408]

$2k per month to cover mortgage + expenses
$1500 per month into 401k
$458 per month into Roth IRA
The rest into a Taxable investment account buying VTSMX

cant have 401k and roth IRA with income that high.

[XXLAFLAME]

lol you miscers that are acting like 300-400k a year isnt impressive you realize that is the top 1% right? that is literally better off than 99% of the worlds population

[Kenneth925]

Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.

Seattle is nothing compared to sf. I make 10k a day

[AhDo]

300k pretax isn't that much. It's 110k - 130k saved a year while living frugally.

You would still need to work 12-15 years to retire frugally.


There's no room for luxury purchases unless you want to retire a few years late

[ivanporkinurwif]

buy rentals.

I am about to close on my 11th rental property this month. It will put me at $5k per month of rental income after all expenses/taxes/insurance/mortgages etc. At the rate I am going I should be hitting $100k per year off rental income in the next 3 years. I self manage all my rental property and it takes about 2-3 hours per month. I also have a full time 6 figure job. My biggest expense is my $1700 mortgage on my personal house, I save the rest and buy more rentals when I have the cash. Its like i am constantly going broke. Every time my bank account gets juicy I just buy a house cash, then work my butt off at my 9-5...live frugally and do it again 3-4 months later. Hopefully will pay off one day.

that's what I'm talking about. Smartest kid I know got to 60 rentals by age 40. 250k a year without getting out of bed. But that's not the most important part. When you have that kind of portfolio the bank will lend to you below prime. So now you have a 2 million line of credit below prime. Just think of how you can put that to work. I wish someone would have given me this advice when I was in my early 20's

[ivanporkinurwif]

cant have 401k and roth IRA with income that high.

yes you can