EM in peril

[GassYous]

But if you don’t do that and have 10 million in the next 1-5 years you’ll die destitute in the streets while all the mid levels drive their Teslas over your dead body. Or so we are led to believe.

In residency all the nurses had beemers with the RN vanity plate

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[deleted162650]

No divorce bro! She’s awesome.

Ah, I see (she must read the forum).

Yes, she’s super cool!

 

[pgg]

Time for a new wife.

That's not really a proven way to save money ...

 

[GassYous]

That's not really a proven way to save money ...

Depends on the manner of disposal

 

[deleted162650]

That's not really a proven way to save money ...

Cheaper to keep her as they say.

 

[pgg]

Depends on the manner of disposal

Be wary of any man who keeps a pig farm.

 

[wendalltwolf]

But if you don’t do that and have 10 million in the next 1-5 years you’ll die destitute in the streets while all the mid levels drive their Teslas over your dead body. Or so we are led to believe.

And those Model X’s weigh 5400 lbs, probably way more for the Cybertruck whenever that comes out

 

[abolt18]

make 350k. my post tax income then is 180k. spend 100k. 80k left. work 10 years to 43, i get 800k. maybe 1m+ if market is good and it all goes to market. but who knows these days with the stock market skyrocketting. cant last forever

also if i move out of my studio, likely will need over 100k a year. good job you were able to achieve what you did!!

You just need to move to a MUCH lower COL area with better jobs...

Also, who in the US is paying half of all their money to taxes? It's probably more like 30-35% total, possibly even less depending on the amount of pre-tax retirement space available to him (government job w 403b+457b vs private job w 401k + CBP vs nada).

Even if the total effective tax rate for said person was 35% on an income of 350K, that is only 122k, leaving 227K behind. Lives off 100K, saves 127k/year with good returns (let's be generous with 10%) that gives you $2.2M after 10 years.

I'm going to assume said individual made and saved more than the above suggested numbers.

 

[<(^_^)>]

You just need to move to a MUCH lower COL area with better jobs...

Also, who in the US is paying half of all their money to taxes? It's probably more like 30-35% total, possibly even less depending on the amount of pre-tax retirement space available to him (government job w 403b+457b vs private job w 401k + CBP vs nada).

Even if the total effective tax rate for said person was 35% on an income of 350K, that is only 122k, leaving 227K behind. Lives off 100K, saves 127k/year with good returns (let's be generous with 10%) that gives you $2.2M after 10 years.

I'm going to assume said individual made and saved more than the above suggested numbers.

Guessing they are single in New York City. Still isn’t 180k post taxes though. I get 207k post taxes on 350k income. It is true that with a marginal tax rate of 48% deferring taxes should be paramount, though depending on their employer not easily done.

That 107k annually would still result in ~1.6M in 10 years. ~4.8M in 20 years. FI at 50 or so isn’t as impressive as some people, but it’s 15 years earlier than the “normal” retirement age. That’s with 7% “real” historical returns.

If they marry their post-tax income would be 236k, saving 136k annually. If they fund a 401k then they can save 143k annually.

Also worth noting 100k post-tax as spending money is a very different lifestyle than a resident which is closer to 45-50k post tax.