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Ask questions related to TRP, dating, life advice.
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trognj 6y ago
As you can see, no one is going to tell you how THEY did as your post clearly asks. Just a bunch on one liners, quotes, and hearsay. Good luck bro. We all will be successful ????.
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XelentGamer 6y ago
This comment also goes back to the top comment’s point about net worth. Let’s take a doctor. If you are paying 50% in taxes and 20% on student loans and 20% on a mortgage and 10% on lawyers for malpractice suits then what are you left with?
There are other things too, like simpler. Let’s take driving for Lyft or Uber. You have to pay for a car and insurance which you might not have needed at other jobs, your car loses value and must be kept in good repair, you have to pay for gas, if you are out and about all day you likely are splurging on the food bill etc until you widdle down the money to nothing.
I once had a fairly good job working offshore on a boat, they housed you and fed you and you were stuck at sea so you couldn’t blow your money on stupid shit, avoiding booze and girls on off weeks was a struggle for some though. Other companies offered insurance and a company vehicle during off weeks. So at the end of the day your take home was fucking high, the money just stacked up. There were guys in their twenties that grinded up to the top in 5 years making 6 figs and planning their retirement in their 30s. If different life circumstances had happened I’d likely be there now.
Thinking beyond money, other things are valuable just for your quality of life. If your commute time is 2 hours or more a day, leaving you barely any time for other hobbies and goals that’s a serious cost that has to be factored in. If you hate the people you work with, or your job security is less, or the potential for advancement is low you have to factor those things in. There is also a reason people take unpaid internships, the potential to make 10x more money in the future is well worth making pennies on the dollar now.
TLDR Look beyond what is on the surface and find out what you really make, 6 figs sounds nice but you may be increasing your net worth more at a job that pays half that.
MuhTriggersGuise 6y ago
Bust your ass at getting skilled at a high paying career. Live frugally and sock away money in investments. Wealth earns more wealth.
InscrutablePUA 6y ago
I like how everyone is throwing out ideas, tips, tricks, etc. without digging deeper into the question. Why do you really want $250,000/yr? How much are you willing to kill yourself to get it? What do you really value in life?
When you're in college all you see is the big $$$, you don't see the sacrifice that's required to reach that stage. You also probably believe that that cash flow will make you happy, fill in your voids in your life, etc. Think carefully about the reasons why you want it.
i_forget_my_userids 6y ago
I did, but my top level comment was downvoted. All my replies are upvoted, though. People in this sub are idiots.
rp_newdawn 6y ago
Pursuing medicine, 6 years in and 400k down in debt... this is honestly the most important question every college kid needs to ask himself. How much are you willing to give up? Will that sacrifice give you what you want? Will that bring lasting satisfaction to your life?
InscrutablePUA 6y ago
We are unfortunately very ill-equipped to answer these questions at the age of 18, 21, or even 25.
Good luck to you in your medical career! I have many friends that went that route while I elected to do a different sort of graduate school. I also saw quite a few people transition from medicine into other fields like consulting and public policy, before and after residency. The burnout and depression rate in medicine is alarmingly high, even for the top practitioners...
rp_newdawn 6y ago
You are dead on. Hard questions to answer, and no guarantee that the answers will remain true once the burnout sets in. That uncertainty is true in most areas of life tho...
rp_newdawn 6y ago
Went 400k in debt to go to medschool and surviving residency currently. I’m getting offers from 180-340 depending on location and position. I’m not even specialized, only internal medicine currently. You have to be okay with being a slave to the healthcare system for 7-10 years and going deep in debt, but the payoff is more consistent and reliable than most other avenues. Make sure that’s worth it to you. It is to me, to some of my closest friends it isn’t. I’m willing to talk to RPs that are considering the field.
[deleted] 6y ago
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_Fresh_cakes_ 6y ago
How much have you made annually from these apps?
thesquarerootof1 6y ago
Do you mind me asking for which platforms and which language(s) you used?
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max_peenor 6y ago
Don't blow money on worthless shit when you are young. You are going to throw it all away some day anyway.
Avoid debt like it's the plague unless it is dischargeable and used for investment purposes (building your business/career). Most student loans are not dischargeable, so only use them if the eventual income makes paying them off easy. MD is usually a good example, but becoming a lawyer is not except for a small number of people.
You'll never get rich working your ass off to make other people rich. There better be something in it for you.
ImYourMajesty 6y ago
What is the chance for a doctor to accomplish 250k + a year ?
max_peenor 6y ago
Yes, unless you get a shit-tier family practice mill.
bitterconsultant 6y ago
23.8%
ImYourMajesty 6y ago
Solid
bluesnsouls 6y ago
He did the math
bob13bob 6y ago
all of them .doctors make bank but they spend lots of time and money on education.
atticusfinch1973 6y ago
And have massive amounts of debt when they graduate school.
rp_newdawn 6y ago
The truth hurts every time I’m reminded
[deleted] 6y ago
My ex works as a cardiologist and sometimes clears 400K a year.
ImYourMajesty 6y ago
Cardiologist is my dream job. How many years did he study ?
[deleted] 6y ago
She*
I believe she studied twelve years. 4 years bachelor's (she got a degree in Biomed engineering as a back up in case she did not get into Med school). 4 years med school and 4 years residency.
rp_newdawn 6y ago
Depends on where you are willing to work. I’m second year in IM residency, getting offers ranging from 180-340 without specialization currently.
ImYourMajesty 6y ago
What about with specialization. And can you specialize whilst working. And what is I'M residency
rp_newdawn 6y ago
Medschool is 4 years of debt. Residency is low pay 45-65k for 3-5 years. Fellowship (specialization) is delaying making good money to keep getting paid shit for another 2-4 years for greater payoff later. Variance is HUGE on pay. IM is internal medicine.
[deleted] 6y ago
My father was very wealthy and owned a lot of side businesses. He was also super abusive but he left us his entire wealth (thank God). So for me, it was ridiculously easy. My mother had good experience in business and managed his inheritance pretty well and eventually passed it onto my siblings and I. I also studied very hard in college and worked my way up the business ladder
_Fresh_cakes_ 6y ago
What kind of businesses?
[deleted] 6y ago
Real estate and the healthcare industry
[deleted] 6y ago
[deleted]
[deleted] 6y ago
Northwestern
[deleted] 6y ago
[deleted]
[deleted] 6y ago
Econ
Kidterrific 6y ago
Went to med school. Like anything else, it is not an issue of intelligence, but one of persistence.
rp_newdawn 6y ago
Medschool and residency absolutely require high intelligence... the difference is everybody is intelligent. Those that distinguish themselves do so via work ethic, persistent dedication, and not being socially fucking autistic.
bob13bob 6y ago
med school requires both. Docs have a good pay, but that time and $$ investment is pretty crazy. honestly, equal hours in effort in to real estate/coding is better imo. You start earning a lot earlier, with timevalue money and investments can get a nice start on a 300k/year salary when you're in the top 1% of hard working + good intelligence to get in to med school.
I admit i haven't done a lot of analysis on this issue. there is a lot of med school data, and not too much on real estate pros.
InscrutablePUA 6y ago
Not really... seeing how many of my friends graduated from med school clearly showed me that high intelligence is not needed. Above average IQ sure, but mostly you just need to memorize lists and bust your ass to train during residency. Plenty of mediocre doctors out there... like any field there is a dominance hierarchy of competence and success.
[deleted] 6y ago
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Kidterrific 6y ago
Let me get this right: being generous, the four or five people you went to school with were in the gifted program, but the guy who is actually a doctor and went to med school, sat on interview panels, and trained residents for over ten years is a telling a bald faced lie?
Check your sample size, homie, before you extrapolate bogus data based on your small experience of medicine. The world is filled with moron doctors who either got in through connections or pure sweat. I don't claim to be smarter than anyone. I work hard. And anyone in medicine will tell you: you can be as smart as you want, but if you're lazy, you aren't going to make it in medicine.
InscrutablePUA 6y ago
Not in my experience.
RP_Br3 6y ago
My dad makes around that amount. His advice is to be unique and broad. Be the economic that knows about law or programming, or be the engineer that can communicate. He's nisched himself as an engineer that is amongst the best bosses and recruiters in the country. Known for coming into a team, gets promoted to boss the team in less than a year and his understanding of the teams needs helps him find the right guy for the slots to fill. He then finds a new job and works in a new environment every 2-3 years.
He also spends a huge amount of time during the weekends keeping up with the stock market and makes around 30k just due to that annually
UncleWarwick 6y ago
LURRNNNN how to talk to people. LURRNNN how to get people to like you. Merit only takes you so far. Equally or even less competent (to a degree) will take a backseat to "do I like you enough to hire you/promote you/work more with you?". If your foot is in the door, (i.e. in-person interview, working on the promotion), you've already passed the competence portion of things. So as long as you don't fuck that up in the next step, it comes down to "who do I like more?"
Did I say LURRNNN how to talk to people? Guy I know just financed his vacation home. Not through his 9-5. How? He talks to people. Knows who needs a position filled. Contacts with HR everywhere. "Hey, I'm sending XYZ your way for the ABC position." Hired? He nets a 5-10k finder bonus. He has no affiliation with any of these companies. He's not a headhunter. He just TALKS to people. Effort on his part? 10 minutes. If that. (Not including the years he's spent building his network, but if you're in any kind of corporate America, why aren't you doing the same?)
Major in something that is useful in a wide range of industries. Math, econ, finance. Stay away from anything else unless you're going to double major in it. CS is on the fence here, but that along with engineering will get you pigeon-holed into that category of people really fast. You're not going to have the same exposure to talk to people. For example, I talk with software devs, a lot. They talk with me, a lot. And that's where it stops there for them. On the other hand, I talk with at least 4 other departments on a daily/weekly basis. Who's getting more exposure? This guy. New position opens up? "Well this is a funky position, how are we going to fill it?" Who's going to get a look at first, the software dev that only does software dev, or me, who does a little bit of everything and has interacted with EVERYONE. (Hint: me)
Eulerbrah 6y ago
Thank you, uncle.
rigbed 6y ago
How will this change if things get automated
[deleted]
UncleWarwick 6y ago
That is the wrong question to be asking. (The answer is absolutely nothing)
Why do you care if things get automated? You’re not a burger flipper are you?
Make yourself indispensable.
rigbed 6y ago
I’m gonna try to write a book on how to be indispensable in the upcoming future. ID be interested to get this sub’s opinions
UncleWarwick 6y ago
Kick more ass than humanly possibly at what you do, and make everyone like you.
herColdHand 6y ago
You’re 100% wrong on CS and engineering people being pigeonholed. It’s not hard to switch to another career because finance people know if you’ve done Cs or engineering you’re pretty smart and hard working. It’s not hard at all to teach an engineer how to do finance.
UncleWarwick 6y ago
Found the CS major.
Yes a CS or engineer clearly has the mental ability to succeed. But you're facing an uphill battle aside from quant jobs. One, your network will naturally be different unless you put in the effort. Two, why would I hire an engineer, and take the time to teach him, over a finance grad who's maybe say part of the school's investment club, who's clearly shown more of an interest in this domain over the engineer. Answer - I wouldn't.
Your intrinsic ability only takes you so far. After that, it's how much do I like you and how much time do I want to invest in you. Off that bat, you're making my life harder even if you're equally capable.
herColdHand 6y ago
Your overarching point makes zero sense though. Why is a career in finance better than a career in computer science? I’m graduating now and have two job offers paying $75k a year, and the job I’m taking is $12 a year in a high cost of living area.
UncleWarwick 6y ago
My overarching point is to make yourself as broadly marketable as possible to fill whatever upward mobility position you can. By broadly I don't mean the same job at different companies, but different jobs at the same company.
You can make a good buck doing nothing but CS and eventually land in some kind of head of dev/IT role. Or open your own shop. And this argument becomes moot. I'm not hating on CS by any means, because you can do whatever you can talk your way into. I'm giving broadly applicable advice from my experiences.
Your CS/IT role will always be a cost center. You don't bring in new business or make money - you build whatever initiative we need built or keep our shit running. You're won't be at the forefront of the business, and that's where the money is made.
For example, I'm the one that's tackling and managing our internal and external facing business problems. I'm the one creating new ideas, "Hey, we need to do xyz." Then I pass that along to the devs where we say, "Hey, we need XYZ done. How do we do it?" Our devs aren't exposed to the business problems because they're WAY too busy tackling our dev problems. (Trust me, they're great, and we keep them busy as all hell)
So when it comes down to "we need someone to lead the business", the software dev isn't going to be considered. He's solved software dev problems. Someone like me has solved business problems.
Unless you're in a really small company, or startup where you have to wear many hats, and business problems and dev problems go hand in hand, then that's a different story. If you go anywhere bigger than really small, where there are clearly defined departments that perform specific functions, your exposure is going to be relegated to your department's function. Devs do dev shit and nothing else. I deal with everyone's shit.
Will you/can you make good money? Yes. We don't want our good devs to leave. Is there a ceiling on your potential earnings. Yes. Because, back to my thesis, you are not affecting the company's top line.
herColdHand 6y ago
CS department is only a cost center in YOUR line of work. Of course at a bank or hedge fund they don’t value the IT guys. But what about companies that are entirely built on the basis of software? We aren’t treated like a cost center. How much money did they offer you out of college with a degree in accounting or whatever you majored in?
littleQT 6y ago
Guy’s experience sounds limited. Having worked in software, people with CS degrees have made a huge impact on how we do things and the movement of the company. Some of these folks speak all over the world and others are principal architects and directors. And those are just CS grads who chose to be engineers. That’s not the only option.
UncleWarwick 6y ago
Yeah you are. They hide it better, but you are.
herColdHand 6y ago
Answer the question. How much money are you actually making and how much can a new college grade expect with your degree?
UncleWarwick 6y ago
More than enough and whatever they apply themselves to.
Kid, I'm trying to give you advice from what I've seen. Stop being so aggressive and defensive. I said you can make a good buck in CS, but your exposure is going to be completely different and generally on the back end of things. So take a chill pill.
herColdHand 6y ago
So in another words, people can expect higher paying jobs with a degree in CS or engineering. Got it. Goodnight
IncognitoMaster91 6y ago
Read "the richest man in babylon " then commit to following the steps provided
el_Technico 6y ago
Why is this a good book to read? What will it teach me.
IncognitoMaster91 6y ago
How to become the richest man you can be by following financial principles that are timeless. Using whatever income you have also.
8008bumbs 6y ago
Also millionaire next door. It explains why the guy living down your road with a beat up honda and a 30 yr old 2 bed one bath is the richest man on the street.
blackberryx 6y ago
Reminds me of an old co worker who made 80k and lived in a fresh built 450k house, new car and a small fishing boat but could barely afford to eat lunch at work.
dongpal 6y ago
my rich uncle was wearing shit clothes because he said you get robbed if everyone knows youre rich (or at least have fear to get robbed)
PM-ME-Y0UR-NUDES 6y ago
Finding a job that either nobody else can do or wants to do.
creating_my_life 6y ago
There's a reason I pay my underground septic trench repair person $150 an hour in Winter!
trp28287 6y ago
I agree with the first one, but the second one is bs. People don’t want to do certain jobs because they don’t pay well. There are lots of people that would do almost any job that pays well
PM-ME-Y0UR-NUDES 6y ago
My friend clears $150k easy on a job he only started 2 years ago. No degree or trade specific training.
He makes that much because nobody wants to put on a hazmat suit and climb into pipes full of human shit and scrub them.
[deleted] 6y ago
where do i apply
cookturkey 6y ago
Could you provide more details? This sounds like something I could totally do.
[deleted] 6y ago
Lmao
thesquarerootof1 6y ago
but how do you explain what you do on dates? Hahaha. I would just lie and say I do something else. Here is a video for those who are interested related to this job:
https://www.youtube.com/watch?v=HVBFiFC2Eyk
atticusfinch1973 6y ago
Whatever industry you choose, niche yourself. This means becoming the best at one aspect of it that few people focus on that is essential and people need. Even if it’s boring it will be very lucrative.
circlingldn 5y ago
are people really this stupid, yes niche yourself, but your niche better be in demand
NewBoomAction 6y ago
Blockchain, here I come!
[deleted] 6y ago
[deleted]
[deleted] 6y ago
[deleted]
NewBoomAction 6y ago
Exactly. It's the birth of a new industry.
creating_my_life 6y ago
The parallel to the red pill is "put your own needs first", and "work your fucking ass off."
Increases in pay come from switching jobs to higher title and pay band. Sticking with the same company doesn't increase pay as much (in most all cases).
Be damn good at what you do.
Spend some percentage of your time (10% to 20%) internally marketing yourself and doing self-PR.
Pick and industry and field that pays well. (this one is often overlooked!)
Focus on your personal NET WORTH, not your INCOME.
Take care of your body physically and emotionally. Dress well. Be fun.
Read 48 Laws again.
The first moment you're passed over for ANY kind of promotion or increase in responsibility, leave the company. You're done there.
Work in Sales.
NewBoomAction 6y ago
This man makes a lot of money.
Thank you for sharing. Saved.
cptgoatsack 6y ago
I like this one - just like you should deal with women when she's not giving up that ass.
walawalawa 6y ago
Be smart about this. I have a niche skill but my boss has passed me over for positions because he's younger than me and less experienced.
He doesn't like confrontation so by passes me on important decisions but then comes to me when things go bad.
I've got a thing going and am respected by my peers and that keeps things in check...for now.
But he hates hates hates when I get industry recognition or special assignments---even though it brings money into the firm.
I'm actively looking but being choosey and after my time there and age i don't feel a need to jump ship.
When I was younger and had that...yes, I left at the earliest opportunity.
Be smart.
MarmorEtSculptura 6y ago
I'm a physician, so I work in medicine. Trying to figure out how to apply some of this to me.
LetsKeepLooking 6y ago
Solid advice
needz 6y ago
In the few exceptions, if your relationship with you employer is okay, you can bring them a job offer from another company every 1-2 years and ask for a raise, but you've gotta be prepared to leave if they say no. I got myself a 30% raise this way. Will likely try again in a year.
Speedracer1111 6y ago
Deleted to prevent doxing
dongpal 6y ago
Women do this with men, men do this with jobs.
oldslut 6y ago
yes, true. but a change of scenery can also be good for you. and, your boss may grow tired of this yearly meeting and start thinking of how much money he can save by a new hire.
Mohune 6y ago
Not quite, to hire someone new and to integrate him can be costly(depending on the field). So this scenario is ok, I also apply it.
kellykebab 6y ago
Why?
NitricTV 6y ago
You can sell assets not income.
[deleted] 6y ago
[deleted]
kellykebab 6y ago
Focus on what you're putting away more than what's coming in. That makes sense.
max_peenor 6y ago
^ ding ding ding! Correct answer.
My personal yearly income is laughable, because there are these cocksuckers that always want to take half of it.
markdumte 6y ago
I mean, you have to have an income to increase your net worth.
max_peenor 6y ago
No, you don't. You just need owning interest in entities that have income.
markdumte 6y ago
OK, let me rephrase, you need income to obtain some substantial net worth.
Plus even if you don't have to pay income tax, you have to pay corporate or capital tax. They are usually lower but still substantial.
UncleWarwick 6y ago
Said no one ever, I'm not going to make that extra dollar because I'm going to be taxed on it.
You might try tax avoidance strategies to optimize your tax burden, but ultimately they're a non-issue.
MuhTriggersGuise 6y ago
Not if you already have a net worth.
markdumte 6y ago
Sure, but I doubt someone asking how to make 250k already has a substantial net worth.
MuhTriggersGuise 6y ago
Point being one should think of increasing their net worth, to accelerate their net worth growth.
i_forget_my_userids 6y ago
How tautological.
MuhTriggersGuise 6y ago
You really struggle with the difference between initial value, change, rate of change, and final value; don't you? I didn't say "start with a huge net worth to have a huge net worth". I first said having a net worth increases income, then I said increasing your net worth can increase your rate of change in net worth. It's not tautological and you're just thread shitting.
8008bumbs 6y ago
agreed man. You have to have money to make money. More money = More income. Investing 101. Exponential growth of money.
MuhTriggersGuise 6y ago
Yep, that's the key to real money. Focus on your net worth, not just your income. It's an important distinction.
bob13bob 6y ago
my own business in real estate. lots of hard work and a bit of lucky timing. spent 2 years working crazy hours, i spent maybe 25 hours total in 2 years watching tv/videogames.
spend your time chasing money, not women. Lots of poor young people in this sub, learn to ignore bad advice including them. use the resources you have. Research what areas pay well for their costs. currently that is coding, nursing, trade skills, real estate if you have access to borrow money.
Don't waste your time. put a dollar amount on it. you spend 2 hours at the gym plus commute 5 days a week. 13 hours/week is way too much. discipline workout running around your neighborhood and save 9 hours/week.
did you just spend 1 hour buying groceries twice a week! you're so luxurious with your time.. get them delivered or buy a freezer and cook /buy bulk. i cook once/week. don't be afraid to invest money to save time.
DO NOT AVOID DEBT, learn the difference between good and bad debt. I'm worth a good amount and I have 3 cars. 2001, 2004, and 2011, all owned outright. I don't finance toys, if I can't buy it cash, then i dont' buy if it's a toy. I keep my hobbies affordable; video games are the cheapest hobby you can do.
pFlap 6y ago
How? I would love to do this, it would save me a boat load of time. Meal prep?
bob13bob 6y ago
of course.
8008bumbs 6y ago
What is the difference between good and bad debt? Im confused by your last paragraph.
Did you mean you have payments on 3 different cars but they just aren't alot? or what are you saying?
bob13bob 6y ago
i mean i dont' borrow money to buy cars, and i drive old cars.
rigbed 6y ago
If you’re smart you can use margin to make you extremely rich. It can also make you extremely poor.
Bad debt is when you’re in debt because you went shopping for bullshit items like a woman in a shoe store.
beginner_ 6y ago
leasing a cheap car so you can drive to a job that makes you more compared to the old one than the car costs.
eg. Car costs $400 month total Job nets you $1500 more each month
-> $1100 gain every month.
bob13bob 6y ago
a car is a tool you need. But you don't know need a 40k car. instead of leasing, buying used is always better, even if you ahve to finance. after 4 years you have car without payments.
beginner_ 6y ago
Agree but I was more coming from a point were you don't have the money to buy at all so leasing is the only option.
VasiliyZaitzev 6y ago
A. Went to law school.
B. Started working in CorporateLand.
C. Got to be really good at what I do.
I can't recommend law school to anyone now. First, it blows, and not in the 'fun' way, like with a lady. Full of SJWs and such, even when I went back in the last century. Also, now it is incredibly expensive and the jobs on the other side of graduation aren't keeping up, and there are only thousands of other lawyers now.
If I was starting over today I'd either do some sort of STEM thing, or I'd do something involving a skilled trade.
Oh, and save every penny you can, including the first 10% that hits your hand. You will never miss it. Put it in your 401k, and if you can max out and then contribute after tax, you wind up with what amounts to a "Mega Roth" IRA, because that money has already been taxed and you're not screwed out of it, like you will be when your income rises above the (regular) Roth limits.
bob13bob 6y ago
yup, wife is corporate lawyer. huge debt, big paycheck but she's in the top 5% of her graduating class. many lawyers running around as paralegals making very little when educational debt factored it.
Not all stems pay well. Coding is king currently.
circlingldn 5y ago
coding isnt king, actuarial science is
[deleted] 6y ago
At first I figured out how to make $1,000; and I did that over and over again 250+ times.
TimPartendale 6y ago
Small business owner and I also work in healthcare. Still in my 20’s.
I came from an upper-middle class background and own a decent amount of stocks/savings.
Money definitely makes life better. I watch people struggle everyday and patients who can’t afford even sparing $3 for medications they NEED.
Money can also be used as a crutch. Keep up the work in the gym. I find the hierarchy to be: poor beta guys —> rich (oftentimes beta) guys —> guys that lift —> rich guys that lift.
My unsolicited advice for your 250k/year figure:
make your money work for you, ie investments such as real estate holdings or stocks. I personally avoid things like bitcoin and penny stocks, but I know people who have made fortunes through these avenues.
if you go to college, don’t major in a bullshit degree. If you haven’t gone to college? Well, college isn’t a requirement to becoming rich.
the more important your role on a larger scale... the more you’re paid. Likewise, management positions typically command more money.
you can make insane amounts of money in almost any profession.
job hop or move to high cost of living areas and live as frugally as possible while there.
if it were super easy to make 250k/year.. we all would have done it by now. You may struggle at first.
be wary of spending or partying away your wealth. Money is like calories... you need to balance what’s going in and out.
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8008bumbs 6y ago
Real estate is a solid long term investment. Think about it like this. Population (globally and domestic) is historically always increasing which means demand for places to live is increasing over the long term. When demand increases price increases.
The best real estate investment would be in an area that is relatively low population but is expected to increase significantly over the short term. For example, if you had owned property next to the new tesla gigafactory before it was public knowledege the value would have increased significantly simply because of the increased population in that area.
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Bear-With-Bit 6y ago
RE > Stocks because nobody gives you a loan to buy stocks.
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Idunnowhy2 6y ago
Somebody is a Grant Cardone fan.
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kemchik 6y ago
By not sharing it with others if you got a method
i_forget_my_userids 6y ago
Why do you want to make $250k? What do you want to do? Life is about more than money.
Additionally, TRP is about sexual strategy. All the other bullshit that gets shoehorned in here is usually self-promotion or nonsense.
read_if_gay_ 6y ago
Enjoying life is hard if you don't have money. You're not free until you have enough money to never have to work again. With a decent career, by the point you're making 250k a year you should be close to financial independence. That's not a bad goal.
i_forget_my_userids 6y ago
My point is that 250k is beyond what's necessary for "happiness". I'm making less than 250k, but still 6 figures, and it's far beyond what I need for my own happiness. I have a job I like with good work/life balance.
Chasing money for the sake of money isn't a path to happiness.
read_if_gay_ 6y ago
Well, if OP is chasing money for the sake of money then I agree with you. Again though, racking up a couple mil in order to be truly free (i.e. getting fuck you money) is not a bad goal.
i_forget_my_userids 6y ago
A couple mil won't cut it for this generation, maybe for your parents' generation. I expect to retire at 55-60 with 12-15M and live another 40 years, but I'm probably older than you.
How many years do you expect to live after you retire? How much do you want to make per year in today's dollars? What year do you want to retire?
Answer those questions, and I'll tell you how much you'll need to have saved at retirement. I do financial mathematics for a living.
read_if_gay_ 6y ago
Sure, appreciate the offer.
Say 60 years after retirement in 2030 with 100k a year. There's no need to have much money left when I die.
I'd guess 3-5M will cut it.
i_forget_my_userids 6y ago
Assuming 6% APR growth on your account and 2.4% inflation rate, you need roughly 28 million in your retirement account in the year 2030.
The thing you're probably not considering: 100k in today's dollars equates to about 800k in your last year. Inflation is a bitch.
blister333 6y ago
Lol 12 million? Are you going to light 100 dollar bills on fire everyday?
i_forget_my_userids 6y ago
You're an idiot. Beginning when I'm 60, 12 million paid over 40 years (assuming 6% interest and 2.4% inflation) is only about $6,500 per month in today's dollars.
blister333 6y ago
Yep, you’re burning money alright
i_forget_my_userids 6y ago
That's not even the equivalent of 100k/yr.
alclarkey 6y ago
I think people who chase money for the sake of money are pretty rare. Most people want money to buy shit, not to sock away into an account they can show their friends how rich they are. And if you make enough of it, you can quit working and just fuck off most days.
i_forget_my_userids 6y ago
The biggest lie the middle/lower class sells to itself.
Look no further than OP. He has no idea what he wants to do. He just wants to be rich. What are his talents? What has he done? What does he enjoy?
None of that matters, apparently. He just wants to make 250k+
alclarkey 6y ago
Making 250k/yr, I would work for 10 years, sock away most of it, and have about a 1.5 mil in a 5% growth mutual fund (at least 5%) that would have me making 75k/yr without working. I could easily live on 75k/yr.
i_forget_my_userids 6y ago
What is inflation? Lol you kids are hilarious.
alclarkey 6y ago
.82%
Yeah, we're real cutups.
i_forget_my_userids 6y ago
Lol inflation is closer to 2.5% per year on average. You just googled "inflation rate" and read the top result... Which looks like 2016's rate. You know jack shit, kid.
Your $75k/yr is going to be about $20k in today's dollars after 35 years or so.
alclarkey 6y ago
2.5% is less than 5%. BTW 5% is the bare minimum. Besides, what exactly do you suggest to do?
Lego_My_Alter_Eggo 6y ago
Retire in my late 30s
i_forget_my_userids 6y ago
Lol good luck, kid. Sit on this thought for a moment:
If you're annually making enough to retire at 37, why would you quit working? You'd have to be making near 1M/yr.
3d_truth 6y ago
Why would you need 1m/year? Give me 2m and I could retire right now while growing my fortune via passive income.
i_forget_my_userids 6y ago
I talk about it in this thread. You would need a lot more than 2M to retire today and not live in poverty 40 years from now.
http://reddit.com/r/asktrp/comments/85vdpj/those_making_250000year_howd_you_do_it/dw0tpix
3d_truth 6y ago
OK thanks man, you just pushed my retirement back.
Lego_My_Alter_Eggo 6y ago
...... you said it yourself.
fucking lol.
i_forget_my_userids 6y ago
Lol okay buddy. Good luck.
Retstortion 6y ago
It is