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At what age did you/do you project you will become a millionaire? - Page 4

post #46 of 159
Quote:
Originally Posted by Piobaire View Post
I really can't think of anyone that does not subtract liabilities from assets to find equity.

Killjoy.

There is alot of wishful thinking and masturbation is this thread, but the sad fact is that to ensure a prolonged and comfortable retirement regardless of eceonomic conditions will require over a million dollars in todays dollars and considerably more in future dollars.
post #47 of 159
Quote:
Originally Posted by Usul View Post
Killjoy.

There is alot of wishful thinking and masturbation is this thread, but the sad fact is that to ensure a prolonged and comfortable retirement regardless of eceonomic conditions will require over a million dollars in todays dollars and considerably more in future dollars.

Yes except that the concept of retirement is going to change quite a bit. Even now you see people working until they're very, very old.

I think retirement is a stupid idea. Why the fuck would you want to sit around letting your brain rot? I admire people who try their best to remain useful until they keel over. Retired people are some of the most pointlessly boring people one will ever meet. It makes one think that if they'd won the lottery in their 20s, they would have done fuck all.
post #48 of 159
I should also add that aiming for 1 million dollars doesn't mean what it used to. If you're going to be a materialistic fuck about it, 1 million is pretty "small timer", if Style Forum standards are put into real world effect. In relation to the rest of the world, it makes you fabulously wealthy, but in US standards 1 million in liquid assets isn't horrendously impressive, nor do I think it's worth sacrificing your life for, like many of you seem bent on doing. At least when I see my I-banking friends working 80+ hours a week, absolutely killing themselves, they're making that and more every single year. Making money a major goal in your life and being a career that will take you till you're 45 to make a million is a little sad... if of course, that is a major part of how you will identify yourself.
post #49 of 159
I don't think I'll be a millionaire. I am horrible with money. I don't make very much money. I lack the dedication/drive to do anything about this. oh well.
post #50 of 159
Should be any minute now, as soon as that Nigerian gentleman wires the funds into my account.
post #51 of 159
Quote:
Originally Posted by SField View Post
At least when I see my I-banking friends working 80+ hours a week, absolutely killing themselves, they're making that and more every single year.
Are you sure about that? You have to be pretty senior in banking to make that kind of income, and when you are, you rarely work 80+ hours/week nor are you killing yourself.
post #52 of 159
Thread Starter 
Quote:
Originally Posted by SField View Post
I should also add that aiming for 1 million dollars doesn't mean what it used to. If you're going to be a materialistic fuck about it, 1 million is pretty "small timer", if Style Forum standards are put into real world effect. In relation to the rest of the world, it makes you fabulously wealthy, but in US standards 1 million in liquid assets isn't horrendously impressive, nor do I think it's worth sacrificing your life for, like many of you seem bent on doing. At least when I see my I-banking friends working 80+ hours a week, absolutely killing themselves, they're making that and more every single year. Making money a major goal in your life and being a career that will take you till you're 45 to make a million is a little sad... if of course, that is a major part of how you will identify yourself.

Not sure what the particulars of your situation are, but I'm young enough that I can really use compound interest in my favor. I think via Roth IRAs and 401ks used in conjunction with stock and mutual fund investments reaching $1 million by retirement is very doable. Also, you have to keep in mind that when you have that kind of money, while not necessarily worth as much as it used to be, it gets a hell of a lot easier to make your second million.
post #53 of 159
Quote:
Originally Posted by Usul View Post
Killjoy.

There is alot of wishful thinking and masturbation is this thread, but the sad fact is that to ensure a prolonged and comfortable retirement regardless of eceonomic conditions will require over a million dollars in todays dollars and considerably more in future dollars.

Quote:
Originally Posted by SField View Post
Yes except that the concept of retirement is going to change quite a bit. Even now you see people working until they're very, very old.

I think retirement is a stupid idea. Why the fuck would you want to sit around letting your brain rot? I admire people who try their best to remain useful until they keel over. Retired people are some of the most pointlessly boring people one will ever meet. It makes one think that if they'd won the lottery in their 20s, they would have done fuck all.

Both of these are correct.

I figure I'll work in my "retirement." For me, the term just means that I do not have to work a real job, adhere to a real schedule, and have the financial freedom to have periods of total unemployment.
post #54 of 159
Quote:
Originally Posted by xchen View Post
Not sure what the particulars of your situation are, but I'm young enough that I can really use compound interest in my favor. I think via Roth IRAs and 401ks used in conjunction with stock and mutual fund investments reaching $1 million by retirement is very doable. Also, you have to keep in mind that when you have that kind of money, while not necessarily worth as much as it used to be, it gets a hell of a lot easier to make your second million.

This is a good plan, if you're very young. Don't forget though, you cannot contribute to a ROTH at a fairly low income cap. Also, traditional IRAs stop being tax deductible. It's all about the 400 plans, including 457s.
post #55 of 159
Thread Starter 
Quote:
Originally Posted by Piobaire View Post
This is a good plan, if you're very young. Don't forget though, you cannot contribute to a ROTH at a fairly low income cap. Also, traditional IRAs stop being tax deductible. It's all about the 400 plans, including 457s.

Trust me, I'm under it.
post #56 of 159
Quote:
Originally Posted by SField View Post
Yes except that the concept of retirement is going to change quite a bit. Even now you see people working until they're very, very old.

I think retirement is a stupid idea. Why the fuck would you want to sit around letting your brain rot? I admire people who try their best to remain useful until they keel over. Retired people are some of the most pointlessly boring people one will ever meet. It makes one think that if they'd won the lottery in their 20s, they would have done fuck all.

Yeah, I think most of the men in my family have worked at something until they dropped, and I expect to do the same.
post #57 of 159
Quote:
Originally Posted by xchen View Post
Trust me, I'm under it.

Kudos to you on starting early. I wish I had started 10 years earlier than I did.
post #58 of 159
Quote:
Originally Posted by gdl203 View Post
Are you sure about that? You have to be pretty senior in banking to make that kind of income, and when you are, you rarely work 80+ hours/week nor are you killing yourself.
Yes, VPs in early 30s... huge base salaries, massive bonuses (especially recently). Easily over a million every year. Hedge fund kids even more sometimes, and also similar age.
post #59 of 159
Quote:
Originally Posted by SField View Post
Yes, VPs in early 30s... huge base salaries, massive bonuses (especially recently). Easily over a million every year.
Possible, though very unlikely.
post #60 of 159
Quote:
Originally Posted by xchen View Post
Not sure what the particulars of your situation are, but I'm young enough that I can really use compound interest in my favor. I think via Roth IRAs and 401ks used in conjunction with stock and mutual fund investments reaching $1 million by retirement is very doable. Also, you have to keep in mind that when you have that kind of money, while not necessarily worth as much as it used to be, it gets a hell of a lot easier to make your second million.

How so? What really is the difference between making 1 dollar into 2 dollars? Is turning 1 mill into 2 really easier?

And I think 1 million for retirement in this day and age would be far from what most of you guys would consider "comfortable". Based on the kinds of lifestyles and champagne wishes I see here, 1 million for retirement is extremely middle class.
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