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At what age did you/do you project you will become a millionaire? - Page 7

post #91 of 159
Quote:
Originally Posted by Icarus View Post
OMG LOL

This guy is linking me to a pdf of a industry comps survey.

You want to be right so bad. You're just desperate to save face, for no reason.

As soon as I saw the max comp for an MD, bonus and all, was 1.6, I literally laughed out loud. We're talking bulge bracket here, champ. There are hundreds (maybe even thousands) of little boutiques scattered all over the world, where there's usually 1 deal-maker, and the rest are people who want a work-life-balance and are fine making 1/2 to 1/3 of what the BB counterparts make. 400k was what VPs made 15 years ago. Get a life and stop trolling.

You see, and this comes from someone who doesn't care much about I-Banking, GDL has a proven track record of knowing how this particular industry works and debunking the myths surrounding it. Due to his job (or the one he had before, I don't follow) he even has to be aware of the specifics related to compensation in the industry and tend to justify his assertions with studies instead of "my banker buddy makes 2 million a year and works 103hrs a week". I'm sorry this offends you but he just has way more credbility, be it in this specific exchange or regarding past convos related to banking.
post #92 of 159
Quote:
Originally Posted by Icarus View Post
If true, that would explain everything. Nice edits, it's clear your amazing wit cannot fully flourish without an edit.

Sorry, I've been let down many ways in life. Intellect, millionaire ibanking friends, etc.
post #93 of 159
Quote:
Originally Posted by ramuman View Post
Sorry, I've been let down many ways in life. Intellect, millionaire ibanking friends, etc.

I meant his edits

LD>GLD
post #94 of 159
Quote:
Originally Posted by Icarus View Post
OMG LOL

This guy is linking me to a pdf of a industry comps survey.

I have to agree. Presenting hard data is cheating.
post #95 of 159
Quote:
Originally Posted by Piobaire View Post
I have to agree. Presenting hard data is cheating.

OMG, what're you doing in this thread? Don't you lease a car or something?
post #96 of 159
Quote:
Originally Posted by Piobaire View Post
I have to agree. Presenting hard data is cheating.
Working at a boutique and claiming to work in banking is cheating Edit: although, working at a firm with a less than stellar reputation can lead to some rewarding perks down the road, like becoming CEO of Allen Edmonds
post #97 of 159
Quote:
Originally Posted by v0rtex View Post
I have somewhat of a plan involving rental property that would put my net worth at $1m+ by that time, or at least well on the way to it.

Millionaire/wealth to me = net worth.

How does owning some rental property put you into the 1m range? You gotta first have/earn a million to buy a million in property (since you won't have time for it to appreciate so much).

last I checked net worth was more along the lines of assets - debts...which is why according to mint.com, my net worth is negative $255 after 10 months of my first real job (and its simply sum of my bank and retirement accounts - this months CC bill - loans...which actually means I have broken even on my student loans)

Quote:
Originally Posted by Piobaire View Post
Well, what can you safely count on off any nest egg type fund? 4%? 5%? So a million is 40-50k per year. Yes, very middle class.

Assuming no draw down of the equity and no other sort if income (ss/pension/other failing system), the pure safe interest on a million isn't that great. But...figure that at that point you have probably also paid off your house, paid for your kids college, etc. 50k a year (especially if a lot of it comes from tax free accounts) is not so bad.

Of course...who wants to only have a million in their nest egg? My online calculators suggest that if I never ever get a raise/promotion and keep working the same job for the rest of my life...I will have a good amount over 1m by 65
post #98 of 159
It's best to marry a wealthy closeted lesbian.
post #99 of 159
Quote:
Originally Posted by AR_Six View Post
As of the end of next summer I will be able to tell you for sure. Guessing mid-30's unless plans change drastically. A million isn't that much money really.

I like you but that's probably the most pompus thing I've read on this forum for a few weeks.
post #100 of 159
Quote:
Originally Posted by otc View Post
Assuming no draw down of the equity and no other sort if income (ss/pension/other failing system), the pure safe interest on a million isn't that great. But...figure that at that point you have probably also paid off your house, paid for your kids college, etc. 50k a year (especially if a lot of it comes from tax free accounts) is not so bad. Of course...who wants to only have a million in their nest egg? My online calculators suggest that if I never ever get a raise/promotion and keep working the same job for the rest of my life...I will have a good amount over 1m by 65
Could you please tell me about these tax free accounts? Even a ROTH, for those than can contribute to them, taxes the growth portion.
post #101 of 159
Really...saying you should just go be an MD at a bulge bracket firm is like telling someone who is trying to make their money through acting that they should just go and be on a hit TV show or be a supporting actor in a some blockbuster movies.

Sure...there are people that put down huge numbers at goldman but there are also lots of people who work at some regional bank, in some less glamorous sector, or simply tried their best and never got their big break offer.
post #102 of 159
Quote:
Originally Posted by Piobaire View Post
Could you please tell me about these tax free accounts? Even a ROTH, for those than can contribute to them, taxes the growth portion.

This is not true, a Roth IRA gives you zero taxes at withdrawl of the principal or the earnings. The only thing you might have to pay tax on are foreign dividends (that are taxed by the originating nation).

This would be why I am trying to put money in the roth before my AGI hits the limit.
post #103 of 159
Quote:
Originally Posted by otc View Post
This is not true, a Roth IRA gives you zero taxes at withdrawl of the principal or the earnings. The only thing you might have to pay tax on are foreign dividends (that are taxed by the originating nation).

This would be why I am trying to put money in the roth before my AGI hits the limit.

Thanks for correcting me. It has been a long time since I was concerned with ROTHs and thought only the contribution part was taken out tax free.

However, you used the plural, accounts. Are their others?
post #104 of 159
Quote:
Originally Posted by Piobaire View Post
Thanks for correcting me. It has been a long time since I was concerned with ROTHs and thought only the contribution part was taken out tax free.

However, you used the plural, accounts. Are their others?

Traditional IRA is tax exempt on contribution, but taxed on withdrawal. You silly big timer, I wish you hung out at the lower tax brackets.
post #105 of 159
Quote:
Originally Posted by ramuman View Post
Traditional IRA is tax exempt on contribution, but taxed on withdrawal. You silly big timer, I wish you hung out at the lower tax brackets.

His statement concerned tax free distributions. Trad IRA doesn't fit the bill.

Oh, here's a tidbit too: Trad IRA are not always tax exempt on contribution. Depending on our AGI, you don't get to contribute to a ROTH and if you contribute to an IRA, it's post-tax dollars. Nice, huh?
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