Talking stocks, trading, and investing in general

[brokencycle]

Just pay your fair share and shuddup!

CE warning

Spoiler

You're the real immigrants that suited should be warning about (obviously Hawaiians count as immigrants)

 

[Texasmade]

Yeah, we get it, you're screwing all of us honest tax payers over. No need to rub it in.

Isn't he Canadian so it's not like he's stealing our American tax $?

 

[Piobaire]

Isn't he Canadian so it's not like he's stealing our American tax $?

Been in the US probably since you were in diapers. Wow, that makes me feel old.

 

[venividivicibj]

GE wasted $50 billion on stock buybacks in the last decade and paid Jeff Immelt over $200 million to go away in 2017. Could sure use some of that cash right about now but, oh well, we can always **** our pensioners over.

how is this not in violation of fiduciary responsibility?

 

[Omega Male]

Trust in this rally is lowwww ...

 

[jbarwick]

I decided to keep some cash recently but again something like <5% portfolio. I actually decided to pay off my car as my rate is somewhere near my Marcus rate. Only like $6K left to pay so what the hell...total interesting savings is around $100

 

[Piobaire]

I've been growing my cash this year but only with fresh savings.

 

[brokencycle]

This is the type of people @Piobaire wants to emulate.

Inside the strange, secretive lives of rich millennial cheapskates

Daniel, 36, makes $270,000 a year as a corporate lawyer in Manhattan. But you’d never guess it if you saw his shabby apartment. The graduate of an elite law school, who declined to share his …

nypost.com

How does a guy working at a top law firm in Manhattan making almost $300k/yr, saving 70%, and maxing his IRA every year for almost 20 years, only have $400k saved?

 

[Piobaire]

He's a big fat liar or really stupid. I mean, he claims to have 400k and plans to retire in 3 years? Let's say his tax burden, for easy math, is 50% so he's got 135k disposable income. Thus 70% of 135k means he should be saving about 94k, so that 400k is just four years of saving for him.

He's stupid, lying, or more than likely, both.

 

[imatlas]

This is the type of people @Piobaire wants to emulate.

Inside the strange, secretive lives of rich millennial cheapskates

Daniel, 36, makes $270,000 a year as a corporate lawyer in Manhattan. But you’d never guess it if you saw his shabby apartment. The graduate of an elite law school, who declined to share his …

nypost.com

How does a guy working at a top law firm in Manhattan making almost $300k/yr, saving 70%, and maxing his IRA every year for almost 20 years, only have $400k saved?

That’s a damn good question. I was totally focused on how awful his life sounded to notice that he’s a serial fabricator.

 

[UnFacconable]

This is the type of people @Piobaire wants to emulate.

Inside the strange, secretive lives of rich millennial cheapskates

Daniel, 36, makes $270,000 a year as a corporate lawyer in Manhattan. But you’d never guess it if you saw his shabby apartment. The graduate of an elite law school, who declined to share his …

nypost.com

How does a guy working at a top law firm in Manhattan making almost $300k/yr, saving 70%, and maxing his IRA every year for almost 20 years, only have $400k saved?

He's a big fat liar or really stupid. I mean, he claims to have 400k and plans to retire in 3 years? Let's say his tax burden, for easy math, is 50% so he's got 135k disposable income. Thus 70% of 135k means he should be saving about 94k, so that 400k is just four years of saving for him.

He's stupid, lying, or more than likely, both.

Before calling someone stupid, maybe you should check your assumptions and wonder whether you've made a mistake in evaluating someone's statements.

According to the $270k noted in the article, he could make him a 3rd or 4th year attorney. Depends on which firm and what his bonus looks like of course. That means he probably worked for a few years before starting law school and used everything he saved to pay his expenses (which could easily be $200k just in tuition at a private law school), or just finished paying off his debt.

I'm not in any way endorsing his lifestyle or choices but there certainly isn't enough information in the article to assume that he's stupid and/or lying.

 

[brokencycle]

That guy has actually been in at least two articles I've seen in the past week talking about FIRE.

Also what is it with FIRE folks and $1m. At the age of 35 or 40, they're looking at $30-40k/yr to live on, and if their funds are in IRAs or 401ks like many of them claim it will be much less as they pay early withdrawal penalties.

Before calling someone stupid, maybe you should check your assumptions and wonder whether you've made a mistake in evaluating someone's statements.

According to the article the $270k could make him a 3rd or 4th year attorney. Depends on which firm and what his bonus looks like of course. That means he probably worked for a few years before starting law school and used everything he saved to pay his expenses (which could easily be $200k just in tuition at a private law school), or just finished paying off his debt.

I'm not in any way endorsing his lifestyle or choices but there certainly isn't enough information in the article to assume that he's stupid and/or lying.

If he put $5250 in an IRA since 19, assuming a 7% return on average, that would be worth about $200k right there.

Maybe he's not lying, and maybe he did go to law school later and paid for it himself, but my wife went to law school and accumulated a huge student loan debt. Together we don't make what he makes, and we don't live on rice and beans. We also have more than him saved if you count our house equity.

I just find his story dubious, and like I said it is the second or third time I've read it this week.

 

[gettoasty]

To avoid the premature withdrawal before 59.5 individuals can consider 72(t) distribution option.

 

[otc]

My guess would have to be:
- late to the law school party and is only a few years out.
- paid for law school with a combination of loans and savings and then paid loans down ASAP.
- was NOT a FIRE guy until recently.
- maxed his IRA and made some general savings, but probably wasn't simultaneously maxing a 401k and making a lot of savings that he could use pay for law school free and clear.
- didn't have a particularly high income pre-law school and spent/drank away a lot of it like most 23 year olds.

My guess is he stumbled across FIRE 6 years ago when looking to "get serious" with his finances as he headed towards his 30s and realized that feeling real good about himself for maxing his IRA wasn't going to cut it. Either law school was already on the table or he saw it as an avenue towards the FIRE life.

Alternative hypothesis is similar to the above but he finds FIRE after his 1L or 2L summer. Either he's casually looking at how to best handle the boatloads of money the BigLaw offer he just got is going to pay him and discovers that he could retire in 10 years, or he's dreading years of slaving to hopefully make partner and sees FIRE as a way out.

 

[Piobaire]

Before calling someone stupid, maybe you should check your assumptions and wonder whether you've made a mistake in evaluating someone's statements.

According to the $270k noted in the article, he could make him a 3rd or 4th year attorney. Depends on which firm and what his bonus looks like of course. That means he probably worked for a few years before starting law school and used everything he saved to pay his expenses (which could easily be $200k just in tuition at a private law school), or just finished paying off his debt.

I'm not in any way endorsing his lifestyle or choices but there certainly isn't enough information in the article to assume that he's stupid and/or lying.

Fair enough but still hard to believe for me. If he's done buy and hold index for the last 20 years, maxing IRAs as stated, given the market appreciation in the last decade and his current income/savings rate...

I mean, I had no where near 400k at 36, so he's way up on me...but just not feeling the veracity.