Monger income

[VJLUTZ]

True. Saving is key. But it’s a balance. I sure as heck ain’t going to die with $2 million in the bank for someone else to spend. Enjoy your money responsibly is my motto.

I'm generally not a big fan of Warren Buffett, but he is 1000% correct with the below quote. I believe he was mostly referring to dividends. The nice thing about dividends is that, once qualified, they are taxed at a much lower rate than the rest of your income.

“If you don't find a way to make money while you sleep, you will work until you die.”

https://www.goodreads.com/quotes/8760232-if-you-don-t-find-a-way-to-make-money-while

 

[VJLUTZ]

So I would think you would need an income in excess of $100k minimum and probably a fair amount more if you go a lot or see high-end providers.

Ask Hunter Biden about that.

 

[markkennedy]

I'm generally not a big fan of Warren Buffett, but he is 1000% correct with the below quote. I believe he was mostly referring to dividends. The nice thing about dividends is that, once qualified, they are taxed at a much lower rate than the rest of your income.

“If you don't find a way to make money while you sleep, you will work until you die.”

https://www.goodreads.com/quotes/8760232-if-you-don-t-find-a-way-to-make-money-while

This is the way ^^^

I used to tell my guys every chance I got, that passive income is the only way to truly win. No one ever "got rich" working hourly without setting up passive income. Inflation and monetary policy is directly related and tied reversibly to average wages, so of course it is no possible to ever get anywhere making near the average only. I have my guys in my plant now I have a "money chat" with them, whoever wants to show up, once a month. Kind of an informal thing where we discuss ways they can make their money stretch and or better prepare for retirement or unforseen disaster. Since I bought this plant, I've been doing an employee ownership program for exactly that purpose, and the one PorterD mentioned, so that not only are they empowered to make something of their wages and future (and I get the benefit of deferring their salaries), and I don't die with money unspent for someone else to enjoy. In my religion teaching is paramount, is the highest calling and is a requirement of every person. I have guys in the plant who put just 20 bucks a pay into the program, but they're in their 20s; each one of those Jackso's will be very very helpful when they're 60 or 70 or 80.

 

[DS71]

If you think about what people spend on travel/vacations, this hobby seems like a decent value. I know people that spend 30/40k per year going on trips. Personally, I find travel to extremely overrated.

 

[이 회장님]

Working a 9-5 job is just making a salary. To have financial freedom, I recommend becoming an entrepreneur and putting yourself on the map.

 

[PorterD]

I'm generally not a big fan of Warren Buffett, but he is 1000% correct with the below quote. I believe he was mostly referring to dividends. The nice thing about dividends is that, once qualified, they are taxed at a much lower rate than the rest of your income.

“If you don't find a way to make money while you sleep, you will work until you die.”

https://www.goodreads.com/quotes/8760232-if-you-don-t-find-a-way-to-make-money-while

So true! Passive income is the way. It becomes a domino effect over time. If you make $12k this year in passive income and reinvest it. Next year it’s $14k and so on…. Until 20 years from now when it’s like $500k a year. Can’t wait!

 

[TIskier]

So true! Passive income is the way. It becomes a domino effect over time. If you make $12k this year in passive income and reinvest it. Next year it’s $14k and so on…. Until 20 years from now when it’s like $500k a year. Can’t wait!

Compound interest. Study it. Learn it . Live it. Be it.

 

[jfox987]

here for information on making more $

 

[VJLUTZ]

here for information on making more $

Here's my general rules for acquiring (and keeping) wealth. Stick to these and, at the very least, you probably be in the upper 20% eventually.


DO:
-- Get your shit together (preferably by 25)
-- Learn a trade or major in something useful at college
-- Save consistently
-- Get the 401K match at work
-- Invest your money wisely
-- Live slightly below your means when you are younger
-- Pay off your credit card balances monthly
-- Buy a house (in a good location)
-- Ask for a raise periodically (even if you don't deserve one)
-- Take calculated risks


DON'T:
-- Be a lazy ass, especially if you are under 50
-- Be a fuck up (any age)
-- Acquire bad habits (drugs, cigarettes, lottery tickets)
-- Marry a bimbo
-- Get divorced
-- Engage in lawfare with your EX (especially about the kids, 'cause she will win)
-- Live beyond your means if you are under 40
-- Spend money on stupid shit you don't need
-- Get buried in debt

 

[VJLUTZ]

To have financial freedom, I recommend becoming an entrepreneur and putting yourself on the map.

I agree, but many people can't. They just don't have the right combination of skills, smarts, optimism and appetite for risk. I've always been lagging on the appetite for risk and optimism parts. I'm doing pretty well, but could have been much wealthier had I been more willing to take more/bigger risks in my youth.

I do some people who have become entrepreneurs and (eventually) done quite well. However, they always fail and some point and lose almost everything. But they successful ones have the resilience to bounce back. For most who take that path, it's not a straight line to riches.

 

[AutomaticSlim]

-- Get your shit together (preferably by 25)

Easier said than done.
And honestly without a mentor...ain't gonna happen.
I've NEVER gotten my shit together. I was simply fortunate enough to go acquire a marketable skill in college and be "anti-corporate" enough to consult for nearly 30 years.
But all your bullet points are great advice.

Personally, I find travel to extremely overrated.

#metoo

Working a 9-5 job is just making a salary.

Obviously this depends on the job/skillset. A "gender studies" major is shit out of luck.

I was wondering how much you all make per year to be able to frequent this hobby.

I'd rather not outright post what I make but I will say I spend a lot on providers. This is not so much because I am "rich" but rather because I don't spend on other things like a big condo, expensive cars, Armani suits, fancy vacations, single malt scotch (blech!) or anything else I consider unnecessary. I have no desire for luxury items other than young, pretty girls and occasional as night out at a fine dining restaurant. I could retire now if I really wanted, but I keep working even though it is stressful at times, it's not SO stressful that it is making me miserable. My goal is absolutely to die broke. Not leaving my money to anyone. Oh...and also...never married, no kids.

 

[markkennedy]

here for information on making more $

Will again go back to what I said about "its not what you make its what you keep". @VJLUTZ advice and list of DO and DONT is spot on. But the income part no everyone has ability to incrwse. EVERYONE has ability to control spending and make their income stretch to the max. If you make 100 bucks and ask for raise, and boss says no, you either move or accept. If you accept, then only way to improve bottom line is clean up expenses

For ten years I taught a class for the state around household finance, attended by state welfare program recipients. Number one mistake I saw on the first day was that people had no concept of where their money was going. When we charted it, most were completely amazed that they were basically working for Wawa and the town chinese restaurant. Trade "wawa coffee and sandwich for 15 bucks every day" for "cereal at home for 1$", and you got a 2.10$ an hour raise. Trade "going out for lunch and dinner every day for 40 bucks" for "make your own lunch and dinner like a grownup for 12 bucks" and you gave yourself another 4.60$ an hour raise. Your boss did not need to approve this, YOU are your boss and YOU do this thing.

 

[markkennedy]

Coincidentally, in my above example, improving your bottom line by the amounts mentioned results in a take home of 268 a week. In my area at least, this is "FS with ALL the extras" money. Jussayin

 

[VJLUTZ]

@VJLUTZ advice and list of DO and DONT is spot on. But the income part no everyone has ability to incrwse.

Yeah, I'd say that very few people will do everything on this list. My estimate is a maximum of 10% of the population are capable. But it's something to shoot for.

I've NEVER gotten my shit together. I was simply fortunate enough to go acquire a marketable skill in college and be "anti-corporate" enough to consult for nearly 30 years.

I dunno. It seems to me like you largely have your shit together. Almost no one has there shit together in every single dimension of their lives. I know I don't. If nothing else, we are all on these boards because we crave sex to an extreme degree (which obviously has its upsides and downsides).

A "gender studies" major is shit out of luck.

Have you never heard of DEI? That is a major employer of those bozos. And, of course, there are the Witches covens (HR departments).

 

[Papiloco]

Easier said than done.
And honestly without a mentor...ain't gonna happen.
I've NEVER gotten my shit together. I was simply fortunate enough to go acquire a marketable skill in college and be "anti-corporate" enough to consult for nearly 30 years.
But all your bullet points are great advice.


#metoo


Obviously this depends on the job/skillset. A "gender studies" major is shit out of luck.


I'd rather not outright post what I make but I will say I spend a lot on providers. This is not so much because I am "rich" but rather because I don't spend on other things like a big condo, expensive cars, Armani suits, fancy vacations, single malt scotch (blech!) or anything else I consider unnecessary. I have no desire for luxury items other than young, pretty girls and occasional as night out at a fine dining restaurant. I could retire now if I really wanted, but I keep working even though it is stressful at times, it's not SO stressful that it is making me miserable. My goal is absolutely to die broke. Not leaving my money to anyone. Oh...and also...never married, no kids.

I am a fan of yours man! Especially with your last sentence.

 

[markkennedy]

Have you never heard of DEI? That is a major employer of those bozos. And, of course, there are the Witches covens (HR departments).

In Nazi Germany, the cynical Nazis used phrases like "arbeit Macht frei" and "jedem das seine" while mocking their supposed lessers. Is ironic that this term used "DEI" which basically means "fuck off alphas, keep making everything and doing everything and inventing everything and building everything, but now you work while we play", is directly from Latin for God or "of God". Think is a coincidence?

 

[VJLUTZ]

s ironic that this term used "DEI" which basically means "fuck off alphas, keep making everything and doing everything and inventing everything and building everything, but now you work while we play",

I could write a book about everything wrong with DEI (and maybe one day I will). But the most fucked up aspect of it is the "Equity" part. it really should be "Equality", as in equality of opportunity and equality under the law. But its not. "Equity" implies that we are all entitled to the same slice of the pie just for being. This is obviously total bullshit to anyone who has done time in the real world. But the whole DEI thing is being pushed by Marxists whose stock-in-trade is ignoring reality. All they want is power and they don't care if they have to turn the world into a shithole to get it. They also play to the fact that most women have a communal mentality, so Marxism appeals to them at some level.

is directly from Latin for God or "of God". Think is a coincidence?

That's a very interesting observation. I concur that its not a coincidence. It's probably a marketing gimmick intended, on some unconscious level, to appeal to the more religious among us.

 

[AutomaticSlim]

It's probably a marketing gimmick intended, on some unconscious level, to appeal to the more religious among us.

I think if anything, it is more to mock...

 

[markkennedy]

I think if anything, it is more to mock...

For me, it meant "we are your overlords". I remember a rather famous clansman who was also a powerful senator, who said that, after the 'great society" movement was successful, he wondered if the oppressed would treat the oppressors fairly when given unearned power. He posited yes, while voting for these things. He was clearly wrong. Maybe Rand (o"connor) was right. Or maybe Darth Vader was.

 

[TempAmpBurner69]

I agree with some of the points above, it definitely does help to get a high paying job before 25.