|
|
|
1
|
2
|
3
|
4
|
5
|
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
|
20
|
21
|
22
|
23
|
24
|
25
|
26
|
|
27
|
28
|
29
|
30
|
|
|
|
|
|
107 registered members (wareagul, Lil_Fella, Jotjackson, HHSyelper, WMEC615, clayk, MurphySimmons, CAM, DryFire, dsmc, RareBreed, foldemup, longshot, m97, Overland, Woody1, donia, mzzy, Mully, gradythemachine, KENT, sawdust, JAT, Strictlybow, bobbyc, Cahabariverrat, Omega One, Morris, csanders, Bushmaster, rickyh_2, Chancetribe, Savage33, UncleHuck, 7PTSPREAD, fur_n_feathers, CrappieMan, Bowhunter84, 4Tigers, Chaser357, mdavis, Standbanger, bug54, Keysbowman, headshot1, globe, Ant67, Turkey_neck, Bulls eye, Hunting-231, Richard Cranium, MountainTopHunter, BraeBuckner, goodman_hunter, canvasback, jmj120, Mbrock, Atoler, slanddeerhunter, Backwater, canine933, BamaGuitarDude, geeb1, NVM1031, Okalona, Weedpicker, 000buck, jhardy, Lightfoot, Tree Dweller, Gunner211, hallb, kyles, bamaeyedoc, WEMOhunter, Dixiepatriot, gregnbc, Bustinbeards, CAL, BuckSpear, jdstephen44, Jweeks, Bread, stl32, twaldrop4, coosabuckhunter, gastoka, desertdog, hamma, cartervj, BACK40, BPI, Cabmlor4, abamadude, green river 123, trlrdrdave, Jwoods32, 10 invisible),
1,038
guests, and 0
spiders. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Re: How much money
[Re: klay]
#1562717
12/15/15 05:56 AM
12/15/15 05:56 AM
|
Joined: Feb 2013
Posts: 201
Southeast AL
Boxhauler
4 point
|
4 point
Joined: Feb 2013
Posts: 201
Southeast AL
|
Money management is key. Listen to some of Dave Ramsey. I don't do his whole plan, just pieces. We do twice as much stuff as some of the people I work with, with the same income. We just save and then buy. Never go in debt except a house, and maybe a vehicle. It's doable. ^^ This^^ Best sound money management that's available. If you follow his advice its hard to get into trouble. If you are in trouble with money its the most sensible approach to dig yourself out. To quote his main point , No matter how much you make, you have to "Make your money behave".
|
|
|
Re: How much money
[Re: akbejeepin]
#1562749
12/15/15 06:13 AM
12/15/15 06:13 AM
|
Joined: Dec 2009
Posts: 5,517
Land of the free because of th...
mike35549
12 point
|
12 point
Joined: Dec 2009
Posts: 5,517
Land of the free because of th...
|
The median household income in AL is $42,849. With what would be considered middle class 28,708 - 85,698. I would think anyone that is making close to or more than the upper limit of what is considered middle class should be able to live a comfortable life, and not have to live paycheck to paycheck. Now if you are at the lower end it may be tough. In the country if your household income is 150,000 or more you are in the top 10% of earners. If you are in this bracket and still living paycheck to paycheck you have made some poor financial decisions. A lot of people buy to much house to many high dollar cars etc etc and wonder why they never have any money.
If you're gonna be stupid you better be tough.
|
|
|
Re: How much money
[Re: jlbuc10]
#1562836
12/15/15 07:04 AM
12/15/15 07:04 AM
|
Joined: Apr 2010
Posts: 3,290
Near the Trussell
BPS
10 point
|
10 point
Joined: Apr 2010
Posts: 3,290
Near the Trussell
|
100k per couple doing what to want without debt on toys, and a house!!!!???? My wife and I are close to that 100k mark and we have $150K house and no toys, and own both of our cars outright. We live modestly, but still are pay check to pay check. To do what I would want, bigger house, new trucks, tropical vacations, any hunting gear less than 10 years old, buy name brand products, pretty not have to think if I can afford this or not on every purchase. $250K minimum per household easy I would agree that we fit in this income bracket. I don't live pay check to pay check though (dont take that wrong jlbuc10). I keep a some money in savings for the unexpected. However I have to live like I'm paycheck to paycheck because if I don't then it wouldn't take long and I would be. I'd love a new truck but can't find a reason to sell a great running 13yr old truck that's been paid for for a long time and have to start making insane monthly payments for a new one. I spend money on my lease but other than that my gear is 5-7yrs old. With 2 kids, a mortgage and normal utilities, insurance etc it's pretty hard to live a lavish lifestyle making less than $100k combined. We don't struggle but there are definitely a lot of "wants" that just aren't practical without diving into debt. I learned the hard way. I've been in a decent amount of debt before just to survive, because my pay was commission base and I made 70% of my yearly income 6 months of the year. Changed jobs and dug myself out and hope to never go there again. With that said you can live comfortable in that range but must be disciplined. Having said all this I can't give you the perfect number because I've never been there. I know guys that make 3x what we make and live paycheck to paycheck. It's all about discipline. Good for you for teaching him though.
If your decoy doesnt have holes in it, your not letting him get close enough... J.H.
"Life lessons are almost never found where you think they should be, sometimes they're in the middle of a small, muddy creek in the woods with steep banks"... DeadorAlive
|
|
|
Re: How much money
[Re: Rebelman]
#1562886
12/15/15 07:33 AM
12/15/15 07:33 AM
|
Joined: Nov 2011
Posts: 22,097
USA
Remington270
Freak of Nature
|
Freak of Nature
Joined: Nov 2011
Posts: 22,097
USA
|
100k per couple doing what to want without debt on toys, and a house!!!!???? My wife and I are close to that 100k mark and we have $150K house and no toys, and own both of our cars outright. We live modestly, but still are pay check to pay check. Ya'll are doing something wrong. 100K bring home pay would be ~$6,250 (after taxes and health insurance) -$1,100 mortgage (15 years) -$500 Groceries -700 Utilities (tv,cell phone, power, etc) ---------------------- ~$4,000/month for spending, tithing, and savings No way a family of two should be paycheck to paycheck at $100K income. Yep, I'm well under that and we're fine. Saving and all.
|
|
|
Re: How much money
[Re: FurFlyin]
#1562924
12/15/15 08:02 AM
12/15/15 08:02 AM
|
Joined: Oct 2008
Posts: 1,401
Albertville
rblaker
8 point
|
8 point
Joined: Oct 2008
Posts: 1,401
Albertville
|
If I was 19 years old I would buckle down in college unlike what I did when I was 19 and I would either go to pharmacy school or dental school. I have a friend who is a dentist and he wants for nothing that money can buy. I'm not exactly sure what direction pharmacy is heading with all this healthcare BS but I can say that I enjoy my job. School has been tough but worth it.
|
|
|
Re: How much money
[Re: FurFlyin]
#1563116
12/15/15 10:07 AM
12/15/15 10:07 AM
|
Joined: Sep 2006
Posts: 2,685
West Florida
westflgator
10 point
|
10 point
Joined: Sep 2006
Posts: 2,685
West Florida
|
If I was 19 years old I would buckle down in college unlike what I did when I was 19 and I would either go to pharmacy school or dental school. I have a friend who is a dentist and he wants for nothing that money can buy. It really depends on if you're talking about just making a decent living and also planning for a future nest egg, or if your just talking about having a job where you can make good money and fulfill a desire to serve the community like a dentist or a pharmacist. This is what I mean...If I was 18-19 again and know what I know now, and I was just looking at just dollars and cents, here are two hypothetical but realistic options: 1. Become a dentist - 8 years of college to become a dentist - Average debt around 200k in student loans to pay back. Most likely no extra income during this time due to the demands of school. Age when I get out into the workforce putting my degree to work would be approximately 27. - Start working at 27 with an average salary for dentist being around 150k per year. Depending on the route I take there will be considerable expenses in opening a practice, carrying malpractice insurance and then of course there are those nagging student loans to payback. Not sure what my remaining cash flow would be, but you get the point it wouldn't be anywhere near $150k until I was well established, which would probably take several years. Second scenario 2. Go to trade school to become a welder (just example could be one of many trades) for 1 year - cost approximately 4-6k. - Average salary 40k (much higher if willing to travel). Since this is a what I would do if I was 19, I would be willing to travel for a few years to get ahead then settle down. This scenario would put me in the 60-80k range when you include the per diem. I use this example because one of my sons best friends did this very thing, and was actually making over 80k, so I feel I'm being conservative. - Making 70k per year at 20, would have approximately 50k after taxes. Live off of half and invest half. - Buy a entry level (single wide mobile) rental that I can rent for $500 per month = $6k per yr - 25-30% expenses (includes a management fee since I'm on the road)= 4k per year cash flow. I am now 21 years old - Replicate the last step in year 3 = another 4k per year cash flow. Now 22 years old. - Replicated the last couple of years but now I can reinvest the profits from the last couple of years and buy a nice rental which will rent for $600 per month leaving me an extra $5400 per year cash flow. Now 23 years old. - By the way these real estate investments will also allow me to reduce my taxable income due to the depreciation associated with these investments so by now I'm probably only paying 15k in taxes giving me an additional 5k per year to invest. Which is a total of $18,400 just from investments plus 25k of my salary for a total of $43,400 to buy another rental that can rent for $600 bringing in another $5400 cash flow. I'm now 24 (in the 1st scenario I'm almost 1/2 way through college). - Continue to do this every year only buy a little nicer rental each year, which will rent just a little higher. At this point probably increasing rent by $1200 per year on the new ones. - Fast forward to 27 I now have 7 rentals (all paid for) bringing in a total of $47,000 per year cash flow after expenses (including a management fee). In scenario 1 I'm just graduating college with 200k in debt. In this scenario I'm making $47k per year whether I work or not (putting my money to work for me, rather than me working for my money) plus I'm still making $70k per year at my welding job. - At this point I can decide if I want to settle down and make less money per year welding by not traveling. Or I can continue to work a few more years and buy enough rentals to completely replace me income and retire at 30. I'm not knocking becoming a dentist or a pharmacists, my point of this post is to show that sometimes we teach our kids that college is the end all be all to success. Truth is a dream with a clear vision of what your goals are, a strategy of how to get there, discipline to stick to it, a hard work ethic, and a never give up attitude are the ingredients to reaching those goals. P.S. These numbers aren't pulled out of the air. I have bought several properties in the last couple of years in the $20k to $30k range that are bringing in more per month than the figures I used above. I only wish that I had understood these concepts at 19. I was traveling as a contract cable splicer in the telecommunications industry at that age and was making very good money, but had no idea of what if meant to invest it wisely. If I would of had these goals and understood these concepts, I would have been retired years ago. Unfortunately my strategy at the time was, I'm young enjoy my money now, I can keep making this kind of money for years to come, so I will do my investing later on...wrong answer. The industry changed, it got more competitive and prices went down. I moved back home and took a job with a local Telco making much less money than I was used to. But it's never too late to get started...just wish I had known it at 19.
|
|
|
Re: How much money
[Re: westflgator]
#1563127
12/15/15 10:18 AM
12/15/15 10:18 AM
|
Joined: Sep 2015
Posts: 9,541
Montgomery, AL
jbc
14 point
|
14 point
Joined: Sep 2015
Posts: 9,541
Montgomery, AL
|
If I was 19 years old I would buckle down in college unlike what I did when I was 19 and I would either go to pharmacy school or dental school. I have a friend who is a dentist and he wants for nothing that money can buy. It really depends on if you're talking about just making a decent living and also planning for a future nest egg, or if your just talking about having a job where you can make good money and fulfill a desire to serve the community like a dentist or a pharmacist. This is what I mean...If I was 18-19 again and know what I know now, and I was just looking at just dollars and cents, here are two options: 1. Become a dentist - 8 years of college to become a detist - Average debt around 200k in student loans to pay back. Most likely no extra income during this time due to the demands of school. Age when I get out into the workforce putting my degree to work would be approximately 27. - Start working at 27 with an average salary for dentist being around 150k per year. Depending on the route I take there will be considerable expenses in opening a practice, carrying malpractice insurance and then of course there are those nagging student loans to payback. Not sure what my remaining cash flow would be, but you get the point it wouldn't be anywhere near $150k until I was well established, which would probably take several years. Second scenario 2. Go to trade school to become a welder (just example could be one of many trades) for 1 year cost approximately 4-6k. - Average salary 40k (much higher if willing to travel). Since this is a what I would do if I was 19, I would be willing to travel for a few years to get ahead then settle down. This scenario would put me in the 60-80k range when you include the per diem. I use this example because one of my sons best friends did this very thing, and was actually making over 80k, so I feel I'm being conservative. - Making 70k per year at 20, would have approximately 50k after taxes. Live off of half and invest half. - Buy a entry level (single wide mobile) rental that I can rent for $500 per month = $6k per yr - 25% expenses (includes a management fee since I'm on the road)= 4k per year cash flow. I am now 21 years old - Replicate the last step in year 3 = another 4k per year cash flow. Now 22 years old. - Replicated the last couple of years but now I can reinvest the profits from the last couple of years and buy a nice rental which will rent for $600 per month leaving me an extra $5400 per year cash flow. Now 23 years old. - By the way these real estate will also allow me to reduce my taxable income due to the depreciation associated with these investments so by now I'm probably only paying 15k in taxes giving me an additional 5k per year to invest. Which is a total of $18,400 just from investments plus 25k of my salary for a total of $43,400 to buy another rental that can rent for $600 bringing in another $5400 cash flow. I'm now 24 (in the 1st scenario I'm almost 1/2 way through college). - Continue to do this every year only buy a little nicer rental each year, which will rent just a little higher. At this point probably increasing rent by $1200 per year on the new ones. - Fast forward to 27 I now have 7 rentals bringing in a total of $47,000 per year cash flow after expenses (including a management fee). In scenario 1 I'm just graduating college with 200k in debt. In this scenario I'm making $47k per year whether I work or not (putting my money to work for me rather than me working for my money) plus I'm still making $70k per year at my welding job. - At this point I can decide if I want to settle down and make less money per year welding by not traveling. Or I can continue to work a few more years and buy enough rentals to completely replace me income and retire at 30. I'm not knocking becoming a dentist or a pharmacists, my point of this post is to show that sometimes we teach our kids that college is the end all be all to success. Truth is a dream with a clear vision of what your goals are, a strategy of how to get there, discipline to stick to it, a hard work ethic, and a never give up attitude are the ingredients to reaching those goals. P.S. These numbers aren't pulled out of the air. I have bought several properties in the last couple of years in the $20k to $30k range that are bringing in more per month than the figures I used above. But dentists don't work on Fridays
|
|
|
Re: How much money
[Re: akbejeepin]
#1563152
12/15/15 10:34 AM
12/15/15 10:34 AM
|
Joined: Nov 2013
Posts: 11,074
coffee county
goodman_hunter
Booner
|
Booner
Joined: Nov 2013
Posts: 11,074
coffee county
|
y'all going about this wrong. Let him work a summer as a roofer or something. Then ask him if thats what he wants to do all day AND still be broke. next question.
"A moment of realization is worth a thousand prayers"
|
|
|
Re: How much money
[Re: goodman_hunter]
#1563298
12/15/15 12:11 PM
12/15/15 12:11 PM
|
Joined: Jul 2010
Posts: 9,861
B'ham
Goatkiller
14 point
|
14 point
Joined: Jul 2010
Posts: 9,861
B'ham
|
I agree. Roofing would be good. If he doesn't know at 19 life is about to really suck when he gets cut off I am not sure talking to him is going to do much good.
I grew up poor. My family about lost everything we own when cotton bottomed in the early 1980's. And that was when I was a kid and times were hard, real hard. I mean Spam and Salmon Patties 4-5 nights a week hard.
My Dad worked me like a rented mule man. We cut firewood and stacked square bales to pay the light bill. I made good grades and went to college.
Obama says I'm rich. Been a long uphill battle, but you gotta know deep down you don't want to be poor. Best way to know that is live it. He gets around some real live poor folks it will open his eyes quick, or else this is a lost cause. Little too old at 19 to be laying the groundwork in my opinion.
Last edited by Goatkiller; 12/15/15 12:13 PM.
No government employees were harmed in the making of this mess.
|
|
|
Re: How much money
[Re: westflgator]
#1563327
12/15/15 12:28 PM
12/15/15 12:28 PM
|
Joined: Dec 2009
Posts: 9,593
Trussville
toothdoc
14 point
|
14 point
Joined: Dec 2009
Posts: 9,593
Trussville
|
If I was 19 years old I would buckle down in college unlike what I did when I was 19 and I would either go to pharmacy school or dental school. I have a friend who is a dentist and he wants for nothing that money can buy. It really depends on if you're talking about just making a decent living and also planning for a future nest egg, or if your just talking about having a job where you can make good money and fulfill a desire to serve the community like a dentist or a pharmacist. This is what I mean...If I was 18-19 again and know what I know now, and I was just looking at just dollars and cents, here are two hypothetical but realistic options: 1. Become a dentist - 8 years of college to become a dentist - Average debt around 200k in student loans to pay back. Most likely no extra income during this time due to the demands of school. Age when I get out into the workforce putting my degree to work would be approximately 27. - Start working at 27 with an average salary for dentist being around 150k per year. Depending on the route I take there will be considerable expenses in opening a practice, carrying malpractice insurance and then of course there are those nagging student loans to payback. Not sure what my remaining cash flow would be, but you get the point it wouldn't be anywhere near $150k until I was well established, which would probably take several years. Second scenario 2. Go to trade school to become a welder (just example could be one of many trades) for 1 year - cost approximately 4-6k. - Average salary 40k (much higher if willing to travel). Since this is a what I would do if I was 19, I would be willing to travel for a few years to get ahead then settle down. This scenario would put me in the 60-80k range when you include the per diem. I use this example because one of my sons best friends did this very thing, and was actually making over 80k, so I feel I'm being conservative. - Making 70k per year at 20, would have approximately 50k after taxes. Live off of half and invest half. - Buy a entry level (single wide mobile) rental that I can rent for $500 per month = $6k per yr - 25-30% expenses (includes a management fee since I'm on the road)= 4k per year cash flow. I am now 21 years old - Replicate the last step in year 3 = another 4k per year cash flow. Now 22 years old. - Replicated the last couple of years but now I can reinvest the profits from the last couple of years and buy a nice rental which will rent for $600 per month leaving me an extra $5400 per year cash flow. Now 23 years old. - By the way these real estate investments will also allow me to reduce my taxable income due to the depreciation associated with these investments so by now I'm probably only paying 15k in taxes giving me an additional 5k per year to invest. Which is a total of $18,400 just from investments plus 25k of my salary for a total of $43,400 to buy another rental that can rent for $600 bringing in another $5400 cash flow. I'm now 24 (in the 1st scenario I'm almost 1/2 way through college). - Continue to do this every year only buy a little nicer rental each year, which will rent just a little higher. At this point probably increasing rent by $1200 per year on the new ones. - Fast forward to 27 I now have 7 rentals (all paid for) bringing in a total of $47,000 per year cash flow after expenses (including a management fee). In scenario 1 I'm just graduating college with 200k in debt. In this scenario I'm making $47k per year whether I work or not (putting my money to work for me, rather than me working for my money) plus I'm still making $70k per year at my welding job. - At this point I can decide if I want to settle down and make less money per year welding by not traveling. Or I can continue to work a few more years and buy enough rentals to completely replace me income and retire at 30. I'm not knocking becoming a dentist or a pharmacists, my point of this post is to show that sometimes we teach our kids that college is the end all be all to success. Truth is a dream with a clear vision of what your goals are, a strategy of how to get there, discipline to stick to it, a hard work ethic, and a never give up attitude are the ingredients to reaching those goals. P.S. These numbers aren't pulled out of the air. I have bought several properties in the last couple of years in the $20k to $30k range that are bringing in more per month than the figures I used above. I only wish that I had understood these concepts at 19. I was traveling as a contract cable splicer in the telecommunications industry at that age and was making very good money, but had no idea of what if meant to invest it wisely. If I would of had these goals and understood these concepts, I would have been retired years ago. Unfortunately my strategy at the time was, I'm young enjoy my money now, I can keep making this kind of money for years to come, so I will do my investing later on...wrong answer. The industry changed, it got more competitive and prices went down. I moved back home and took a job with a local Telco making much less money than I was used to. But it's never too late to get started...just wish I had known it at 19. Truth!
|
|
|
Re: How much money
[Re: toothdoc]
#1563328
12/15/15 12:29 PM
12/15/15 12:29 PM
|
Joined: May 2012
Posts: 8,670
NW Alabama
R_H_Clark
Leupold Pro Staff
|
Leupold Pro Staff
Joined: May 2012
Posts: 8,670
NW Alabama
|
$150k after taxes and you can do pretty much whatever you want. So that would be about $450k before taxes and insurance?
|
|
|
Re: How much money
[Re: R_H_Clark]
#1563345
12/15/15 12:45 PM
12/15/15 12:45 PM
|
Joined: Nov 2011
Posts: 22,097
USA
Remington270
Freak of Nature
|
Freak of Nature
Joined: Nov 2011
Posts: 22,097
USA
|
$150k after taxes and you can do pretty much whatever you want. So that would be about $450k before taxes and insurance? How ya figure? $450K pre-tax is WAY more than $150K post-tax.
|
|
|
|
