Post: #26

I reject consumerism and try my best to live a minimalist lifestyle. I certainly don't need more than 50k a year to live comfortably.

Post: #27

I take home well over 100,000 at 25 and honestly it doesn't mean much.

You shouldn't need more than 5000 a year disposable for a vacation, and 5000 a year for weekend trips, which is only 10gs a year extra money. Make more than that and it just starts going to dumb stuff/wasteful spending

Where I live the houses are all a million, so a mortgage will be biting into my take-home pay very quickly

Post: #28

Reduce expenses, invest the rest. Get your money working for you and you'll see a salary doesn't really matter.

Post: #29

(01-10-2017 09:29 AM)Sonoma Wrote:  I take home well over 100,000 at 25 and honestly it doesn't mean much.

You shouldn't need more than 5000 a year disposable for a vacation, and 5000 a year for weekend trips, which is only 10gs a year extra money. Make more than that and it just starts going to dumb stuff/wasteful spending

Where I live the houses are all a million, so a mortgage will be biting into my take-home pay very quickly

In USD or CAD? May I inquire as to your industry and role?

If CAD, that's only 74k which is pretty decent coin at 25. Good work!

Post: #30

This type of thinking is archaic.

Corporations aren't in the business of losing money, so they will lay off most people once they get close to a retirement age. There are loads of people in their 50s who are looking for work and are suicidal because of it.

Enjoy life, I cannot stress this enough.

No one knows how long you will live.

Make as much money as you can when you are young, then invest in something that will grow in the future.

Not easy, but sticking to basics like land and property seems to always work.

Post: #31

This is soooooo location dependent.

I mean, my previous job I was making 60K after taxes, and it was kind of average for the location, not bad but not good. Minimum wage worker would make 35k per year in that city.


Now 35k after taxes is waaaay above average for where I'm moving.
Minimum wage worker won't even make 4k per year.
Income is half. Rent is 4 times cheaper, food 5 times cheaper, party 10 times cheaper (literally, 10 times less for a cocktail or beer).

In absolute terms I will have less cash to invest. In relative terms I'll be better off. You have to find the balance between the two, but it's not so easy.


Also you guys are talking about net or gross? Income taxes can go from almost 0% to above 50% depending on where you live, you also have to take this into the equation.

Post: #32

My 2 cents: 1)rudebwoy has it dead on. Income is nice because banks will lend against it easily but should not be the end all.

2)What you really want is equity. Income has a diminishing return on effort, equity does not. Unless you live in a low tax jurisdiction.

Post: #33

Any books that go deeper into all of this?

Post: #34

The question is asking what is "acceptable" salary for a man.

The best thing about this forum is that most guys are following a lifestyle that is not acceptable to the mainstream.

I have a small pension for when I "retire", but I am not sitting around waiting for that money. I also had to grind it out for a few years in some BS corporate job to be able to get the pension.
I have a buddy who is going to get a huge pension from his teaching job, but again he doesn't even study that.

As mentioned before, the independent lifestyle is the only way to go in these tough times.

I speak to young guys taking their MBAs at top schools, even they are concerned about the future.

In my experience, life is a bitch.

Nothing good lasts forever, so enjoy it when it comes.

Post: #35

(01-10-2017 12:17 PM)rudebwoy Wrote:  This type of thinking is archaic.

Corporations aren't in the business of losing money, so they will lay off most people once they get close to a retirement age. There are loads of people in their 50s who are looking for work and are suicidal because of it.

Enjoy life, I cannot stress this enough.

No one knows how long you will live.

Make as much money as you can when you are young, then invest in something that will grow in the future.

Not easy, but sticking to basics like land and property seems to always work.

This is a flight to safety, tons of people are doubling down on hard assets in a inflationary environment. You can see it everywhere, when interest rates are super low and the TSX isn't moving much what are people going to buy? Hard assets.

It's harder and harder to get jobs that pay similar relative to before, like you said corporations aren't there to lose $.

I honestly think if you cracked 100k even in a major city in north america (USD or CAD), by 40 your doing really well and way ahead of the average guy.

Post: #36

(01-10-2017 12:17 PM)rudebwoy Wrote:  Make as much money as you can when you are young, then invest in something that will grow in the future.

Not easy, but sticking to basics like land and property seems to always work.

rudebwoy is completely right here: work hard, save, and get your money working for you.

I slaved away in the corporate world and put money into real estate and stocks.

My stock portfolio has been embarrassingly terrible, but real estate has paid off for me.

Instead of asking what is an acceptable salary, you should think about what is an acceptable net worth at different age milestones.

I think you should aim to hit a 7 figure net worth by your 40s or 50s and you can do that if you get your money working for you as early as possible.

Post: #37

Quote:I take home well over 100,000 at 25 and honestly it doesn't mean much.

You shouldn't need more than 5000 a year disposable for a vacation, and 5000 a year for weekend trips, which is only 10gs a year extra money. Make more than that and it just starts going to dumb stuff/wasteful spending

Where I live the houses are all a million, so a mortgage will be biting into my take-home pay very quickly

In USD or CAD? May I inquire as to your industry and role?

If CAD, that's only 74k which is pretty decent coin at 25. Good work!

I work for the government, and my wife's a L&D nurse, so it's dual income. It's USD, our take home is about 11 a month, but I live in the SF Bay Area, so it's a bit rough for housing

Post: #38

(01-11-2017 07:27 AM)Sonoma Wrote:  

Quote:I take home well over 100,000 at 25 and honestly it doesn't mean much.

You shouldn't need more than 5000 a year disposable for a vacation, and 5000 a year for weekend trips, which is only 10gs a year extra money. Make more than that and it just starts going to dumb stuff/wasteful spending

Where I live the houses are all a million, so a mortgage will be biting into my take-home pay very quickly

In USD or CAD? May I inquire as to your industry and role?

If CAD, that's only 74k which is pretty decent coin at 25. Good work!

I work for the government, and my wife's a L&D nurse, so it's dual income. It's USD, our take home is about 11 a month, but I live in the SF Bay Area, so it's a bit rough for housing

Counting dual income from marriage is cheating

Post: #39

yes but this is how most governments calculate income, if you look at single people's income across north america it's actually much lower than married with kids. This is how statistics are skewed so high in government reports on how much people make.

Post: #40

In my 20's <1 year out of college and I would not be surprised if I cracked 6 figures next year. And more after that. Maybe eventually 7 but that is a toss up (possible, but going to be tough). Others have done it but it takes a lot of work and some luck.

You have to plan early to make a lot of money young in most cases (at least in college), preferably high school. Otherwise, you will be playing catch up. Not a terrible thing, but the truth.

Post: #41

(01-14-2017 12:28 PM)qwertyuiop Wrote:  In my 20's <1 year out of college and I would not be surprised if I cracked 6 figures next year. And more after that. Maybe eventually 7 but that is a toss up (possible, but going to be tough). Others have done it but it takes a lot of work and some luck.

You have to plan early to make a lot of money young in most cases (at least in college), preferably high school. Otherwise, you will be playing catch up. Not a terrible thing, but the truth.

USD, right? What field are you in?

Post: #42

(01-14-2017 02:58 PM)Pollito Wrote:  

(01-14-2017 12:28 PM)qwertyuiop Wrote:  In my 20's <1 year out of college and I would not be surprised if I cracked 6 figures next year. And more after that. Maybe eventually 7 but that is a toss up (possible, but going to be tough). Others have done it but it takes a lot of work and some luck.

You have to plan early to make a lot of money young in most cases (at least in college), preferably high school. Otherwise, you will be playing catch up. Not a terrible thing, but the truth.

USD, right? What field are you in?

Yes. USD.

I have an engineering degree and went into sales post grad (selling for big blue chip firms with huge deal sizes -- not some shitty product). Sales can pay a ton but you have to perform.

The addicting part is that it is kind of like game, except the better you are the better your lifestyle.

Again, not easy. But if you are a hustler, can learn, are sociable, and are determined it can be done.

Post: #43

Also, why would you ever want to be average?

Post: #44

This thread needs more Scorpion.

G

Post: #45

I make close to $3600 CAD per month after taxes, Iam a 19 year old working multiple jobs though.

Post: #46

How others see you is not important. The most important thing is how you see yourself, because once you start seeing yourself the right way, people will notice your confidence and you'll be better at everything. So how much you earn at each decade isn't really important. The important thing is, when you hit 30, you're supposed to have enough passive income to be able to pay for your basic expenses and utilities without having to work. The time you use for "work" should be used to make money that'll be invested, not money that is used to pay your debt and rent.

I'd say that at 30, a passive income of $40k a year would be acceptable - obviously, that excludes the money you make actively, ie. through a job or self-employment.
By the time you reach 40, if you make $80k a year in passive income, you can qualify yourself as successful.

That's just IMO, and others might have different figures.

Post: #47

I would say $2000 per year of age is acceptable, but obviously you want to make more than that.

Post: #48

I think that people spend too much time worrying about salary when they should aim for happiness.

To me, your goal in life should be to be the guy that has seen the most places and has done the most awesome shit.

Go skydiving. Tomorrow. Go get on an airplane and jump the fuck out. That's a life's worth of wealth on its own.

Post: #49

(01-15-2017 09:54 PM)BrewDog Wrote:  I think that people spend too much time worrying about salary when they should aim for happiness.

To me, your goal in life should be to be the guy that has seen the most places and has done the most awesome shit.

Go skydiving. Tomorrow. Go get on an airplane and jump the fuck out. That's a life's worth of wealth on its own.

Still need money for those things.

Post: #50

Net Worth is way more important than income. High incomes are often offset by high living costs...closer to the center of major cities because of long hours etc.

I think the goal should be how many times the amount of money you need per year to live in your desired location you save i.e. 1x, 3x, 5x, 20x etc.

That would provide a lot more relevance.

If I retire with low seven figures in my 30s which I my plan to do. I will only spend about 50,000-60,000 in Cuba and other low cost of living countries. By Canadian standards I'd have a pretty moderate salary. By Cuban standards I'd be the 1% of the 1%.

The question should be how many times cost of living should a man have saved / have invested by certain milestones.

Comparing Joe in Dubai who makes $200,000 per year and Ken in Medellin who makes $50,000 per year isn't really a good comparison. Joe may have an objectively high income but have a substantially less enjoyable lifestyle then Ken.