Post: #101

If you aren't ivy league, you stand virtually no chance of being taken seriously in NYC for entry level investment banking jobs. I'm not trying to be condescending, that's just the way it is. Having said that though, if you can play the social ladder and network the right way, you can get your foot in the door. It might not be the exact position you had in mind, but you have to start somewhere.

Your school's alumni network will be extremely valuable to you, no matter what university you go to.

Internship experience is crucial, however unlike in the past where that was a stepping stone to an entry level position, it now guarantees nothing.

Post: #102

(01-22-2012 05:15 PM)MikeCF Wrote:  250K after taxes is 12 a month.

You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

So you have 9 grand left over.

Get a sick car for another grand.

You have 8 grand.

Even eating out every day is going to be at most 2 grand.

Now you're "down" to 6.

You guys are cracking me up with your, "250K is nothing."

If you have kids and a wife, it's a struggle.

If you're on your own, 250K is winning.

It seems to me that all of this is relative. 250k means different things to different people in different places.

In NYC, it isn't a lot.
In Chicago, its worth almost twice as much as it is in NYC.

If you're married with three kids (or even just two), it gets eaten out rapidly, and you'll struggle from time to time unless you budget well.

If you're single, 250k might be more money than you know what to do with.

Your spending habits also make a big difference. Just looking at MikeCF's list, it isn't that hard to save much more than 6k monthly post-tax on 250k as a single dude.

$1000 for a car? What, are you leasing an M3 or something? Get your credit in order, save a few grand for a down payment and then finance something like this instead and save yourself $5-700.

$3000 for an apartment? Maybe if you're trying to ball, but you could be more reasonable and get a nice place in a good location for around $2000 in a city like San Diego (less if you live in Chicago, Atlanta, Carolina or anywhere in Texas). Save yourself another $1000.

Better idea: If you were willing to part with a couple hundred more monthly and could save up a nice down payment (perhaps after a year or two of renting), you could just get a decent condo instead and start building some equity.

Eat out every day for $2000 a month? Learn to cook, save the money. It isn't that hard, I've been doing it since I was 8 and I'm not exactly a chef. This could save you another $1500.

There's approximately $3200 extra bucks for you to play around with-$9200 in all. That should be more than enough to cover your health insurance (which might be even more affordable depending on your employer and the benefits they provide), cable/internet, phone, electricity and other bills, while still investing and taking a good vacation or two every year.

No, you're not building yachts, but you can live very well on this, better than literally 99% of American men. You can quite conceivably save a lot more than most people make in a year.

Post: #103

(01-22-2012 09:42 PM)Athlone McGinnis Wrote:  

(01-22-2012 05:15 PM)MikeCF Wrote:  250K after taxes is 12 a month.

You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

So you have 9 grand left over.

Get a sick car for another grand.

You have 8 grand.

Even eating out every day is going to be at most 2 grand.

Now you're "down" to 6.

You guys are cracking me up with your, "250K is nothing."

If you have kids and a wife, it's a struggle.

If you're on your own, 250K is winning.

It seems to me that all of this is relative. 250k means different things to different people in different places.

In NYC, it isn't a lot.
In Chicago, its worth almost twice as much as it is in NYC.

If you're married with three kids (or even just two), it gets eaten out rapidly, and you'll struggle from time to time unless you budget well.

If you're single, 250k might be more money than you know what to do with.

Your spending habits also make a big difference. Just looking at MikeCF's list, it isn't that hard to save much more than 6k monthly post-tax on 250k as a single dude.

$1000 for a car? What, are you leasing an M3 or something? Get your credit in order, save a few grand for a down payment and then finance something like this instead and save yourself $5-700.

$3000 for an apartment? Maybe if you're trying to ball, but you could be more reasonable and get a nice place in a good location for around $2000 in a city like San Diego (less if you live in Chicago, Atlanta, Carolina or anywhere in Texas). Save yourself another $1000.

Better idea: If you were willing to part with a couple hundred more monthly and could save up a nice down payment (perhaps after a year or two of renting), you could just get a decent condo instead and start building some equity.

Eat out every day for $2000 a month? Learn to cook, save the money. It isn't that hard, I've been doing it since I was 8 and I'm not exactly a chef. This could save you another $1500.

There's approximately $3200 extra bucks for you to play around with-$9200 in all. That should be more than enough to cover your health insurance (which might be even more affordable depending on your employer and the benefits they provide), cable/internet, phone, electricity and other bills, while still investing and taking a good vacation or two every year.

No, you're not building yachts, but you can live very well on this, better than literally 99% of American men. You can quite conceivably save a lot more than most people make in a year.

Anyone who thinks 250K isn't good money is probably not financially literate. I've spent a lot of time around old money people and my former boss was a classmate of Donald Trump at Wharton.

Wealthy people don't flaunt their wealth. They drive very normal cars and simply try to blend in. A car is merely a depreciating asset. With the exception of Atlanta, I've always lived in very well-educated or big metropolitan cities where most people lead pragmatic lives and either drive practical cars or don't even drive at all (DC, San Francisco, NYC).

Check out this article in the Washington Post about the millionaires next door. There's even a book out on this stuff: http://www.washingtonpost.com/wp-srv/sty...xtdoor.htm

You hit the nail on the head Anthlone.

Cook your meals. It's healthier and far more cost-effective. Shop at Trader Joe's.

You don't even need a c-note on a car like a G37. Buy an Accord or something practical that is reliable, comfortable, and retains value.

Live modestly and save your money.

Will Smith said it best: Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like.

Don't be a simpleton.

Post: #104

$250k a year wouldn't go very far if you're going to buy a house in Beverly Hills, send two kids to a fashionable private school and have a Porsche or an E-Class Mercedes for yourself and a BMW SUV for your wife. These people do all this to fit into "the club" which is what Casanova was getting at. They all play a game where they try to pretend that they're richer than their neighbours when in reality they're struggling.

$250k for a single man, who rents instead of taking on a mortgage and who might not even need a car depending on his lifestyle. Is a lot. If he's spending significant amounts of time in cheaper locations like South America, Asia or Eastern Europe, even if he spends half the year living in lower Manhattan he may as well have a fuckload. You have to put this in perspective.

The former won't be able to have much money left over to save, if at all. The later will.

Post: #105

(01-22-2012 10:08 PM)P Dog Wrote:  $250k a year wouldn't go very far if you're going to buy a house in Beverly Hills, send two kids to a fashionable private school and have a Porsche or an E-Class Mercedes for yourself and a BMW SUV for your wife.

$250k for a single man, who rents instead of taking on a mortgage and who might not even need a car depending on his lifestyle. Is a lot. It's a fuckload for a single man. You have to put this in perspective.

The former won't be able to have much money left over to save, if at all. The later will.

Very few people live the "Beverly Hills" lifestyle. That also shouldn't be the barometer for deciding whether one is rich or not. 250K is even considered good money in the Investment Banking world. It's also entry into the top 1%. Starting salaries at corporate law firms don't even surpass $140K in NYC, which pays the highest salaries in the US legal market.

I think what you're talking about is being rich vs. being wealthy. Big difference.

Chris Rock explains this well.

Post: #106

Looks like we are going round and round on this one.

I think we all agree that:

250k a year is pretty sweet if you are single.

250k a year doesn't make you anywhere in the same universe as "rich".

250k being sweet is dependent on where you live. If you live in Beverly Hills, you are operating. If you live in rural Mississippi, you are having lunch with the Mayor and the Governor every now and then.

250k a year doesn't put you on easy street. If luck is on your side, you are on the right path.

If things go wrong ie hit with a 40k legal bill, 250k is just like anything else.

Post: #107

(01-22-2012 10:19 PM)thegmanifesto Wrote:  Looks like we are going round and round on this one.

I think we all agree that:

250k a year is pretty sweet if you are single.

250k a year doesn't make you anywhere in the same universe as "rich".

250k being sweet is dependent on where you live. If you live in Beverly Hills, you are operating. If you live in rural Mississippi, you are having lunch with the Mayor and the Governor every now and then.

250k a year doesn't put you on easy street. If luck is on your side, you are on the right path.

If things go wrong ie hit with a 40k legal bill, 250k is just like anything else.

I think people are looking at $250K/year with a short-term view. Most people who earn that kind of money are on some kind of track that is going to see their salary progress over a period of years (i.e. law firm partnership track). $250K/yr over a four-year period is $1 million in salary. That's only after four years, hardly the the early stages of one's career. You can definitely consider yourself rich just on that alone.

Also, you are likely to be "working for someone" at that salary, so you are unlikely to succumb to the financial worries of wealthy people who employ others (costly lawsuits, legal bills, etc).

You also are likely to have some kind of insurance through your employer to offset any medical bills related to any health issues you experience.

Anyone who is prudent and active in managing their money can do well and live comfortably on a $250K salary.

Post: #108

Let's not forget as to how one goes about earning 250k per year.

If you're making 250k per year as interest off of your millions of dollars, then you're not even working anymore. You're retired!

If you're making 250k per year as a brain surgeon working 60-80 hour weeks, then yeah, your life sucks because you don't get to enjoy any free time. Unless, of course, brain surgery is really your passion and you enjoy it, then that makes your "work" the same thing as free time.

Nobody hands out 250k per year for nothing.

Let's keep things in perspective as to also how much work has to go into earning that much money.

Different people make money in different ways.

Post: #109

(01-22-2012 10:29 PM)Hencredible Casanova Wrote:  

(01-22-2012 10:19 PM)thegmanifesto Wrote:  Looks like we are going round and round on this one.

I think we all agree that:

250k a year is pretty sweet if you are single.

250k a year doesn't make you anywhere in the same universe as "rich".

250k being sweet is dependent on where you live. If you live in Beverly Hills, you are operating. If you live in rural Mississippi, you are having lunch with the Mayor and the Governor every now and then.

250k a year doesn't put you on easy street. If luck is on your side, you are on the right path.

If things go wrong ie hit with a 40k legal bill, 250k is just like anything else.

I think people are looking at $250K/year with a short-term view. Most people who earn that kind of money are on some kind of track that is going to see their salary progress over a period of years (i.e. law firm partnership track). $250K/yr over a four-year period is $1 million in salary. That's only after four years, hardly the the early stages of one's career. You can definitely consider yourself rich just on that alone.

Also, you are likely to be "working for someone" at that salary, so you are unlikely to succumb to the financial worries of wealthy people who employ others (costly lawsuits, legal bills, etc).

Anyone who is prudent and active in managing their money can do well and live comfortably on a $250K salary.

Interesting take Hencredible.

When I picture 250k in my mind, it comes from entrepreneurship.

Hence, my take on the "shaky" nature of 250k and the possibility for more "pitfalls" ie getting slapped with legal bills.

I think this is where our (slight) dis-connect is.

Post: #110

(01-22-2012 10:32 PM)thegmanifesto Wrote:  

(01-22-2012 10:29 PM)Hencredible Casanova Wrote:  

(01-22-2012 10:19 PM)thegmanifesto Wrote:  Looks like we are going round and round on this one.

I think we all agree that:

250k a year is pretty sweet if you are single.

250k a year doesn't make you anywhere in the same universe as "rich".

250k being sweet is dependent on where you live. If you live in Beverly Hills, you are operating. If you live in rural Mississippi, you are having lunch with the Mayor and the Governor every now and then.

250k a year doesn't put you on easy street. If luck is on your side, you are on the right path.

If things go wrong ie hit with a 40k legal bill, 250k is just like anything else.

I think people are looking at $250K/year with a short-term view. Most people who earn that kind of money are on some kind of track that is going to see their salary progress over a period of years (i.e. law firm partnership track). $250K/yr over a four-year period is $1 million in salary. That's only after four years, hardly the the early stages of one's career. You can definitely consider yourself rich just on that alone.

Also, you are likely to be "working for someone" at that salary, so you are unlikely to succumb to the financial worries of wealthy people who employ others (costly lawsuits, legal bills, etc).

Anyone who is prudent and active in managing their money can do well and live comfortably on a $250K salary.

Interesting take Hencredible.

When I picture 250k in my mind, it comes from entrepreneurship.

Hence, my take on the "shaky" nature of 250k and the possibility for more "pitfalls" ie getting slapped with legal bills.

I think this is where our (slight) dis-connect is.

True. I actually went back and reworded some of the language in my post a few minutes ago. It was a bit strong, and I know this forum has rules. I don't disagree with what you say. If one is looking for the "Miami Vice" lifestyle, then $250K/year is quite short. But that characterization is mostly Hollywood. Most millionaires live very modestly and spend even less (on a percentage basis) than the average joe.

Unfortunately, $250K won't have you living the "California Dream" like the playboy son of the President of Equatorial Guinea. Check out this SICK slide show: http://www.foreignpolicy.com/articles/20..._to_malibu


On a not-too-far-off note, I was surprised to see this article about Rupert Murdoch, of all people, taking to Twitter to say that the rich have it too good.

http://www.businessinsider.com/now-ruper...ets-2012-1


Jim Cramer tweeted similar sentiments: http://www.businessinsider.com/jim-crame...pay-2012-1

Post: #111

(01-22-2012 05:15 PM)MikeCF Wrote:  250K after taxes is 12 a month.

You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

So you have 9 grand left over.

Get a sick car for another grand.

You have 8 grand.

Even eating out every day is going to be at most 2 grand.

Now you're "down" to 6.

You guys are cracking me up with your, "250K is nothing."

If you have kids and a wife, it's a struggle.

If you're on your own, 250K is winning.

I think thats one thing we are not taking into account, TAXES.

So this 250k per year is actually 144k per year, if we are talking the money after taxes then this money will just give you a high average type of life. Really, 144k per year for a guy who works 9-5 is not big money. Blurb made also an interesting point about how much time off are you actually getting, if you are slaving away more than 8 hours work per day, you are not doing an impressive job.

Post: #112

(01-22-2012 09:42 PM)Athlone McGinnis Wrote:  It seems to me that all of this is relative. 250k means different things to different people in different places.

In NYC, it isn't a lot.
In Chicago, its worth almost twice as much as it is in NYC.

If you're married with three kids (or even just two), it gets eaten out rapidly, and you'll struggle from time to time unless you budget well.

If you're single, 250k might be more money than you know what to do with.

Your spending habits also make a big difference. Just looking at MikeCF's list, it isn't that hard to save much more than 6k monthly post-tax on 250k as a single dude.

$1000 for a car? What, are you leasing an M3 or something? Get your credit in order, save a few grand for a down payment and then finance something like this instead and save yourself $5-700.

$3000 for an apartment? Maybe if you're trying to ball, but you could be more reasonable and get a nice place in a good location for around $2000 in a city like San Diego (less if you live in Chicago, Atlanta, Carolina or anywhere in Texas). Save yourself another $1000.

Better idea: If you were willing to part with a couple hundred more monthly and could save up a nice down payment (perhaps after a year or two of renting), you could just get a decent condo instead and start building some equity.

Eat out every day for $2000 a month? Learn to cook, save the money. It isn't that hard, I've been doing it since I was 8 and I'm not exactly a chef. This could save you another $1500.

Credit in order? LMAO. Bro.

This thread is again where the young and old cats disconnect.

I don't write about what I think in theory.

I write about checks I see and lifestyles I know in person.

Finance a car at grand a month because it's 0% interest. That's OWNING not leasing.

Also, the car is being run through your corporation. So it's a write-off.

If you have a good lawyer on call, you'd fully depreciate it the car:

http://www.forbes.com/sites/janetnovack/...-cadillac/

Why pay 3Gs a month in rent? So you can have two bed rooms. One is your office. You're writing off 30% of your rent.

Why be a "slave" to mortgage? For the tax write-offs. It's also smart money and a source of savings if you're not a person who flipped houses like the wannabe be nouveau rich in the bubble.

Why not stay home in cook?

Because making 250K in the USA isn't easy. When you've made that money, partied a little, you don't want to be bothered with bullshit.

If you start making 250K, you won't clean your own crib, and you won't even fold your own laundry.

You think - in theory - that you will.

But once the checks start hitting your direct deposit, then you'll KNOW the truth.

Post: #113

(01-23-2012 12:33 AM)pitt Wrote:  So this 250k per year is actually 144k per year, if we are talking the money after taxes then this money will just give you a high average type of life. Really, 144k per year for a guy who works 9-5 is not big money. Blurb made also an interesting point about how much time off are you actually getting, if you are slaving away more than 8 hours work per day, you are not doing an impressive job.

Wow.

You guys have been brainwashed by Tim Ferris and other frauds.

You are not going to make 250K plus working 9-5.

Where?

Seriously, that is my question. Where are all of these people earning 250K k while clocking in 8 hour days.

Drug dealers?

Sure, for a few years. They'll eventually find themselves in federal prison. On average (once you factor in DECADES in prison), dealing drugs (unless you quit the game, and very few do) averages out to a pittance.

If you want to make money, 9-5 is not even in the picture.

Try 9-9, or 9-11.

When you're 50, and you busted your ass in your 20's, 30's, and 40's making business, you'll have that passive income.

But you've have worked long hours before that.

Lots of "ideas" about money.

Very few people living it.

Post: #114

(01-22-2012 10:29 PM)blurb Wrote:  Let's not forget as to how one goes about earning 250k per year.

If you're making 250k per year as interest off of your millions of dollars, then you're not even working anymore. You're retired!

If you're making 250k per year as a brain surgeon working 60-80 hour weeks, then yeah, your life sucks because you don't get to enjoy any free time. Unless, of course, brain surgery is really your passion and you enjoy it, then that makes your "work" the same thing as free time.

You are 18 so you don't get it.

Some people enjoy their work.

Even subtracting my time goofing off online, I work at least 50 hours a week. I like it.

Other guys view a job as a way to subsidize what they really want to do. They are, what we call, "guys who clock it in."

They punch their time card in. There is no passion. It's just a check.

I will tell you something, based on personal experience.

The guys who don't love what they do rarely have to worry about "budgeting" 250K.

Post: #115

(01-20-2012 03:45 PM)MikeCF Wrote:  

(01-20-2012 01:50 AM)torontokid Wrote:  You can if you do it all.

I used to think that it was impossible to make cash plus go out 7 days a week.

But Tyler Durden from RSD goes out 7 days a week while running a full time business, going to the gym, and also raising a family.

Dude manages his time like a boss.

His game is insane.

I lived in San Francisco and saw RSD guys "in the field."

If you think his game is amazing, then I have some Flavor-Aid to share with you.

(He seems like an otherwise nice guy, though.)

You mean you saw them in set for a couple minutes and decided they were crap?

They have game, I attended their hotseat and saw them in action. Tyler's game is off the charts. I literally saw a full length pull to his bedroom. He's an average height ugly balding ginger and is pulling girls way better looking than him. I have seen Jeffy in person, he is around 5"7, 5"8 and he has very good game.

Another video.
http://www.youtube.com/watch?v=6o8k430uf...AAAAAAADAA

I don't see what all the hate for RSD is. I may not agree with their "looks don't matter" philosophy 100 percent but the principles Tyler espouses are excellent. The fact is that he turned himself around from a creep to a guy who's very cool. That is inspirational.

He may not have the expertise that Roosh has in terms of details but the overarching principles are excellent. I still prefer Day Bang for my day game though(better to be subtle as I learned today in the mall).

Anyway to get back on topic.

Earning 250k a year working 50 hours at a job you love is excellent. You still have plenty of free time and you love the job.

But I don't doubt that there are guys earning that much who can decide when and where they can work. Working 40 hour work weeks on a tropical beach in Bali is far superior to being a corporate drone. I'm also sure these guys are also able to take time off or even months off while living off a passive income of at least 5-6 k a month).

I'm starting to get a tiny taste of the money online while doing a minimal amount of work for it. Its tiny(400-600 bucks a month) but I know if I take the principles and run with them eventually I can build up quite an income without having to work long weeks(Keep in mind I will have to work very long weeks to set up whatever I'm doing).

Really, 250K a year isn't necessary. 100K a year is more than enough for any international playboy who knows how to manage his cash. 150-200K is balling.

Worst case scenario you spend a few months of the year in a cheaper place like Thailand. You would be living off 3k a month while sipping tropical juices and eating delicious thai food. 250 k a year is rich unless you're talking about a small subset of people. The vast majority of humanity is living off far less and would kill for even 30k a year.

Post: #116

(01-23-2012 01:16 AM)MikeCF Wrote:  Credit in order? LMAO. Bro.

This thread is again where the young and old cats disconnect.

I don't write about what I think in theory.

I write about checks I see and lifestyles I know in person.

I get it, you're older than me.

Quote:Finance a car at grand a month because it's 0% interest. That's OWNING not leasing.

Also, the car is being run through your corporation. So it's a write-off.

If you have a good lawyer on call, you'd fully depreciate it the car:

http://www.forbes.com/sites/janetnovack/...-cadillac/

So, you're essentially paying nothing. Fine, we're on the same page (assuming you've got the corporation in the first place), since that saves money. I did not know about that loophole.
How does one go about establishing their own corporation anyway, and how feasible is it for a young guy (say, straight out of grad school)?

Quote:Why pay 3Gs a month in rent? So you can have two bed rooms. One is your office. You're writing off 30% of your rent.

Pay 3Gs monthly in rent so you can write off 30% of the rental cost and, therefore, pay only 2Gs.

...why not just get the smaller place and pay 2Gs? Is the extra room crucial to the maintenance/establishment of the corporation? If it isn't, then why go through the trouble?

Quote:Why not stay home in cook?

Because making 250K in the USA isn't easy. When you've made that money, partied a little, you don't want to be bothered with bullshit.

I like my cooking, but to each their own I guess. I'm sure I'd eat out often (probably at least three-four times a week) later in life, but I can't imagine doing it every day if I don't need to.

Quote:If you start making 250K, you won't clean your own crib, and you won't even fold your own laundry.

You think - in theory - that you will.

But once the checks start hitting your direct deposit, then you'll KNOW the truth.

If I'm not doing this, then who will be? Is there a cleaning service I can hire and write-off as well or something?

Post: #117

*ahem* blurb is 19 not 18 just to clarify.

Look: I don't think anybody on this thread is keen on the traditional marriage and kids thing, so let's ignore that.

For us living single, $250k is enough to have a great lifestyle. If you're going to rent, you wouldn't want it to cost more than 25% of your income, which leaves for $5k a month for rent.

In New York City, the average 2 bedroom in SoHo currently rents for $4.5k a month Source:http://www.mns.com/manhattan_rental_market_report

Even in one the most expensive cities in the world, $250k can get you a large apartment with an extra room you don't need in one of the best neighbourhoods.

If you're single no matter where you are in the world, if you can't live a nice life on $250k a year you need to learn to budget.

(01-23-2012 01:45 AM)torontokid Wrote:  I still prefer Day Bang for my day game though(better to be subtle as I learned today in the mall).

You have no idea how hard I laughed when I read that.

If anyone doesn't get the joke, I'm very disappointed in you.

Post: #118

(01-23-2012 03:53 AM)P Dog Wrote:  *ahem* blurb is 19 not 18 just to clarify.

Look: I don't think anybody on this thread is keen on the traditional marriage and kids thing, so let's ignore that.

For us living single, $250k is enough to have a great lifestyle. If you're going to rent, you wouldn't want it to cost more than 25% of your income, which leaves for $5k a month for rent.

In New York City, the average 2 bedroom in SoHo currently rents for $4.5k a month Source:http://www.mns.com/manhattan_rental_market_report

Even in one the most expensive cities in the world, $250k can get you a large apartment with an extra room you don't need in one of the best neighbourhoods.

If you're single no matter where you are in the world, if you can't live a nice life on $250k a year you need to learn to budget.

P Dog -

Quote:If you're going to rent, you wouldn't want it to cost more than 25% of your income, which leaves for $5k a month for rent.

Your math is off.

250k you are paying 40% taxes in California. Maybe more in NYC.

So you are not living in that 2 bedroom spread in Soho.

Post: #119

Ouch. Yeah NYC has it's own city income tax on top of state taxes. It's probably even worse than Cali.

Post: #120

(01-23-2012 01:16 AM)MikeCF Wrote:  

(01-22-2012 09:42 PM)Athlone McGinnis Wrote:  It seems to me that all of this is relative. 250k means different things to different people in different places.

In NYC, it isn't a lot.
In Chicago, its worth almost twice as much as it is in NYC.

If you're married with three kids (or even just two), it gets eaten out rapidly, and you'll struggle from time to time unless you budget well.

If you're single, 250k might be more money than you know what to do with.

Your spending habits also make a big difference. Just looking at MikeCF's list, it isn't that hard to save much more than 6k monthly post-tax on 250k as a single dude.

$1000 for a car? What, are you leasing an M3 or something? Get your credit in order, save a few grand for a down payment and then finance something like this instead and save yourself $5-700.

$3000 for an apartment? Maybe if you're trying to ball, but you could be more reasonable and get a nice place in a good location for around $2000 in a city like San Diego (less if you live in Chicago, Atlanta, Carolina or anywhere in Texas). Save yourself another $1000.

Better idea: If you were willing to part with a couple hundred more monthly and could save up a nice down payment (perhaps after a year or two of renting), you could just get a decent condo instead and start building some equity.

Eat out every day for $2000 a month? Learn to cook, save the money. It isn't that hard, I've been doing it since I was 8 and I'm not exactly a chef. This could save you another $1500.

Credit in order? LMAO. Bro.

This thread is again where the young and old cats disconnect.

I don't write about what I think in theory.

I write about checks I see and lifestyles I know in person.

Finance a car at grand a month because it's 0% interest. That's OWNING not leasing.

Also, the car is being run through your corporation. So it's a write-off.

If you have a good lawyer on call, you'd fully depreciate it the car:

http://www.forbes.com/sites/janetnovack/...-cadillac/

Why pay 3Gs a month in rent? So you can have two bed rooms. One is your office. You're writing off 30% of your rent.

Why be a "slave" to mortgage? For the tax write-offs. It's also smart money and a source of savings if you're not a person who flipped houses like the wannabe be nouveau rich in the bubble.

Why not stay home in cook?

Because making 250K in the USA isn't easy. When you've made that money, partied a little, you don't want to be bothered with bullshit.

If you start making 250K, you won't clean your own crib, and you won't even fold your own laundry.

You think - in theory - that you will.

But once the checks start hitting your direct deposit, then you'll KNOW the truth.

MikeCF, any chance you could put together a datasheet of some of these financial and tax tips for us younger guys?

I think most guys here who are self-employed can benefit from incorporating themselves, due to the better tax structure. One tidbit I'm aware of is that if you gross $300k a year and you have a corporation you can pay yourself a "reasonable" (do your research, varies according to your field) salary of say $70k, on which you pay normal taxes. Then you can pay yourself dividends of your own corporate stock for the other $230k and only pay 15% capital gains tax. In this example if you paid 35% on your salary, your overall tax rate would be lowered to about 20%.

I've never thought about buying a car through the corporation. Good tip.

Post: #121

I can think of one solid tax tip off the top my head: Don't be a United States citizen. Why? Because they can keep taxing your income from anywhere in the globe even if you're not spending enough time on U.S soil (basically 4 months a year I believe) to be considered a tax resident.

Post: #122

(01-23-2012 10:06 AM)P Dog Wrote:  I can think of one solid tax tip off the top my head: Don't be a United States citizen. Why? Because they can keep taxing your income from anywhere in the globe even if you're not spending enough time on U.S soil (basically 4 months a year I believe) to be considered a tax resident.

Interesting

Post: #123

(01-23-2012 10:06 AM)P Dog Wrote:  I can think of one solid tax tip off the top my head: Don't be a United States citizen. Why? Because they can keep taxing your income from anywhere in the globe even if you're not spending enough time on U.S soil (basically 4 months a year I believe) to be considered a tax resident.

Care to explain what on Earth makes you say this?

Post: #124

(01-23-2012 02:03 AM)Athlone McGinnis Wrote:  <snip>

I love to cook. But if you're making bank, you don't have time to cook every night.

You'll hire a person of questionable resident status to clean your place/do your laundry.

Anyone can start taking advantage of tax write-offs. Just start your own business.

If you start a blog and put ads on it, it's a business. (But beware the hobbyist exception.)

Just start a business that you intend to make a profit on.

Post: #125

(01-23-2012 10:06 AM)P Dog Wrote:  I can think of one solid tax tip off the top my head: Don't be a United States citizen. Why? Because they can keep taxing your income from anywhere in the globe even if you're not spending enough time on U.S soil (basically 4 months a year I believe) to be considered a tax resident.

That's an incorrect blanket statement.

http://www.irs.gov/newsroom/article/0,,i...76,00.html