Haha, what a silver spooner. There are millions of Americans that will never earn $3mm in their entire life. Millions that won’t even earn a million. Need five million? Haha. That’s the upper 1% of lifetime earnings. No wonder no one here could retire on $2mm, you think an average life is private school, German cars and $5000 rent.
8,675,309
If you are serios, and want partners, PM me i have some spare change i can deploy
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I have one of the cheapest leased cars
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My kids will go to public school
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My mortgage + taxes is < 5k by far
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Still will need this amount of money to retire at 65
KMD’s dream house… 
Ya, no kids, just me (maybe a couple pugs). 1MM would be nice to have to feel secure and make sure I would never be a burden on anyone if I could not care for myself. Other than that, I never want to retire… but with my lifestyle I would not need to earn much.
$5-$10M depending on where I end up settling, which I suspect will be California or Florida (the latter for lower taxes). I have a bad habit though of chosing some of the world’s most expensive cities to live in: Tokyo -> NYC -> London
Not everyone lives in Calgary Geo. Most funnance bros are in high cost places
Calgary isn’t that low cost. A house here will still run you $600k+ easy. And we pay a lot more in taxes here then you do (in most States). Anyway, that was part of the discussion… It’s difficult to get ahead living in NYC/SFO/etc. You can live relatively cheap without a huge reduction in living by not being in those places.
What I don’t get, if so many charterholders are willing to live on an average income, why did you go into an industry with such a risky and variable payout? A typical cop can work from 22 to 42 and be guaranteed $60k a year for life at retirement. In order to buy such an annuity you’re going to need around $1.35 million. Many of these cops will work another 20 years as a detective and end up with 150k guaranteed for life at 62. And yes, they have been collecting the 60k on top of their salary. If you really want to be entertained, check out what NYC cops really bring in as far as total compensation. Hint: Many end up with 250k plus a year. And if you don’t want to be shot, odds are actually really low, but whatever, many government jobs are like this. Government job > Low ambition charterholder. Charter gets you a lottery ticket with decent odds. Government job gets you a guaranteed income stream for life.
^ The downside with government pensions or any DB plan is they are only really valuable if you stay on to the end. Why? Inflation impacts on the final five years that are used to calculate your benefit. It’s still a great deal of course, and I 100% agree with you.
hooked another one! $100k min buy in.
Plus some get the overtime bump during those five years. What a racket. If the compensation was called “salary” and paid as they go, the contracts would never be approved. Hell, if an appropriate discount rate was used and the true cost was determined and explained, heart attacks all around. The workers don’t even know how well they are actually paid, especially considering job security. I say require that annuities be purchased if you want the defined benefit. At least the true cost to the taxpayer would be known and no municipal bankruptcy in the end. We have cities in the US where 75% of revenues go to pensions.
^ Most pensions exclude OT in the final five calc. But I think your general point about government comp is correct. It’s crazy. Police officers do 150k easy, firefighters are up there too (with great schedules). The only people with bad deals are the taxpayers!
must break up unions!
I don’t know if it’s “most,” “many,” or “few,” but definitely an issue in some parts. I think at least the word should get out what the real compensation is in order to attract better talent. A lot of nepotism going on. http://www.readingeagle.com/news/article/overtime-at-issue-in-policy-debate&template=mobileart
I know dozens who have raised kids on less than $3M in lifetime earnings. Move to central PA, area is an obvious factor.
Pursue higher impact sports or harder goals. Anything difficult to attain can be lost and often with harsh impacts.
Ok, fair enough, I agree with that. I misunderstood. I just don’t think a paycheck is necessary to have purpose.
Pursuing the charter allowed me to command respect in an industry (financial advising) dominated by the lazy. I didn’t earn the charter so I could earn a bunch of money, I did it because it gives legitimacy to the things that I say and do. I wanted to distinguish myself from my peers and earning the charter allows you to do that early in your career.
I could have just become a cop if all I cared about was a steady income. I was a mechanic throughout college, that career can pay nicely as well. The difference is that a greater portion of our population can become good mechanics if they truely want to be, same with police. The same can’t be said about investment professionals. Fewer people are able to understand the complex interrelated concepts surrounding investing relative to tuning an engine. I also think there is a greater need for competent and honest people in the finance industry than there is in the auto repair industry, so thats why I pursued the charter and work in this profession.
I feel like I got in as the industry was contracting and that has been difficult to get ahead of. I feel like it’s slowly headed the right direction for me but only with a lot of effort. Also my undergrad sucked so that has been a bit of an anchor.