Got 2 questions: 1. At what age did you have to become the breadwinner? Defining the parameters - having one or more dependents and being the primary source of income 2. At what age did you attain 6 figures? … For me: 1. Age 21 2. Not there yet. My goal is to get it before 30. lol. It’s possible if I kill myself and work ridiculous amount of hours.
What does “breadwinner” mean?
^Defined in the parameters. You have one or more dependents and are the primary source of income. Dependents meaning your family / significant other / etc. depends on your income for their lifestyle.
If I lived with my girlfriend but made 5x as much, does that count as being the “primary source of income”?
- Still hasn’t happened yet. Good thing too, since I can barely take care of myself.
2. First full year out of school.
- I win bread for myself and my rotating 5 or 6 girlfriends. 2. Haven’t been workinf for a full year yet, will probably fall well short of 100k. **I think there should be some sort of COLA adjustment for the 6 figure benchmark*** My friends in NYC are all 1 or 2 years out of school and virtually all of them are making 6+ figures. One just collected a 50k bonus as a 1st year iBanking analyst. However, he is living MUCH worse than I am solely because he has income taxes and has to pay a sh!t ton more than I do. Another friend of mine is a trader at an internal HF for a BB and it’s the same thing, I would venture to guess he is making 150k + (1 year out of school) but is still living relatively similar to me just because NYC is so expensive.
ohai -> If you’re contributing like more than 50% of your income, yeah. If you’re keeping all that money to yourself, no. lol. justin88 -> What’s your job? That’s pretty sweet. How was your work schedule?
lol @ COLA adjustment. AM -> I agree there are different cost of living and lifestyles based upon which area… but… there would be too much to consider, especially if we’re going to take taxes into consideration (don’t get me started on taxes lol). However, I think 6 figures anywhere in the U.S. for one person is pretty good. That sets you at like top percentage bracket, regardless of if you spend 3K+ on rent on a monthly basis. 6 figures isn’t what it used to be, but it’s still a helluva lot!
- Never had any dependents. 2) 5 years, primarily due to a career change from public sector to private sector work.
Ocean Mist Wrote: ------------------------------------------------------- > However, I think 6 figures anywhere in the U.S. > for one person is pretty good. You have to keep in mind that the people posting here are the top percentile of their generation (perfect SAT scores, brains, looks, …) . For the rest of us 6 figures out of undergrad is rare, but 6 figures out of Grad school is common. I got married when I was 27, my wife never worked (even after getting her MBA from UCLA last year) so I’ve been the breadwinner for sometime now
mo34 Wrote: ------------------------------------------------------- > Ocean Mist Wrote: > -------------------------------------------------- > ----- > > > However, I think 6 figures anywhere in the U.S. > > for one person is pretty good. > > > You have to keep in mind that the people posting > here are the top percentile of their generation > (perfect SAT scores, brains, looks, …) . > > For the rest of us 6 figures out of undergrad is > rare, but 6 figures out of Grad school is common. > > > I got married when I was 27, my wife never worked > (even after getting her MBA from UCLA last year) > so I’ve been the breadwinner for sometime now L M A O!!! You are awesome.
mo34 -> I would PM you if I could, but I can’t so I’ll just ask here. How was UCLA’s MBA program? How did your wife get in without working? I have very mixed feelings about Anderson… more leaning towards the “no” than the “yes.” Was the program pretty chill?
Ocean Mist Wrote: ------------------------------------------------------- > lol @ COLA adjustment. > > AM -> I agree there are different cost of living > and lifestyles based upon which area… but… > there would be too much to consider, especially if > we’re going to take taxes into consideration > (don’t get me started on taxes lol). > > However, I think 6 figures anywhere in the U.S. > for one person is pretty good. That sets you at > like top percentage bracket, regardless of if you > spend 3K+ on rent on a monthly basis. 6 figures > isn’t what it used to be, but it’s still a helluva > lot! Agreed. Just pointing out that while 100K is a lot (for me, I am 23) it goes soo much further in a city like Miami, Atlanta, or DC rather than Boston, NYC, LA etc…
Ocean Mist Wrote: ------------------------------------------------------- > mo34 -> I would PM you if I could, but I can’t so > I’ll just ask here. How was UCLA’s MBA program? > How did your wife get in without working? I have > very mixed feelings about Anderson… more leaning > towards the “no” than the “yes.” Was the program > pretty chill? Getting in was not as hard as they like you to believe. It’s mostly hype to boost the ratings She has good undergraduate transcripts and she is a good writer, so that probably helped. She enjoyed the program overall, she was doing it more for the knowledge than to get a job, but she told me they had over 200 company recruiting on-campus.
Do pets count?
Ocean Mist Wrote: ------------------------------------------------------- > justin88 -> What’s your job? That’s pretty sweet. > How was your work schedule? I’m a quant trader. My work schedule is a little non-standard (you may see me post at 3am) since I also trade in Asia and Europe, but the 95% confidence interval is ~40-50 hours a week. The extra hours are somewhat mitigated by the fact that I work for myself in a sense, as my bonus is a significant portion of my comp. I also like what I do, and honestly, what else (productive) am I going to do from 9-7 M-F?
Not to be pedantic, but the top 1% actually make a lot more than $100k. I don’t have a great link handy, but I think it is something like $300k. In 2005, the top 1.5% make $250k+ according to this: http://en.wikipedia.org/wiki/Household_income_in_the_United_States
will be there next year - just borderline and it’ll be my 3rd yr out of university (living in NYC). However, consulting isn’t my thing and looking to jump to ER and willing to take a salary hit to break in.
justin88 Wrote: ------------------------------------------------------- > Not to be pedantic, but the top 1% actually make a > lot more than $100k. I don’t have a great link > handy, but I think it is something like $300k. In > 2005, the top 1.5% make $250k+ according to this: > > http://en.wikipedia.org/wiki/Household_income_in_t > he_United_States these are “household income” ( not individual) and no indication about “how many years out of school”.
^Exactly. It’s easy to find statistics on household income but not on individual income. Supposedly the average household income is like $40k - $50k, $50k in my area (I looked at the Census stats) in which we have the highest sales taxes, one of the highest property taxes, highest cost of living, etc. I don’t know how people can afford homes here. (I know I can’t!). I guess you can divide the household # by 2, which if you do, $125k puts you around that 2 percentile. We can go onto the logistics of how hourly rate matters over gross salary, etc. etc. but really, even if you’re at the top 30% bracket I would consider you to be well off. Like, it can get pretty ridiculous if we standardize this according to census vs. IRS tax rate data on AGI (which is not always the best indication, especially if you have a good tax accountant and manage to carve a lot of the AGI out with special deductions). So in essence, let’s keep this simple. Whether you work 100 hours a week to make that 6 figures, or 10 hours, if you make 6 figures for one person, you can afford to live comfortably by yourself. I know for me, I would LOVE to hit that 6 figure mark!