how much money is "MAKING IT"?

[Joeydego]

You may simply sell your house, realize your gains and never pay tax again. Clearly SOMEONE is getting ahead and the tax isn't all crippling seeing the amount of rental units available. Once again, you have no right to own a home you can't afford, much like if you can't afford the 2 grand tax on the car, you simply cannot afford the car. Can we NOT have this conversation AGAIN? Taxes are what they are. Neither one of us will change them. I've leveraged myself in life to pay the minimum tax while still being comfortable. I suggest you do the same.

[johnbeloe]

what a pointless conversation - it's all relative. What's the point in it all other than to be happy, and different people need different things to be happy. There's no answer here.

[335Reasons]

Originally Posted by lespaul01

lol 13 for me.. My first time was with twin sisters

Are you sure? Probably you were in a state that everything you saw was double...

[Jeremiah]

to me, I will have made it when I can walk out of work, and never worry about having to get another job. With inflation, I am honestly not sure how much money that would be.

[12watt]

Originally Posted by Jeremiah

to me, I will have made it when I can walk out of work, and never worry about having to get another job. With inflation, I am honestly not sure how much money that would be.

If you want to live in a yurt and dine on snared squirrels, about $500.

If you want to engage in oceangoing powerboat racing, a little more.

[Thundergod]

Last night, I made it.

[Thundergod]

Jokes aside, I think "making it" has more to do with being happy with what you do and having no financial worries.

I'm happy with what I do but I'm neck deep in debt. So I haven't made it yet. Once everything's paid off and I get to work for me (and not for the bank) then it'll probably take a while before I can say I made it.

Financially I'd like to be debt free and able to go on vacation 2 or 3 times a year, I love traveling and so does the wife. We don't like vacationing in our country so it gets more expensive. Also we live in an expensive part of town and use money for stuff most of the locals don't: eating out, buying fancier clothes, guitars and amps for me, jewelry for the wife, and stuff like that, so some people might think we've made it but that's not the case. Not by a long shot.

[six-string]

if you're not doing your shopping here...
Cars for Sale, Buy & Sell Exotic and Classic Cars
then you haven't made it!

[Joeydego]

Originally Posted by Thundergod

Jokes aside, I think "making it" has more to do with being happy with what you do and having no financial worries.

I'm happy with what I do but I'm neck deep in debt. So I haven't made it yet. Once everything's paid off and I get to work for me (and not for the bank) then it'll probably take a while before I can say I made it.

Financially I'd like to be debt free and able to go on vacation 2 or 3 times a year, I love traveling and so does the wife. We don't like vacationing in our country so it gets more expensive. Also we live in an expensive part of town and use money for stuff most of the locals don't: eating out, buying fancier clothes, guitars and amps for me, jewelry for the wife, and stuff like that, so some people might think we've made it but that's not the case. Not by a long shot.

Im in your boat. Not so much neck deep in debt, I have a little debt, but love good things. Good cologne, good guitars, good cigars, nice vacations and a doorman. I work longer hours so I can have these things. Im going to peg myself as approaching well off, just above struggling but no where near made it.

[CA-8-5799]

Originally Posted by LPSGME

People should be allowed to achieve these things before being taxed to the degree that their ability to have them is taken away - as for the most part they are all necessary to a heathy life.

The UN International Covenant on Economic, Social and Cultural Rights recognizes the right of everyone to "he continuous improvement of living conditions".

1. The States Parties to the present Covenant recognize the right of everyone to an adequate standard of living for himself and his family, including adequate food, clothing and housing, and to the continuous improvement of living conditions. The States Parties will take appropriate steps to ensure the realization of this right, recognizing to this effect the essential importance of international co-operation based on free consent.

FVCK the UN.They oughta move that sonofabitch where they'll all be happy,like North Korea,orArgentina,then we could quit paying the rest of the world to badmouth us.

[CA-8-5799]

Originally Posted by Joeydego

Im in your boat. Not so much neck deep in debt, I have a little debt, but love good things. Good cologne, good guitars, good cigars, nice vacations and a doorman. I work longer hours so I can have these things. Im going to peg myself as approaching well off, just above struggling but no where near made it.

I got a question for you.How much money do you think is making it?For us,it was just getting to the point where money was'nt a determining factor in our decisionmaking.No particulllar dollar amount.To be honest,there's a lotta times I miss being hungry.Having to work.I'm not very lazy and I occupy my time doing stupid crap.

[Joeydego]

Originally Posted by CA-8-5799

I got a question for you.How much money do you think is making it?For us,it was just getting to the point where money was'nt a determining factor in our decisionmaking.No particulllar dollar amount.To be honest,there's a lotta times I miss being hungry.Having to work.I'm not very lazy and I occupy my time doing stupid crap.

It was shown here early on putting a dollar amount on it is futile. Making it to me means independently wealthy, where investment income or business supplies 100% of money needed to sustain a healthy lifestyle.

[KP]

"Making it" has nothing to do with how much money you have. It is how happy you are with your life. At retirement I went from being able to make $1000/month car payments to only half of what I had been earning. That is quite a shock. But, we were never extravagant people and we still managed to do things that made us happy. We are so diligent that we now have 5 times as much in checking each month than I had that first day of retirement.

Note to Joey... The most I have ever spent on a pair of boot in my life was $125 for a pair of Naconas.

[Joeydego]

Originally Posted by KP

Note to Joey... The most I have ever spent on a pair of boot in my life was $125 for a pair of Naconas.

My Luchese's run around 400, and those are a CHEAP pair. Then again, I wouldn't pay a grand a month for a ride, either. What you deem a luxury != what I do, and that's ok

[KP]

Originally Posted by Joeydego

My Luchese's run around 400, and those are a CHEAP pair. Then again, I wouldn't pay a grand a month for a ride, either. What you deem a luxury != what I do, and that's ok

$1000 was paying off two new vehicles early by doubling up payments.

[LongBeach]

When I was in my early 20's, I didnt make squat.
But, I was happy.

Then, you have kids, (still happy) but, you have to make more $.
In my case, move from the sticks to the big city. (YUK!)
But, now make more $ than I ever dreamed of making. (still not making it)
It seems to me, the more $ you make, the more $ you want to make.
There may never be "enough" to make you feel like "I made it!"

I think in a couple more years I'm moving back to the sticks to be poor and happy.

[FrankieOliver]

I think having enough money for a Starbucks Caramel Macchiato venti on lunchbreak is a fair measure.

[UncleMonkey]

If you are looking for a dollar figure or a level of fame you will never be "making it".
Making it is when you work at a job you love that can put a roof over your head and food on your table and you can do what you love. That might be working construction during the day and gigging on the weekend. It might be working in a guitar shop or being a session musician.

[CA-8-5799]

Originally Posted by Joeydego

It was shown here early on putting a dollar amount on it is futile. Making it to me means independently wealthy, where investment income or business supplies 100% of money needed to sustain a healthy lifestyle.

D0o you think you made it"?Hope So

[Joeydego]

Originally Posted by CA-8-5799

D0o you think you made it"?Hope So

not even close. I consider myself somewhere in between getting by and well off. I have a solid retirement plan with good savings, make a decent living and enjoy myself within limits. I still need to get up at 1AM to go to work sometimes and generally work 50 to 55 hour weeks to support my lifestyle. I make a few big dollar (for me) purchases a year and vacation 2 or 3 times. I'd be well off if I could work less for it. I'd have made it if I didn't have to work at all.

[Joeydego]

Originally Posted by UncleMonkey

Making it is when you work at a job

not by my definition

[Joeydego]

Originally Posted by 12watt

If you want to live in a yurt and dine on snared squirrels, about $500.

If you want to engage in oceangoing powerboat racing, a little more.

what a completely random set of parameters, well done!

[Joeydego]

Originally Posted by KP

$1000 was paying off two new vehicles early by doubling up payments.

so the note on 2 cars was 500 a month? That's pretty cheap.

[CA-8-5799]

Originally Posted by Joeydego

not even close. I consider myself somewhere in between getting by and well off. I have a solid retirement plan with good savings, make a decent living and enjoy myself within limits. I still need to get up at 1AM to go to work sometimes and generally work 50 to 55 hour weeks to support my lifestyle. I make a few big dollar (for me) purchases a year and vacation 2 or 3 times. I'd be well off if I could work less for it. I'd have made it if I didn't have to work at all.

Well,at least it sounds like you got a plan,ain't lazy and your family does'nt have to worry.I've played with guys,you better not play better than them,like the guys play the Gobetrotters,and I've played with other guys,the better they got,tthe better you got.Blow the roof of yhe place.Buddy Guy was probably the best.

[Tone deaf]

"How much?" is really tough to nail down because it will vary from person to person and will evolve as that person goes from being a "have not" to a "have." Much like Moore's Law, one's ability to consume cash will expand at least proportionately with one's access to fungible consideration (cash plus leverage). Personally, I believe that the key doesn't rely on the aggregate amount (although that helps) but the actual annual cash flow that the amassed wealth throws off. If one only exhausts the after-tax cash flow from his/her wealth plus other income, one lives a sustainable life style (provided that the wealth is responsibly invested in high-quality, diversified assets). If the individual is no longer going to be the money-maker, his/her wealth must do the work, alone.

There are plenty of examples of folks that made crazy money that crashed and burned. There are other mitigating factors, but violation of the above approach is present in most cases. Take a look at Mike Tyson. He was poor and then made something like $300 million over the course of his career (mostly endorsements, I think). If he paid 33% in taxes (probably was more like 17% federal and I bet he claimed a no-income-tax state as his primary residence) and had to pay about 20% of his gross to run his business (pay his manager and all the sponges), he would have amassed $160 million of wealth. If that was invested in a safe portfolio (including his real estate holdings, etc) he might have an after-tax cash flow of $6.5-8 million per year (4-5%). That is between $536k and $630k free to burn each and every month, without ever touching the principal...Mike Tyson declared bankruptcy in 2003. Apparently for Tyson, $300 million, wasn't enough to be making it.

[alligatorbling]

as far as im concerned.... im making it just fine =)

Don Williams - Louisiana Saturday Night - Ruso.wmv - YouTube

Don Williams - Louisiana Saturday Night - Ruso.wmv - YouTube

[alligatorbling]

actually..... you wanna know what i consider making it?

really making it?

growing your own garden, killing/catching your own game, a loving family, no overhead rat race, no stocks and bonds, no whos car has more features, no whos house has more bed rooms....

that sxhit is trivial in all honesty......

i dont mean to say that in a harsh way to those that do value it highly, im just saying what i think....

when we are old and dying, laying on our death beds recollecting life.... will we think back "man that bmw i had when i was in my 40s was nice...."

no.... you will think back to memories of loved ones, and the relationships you had.

that.... that is what is important.

edit....

for those that do aim to climb the corporate ladder... make the big dollars, ect ect ect.... i wish you the best of luck, we are each entitled to our own idea of "making it" ... i hope that we all "make it" .... where ever it is we are trying to "make it" to =)

[Joeydego]

Originally Posted by alligatorbling

actually..... you wanna know what i consider making it?

really making it?

growing your own garden, killing/catching your own game, a loving family, no overhead rat race, no stocks and bonds, no whos car has more features, no whos house has more bed rooms....

that sxhit is trivial in all honesty......

i dont mean to say that in a harsh way to those that do value it highly, im just saying what i think....

when we are old and dying, laying on our death beds recollecting life.... will we think back "man that bmw i had when i was in my 40s was nice...."

no.... you will think back to memories of loved ones, and the relationships you had.

that.... that is what is important.

I killed my own dinner for years. Last night I went out and shared a steak combo for 2 at our favorite Italian place. If I were able to do that EVERY NIGHT, it would run me about 2 grand a month, for dinner. Killing my own food wasn't all it was cracked up to be. FWIW, my 2001 330i was pretty bad ass. Its 5 years gone now and I can still smell it..........

[alligatorbling]

Originally Posted by Joeydego

I killed my own dinner for years. Last night I went out and shared a steak combo for 2 at our favorite Italian place. If I were able to do that EVERY NIGHT, it would run me about 2 grand a month, for dinner. Killing my own food wasn't all it was cracked up to be. FWIW, my 2001 330i was pretty bad ass. Its 5 years gone now and I can still smell it..........

to each their own joey.... i wish you all the worldly good you can ever dream of =)

[Joeydego]

Originally Posted by alligatorbling

to each their own joey.... i wish you all the worldly good you can ever dream of =)

Same to you! Perhaps when that happens, I may have the honor of landing my chopper on your lawn and we may dine on your latest catch while playing a few notes. Hope you don't mind if I forget to take my R9 on the way out the door