High Retirement Income Poll

[gerntz]

This thread is pretty hilarious given the different takes.

 

[Fedup]

I'm worried about reading this poll. Somebody will raise our tax soon after reading this poll.

 

[Danmar]

This thread is pretty hilarious given the different takes.

Care to elaborate?

 

[ERD50]

Yes, I know and agree. It's just that frugality is sometimes viewed as a end in itself rather than a rational response to circumstances.

From my perspective, there are two types of frugal on this forum. Some, that I really don't like, are 'rich shame-ers'. We see it in the thread on some guy thinking about buying an expensive sport car. He gets comments about how they would never spend that much for a car, bla, bla, bla. Real preachy. They can't put themselves in someone else's place, where maybe they actually have the money to spend, so why not spend it?

Then there are some frugal types who decided to leave (or mostly leave) the daily grind of working, and have decided to do it even though they don't have a lot of resources. They are frugal, but seem happy with their choices, and don't get preachy about it. I admire that.

I'm about in the middle I guess, but I've also made the acquaintance of some pretty wealthy people. One of them could afford toys that exceeded my entire net worth. And he bought them. It wasn't a big deal to him, he didn't brag about it, it was just a fact of life for someone with his income and net worth. Good for him.

And while DW and I will occasionally enjoy a fancy dinner and good seats at the Symphony, a frugal person can also have a very enjoyable time with a bottle of inexpensive wine and pack a lunch for a free concert in the park. We enjoy those as well.

-ERD50

 

[Amethyst]

On this forum, I get the most out of the practical tips on everything from credit card deals, to what to watch out for when hiring a contractor to fix something on your house. And sometimes, people even describe how to fix the item yourself.

 

[Luck_Club]

I have always been slightly curious to the point of fascination by those who have "made it" financially.

Over the years I have always inquired how people managed to become successful. During my late teens and early twenties I voraciously read books and studied how to earn more in the hopes of someday having a young stranger ask me "what I did to make it?". Now I go out of my way to hide my wealth from others and keep a low profile. Mostly because I've found most people aren't interested in bettering themselves like I was, but rather what they can get out of me.

Plus I've found that contractors charge by the zip code.

 

[imoldernu]

Measuring success:

Money... a failure

Happiness...99th percentile



Had to vote to find out that 70% of the voters have incomes of over $120,000 per year. Very impressed.

 

[gerntz]

This thread is pretty hilarious given the different takes.

Sure. All the different takes on what the question means & jokes about incomes.

 

[2017ish]

Measuring success:

Money... a failure

Happiness...99th percentile

....

Disagree (quite loudly, in fact!). From everything you've written over the years, you and your spouse have lived a great life, including during a lengthy retirement. Money is not a measure of life; it is a means to living and you gave yourself more than sufficient means.

(Note also that this poll was an offshoot from an earlier one--and was focused initially on those who fell off the high end of the earlier poll; thus, even for polls on this site, it is unrepresentative!)

 

[ERD50]

Had to vote to find out that 70% of the voters have incomes of over $120,000 per year. Very impressed.

Don't be impressed, the poll I think, was directed to, or attracted responses from, the high income individuals. Self selected polls have little real meaning.

The selection > $10K/month represent 7/8th of the choices

-ERD50

 

[gerntz]

Self selected polls have little real meaning.

-ERD50

Part of the hilarity.

 

[Tadpole]

Let's see $30K/mo = $360K/year. I wonder how many people thought the ranges were on a /yr basis. There is quite a spike of >$360K/yr people. At 4% withdrawal that is $9M.

 

[LOL!]

At 4% withdrawal that is $9M.

But you have to have a separate poll and ask folks if they are using a 4% withdrawal rate from a portfolio. I would guess that such a thing is not really happening. One can have income from many other sources besides a portfolio.

 

[kcowan]

Yes, I know and agree. It's just that frugality is sometimes viewed as a end in itself rather than a rational response to circumstances.

Yes I think Buffet is solidly in that category. Warren, what is your screen name? e.g. refused to pay for private jet so bought the company.

 

[Fedup]

I have always been slightly curious to the point of fascination by those who have "made it" financially.

Over the years I have always inquired how people managed to become successful. During my late teens and early twenties I voraciously read books and studied how to earn more in the hopes of someday having a young stranger ask me "what I did to make it?". Now I go out of my way to hide my wealth from others and keep a low profile. Mostly because I've found most people aren't interested in bettering themselves like I was, but rather what they can get out of me.

Plus I've found that contractors charge by the zip code.

I agree with you. People with real money like to lay low. I doubt that they will openly brag about that. Nothing to gain. Only headache.

 

[NW-Bound]

Yes I think Buffet is solidly in that category. Warren, what is your screen name? e.g. refused to pay for private jet so bought the company.

Buffett does not own a private jet while other people with lesser net worth own several. I recall that John Travolta likes to be at the control wheel or stick, and owns a fleet. Paul Allen, cofounder of Microsoft, owned a 767, not a bitty Lear or Gulfstream. Every billionaire owns one.

Yet, Buffett just has some fractional jet ownership like NetJets. Warren is a true LBYM. He even said that not flying commercial airlines was the only indulgence he allowed himself. See him eating at a diner with Gates in an above photo.

 

[Fedup]

Buffett does not own a private jet while other people with lesser net worth own several. I recall that John Travolta likes to be at the control wheel or stick, and owns a fleet. Paul Allen, cofounder of Microsoft, owned a 767, not a bitty Lear or Gulfstream. Every billionaire owns one.

Yet, Buffett just has some fractional jet ownership like NetJet. Warren is a true LBYM. He even said that not flying commercial airlines was the only indulgence he allowed himself. See his photo eating at a diner with Gates in an above photo.

I think Warren Buffet is in the hoarder category. That is a separate category, IMO. He never plans to use his money for himself nor his kids and grandkids except for college tuition. I don't know why we want to use Warren Buffet as an example.

 

[NW-Bound]

I was saying Buffett is a LBYM. I did not say I would be like him, if I were so rich.

 

[Fedup]

I was saying Buffett is a LBYM. I did not say I would be like him, if I were so rich.

He is an oddball to say the least. Maybe not reusing toilet paper type but LBYM means different. Let's not insult those LBYM people by saying Warren Buffet is LBYM.

 

[imoldernu]

A little off-topic, but....

Finally... one thing I have shared with (M)(B)illionaires. Riding in a Gulfstream. Back in the travelling days my company's G5 was sometimes used for my travel to different parts of the US where we had corporate centers. Pilot, "Fidel" Castro, would go off route to refuel in Boise Idaho where they offered ten pounds of filet mignon as a perk.

edit... on reflection, it was a GIII ...same plane... a little older.

Nice memories of kidskin upholstery, incredible food... your choice, and only three or four of us as passengers. The part I remember most, was flying over the Painted Desert at 500 feet, with the plane window that extended down to under my seat.

A taste of honey!

 

[ejman]

Buffett does not own a private jet while other people with lesser net worth own several. I recall that John Travolta likes to be at the control wheel or stick, and owns a fleet. Paul Allen, cofounder of Microsoft, owned a 767, not a bitty Lear or Gulfstream. Every billionaire owns one.

Yet, Buffett just has some fractional jet ownership like NetJets. Warren is a true LBYM. He even said that not flying commercial airlines was the only indulgence he allowed himself. See him eating at a diner with Gates in an above photo.

Didn't he own one before he bought NetJets? I don't have your memory skills but I seem to remember at one time or another reading about his jet named "The Indefensible" because he couldn't defend such an extravagance being a mere two or three time deca billionaire at the time...

 

[NW-Bound]

He is an oddball to say the least. Maybe not reusing toilet paper type but LBYM means different. Let's not insult those LBYM people by saying Warren Buffet is LBYM.

Just because he has simple tastes and is proud of it does not make him a bad person.

And about him leaving only a few millions to his descendants, he wanted them to make their own living. I have been a lot more generous to my children within my ability, but I do not have billions to leave them, so do not have to ponder the same question. Have we all heard about how descendants of past billionaires end up broke and becoming drug addicts?

A while ago, a local homeless person died in a back alley, and the police found out that he/she was a direct descendant of a past industrialist billionaire. That may be quite common. Vast riches can become a curse.

 

[Fedup]

Just because he has simple tastes and is proud of it does not make him a bad person.

And about him leaving only a few millions to his descendants, he wanted them to make their own living. I have been a lot more generous to my children, but I do not have billions to leave them, so do not have to ponder the same question. Have we all heard about how descendants of past billionaires end up broke and becoming drug addicts?

A while ago, I read that a local homeless person died in a back alley, and the police found out that he/she was a direct descendant of a past industrialist billionaire.

I don't think he is a bad person. He is odd. His first wife might not have left him for an independent life in California had he stopped making money years ago. She was the love of his life. She thought he would slow down but he never did.

 

[NW-Bound]

I do not follow Buffett to know much about his personal life and habits. His lifestyle does seem odd, compared to that of other billionaires, that's for sure.

 

[redduck]

...I learn a bit about things (generally not financial), enjoy some of the ideas presented, try to give useful advice (although my point of view probably not that useful for most). Still resent a bit that this community generally discourages "tall poppies" but that is life.

Why, just today I came across the term, "tall poppies" for the first time. I googled it and now I can hardly wait to impress my friends and neighbors and fellow bus passengers with my new-found term. This is a good place to learn about all sorts of things.