Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Young Millionaires
Old 02-08-2007, 12:22 PM   #21
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,936
Re: Young Millionaires

I told my parents when I asked them to run our trust incase anything happens to the DW and me. They didn't seem concerned and still insist on paying for the same things that they pay for my sisters.

I haven't told anyone else and made a point of telling certain in-laws that we can't afford certain things such as a Porsche. In my thinking, it is because it is not in my budget. In their minds, it is because I don't have the money for it.
__________________

__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Young Millionaires
Old 02-08-2007, 01:12 PM   #22
Dryer sheet aficionado
 
Join Date: Oct 2006
Posts: 39
Re: Young Millionaires

made a point of telling certain in-laws that we can't afford certain things such as a Porsche.

Always key to emphasize what you can't "afford" (ie don't want to buy). I purchased a large house in a transitional neighborhood (massive lowball offer - 78% of asking price) and a 2002 Jaguar S-Type ($22,500). My folks think I'm spending every penny I make, but the reality is my mortgage payment is 13% of my salary and my car was paid for in cash...

Meanwhile, I sock away 30-40% of gross every year. Will be liquid enough to guarentee a solid retirement even if my income sees a permanent downward shift at age 33. (when I plan to start my own business)

- M
__________________

__________________
milmoose is offline   Reply With Quote
Re: Young Millionaires
Old 02-08-2007, 01:57 PM   #23
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Re: Young Millionaires

Quote:
Originally Posted by milmoose
... and a 2002 Jaguar S-Type ($22,500).
I'd be afraid to turn my back on it in a parking lot, and I'd lay awake nights that the company would repossess it if I didn't wash it 3x/week...

The irony is that I know it's only $22K and I've lost more than that on a single stock-- let alone a depreciating asset.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Young Millionaires
Old 02-08-2007, 02:05 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Re: Young Millionaires

Quote:
Originally Posted by SteveR
Some folks like to share their financial information and that is fine. I don't and for many reasons.
Dream on. Your fiancial information is clear enough. Some board memebers have phenominal memories and abilities to cross- link data.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: Young Millionaires
Old 02-08-2007, 02:42 PM   #25
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: Young Millionaires

I'm NOT a millionaire, not even close, but I'm definitely ahead of most of my peers, and I hide that fact from them. Oh, they have a suspicion because I'm always talking about diversification, Wellington, expense ratios, Wellington, etc.

Long story short, we made some really good friends through the Down Syndrom association ( My duaghter has DS) and one family in particular who we now go on weekend vacations with. They are LBYM types and are both MDs, so their NW is exponentially larger. But their savvy on financial stuff is less, so it's been a big relief for both of us to have someone to talk to about this. DW and I are two of the few people they can speak candidly to and have us just say, "good for you!" not "where's my cut?", and get some sound advice on feathering their nest egg.
__________________
laurence is offline   Reply With Quote
Re: Young Millionaires
Old 02-08-2007, 04:02 PM   #26
Dryer sheet aficionado
 
Join Date: Aug 2005
Location: New York City
Posts: 32
Re: Young Millionaires

I give my parents and sister spending money every month through automatic payments. I am sure they don't need it but I feel better that they have some additional money to play with. They kept asking me, "Are you sure it is okay?" until finally I told them what I make and my net worth/financial plans. They would never ask for more but I am sure now that they know, they are proud that I am doing well and I am glad that I can help them out even if they don't need it.
__________________
Buddha44 is offline   Reply With Quote
Re: Young Millionaires
Old 02-12-2007, 06:55 PM   #27
Recycles dryer sheets
 
Join Date: Apr 2006
Posts: 199
Re: Young Millionaires

well, i was a millionaire before age 30 and it caused problems with my in-laws who are live way beyond your means, loaded with debt types. it is best to keep this info to yourself. i wouldn't be a millionaire for long if i lived like most people. i am frugal and proud. i have a bit of a problem though since my husband has a very good job and i am just managing my money and doing some other stuff on the side, people assume that i am the trophy wife. just because i am good looking does not mean that i am a gold digging bimbo! so it is either let them think that or disclose that i am a multi-millionaire (but just barely) who manages her money and does not need to work. Bit of a lose/lose situation for me.
__________________
newyorklady is offline   Reply With Quote
Re: Young Millionaires
Old 02-12-2007, 07:30 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Young Millionaires

Not a loss for me. I tell most people that I do some work at home and watch the baby while my wife works part time. I can see what they're thinking. I let 'em think it

Pretty sure I know who the winner is...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Young Millionaires
Old 02-12-2007, 07:40 PM   #29
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Re: Young Millionaires

Quote:
Originally Posted by newyorklady
well, i was a millionaire before age 30 and it caused problems with my in-laws who are live way beyond your means, loaded with debt types. i am frugal and proud. i have a bit of a problem though since my husband has a very good job and i am just managing my money and doing some other stuff on the side, people assume that i am the trophy wife. just because i am good looking does not mean that i am a gold digging bimbo! so it is either let them think that or disclose that i am a multi-millionaire (but just barely) who manages her money and does not need to work. Bit of a lose/lose situation for me.
Care to run off with an older, balding and over-weight old phat! My DW might have problems adjusting; but with your cash, we'll do ok.

__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 09:58 AM   #30
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Re: Young Millionaires

Quote:
Originally Posted by newyorklady
just because i am good looking does not mean that i am a gold digging bimbo!
Cool, a new answer for the next person who asks me "Whaddya DO all day?!?"
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 01:02 PM   #31
Full time employment: Posting here.
shiny's Avatar
 
Join Date: Jun 2005
Posts: 673
Re: Young Millionaires

Quote:
Originally Posted by newyorklady
just because i am good looking does not mean that i am a gold digging bimbo!
Maybe I'll have this printed on my "business" card!
__________________
I'm made of atoms, you're made of atoms, and we're all in this together. Ben Lee
shiny is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 01:13 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,288
Re: Young Millionaires

Quote:
Originally Posted by newyorklady
well, i was a millionaire before age 30 and it caused problems with my in-laws who are live way beyond your means, loaded with debt types. it is best to keep this info to yourself. i wouldn't be a millionaire for long if i lived like most people. i am frugal and proud. i have a bit of a problem though since my husband has a very good job and i am just managing my money and doing some other stuff on the side, people assume that i am the trophy wife. just because i am good looking does not mean that i am a gold digging bimbo! so it is either let them think that or disclose that i am a multi-millionaire (but just barely) who manages her money and does not need to work. Bit of a lose/lose situation for me.
Go with the bimbo / trophy wife... most people will accept that a lot quicker than the truth.. and you don't have to explain.. eveybody will just 'know'... and most would not believe the truth anyhow...

Got any sisters?
__________________
Texas Proud is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 05:17 PM   #33
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Re: Young Millionaires

Quote:
Originally Posted by Texas Proud
Got any sisters?
Now, they probably are gold digging bimbos. They also spend OPM at the speed of light.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 06:06 PM   #34
Thinks s/he gets paid by the post
 
Join Date: May 2005
Location: Texas
Posts: 1,038
Re: Young Millionaires

How is it possible to be a millionare before age 30? A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life. Just asking. I don't dispute that its true.
__________________
In theory, theory and practice are the same. In practice, they are not.
Lazarus is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 06:15 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,288
Re: Young Millionaires

Quote:
Originally Posted by Lazarus
How is it possible to be a millionare before age 30? A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life. Just asking. I don't dispute that its true.
It seems to not be as much of a problem.... the two guys who started Google were billionaires before they were 30.. (are they even 30 yet)

But, she said she is a blond and could be a trophy wife... so she might have been a model....

Also she could have been an investment banker (those old men LOVE young blonds.. hey I am one...).. they can get some BIG bonuses even at a young age...

She could be an attorney and been with one of those big case wins and gotten a big bonus...

OH, OH>>... she could be a trust baby and did nothing.... way back when, I did the tax return for two girls that got a distribution from their trust of $20 million when they turned 21, another 20 mill at 30 and another 20 at 40... and that was to each of them...

OR>>> maybe she married an 89 yo billionaire and took a package after a few years...

The mind can go all over the place...
__________________
Texas Proud is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 06:53 PM   #36
Thinks s/he gets paid by the post
 
Join Date: May 2005
Location: Texas
Posts: 1,038
Re: Young Millionaires

[quote=Texas Proud ]


OH, OH>>... she could be a trust baby and did nothing.... way back when, I did the tax return for two girls that got a distribution from their trust of $20 million when they turned 21, another 20 mill at 30 and another 20 at 40... and that was to each of them...

Do you have their address?
__________________
In theory, theory and practice are the same. In practice, they are not.
Lazarus is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 07:31 PM   #37
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Re: Young Millionaires

Quote:
Originally Posted by Lazarus
How is it possible to be a millionare before age 30? A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life. Just asking. I don't dispute that its true.
Work your teenage years a little bit, saving every dime (~$20k)
Work as a summer intern and during Christmas Breaks during college, saving every dime(~$20k)
Have a pair of parents pay for college
Inherit $80k @ 23.
Work your assets off from 23-30, making your boss (who is also your father) outrageous sums of money, such that if you add up all of your private school expenses from 1st grade through 5 years of college, the cost to feed and raise you, and the wages/benefits/retirement contributions he paid you, it would total several hundred thousand short of the profits you've made him
Live at home and drive a company paid-for and maintained car
Continue saving up 90%+ of after-tax income from age 23-29, loosen the purse strings a bit at age 29, and make a few wise investments along the way.

Possible, yes, but you have to have the rare combination of a variety of circumstances that all manage to fall into place. Not to mention the resolve to make a huge number of sacrifices while most other 20-somethings can't spend their new full-time payroll checks and signing bonuses fast enough, and a strong work ethic.
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 07:52 PM   #38
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Re: Young Millionaires

How to be a millionaire before you are 30. It's all done with sweat and smarts.

First buy an apple then sell it for a profit on the street corner. With that profit buy two apples and sell them. Repeat this process a few times.

Then inherit a million dollars to become a millionaire before you are 30.
__________________
MasterBlaster is offline   Reply With Quote
Re: Young Millionaires
Old 02-13-2007, 09:44 PM   #39
Recycles dryer sheets
 
Join Date: Apr 2006
Posts: 199
Re: Young Millionaires

Quote:
Originally Posted by Texas Proud
It seems to not be as much of a problem.... the two guys who started Google were billionaires before they were 30.. (are they even 30 yet)

But, she said she is a blond and could be a trophy wife... so she might have been a model....

Also she could have been an investment banker (those old men LOVE young blonds.. hey I am one...).. they can get some BIG bonuses even at a young age...

She could be an attorney and been with one of those big case wins and gotten a big bonus...

OH, OH>>... she could be a trust baby and did nothing.... way back when, I did the tax return for two girls that got a distribution from their trust of $20 million when they turned 21, another 20 mill at 30 and another 20 at 40... and that was to each of them...

OR>>> maybe she married an 89 yo billionaire and took a package after a few years...

The mind can go all over the place...
Wow, well I think that your ideas are much more interesting. I will let the mystery continue.
__________________
newyorklady is offline   Reply With Quote
Re: Young Millionaires
Old 02-14-2007, 08:43 AM   #40
Dryer sheet aficionado
 
Join Date: Oct 2006
Posts: 39
Re: Young Millionaires

How is it possible to be a millionare before age 30?

I didn't inherit a dime of my first million (hit the number 3 weeks before my 30th birthday) though I probably received about $20,000 in wedding gifts. All of the rest was earned.

I was fortunate to start my career in Alaska and made just over $100,000 in 1999, when I was 23 years old (graduated from college at 21). Saved about $40,000 of that, then took a 75% paycut to work as an intern at an investment firm.

Promoted 6 times in 7 years. Increased my annual earnings from roughly $42,000 to $350,000. Saved > 35% of gross salary every year since 2001. Bought a house, did some remodeling and turned a $50,000 profit (in 2003, relatively flat RE market here in Atlanta).

My investments have been heavily tilted to small cap value and international, so my returns have been stellar. I slug of stock options now acccounts for about 20% off my net worth.

A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life.

Nonsense. For a young person, a million in net worth is barely adequate to meet their future retirement needs. $1M in 2007 dollars can generate about $43,000 in sustainable annual retirement income, which is a minimal amount for a person without a defined benefit pension. A 25 year old earning $35,000 per year can easily get to $1M net worth by retirement with 5% annual pay increases and a 15% savings rate....

- M
__________________

__________________
milmoose is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Young Pup looking for wisdom PsyopRanger Hi, I am... 102 01-13-2007 09:10 PM
To all of you Young Dreamers cube_rat Young Dreamers 37 01-11-2006 02:19 PM
What You Can Learn From 1,000 Millionaires Nords FIRE and Money 52 12-27-2005 09:16 AM
Young Workers Not Saving Article Mountain_Mike FIRE and Money 59 07-12-2005 01:02 PM

 

 
All times are GMT -6. The time now is 08:14 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.