121–130 of 164 posts
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plenty of people support a family on $60k/yr so take the remaining 440k minus taxes and buy two porsches outright. You should be able to save enough for a down-payment on each house given a year of saving.
No one supports a family on 60k a year. Healthcare alone for a family runs 20k/yr plus simply for insurance
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Look up the 4% rule and firecalc.com to learn how this 100x multiple is a lot less, more like 25x realistically. A lot of people are irrationally intolerant of risk. Try not to let fear dominate your intuition about investing.
That 4% is empirically derived from data covering the 20th century and is appropriate for earlyish retirement. There's two reasons to be more conservative: 1) We may be in a low-yield world for a long time. 2) Those studies were based on earlier retirement, not on people leaving the workforce in their 20s and 30s, the way that some very lucky HN readers may do.
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The Physician takes for granted that his profession has a monopoly on perscriptions and declaring medical necessity. >Laughably some consider me rich I know the article is supposed to hate on the 0.1%ers, but since Physicians always say this crap about their income, it's important to know Healthcare costs are terrible because he is paid so well.
I personally think health care costs are inflated by middlemen like insurance companies.
As far as I can tell, insurance companies are the only player in the system providing a check against the providers. The consumer has no idea what they're buying, so you need another similarly educated professional (employed by the insurance company) to vet the provider's charges. Insurance companies also have to spend 80% of their premiums on healthcare.
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Curious what decade? I was born in the 80s and that was the case in my Boston suburb - most people started out middle class, and where you ended up had more to with how smart & hardworking you were (and how much you took your good fortune for granted) than what your parents did. I'm not sure that holds for kids today, looking around at my Silicon Valley suburb. If you're a tech worker with a Ph.D from MIT, IIT, or Ch…
I grew up during the 90's and 2000's. I would hate to use Silicon Valley as an example for a normal american life. In most of America, you could give your kids pretty good opportunities without earning 500k. As for the immigrant mother struggling, this was true even 30 years ago when things were supposedly better.
My kids asked me this and I said we are "comfortable". We are easily 1%-ers in terms of income level but we don't consider ourselves rich. I consider someone rich who has the luxury of not working and still maintaining a very good lifestyle. In Silicon Valley you can't do that without substantial net worth. The reason why we don't consider ourselves rich is because both my wife and I have to work very hard. We love o…
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No one supports a family on 60k a year. Healthcare alone for a family runs 20k/yr plus simply for insurance
You typically get free insurance when you have a job paying 500k/yr...
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You typically get free insurance when you have a job paying 500k/yr...
Its not free. CFO is very aware of your total cost and its starting to show up on W2's.
I think the HN bubble is far detached from the real world. If you own 100k+ of assets, most of the people in the world will see you as incredibly rich. If you own a house in the Bay Area even with a mortgage most Americans will see you as rich. Sure you might not feel rich because you have to go to the office each day and you dont have a sports car, but you are. Median and mean wealth per adult, in US dollars. USA: 6…
The Physician takes for granted that his profession has a monopoly on perscriptions and declaring medical necessity. >Laughably some consider me rich I know the article is supposed to hate on the 0.1%ers, but since Physicians always say this crap about their income, it's important to know Healthcare costs are terrible because he is paid so well.
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>My measure of rich is "Can I live my current lifestyle without regular income from a job?" I would say that's wealthy. Rich, to me, is if you have the means to buy and do what you want for a reasonable set of desires. In other words, you can buy a nice house in a nice area, drive a new luxuryish (i.e. BMW level) car, go on vacations, and buy stuff like a big TV without worrying. Somewhere between 150k and 300k salar…
So then if you lose your job you're no longer rich? Are you then poor? The problem, to me, in differentiating rich vs wealthy based on how you get your money is that it makes things too fluid.
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The Physician takes for granted that his profession has a monopoly on perscriptions and declaring medical necessity. >Laughably some consider me rich I know the article is supposed to hate on the 0.1%ers, but since Physicians always say this crap about their income, it's important to know Healthcare costs are terrible because he is paid so well.
Doctors are way overpaid. The barriers to entry to become a physician are un-necessarily high, and I have a suspicion that that's by design. You only need a moderate amount of intelligence to learn and apply medicine. If the barriers to entry were lowered, then physician salaries would fall precipitously as supply would outgrow demand.