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America’s Professional Elite: Wealthy, Successful and Miserable

nytimes.com

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Re: America’s Professional Elite: Wealthy, Successful and Miserable

#321

Post by itronitron »

earthscienceman wrote: post #290
scruple wrote: post #167

Earlier quoted context omitted.

I have, yes. I've also framed homes, roofed homes, and water proofed basements. I spent some time landscaping. I've held a variety of manual labor jobs, from working fields to construction to warehouses and factory floors to the military. Today, I'm a team lead and senior software engineer. I'd also rather be outside again all day, working with and alongside people, physically and towards goals we can visualize, doin…

Goddamn. Can we be coworkers? I've worked countless manual labor jobs and am now crammed in an office. If I have to be here, I'd at least like to have coworkers who have your notion of cohesion and vision.

I worked manual skilled labor for four years between college and graduate school. I enjoyed most aspects of it but there is a definite pay ceiling and a greater risk of injury.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#322

Post by crankylinuxuser »

MrMember wrote: post #160
eclipxe wrote: post #91

Earlier quoted context omitted.

5 years at a million a year, after taxes in a High COL state will be about 2.5M. A healthy sum indeed, but not enough to retire on, especially with a family.

A single person could absolutely retire on 2.5M. That's $100k a year using the 4% rule.

With no or minor medical issues, sure.

Add medical, and you need a hell of a lot more than 2.5M$ . Remember, it's the US. We don't care about your health.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#323

Post by ww520 »

forrestthewoods wrote: post #291
zaccus wrote: post #277

Earlier quoted context omitted.

Don't think of it as a large nest egg; think of it as a modest fixed income. You can easily make 2.5MM last for the rest of your life if you're able to live on 100k. That might require downsizing a bit and moving somewhere with a lower COL, but it's certainly doable.

2.5MM will not let you draw $100,000 for 50 years with inflation. That’s a great number for retiring at 65. But this thread is talking about working hard for 5 years and retiring super early.

Assuming 7-9% return, there is a high chance you can draw 4% annually for a very long time despite inflation

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#324

Post by Balgair »

Murdoch wrote: post #17

The rich are depressed, the middle-class is shrinking and fearful, the poor are hopeless. I'm gonna take a leap here and say maybe people need some religion in their lives to give direction and meaning. I found it interesting that a person in the article who made $1.2M a year was still depressed in thinking they were wasting their lives and it was all meaningless. I ask myself, does this person have children? a famil…

Many commentators in this sub-thread mention that they can't accept the dogmas of a religion, despite acknowledging community and other benefits. For some, the Unitarian Universalist Church may be a good middle-ground:

https://www.uua.org/find

Individual congregations vary widely, so finding one near you that fits best may take a few months/weekends.

https://en.wikipedia.org/wiki/Unitarian_Universalism

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#325

Post by someguydave »

DonnyV wrote: post #301
seem_2211 wrote: post #289

Earlier quoted context omitted.

If you are saving towards financial independence you have the luxury of choosing if you'd like to be your own boss, or indeed if you'd like a job that pays less. Most people are living paycheck to paycheck, but those are not the people who are saving for FI.

I think you assume people who are living paycheck to paycheck to be people that are just don't know how to manage their finances. If so, you would be massively wrong. Most people living paycheck to paycheck are people that usually got a horrible start at life with some bad luck thrown in. Maybe raised by a single parent who couldn't give the extra attention, so they fell behind in school. Maybe people who sickly as k…

Or, maybe they have a high time preference that was inherited in their genes.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#326

Post by czbond »

scarejunba wrote: post #217
randomacct3847 wrote: post #2

I think there was a Blind post a few weeks ago where 40% said they were depressed despite most making $300k-$600k/year

It's Blind. 90% wankage and 10% community wankage.

TC or GTFO. It's a joke..... That part of Blind is really self centered and annoying.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#327

Post by ojbyrne »

eclipxe wrote: post #250
seveneightn9ne wrote: post #179

Earlier quoted context omitted.

If you make 1.2 million a year you could literally retire after 1-2 years and live comfortably (on ~40k) for the rest of your life. Want to live on 100k? Only takes 4 years.

Taxes.

And inflation.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#328

Post by sambroner »

eclipxe wrote: post #248
leroy_masochist wrote: post #238

Earlier quoted context omitted.

You are correct, but if this guy's an HBS alum pulling in 7 figures on the buy side, then he and his family are living the Upper East Side lifestyle which means: Private school tuition - $50k/kid/year Additional activities such as tutoring, sports, etc - $10-20k/kid/year Mortgages+fees or rent for a 1,500 square foot apartment in a doorman building in East 80's - $75,000-150,000/year Mortgage or rent for country home…

This guy NYCs

Yeah they do. On the nose.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#329

Post by germinalphrase »

munk-a wrote: post #185
germinalphrase wrote: post #180

Earlier quoted context omitted.

Religion has been the guiding force for this kind of internal reflection and family/community thought. As religion has declined in many west societies, we haven’t replaced them effectively. We may not need more religion, but it sure seems like we need something . Building our society so heavily on economic expediency can’t be healthy long term.

I'm in favor of more prolific philosophy circles. There is probably a group in your area that gets together regularly to discuss the works of different philosophers, join in and study up on some Kierkegaard and I think you'll find it gives you a lot of the same pay off.

I’m familiar with those kinds of meetings and family members that attend. I’m fortunate in that I work in a field that is very much service oriented (from a humanism point of view) that offers a lot of fulfillment and the opportunity to consider & and demonstrate my personal values.

My comments - I guess - are more generally focused. I feel similarly about male identify. We’ve walked back many aspects of traditional masculinity (often for good reason and for positive social benefits) but haven’t - as a society - replaces them with alternatives. I think it leaves many young men without a positive vision for “what it means to be a man”. These are opportunities, but I don’t know how we can work through them without a distinct shared cultural vision for what we all want to be. Individualism has its downsides too.

Re: America’s Professional Elite: Wealthy, Successful and Miserable

#330

Post by ALittleLight »

momentmaker wrote: post #202
QualityReboot wrote: post #64

I just don't understand this at all. If you can earn a million a year, do it for 3-5 years, never have to work again, and pursue your passions in life. I think the problem for most workers is the lifetime of toil, not the meaninglessness of the work. I'd happily dig ditches for 8-12 hours a day for 3 years if I knew I was completely financially independent with millions in the bank that. Actually, I'd rather do that…

I read somewhere about to really torture a prisoner in the Galog you instruct the prisoner to just keep digging a hole and then have him fill it back up again. Continue this to break thoroughly break him down. This is done without giving him any particular reason why he is doing it for...

I don't know about "really torture". I'd have to dig and fill a ditch for a very long time before I'd prefer some traditional, physical pain based, tortures.
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