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So how much $$$$ are you going after?


Camel Toe Juice
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Im curious to see what are fellow member goals here in regards to financial status. What figure amount? What is your touch down? How much per year?

 

Personally, my goal is 100k a month passiive income. which is more than enough than I would ever need. I dont need the newest and greatest, my old 03 Murci is fine plus my dated toys. And no need for a balla mtv cribs house a nice 2 bedroom highrise will be sufficeint. Realisiticly, 20k a month is all I need to have a fruitfull life. Enough money for mortgage, pussy, partying,travel, toys(all paid off), and what else????

 

I think I should be ok at 20k per month... what does everyone desire?

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People have different aspirations. The range is going to vary wildly. What might be enough for me, won't be enough for someone else and visa versa.

 

Whatever floats your boat.

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I am aiming for USD 3-5mil/yr after taxes in the next 3-5 year. Starting new ventures which should get me to that point in the desired time frame.

 

Hoping to sell our current venture for about 200-300 mil where some of my family members included hold about 28%. This is something we started 6 yrs ago, plan on doing something similar over an over every so often, either that or a steady income. I think it will take that much where I live to have the desired effect :)

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The only guarantee is that this will be a popular topic. :icon_mrgreen:

 

I think from the last thread we had we kind of came to an agreement to start enjoying more with less as it's quite evident that even billionaires may not have it all.

 

Another issue with this topic is that these income levels will vary dramatically across the US and Europe.

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Its not how much you make.... Its how much you keep.... I do what I do.... And Money follows from that. I dont chase it or worry about it.... Where I concentrate my efforts is staying one step ahead of the pitfalls that line the road that can destroy it.

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My goal is not a number annual income or monthly income wise, but my goal is to pay everything off as I go. No car bills, no mortgage bills, no insurance bills, and of course there will be fixed bills such as taxes, utilities, etc.

 

Life would be completely different and open up new avenues business wise if I wasn't concerned with inbound monthly bills.

 

We have more than enough money to cover our bills now, and do not live paycheck to paycheck like 90% or so of American's, but completely debt free is my goal.

 

If you make $200,000 gross household income, and have no bills other than property taxes, health insurance, car insurance (paid at the beginning of each year), and utilities, you could have a disposable income of roughly $10,000/month net.

 

If you make $500,000 gross, and you have a $3,000,000 30 year mortgage, and credit card bills, and expensive travel habits, and expensive clothing habits, etc, you run into BIG problems if/when the economy takes a dump, and you get stuck with a $300,000 haircut in your salary with no way of paying your bills.

 

My Credit Cards will be paid off in 1-2 months (Down from having over $32,000 in debt 3 years ago between my wife and I), my wifes car is paid for, my car can be paid off by year end, and will be paying auto insurance off annually as well.

 

Just with those small changes, I will have $1600 more per month in disposable income by the end of this year. On top of that, I should be making $1300 more gross per month by June or about $900 net. $2500 a month more that can now go into investments, opening a business, etc.

 

I know to many here that doesn't seem like much more, but when you consider that I am throwing that extra money in the garbage every month, it makes a big difference.

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Its not how much you make.... Its how much you keep....

 

 

Basically just summed up my long drawn out post. :lol2: :lol2:

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I do what I do.... And Money follows from that. I dont chase it or worry about it....

 

Couldn't agree more with this. Spend what you have and enjoy your life.

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Guest Rob Burgundy

I tried a thread like this once and it started off well then a few people started throwing out stuff like " I need a 100 billion dollars! Here's how I could spend it! A 500 foot yacht! a 600 million dollar boeing dream liner! Etc etc...

 

 

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Lets try to keep this on track, its always nice to bounce these types of thoughts around.

 

I am all about having everything paid for, bills, toys and whatever fun purchases come up.

 

I do however think carrying a mortgage just makes good sense in terms of the low interest rates are these days. Why tie up that money top save 4-5%, that money should be used to build your empire.

 

100k a month is a nice goal, I subscribe to that as well.

 

I also know that when you reach your goal you will only make another goal most of the time. Its never enough though.

 

I enjoy the conquest and the ride to the goal mainly. Its hard work to keep that mindset on the daily but I try

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Lets try to keep this on track, its always nice to bounce these types of thoughts around.

 

I am all about having everything paid for, bills, toys and whatever fun purchases come up.

 

I do however think carrying a mortgage just makes good sense in terms of the low interest rates are these days. Why tie up that money top save 4-5%, that money should be used to build your empire.

 

100k a month is a nice goal, I subscribe to that as well.

 

I also know that when you reach your goal you will only make another goal most of the time. Its never enough though.

 

I enjoy the conquest and the ride to the goal mainly. Its hard work to keep that mindset on the daily but I try

 

The reason I mentioned the mortgage piece is even at 4-5%, you end up paying 1 1/2X-2X what the home is worth over 30 years by not paying it down quick enough. I would not pay it off at one time with cash vs. starting a potentially lucrative business with that money to your point. I would add a full year of principal payment every year and pay the balance down much quicker.

 

A $250,000 loan at 5% will cost you $483,000 by the time it is paid off over 30 years. If you double your mortgage payment monthly, it will take you 11 years to pay it off, and save you TONS of money in interest, on top of having an additional asset paid for in your RE Portfolio which could pay you if you decide to move. This is what I plan to do.

 

I love cars and flash, but it is more impressive to me to see someone who has a big house, cars, and toys that are paid for. Anyone can finance a huge house and nice car with the right credit score and income.

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The grass is always greener on the other side.

 

I'm sure many people's monthly earnings here exceed most normal everyday people's goals in life. I have friends who would be content with making 60k a year and college-educated friends with entry-level 6-figure income levels. For them, being able to save just a little every month is doing well. Not being in the working poor is considered doing well. I consider the working poor anyone who has to wait for a paycheck or payday to be able to make ordinary purchases. I guess you could call that the American Dream or the middle class.

 

For me, however, my goal is similar to most people here. I've thought quite a bit about money and wealth, and what it means to me and the rest of the world. Lots of people on here have influenced my thoughts and beliefs. Wherever the idea takes me, it always comes back to the key central point of freedom. The idea that I can be making enough to do the things I want, when I want... is important to me. I guess that is the same for many people, but I just have large ambitions in life. Racing an entire season, traveling constantly, maintaining a garage of cars, and being able to purchase whatever fancies me - is not cheap. Unfortunately you cannot fund a racing team on good intentions or kindness.

 

That being said, in regards to Cartman's original questions - touchdown for me is Lamborghini ownership. Being able to pay in cash, (and as BMWRACER once said - be able to purchase TWO). Sure, I have grand dreams of owning my dream car - the McLaren F1, a Zonda, or that Wally on the Mediterranean - but for me Lambo ownership would signify quite an accomplishment for me.

 

As far as a solid income amount, I think 100k a month is a solid amount. Anything over that is just the difference between flying on a jet, and owning said jet. But that number can change for everybody.

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The reason I mentioned the mortgage piece is even at 4-5%, you end up paying 1 1/2X-2X what the home is worth over 30 years by not paying it down quick enough. I would not pay it off at one time with cash vs. starting a potentially lucrative business with that money to your point. I would add a full year of principal payment every year and pay the balance down much quicker.

 

A $250,000 loan at 5% will cost you $483,000 by the time it is paid off over 30 years. If you double your mortgage payment monthly, it will take you 11 years to pay it off, and save you TONS of money in interest, on top of having an additional asset paid for in your RE Portfolio which could pay you if you decide to move. This is what I plan to do.

 

I love cars and flash, but it is more impressive to me to see someone who has a big house, cars, and toys that are paid for. Anyone can finance a huge house and nice car with the right credit score and income.

 

 

26 USC $163

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Mortgage is a difficult subject. I think maintaining a mortgage, as opposed to paying cash for the home or paying the mortgage off as fast as possible, depends on the amount, amount of interest, your income, as well as the type of primary income, intentions with the home/property, and personal preference. While the money to pay off a house could be used for investments and/or starting a business, it could also be used to pay for a home that cannot be taken away from you, as well as allowing you to have a greater disposable income every month, which could also be used for investments.

 

I used to think 100k a month was a lot, and it is, but 100k gross gets dissolved by taxes, expenses, and saving/investments rather quickly. I hope to achieve this, and hopefully even greater levels of success. With that said, I haven't assigned any dollar amount to my goals, things that I would like to experience, which includes ownership of some material objects. At the end of my life I don't see myself lying on my death bed feeling as though I had a great life because I had X amount in the bank, but I will if I can say that X amount allowed me to do x, y, z.

 

For those being hard on the aspiring billionaires, "Shoot for the moon, land among the stars," is a fitting quote. If billions aren't attained, hopefully the drive and motivation for said billions, allow for accumulation of an otherwise massive amount of wealth.

 

I wish everyone on LP the best, and hope all of you achieve any goals you set for yourselves.

 

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26 USC $163(h)

 

Correct, it is a tax deduction, but I wonder what the ratio is on the tax deduction. If it is $1-$1, I need to find a better accountant as I am paying interest on 2 properties, and our returns are not that big....

 

Dont know the law or personal accounting well enough to know how it works....

 

 

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Correct, it is a tax deduction, but I wonder what the ratio is on the tax deduction. If it is $1-$1, I need to find a better accountant as I am paying interest on 2 properties, and our returns are not that big....

 

Dont know the law or personal accounting well enough to know how it works....

http://www.irs.gov/publications/p936/ar02.html

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It's a nice amount per month but honestly it's nowhere near flying around in a jet level.

 

From what I have seen Jet ownership is in the 9 figure net worth arena. And you really need to travel a lot to even justify it. I know a couple guys with medium size PJ's and those things consume money in a way I can barely wrap my head around. If you even flinch at the purchase price you're no where near being able to really afford owning one.

 

I've been fortunate enough to be invited on a couple trips with them and I have to say, If you have the means I highly suggest picking one up. It makes 1st class feel like you're being wheeled around on a bicycle-taxi.

 

 

I'd be content with $100k/mo and $10m liquid. At this point I'm faaaaaaaaar from it.

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