OtherGround Forums ZNED, wealthy people question...

25 days ago
3/26/13
Posts: 1065

I remember in another thread you mentioned that most wealthy people aren't really even good investors, or frugal with money, but that they have large incomes.  I was wondering - since you're around that type - where do their incomes come from if not investments?  I'm assuming that these people don't have someone signing their checks.

25 days ago
1/2/06
Posts: 9988

In New York is not uncommon to be an employee and make 200k. Less common but definately not rare is 500k to 2mm in law and finance. 

Same for SF and other cities in tech. 

Im middle America it’s cheaper but you won’t find many of those jobs. 

25 days ago
3/26/13
Posts: 1069
OG2006 -

In New York is not uncommon to be an employee and make 200k. Less common but definately not rare is 500k to 2mm in law and finance. 

Same for SF and other cities in tech. 

Im middle America it’s cheaper but you won’t find many of those jobs. 

I don't think 200k qualifies as "Wealthy" though.

25 days ago
6/19/10
Posts: 4003
nek -
OG2006 -

In New York is not uncommon to be an employee and make 200k. Less common but definately not rare is 500k to 2mm in law and finance. 

Same for SF and other cities in tech. 

Im middle America it’s cheaper but you won’t find many of those jobs. 

I don't think 200k qualifies as "Wealthy" though.

Someone that makes 200k probably has a spouse that makes an equal amount. Do that for 10-15 years and that couple should be able to be setup financially. 

 

In New York, I’d imagine the wealthy to have real estate holdings, stocks, bonds, etc.  the income from their real estate, dividends from stocks are probably the main source of income for the wealthy.  

 

25 days ago
12/12/04
Posts: 9011

Multiple sources of income in the key.........an average of 6 sources (I believe) per millionaire. 

25 days ago
5/29/18
Posts: 1448
nek -
OG2006 -

In New York is not uncommon to be an employee and make 200k. Less common but definately not rare is 500k to 2mm in law and finance. 

Same for SF and other cities in tech. 

Im middle America it’s cheaper but you won’t find many of those jobs. 

I don't think 200k qualifies as "Wealthy" though.

Everything is subjective. 

200K in Tennessee is alot. 

NYC not so much.

I'd be more than happy with a 200K salary on the island that's for sure.

25 days ago
5/10/08
Posts: 46437
Yamie Jagerbomb - 
nek -
OG2006 -

In New York is not uncommon to be an employee and make 200k. Less common but definately not rare is 500k to 2mm in law and finance. 

Same for SF and other cities in tech. 

Im middle America it’s cheaper but you won’t find many of those jobs. 

I don't think 200k qualifies as "Wealthy" though.

Someone that makes 200k probably has a spouse that makes an equal amount. Do that for 10-15 years and that couple should be able to be setup financially. 

 

In New York, I’d imagine the wealthy to have real estate holdings, stocks, bonds, etc.  the income from their real estate, dividends from stocks are probably the main source of income for the wealthy.  

 


This is accurate.

The funny thing is that many of my the folks who have made wealth from working in finance have had bigger gains in their real estate holdings than the post tax income from their jobs during those same periods...

But that is the goal.  Liquid wealth and then low tax capital gains from stock sales and dividends.

25 days ago
4/27/18
Posts: 1221

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

25 days ago
2/5/06
Posts: 38138
"Most of the people in the country making a nice living are self employed"


I know tons of people making a nice living that aren't self employed, in fact 99.9% are. The median household income is 60k in the US. Unless you're living in LA, SF, NY etc. if your income is 130k as a family, you're making a nice if not better living....I make far more than the median household income by myself not counting my wife.

Unless your definition of "nice living" is having zero worries about money and you can do whatever you want when you want....you can buy anything and travel anywhere...but that's just far more than a "nice" living if you ask me.




Oh yeah, I make millions too
25 days ago
6/19/10
Posts: 4008
CaptainWoody - "Most of the people in the country making a nice living are self employed"


I know tons of people making a nice living that aren't self employed, in fact 99.9% are. The median household income is 60k in the US. Unless you're living in LA, SF, NY etc. if your income is 130k as a family, you're making a nice if not better living....I make far more than the median household income by myself not counting my wife.

Unless your definition of "nice living" is having zero worries about money and you can do whatever you want when you want....you can buy anything and travel anywhere...but that's just far more than a "nice" living if you ask me.




Oh yeah, I make millions too

Pretty sure he was speaking in context of OPs original question.   

25 days ago
4/27/18
Posts: 1222

Maybe i should have said most of the wealthy people are self employed. Which is true. Which the millionaire next door did a good job of researching.

what do you do woody to make all those millions

 

25 days ago
2/5/06
Posts: 38140
Strangleu - 

Maybe i should have said most of the wealthy people are self employed. Which is true. Which the millionaire next door did a good job of researching.

what do you do woody to make all those millions

 


Wealthy is a better word, maybe I jumped the gun.





I pimp out OGers moms
25 days ago
4/27/18
Posts: 1225

no worries

Edited: 25 days ago
3/7/03
Posts: 7559
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Cool. Care to elaborate what kind of business your in?

 

something to think about.... I have a service business that I started about 5 months ago and I’m on the 5-7 year plan to get to a million per year in revenue 

but

The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.

 

kind of sux

25 days ago
4/19/09
Posts: 16955
boxcar-for-life -
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Cool. Care to elaborate what kind of business your in?

 

something to think about.... I have a service business that I started about 5 months ago and I’m on the 5-7 year plan to get to a million per year in revenue 

but

The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.

 

kind of sux

Considering it isn’t that hard to earn $200k/year working for someone else while letting them take in all the financial risk while you take home your guaranteed paycheck, the idea of grinding your face against the waves for 5-7 years just trying to get there - while hoping along the way to avoid suffering any kind of catastrophic loss that could cost you everything - being self employed doesn’t always make the most sense. 

However, if you can get there and make it work, and maybe hit a few homeruns in there and grow your revenue to the $500MM+ range, it makes a lot of sense. I think it all comes down to opportunity. What’s in front of you and do you have a clear, defined path to get there.

Edited: 25 days ago
3/7/03
Posts: 7560
Luke Rockhard -
boxcar-for-life -
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Cool. Care to elaborate what kind of business your in?

 

something to think about.... I have a service business that I started about 5 months ago and I’m on the 5-7 year plan to get to a million per year in revenue 

but

The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.

 

kind of sux

Considering it isn’t that hard to earn $200k/year working for someone else while letting them take in all the financial risk while you take home your guaranteed paycheck, the idea of grinding your face against the waves for 5-7 years just trying to get there - while hoping along the way to avoid suffering any kind of catastrophic loss that could cost you everything - being self employed doesn’t always make the most sense. 

However, if you can get there and make it work, and maybe hit a few homeruns in there and grow your revenue to the $500MM+ range, it makes a lot of sense. I think it all comes down to opportunity. What’s in front of you and do you have a clear, defined path to get there.

Kind of agree with ya ... but

 

so so basically I’m in a win win situation, cuz I’ve started a side business while having a job as a firefighter in a major city

 

so I make about 80 k plus insurance/benefits and a great retirement.... while trying to build a small business 

 

ive already got it up and going successfully as an owner operator... But the real challenge will be hiring employees and getting four and five trucks out on the road

25 days ago
1/5/10
Posts: 5281
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Can I have a job? 

25 days ago
1/1/01
Posts: 25099
ttt
25 days ago
4/18/01
Posts: 53052
CaptainWoody - 
Strangleu - 

Maybe i should have said most of the wealthy people are self employed. Which is true. Which the millionaire next door did a good job of researching.

what do you do woody to make all those millions

 


Wealthy is a better word, maybe I jumped the gun.





I pimp out OGers moms

There's no money in what's free bro
24 days ago
11/10/18
Posts: 3156
nek -
OG2006 -

In New York is not uncommon to be an employee and make 200k. Less common but definately not rare is 500k to 2mm in law and finance. 

Same for SF and other cities in tech. 

Im middle America it’s cheaper but you won’t find many of those jobs. 

I don't think 200k qualifies as "Wealthy" though.

Only 2% of the population makes 200k a year or more. It’s clearly not very common. What is common is that people lie about how much money they make. 

24 days ago
11/10/18
Posts: 3157

https://graphics.wsj.com/what-percent/

24 days ago
10/22/14
Posts: 5226
boxcar-for-life -
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Cool. Care to elaborate what kind of business your in?

 

something to think about.... I have a service business that I started about 5 months ago and I’m on the 5-7 year plan to get to a million per year in revenue 

but

The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.

 

kind of sux

Is that with your working the business or not? If you're working it are you taking a salary on top of that? 

A lot of people would tell you it's not worth the effort but I disagree, small business is rewarding, does more for the economy than large corporations do, and can create something you can pass down generations.

24 days ago
11/10/18
Posts: 3161
Jayn200 -
boxcar-for-life -
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Cool. Care to elaborate what kind of business your in?

 

something to think about.... I have a service business that I started about 5 months ago and I’m on the 5-7 year plan to get to a million per year in revenue 

but

The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.

 

kind of sux

Is that with your working the business or not? If you're working it are you taking a salary on top of that? 

A lot of people would tell you it's not worth the effort but I disagree, small business is rewarding, does more for the economy than large corporations do, and can create something you can pass down generations.

It’s worth it. Check out the link I posted. 200k puts you in the top 2% of earners annually. People saying it’s easy to make 200k for someone else are full of shit. If you make 100k you’re in the top 8% of earners lol. But hell, everyone on here does that. We’re talking individuals, not households. 

24 days ago
1/1/01
Posts: 20957
I can't remember where it was for the life of me, but I saw something recently that said the average CEO makes either $250k or $350k/year.

That's still very good money - don't get me wrong. But when most people think "CEO", they think "evil fat cats" and guys making several million a year.

Apparently, there's only a small handful of CEOs in the US actually making that much.
24 days ago
8/1/07
Posts: 6819
Luke Rockhard - 
boxcar-for-life -
Strangleu -

i make about 5 million a year.

I own several businesses. Most of the people in the country making a nice living are self employed.

High level executives do ok. C level does really well depending on the size of the company.

Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.

as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.

You want to be wealthy in this country you almost have to be self employed.

 

 

 

Cool. Care to elaborate what kind of business your in?

 

something to think about.... I have a service business that I started about 5 months ago and I’m on the 5-7 year plan to get to a million per year in revenue 

but

The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.

 

kind of sux

Considering it isn’t that hard to earn $200k/year working for someone else while letting them take in all the financial risk while you take home your guaranteed paycheck, the idea of grinding your face against the waves for 5-7 years just trying to get there - while hoping along the way to avoid suffering any kind of catastrophic loss that could cost you everything - being self employed doesn’t always make the most sense. 

However, if you can get there and make it work, and maybe hit a few homeruns in there and grow your revenue to the $500MM+ range, it makes a lot of sense. I think it all comes down to opportunity. What’s in front of you and do you have a clear, defined path to get there.


If earning $200K is that hard then why is someone who earns that much in the 2nd percentile?

Chances are if you earn that much you have grinded your face against the waves for much longer than 5-7 years to get to that point.