Chaparral2f Posted October 7, 2007 Share Posted October 7, 2007 I don't make much on social security, but I only work about 3 days a month, and all my toys are paid for. Quote Link to comment Share on other sites More sharing options...
Corzette Posted October 7, 2007 Share Posted October 7, 2007 Lets see, 22 year retirement as an E7, %60 disability pay, DOD GS-11 pay, Cost of Living Pay, Housing and utilities paid for, renting house in Texas, Wifes income....cant wait till Im 62 lol, my social Security and wifes Social security plus my federal retirement, her federal retirement and her 401K and my TSP...damn Im gonna be rich right before I die and my kids take everything......hahahahahahahahahahahahahahaha. Life is good. Terry Quote Link to comment Share on other sites More sharing options...
Mikelly Posted October 7, 2007 Share Posted October 7, 2007 often true, but nowhere near always. Especially if you're a salesman, in almost ANY industry. I've owned my own business, and I've worked for plenty of others, and there are obviously benefits to both..... and draw-backs as well. I'd be pretty hesitant to draw a line and say "Never work for somebody else", or "Never start your own business".... or even "you'll never get x if you do y". What works for some, may not for others. If everyone tried to do it the same way.... it'd quit working! I know what has worked for me, and I've seen others fail on both sides. It's up to each person to make that decision, and what works for some doesn't work for others. Not everyone is cut out to be their own boss, but like I said in my second post, every situation is different. Mine works for me... YMMV! Mike Quote Link to comment Share on other sites More sharing options...
280zwitha383 Posted October 7, 2007 Share Posted October 7, 2007 I agree with some that have posted. I believe we should enjoy the fruits of our labor no matter what we make because really material things are pointless in the grand scheme of things and tomorrow is not promised to us today. We could build up a huge amount of wealth just to die tomorrow and give it to someone who hasn't worked for it and won't appreciate it (and will probably lose it eventually). Either you believe that there is a higher calling or you believe that life is pointless, either way, live for today. With that said, I'm very surprised to see the <$30k so high. You would think with the money people are dropping everyone made at least $75k. haha Quote Link to comment Share on other sites More sharing options...
Mikelly Posted October 7, 2007 Share Posted October 7, 2007 I agree with some that have posted. I believe we should enjoy the fruits of our labor no matter what we make because really material things are pointless in the grand scheme of things and tomorrow is not promised to us today. We could build up a huge amount of wealth just to die tomorrow and give it to someone who hasn't worked for it and won't appreciate it (and will probably lose it eventually). That's the exact argument I used with myself when I bought my 996TT! Sure, it would be better to put that money into my investments, but hey, I could be gone tomorrow, so I'm enjoying it today! Mike Quote Link to comment Share on other sites More sharing options...
Guest da-man (is not!) Posted October 7, 2007 Share Posted October 7, 2007 It's up to each person to make that decision, and what works for some doesn't work for others. Not everyone is cut out to be their own boss, but like I said in my second post, every situation is different. Mine works for me... YMMV! Mike yup, that's pretty much what I meant as well, just didn't say it as clear as you. thanks! Quote Link to comment Share on other sites More sharing options...
psdenno Posted October 8, 2007 Share Posted October 8, 2007 It's interesting to learn what folks on the list are currently earning when they buy their first "Z" - there appear to be quite a few students. I was making $7,235 a year as a 1st Lt in the AF when I bought my 1971 240Z new off the showroom floor. Our family income in now about 30 times that amount and I still have the same "Z". Interesting World, Quote Link to comment Share on other sites More sharing options...
LineC Posted October 8, 2007 Share Posted October 8, 2007 I got mine through marriage. It was a 1980 and my father in law was an insurance adjuster. He bought it lightly wrecked in 1989 finally tried to get it done for his daughters 16 bday but didn't. At that point he managed a body shop and had it fixed and painted but not running. Then I joined the Air Force in 2000 as an E2 married his daughter and he gave the car to her. I got it running and probaly was making 22000 a year and she was making 15000. Long story short car has 60,000 miles and I got lucky and it was given to me. (although title is in her name, I guess I am just the personal mechanic) Quote Link to comment Share on other sites More sharing options...
X64v Posted October 8, 2007 Share Posted October 8, 2007 Dirt poor freshman in college. Quote Link to comment Share on other sites More sharing options...
chepito Posted October 8, 2007 Share Posted October 8, 2007 Option#2 gets me by especially since I work Banker's hours . I chose this because it gives me time to be with my family more & I like what I do:windows:. Quote Link to comment Share on other sites More sharing options...
Michael Posted October 10, 2007 Share Posted October 10, 2007 Business savvy is a great trait to nurture and ultimately to use to get out of the proverbial rat race. Our society assigns a special prestige to business owners. And don’t forget the tax breaks; $300K/yr of business profit is taxed much more leniently than $300K of salary! But not all of us are risk takers, and many would be wiser to take stock of their strengths and weaknesses, and to remain employees. In science, engineering, finance, medicine etc. there are many worthwhile institutional employment opportunities whose remuneration potential rivals what you’d pay yourself as sole proprietor. I mean, if you’re a carpenter then almost certainly you would do better by owning a carpentry business than by working for one, but if you’re a physicist you may think twice before quitting your university job. That said, lots of guys on this board are natural do-it-yourselfers, who started out not knowing a crescent wrench from a tire iron, but who went on to craft gorgeous cars from rusted-out barnyard specials. I can’t imagine how you can make a living reselling parts on E-bay or running a mail-order business from your basement or running your own chassis fabrication shop, but some guys do precisely that, and very successfully. So maybe more people on this board should be exploring self-employment, especially before family responsibilities curb one’s risk tolerance. For myself, the plan is salaried employment and defined-benefit pension. I’ll explore the wild-side after I’m 50…. As for "live for today, because who knows what tomorrow might bring": I beg to differ! I'd rather live miserly and die wealthy, never enjoying a single cent of my net worth, than risk running out of money before I'm dead. Quote Link to comment Share on other sites More sharing options...
Guest Crispy Chicken Posted October 10, 2007 Share Posted October 10, 2007 As for "live for today, because who knows what tomorrow might bring": I beg to differ! I'd rather live miserly and die wealthy, never enjoying a single cent of my net worth, than risk running out of money before I'm dead. Good for you... We'll all be dead soon enough either which way.. At the end of your life money means nothing. If your going to live your "whole life miserly," why would it be better if your wealthy when you die? If you worked your whole life making money never enjoying a single cent. Then you died, what is the point in making money in the first place? After living expenses why make or have any more money? Do you hang it on the wall? Sleep with it? Swim in it? Bury it with you when you die? What motivates you to be wealthy without enjoying a single cent? Compared to enjoying your whole entire life running out of money then dieing. What is the difference how do you compare the two? There are people in their late 80's and 90"s with hundreds of millions of dollars. Do you really think at that point in their life they care about the amount of money they have? Eithier which way they'er going to be dead in a year or two... Quote Link to comment Share on other sites More sharing options...
Mikelly Posted October 10, 2007 Share Posted October 10, 2007 Business savvy is a great trait to nurture and ultimately to use to get out of the proverbial rat race. Our society assigns a special prestige to business owners. And don’t forget the tax breaks; $300K/yr of business profit is taxed much more leniently than $300K of salary! But not all of us are risk takers, and many would be wiser to take stock of their strengths and weaknesses, and to remain employees. In science, engineering, finance, medicine etc. there are many worthwhile institutional employment opportunities whose remuneration potential rivals what you’d pay yourself as sole proprietor. I mean, if you’re a carpenter then almost certainly you would do better by owning a carpentry business than by working for one, but if you’re a physicist you may think twice before quitting your university job. That said, lots of guys on this board are natural do-it-yourselfers, who started out not knowing a crescent wrench from a tire iron, but who went on to craft gorgeous cars from rusted-out barnyard specials. I can’t imagine how you can make a living reselling parts on E-bay or running a mail-order business from your basement or running your own chassis fabrication shop, but some guys do precisely that, and very successfully. So maybe more people on this board should be exploring self-employment, especially before family responsibilities curb one’s risk tolerance. For myself, the plan is salaried employment and defined-benefit pension. I’ll explore the wild-side after I’m 50…. As for "live for today, because who knows what tomorrow might bring": I beg to differ! I'd rather live miserly and die wealthy, never enjoying a single cent of my net worth, than risk running out of money before I'm dead. Good for you... Enjoy the life less lived! Now about that Business owner tax break thing... For Every $100,000 I make in profit, I PAY UNCLE SAM 40%... That's FORTY THOUSAND DOLLARS. THAT's a BREAK? Um, Yea, what a deal! Mike Quote Link to comment Share on other sites More sharing options...
240zV8 Posted October 10, 2007 Share Posted October 10, 2007 the people making 100k+, what are ur jobs? Quote Link to comment Share on other sites More sharing options...
JMortensen Posted October 10, 2007 Share Posted October 10, 2007 Not to mention that us small business owners get to pay both the employer's part of the tax AND the employee's part. I didn't even know that employers paid 1/2 of the tax bill before the employee sees anything coming out of his check. That one was a bit of a shocker, and the only reason it didn't severely strain my company the first year is because I put away twice what I thought would be needed for taxes. I thought I was going to keep thousands of dollars, turns out I was $100 short. Explore the wild side after 50? Sounds like a broken hip to me... Quote Link to comment Share on other sites More sharing options...
240zV8 Posted October 10, 2007 Share Posted October 10, 2007 im just starting my own ladnscape/excavating business, and the one good thing is that theres tons of deductables I can have on each job. Quote Link to comment Share on other sites More sharing options...
JIM73240Z Posted October 10, 2007 Share Posted October 10, 2007 Now about that Business owner tax break thing... For Every $100,000 I make in profit, I PAY UNCLE SAM 40%... That's FORTY THOUSAND DOLLARS. THAT's a BREAK? Um, Yea, what a deal! Mike amen brother:cry2: jimbo Quote Link to comment Share on other sites More sharing options...
wheelman Posted October 10, 2007 Share Posted October 10, 2007 I think it boils down to balance, which is easy to say but hard in practice to find. I've been an employee pretty much my whole life but dabbled with the idea of owning my own business. I've come close to making the switch several times, more out of necessity than choice. What stopped me was the realization that I didn't want to work hard enough at the business I was about to start to make it successful. Not that I'm not willing to work hard, it's that I'm tired of the job I do (embedded software engineering) and the business I was going to start was the same thing. So I stepped back but haven't totally abandoned the idea of owning a business. Recently I've begun reconsidering the business idea due to conditions at work. As for enjoying the fruits of your labor, thats the balance thats hard to acheive. In my opinion its stupid to ignore the future but those who save every penny will die with a bunch of money and have lived a dreary, selfish life. So find that middle ground where you enjoy a portion of your money and put enough away to prepare for the retirement years. This is where I REALLY struggle. I have diabetes and a minor heart condition that will progressively get worse so I wonder just how long I'll live and I don't want to waste the time I have preparing for a retirement I will probably not have. Add to that a childhood where my family had very little which imprinted the "save every penny" attitude on me and it makes for an interesting internal conversation when I'm deciding whether to spend money on the car, the house or something else. I'm a terrible cheap skate. BTW: I fit in the 50K - 75K range. Wheelman Quote Link to comment Share on other sites More sharing options...
tfreer85 Posted October 11, 2007 Share Posted October 11, 2007 I was in the 35k-40k range with on average 100hrs MANDATORY overtime, taking crappy calls from people dying or in need of medical help. I got tired of how poorly our Communications center was ran and how underpaid (in comparison to ENTRY level or SEASONAL fire-fighters who worked a 1/4 of the hours). After taking 12, yes 12 DOA calls in one day, I said I'm too young to be stuck here. So I went back to school, most will be paid for with I have saved up, but I'm back in the 0k salary. However I'm happy, less stressed, and have 4-day weekends, so I'm not complaining. Tyson Quote Link to comment Share on other sites More sharing options...
wickiewicked240z Posted October 11, 2007 Share Posted October 11, 2007 I make under 30K i think around $25,000. The thing that helps me alot is that i still live with my parents which i pay $500 in rent month. An my I work for my dad upholstery business. I get my check and some extra money on the side so i won't pay t@x3s or go over my t@x bracket. Also we just started this business about 3 years ago. Most of the stuff we upholster is for rich people with money to spend. The taxes my dad pays is crazy. Its a big suprise when you have to pay taxes for the stuff you sell, pay taxes for the employees and pay workers comp. Most of the money i make goes to the 240z car cant wait to finish this project. Quote Link to comment Share on other sites More sharing options...
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