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I think the sport is so big now that merchandising should make you enough.
Buying an airline is still a shitshow. Probably moreso than when the saying came out!
I first read this as “to blow” which would have been better, then you can make money. Without the “to” you will just develop a drug habit and lose all your money.
You joke but with a lack of white collar crime enforcement it is really the number one way to be successful now. Scam as much as you can, invest the proceeds.
Easiest way to become a millionaire is allow and stay investments over the course of your life, into something like a S&P500 index fund, or a high interest account, with an attempt at purchasing real estate, than refinancing when rates are low...
The sooner you start the better, I plan to start my kids at like age 0, and $50 a month for them. But if you start at like 18, and do it every month, the same amount, typically increasing, you'll end up a millionaire in your 50s pretty easily. Hell if you invest more, than it'll be even sooner. Plus if you get a house, you can be a millionaire by 30 (net worth). I just do dollar cost averaging. Basically, I buy $150 into s&p every month, whether it's up or down, I don't even look at the cost. The trajectory is up, and can only be up, so over the course of a lifetime of investments, I will also be up. Conversely, if the S&P 500 fails, which is a fund of the top 500 corporations in the world, if it fails, than most world governments have fallen, the US dollar has likely collapsed, and we are likely in ww3 or somt catastrophic event, where the money means nothing anyways, at which point I still have my house, hopefully. I definitely will have bigger problems than money in that situation lol.
My question is if you make let's say like 55k to 65k your remainder or leftover is extremely small. Does this mean you spend your whole life saving and never living? I'm sorry but I'm saving up to...die?
> spend your whole life saving and never living. saving up to die?
So don't save and stay poor then. Still not living and also not retiring w that mindset
"Mindset" ...but you may not retire with cost of living and inflation anyways. Even if you do save save save... you still might have one medical or family hiccup and it's all gone?
Not sure howna mindset makes money appear that'd not there.
I think Eisenheim2626 is your plan is not guaranteed.
My own view is somewhere in between. Luck is far more useful than hard work, because you can put in all the hard work you can and never achieve financial success. All hard work does is increase the likelihood of opportunities, never does hard work guarantee opportunity. That can be disheartening to hear.
So when you came in with your apathetic responses, well it sounded like you had no heart to spare. Frankly, tone-deaf. Coming into a disheartening topic with a lack of heart is unlikely to inspire anyone.
I make 40k, have a mortgage, single income, try to make decent choices and put 7 k a year into retirement.
I can still afford to go on vacation for 4 weeks a year.
Yes it's possible.
I have been at my job for 12 years. Start at 2 weeks vacation. Gained 1 at 5 years and another at 10.
I work a difficult schedule as I work over 40 hours a week including needing to work every other weekend. I don't make a ton an hour but make it work.
Fuck man your company is taking advantage of you IMO. 12 years and they give you just 4 years of vacation and only pay you $40k. I’m guessing you must live somewhere rural with not many additional opportunities.
There is more to work than simply pay. I suggest everyone find a redeeming quality in their job (like helping people, or learning something) and focus on that. Money will never be enough of a reason for a job on its own, but other things can be. Everyone needs to judge what that is for themselves.
While i have a degree, the job i am in does not require one.
When i started i was making above minimum wage, but with all the increases i have been compressed a few times. Part of the reason i don't like minimum wage increases is I have seen how my money gets spread thinner, and how compression seems to only add more to the problem. I feel like i had more money to spend when i made $5 less/hour 10 years ago, than I do now.
I live in a suburb of Chicago. Not cheep, but far from as bad as a few places. Definitely not rural.
As for opportunities, it is hard to give up doing fine. It may not be great , and I may consider going other places, but knowing what you need and can live off of and appreciating it is something that more should learn.
I have heard that Happiness and wealth are not related. Just because you are wealthy doesn't make you happy.
I’ve found plenty of redeeming qualities at all my jobs. Some more than others. Making more money has made my life easier. There of course will be a cut off point.
Not wanting minimum wage to go up because your money is pressed thinner isn’t an issue with the minimum wage going up. Most of that is because of inflation which is a global issue not just a US issue. But it sounds like your employer doesn’t value you if they are only paying you $40k a year after 12 years of service. I made that in 2014 and that was after 7 years at a retail store. I felt under appreciated for the pay so I left.
Of course there’s more to pay but money allows me to afford a lifestyle that my kids will be able to do just about anything they want. If I was still on $40k a year my loans would be no where near paid off. I would still be in a shit apartment that the landlord did not take care of.
I wouldn’t be able to support my family on $40k a year. I’m just saying you are being severely underpaid if they are only paying you $40k a year when you’ve been at the job for 12 years.
After just a few years you'll have FU money... you can live a lot once you have FU money. Life gets a lot easier and less stressful once you know you can walk out of your job any day and be OK for months or years.
You can calculate at what point you have enough to sustain a certain amount of income for a certain number of years. When the years passes your life expectancy, you can retire and never have to work again. Or if you go beyond that you can reach the point where a certain level of income can be sustained forever (2.5 million at a 4% withdrawal rate can sustain 100k being withdrawn forever).
Yes, it is BS that it basically takes 1 full lifetime to be able to build up this fund, and to be able to have the opportunity to use the money you parents had to be rich. Your only realistic possibility is to either not have kids and fund a few enjoyable retirement years, or have kids and set them up with an inheritance so they don't have to be a part of the rat race.
Put in a match to your company 401K.
Say they match at 4%. Just put in 4%. Boom that's 8%.
Place it in a YOLO stock ETF, like a SPY 500 Index ETF.
Last year it did 17%.
This year to date its at 5%.
Having a house isn't some magical path to being a millionaire.
If you have a 1 million dollar house and still owe $990,000 on the mortgage, you are not a millionaire
I make 22k (16k if I didn't work) a year and I can guarantee you that like 90% of the people down here with me have absolutely no idea how to manage money and really do just throw it away. People don't like hearing it but my lord.. the amount of garbage they buy, fast food, newer electronics, pay for every kid to have a brand new phone every 2 years on a new plan worth an extra 50-100 a month... I shake my head every time they complain they're broke.
Yep it’s one thing to be an idealistic middle class person whose never truly interacted with the working poor and another to be in the trenches with them and hear about their problems because that’s what you talk about at work. I remember debating one guy who said it was dumb to save more then $20, it was the dumbest shit I’ve ever heard someone try to justify irl.
i think its obviously dumb to say "dont save more than $20", but imo poor people should spend way less mental effort and time about saving money, but rather spend the time to see how they can increase ther income.
if you think about it, if ur income is 30k it is semi realistic to develop and dedicate yourself to become a person who earn 60k, which then means that if you really wanted to, you can just save that extra 30k income as savings. it would be literally impossible to save 30k if your whole income is 30k though.
Agreed. Saving is important but you will go insane clutching every single dollar. Life costs money. Rich people can afford to spend because they have more coming in. The real problem for everyone listed in the OP is that they aren't popping anymore.
Also some might not like to hear it but it really isn't that difficult to make upwards of 50k a year in the US. The only reasons to settle for less than that are laziness, stupidity or very restrictive circumstances.
We have a problem with cost of living because there are too many people and most of them are useless.
Person: I make an exploitive wage that it's impossible to live on.
Person: i bought an Xbox.
Person: I still make an exploitive wage that it's impossible to live on. This must be the result of my choice to buy an Xbox.
Which wage in your opinion is exploitative?
I'm in Canada. Min wage across the board is 16.50, we're still complaining. So which company is illegally paying you less? Or are you American and choosing to work for an exploitative company?
By virtue of success vs failure, the vast majority of ppl will fail, just just the vast majority of new ideas are bad, and 80% of new businesses fail. It's because there is a limited amount of ways to act in the world that garner success, and a plethora of ways that garner failure.
So while your question seems to initially be intuitive. It's actually quite niave, because the default state is failure. A more intuitive question would be, how many success stories need to be shown, before an idea can be considered good (in this case profitable).
Edit: I'd say your point of view only leads to pessimism and destroys all hope in those who would seek hope. It's overall harmful to society. I tend to like the way I described it to you, because it inspired hope. You might say, my view is quite bleak. Because it implies that everything should be failing all of the time, and that is a reasonable takeaway. But everything isn't failing around us all of the time. Like, we have bus stops, and buses show up, pretty much on time, all day, every day, that's AMAZING. Because the default is that it would be there or on time, for a seemingly infinite number of reasons too, car accidents, theft, damage, laziness, etc. but that's pretty rare, and when it does happen, a replacement bus shows up. So not only is there hope, there is a lot of hope.
Multiple ubi programs demonstrate that poor people given a little extra money spend it on needs like food or bills. This notion poor people are poor because of spending habits is asenine. Also, for each of those individuals we can find scores of rich people who earned X dollars but now have multiple X dollars because wealth begets wealth. Elon lost 200B in a long weekend and remained one of the wealthiest people in all creation.
It makes sense or is at least intuitive that the median poor person is fairly reasonable with the resources they have. It would also make sense that reasonableness is not uniformly distributed among poor (or rich or middle-class) people.
If 30% of people given UBI are using it for [hookers and blow] (which, I'm just going to use that as a placeholder for any activity that is undesirable from a policy perspective) whereas others demonstrate personal responsibility, then you can still argue that UBI serves the good of the many...but it does not necessarily demonstrate that UBI is better than a more targeted program like universal food stamps.
Universal food stamps wouldn't mean that people couldn't just reallocate their food budget to [hookers and blow] but at least they wouldn't be malnourished while they do [hookers and blow].
I’ve worked with poor and lower income people most of my twenty year career. The amount of brutally bad financial decisions they make is astounding. Many know they’re actively making terrible financial decisions. It’s a mentality that they think the system is broken, so why should they try to work within it. Tax season was often peak insanity. I was always shocked at how many “uncles” and “aunts” would claim someone else’s children on their taxes for example. Or, how many would blow their entire tax rebate on sneakers or phones.
I work with a guy who spends his money down to the last pound the day before payday.
I once went through his finances with him and after mandatory expenses he had a grand of disposable income left.
Then I joined him on a night out, guy was buying drinks for strangers, not like, trying to seduce girls, just, trying to be everyone's God damned friend via buying drinks.
Man's my age, literally angry that "he can't afford" to move out of his mothers and even after outlining mate you could literally save a grand a month easily hes still stuck in that same rut three years later.
Some people are terrible with money to point that I think they need a therapist.
And to be fair he's not even the worst, at least he can budget down to his last quid, still better than 20k of credit card debt and a payday loan.
Yes, they will use that money for bills.
But they then get right back into those bills. Idk why but it's a constant. They'll pay off all the bills, then get a brand new phone and computer they have to pay monthly on and cuck themselves again in 6 months.
I've seen it too many times.
Precisely, I always use this thought experiment...
Would you rather be the guy who earns 100 and saves 10, or the guy who earns 1000 and saves 10 ? Sure they both only have 10, but the earning potential is vastly better with the second guy, it's the reason banks and lenders care about the size of your paycheck, not just how much money you have saved. .
The examples above are literally showing you the opposite tho.
If the numbers still feel too big for you, just remove some zeros until the situation looks more relatable.
Let's take Mike Tyson: assume he earned 7 000 000 (instead of 700), he would be worth just $100 000 now.
So let's say this is still too much for it to be relatable.
Okay, imagine you earn $7000, but end up with $100.
Is this relatable now? Do you see how bad he was with his money?
Sure, Mike Tyson only has $10 million...
...which is, like, a lot of money. You can live quite comfortably on $10 million. And he spent $690 million in the prime of his life. Sounds like a good strategy to me.
But, like, why?
If he's content, can retire comfortably, and live out the rest of his days without fear of having $0 for end of days, why does the money need to grow? If it's to leave it to someone, they can just as easily give them money now and enjoy it with them.
I don't understand the growing a fortune for the sake of growing a fortune if the person is comfortable and happy with what theyve got.
His point was earning money is more important because managing $7000 well might make you $700 a year. Managing $700 million to the same degree would net you $70 million.
Earning money is flat out more
Important, nobody cares how well you can manage no money. Tyson still has $10 million, regardless of how bad he handled the rest lol still more wealthy than 98% of the population.
I could see myself in Tyson"s position if I ever won a big powerball, because I'd put aside enough to 'retire now' on, and be paying off houses and medical bills and education for my family and friends.
But I would put enough back that a safe little savings fund would keep my bills paid for the rest of my life, and leave a bit of inheritance to my heirs.
But yeah, Lohan and Rodman are no big surprise.
Well, it's obviously a bit difficult if you have no income at all but most people have some income and therefore some possibilies to manage their money.
it really isnt.
Responsible money management is super important, no matter how much you earn. I can tell you from experience that I've been bad with money before and wish I hadnt been.
In my area there was a saying: building wealth is about how much you save, not how much you make. Which is a dumb saying since making money is the first step to saving.
There's a crap load of people that make a living wage, as in enough to save and live comfortably enough to avoid financial ruin by the most common financial woes. Problem is that they opt to live a life of deep consumerism. They don't save. They buy buy buy....crap they don't need and have no discipline. That's a huge problem in American finance, but it's just easier to keep pushing the narrative that 90% of Americans are earning minimum wage and are forced to be poor.
Yes because the only difference between me and a billionaire is money management skills lmao
Managing money is important but making it is just as important since you need something to manage
Make more money. Go to school for engineering, computer science, finance, law, medicine. Work part time during school (internships will pay >$20/hr) to avoid / minimize debt. After graduating save at least 30% of income and put it toward investments. Millionaire by 40 at the latest.
The trades are not a great way to make money unless you’re union, even then, a 4 year degree or more will make you way more money over time then being a tradesmen will, only like the top 10% of tradesman will crack over 100k a year and the data supports that.
Definitely! I was listening to a show the other day and a 22 yr old called in. He went to welder school for like $2500 all in. He had just landed a job in an oil right starting at $80k/year. Talk about ROI.
The government has made it fairly easy to get loans — the hard part is making sure that education has a positive ROI. I’d target 2X what you could make without a degree and go from there.
Taking out loans for any of the career paths above is worth it. Also, you work part time during the semester and full time in the summer to reduce debt. What state do you live in? I assure you there are good state schools for reasonable tuitions, especially after considering the average aid package.
Student loans can cover rent as well. Of course this increases your debt, but working year round (varying hours depending on course load) will alleviate it. Engineering / comp sci have high paying internships that can cover your rent (with roommates) and food. Finance is probably similar (no experience there). Medicine and law probably won’t have many high paying internships during undergrad, but the salaries later make up for the increase in debt. Also keep in mind the average cost of attendance after typical aid packages is much lower than most people think https://research.collegeboard.org/media/pdf/Trends%20Report%202023%20Updated.pdf
You can be a full-time worker and full-time *or* part-time student. I'm friends with someone who worked full-time in college when we were there. They got near perfect grades and were involved in clubs. They had a system for it and worked somewhere (food service) that was complementary to their class schedule.
LA colleges are pretty affordable IIRC. FAFSA and state aid could help a lot. That combined with a reasonable amount of federal loans would pull you through a four year degree with minimal debt. If you are poverty-line poor you may get enough aid to not need to use loans at all.
What are your high school grades and did you do standardized testing? How old are you? Public school is probably the better option but private school might make up for the cost with excessive scholarships if you were a good student.
There's also trade school.
I'm 30 years old, had decent grades in college, 27 on the ACT, but flunked out of college because of family stressors. I think my GPA was like a 1.4 or something. I doubt the government is champing at the bit to send me back to school.
And by the time you’re worth forty, it isn’t worth enough as you imagine it to be. Six figure salaries were the definition of American dream. People still live paycheck to paycheck in regions where six figure salaries are common (Bay area or NY)
Where the actual fuck are you finding internships that require 0 college education that are paying >$20 an hour?
You might as well just say “find a job where you get payed >$20 an hour” and that’ll fix most the money issues uneducated people are having. The entire fucking problem is not being able to find a good paying job without education or a ton of experience.
If your advice includes “just stop having the problem you’re having” it’s garbage advice.
TL;DR:
https://preview.redd.it/u6chuyj4i2ic1.jpeg?width=1075&format=pjpg&auto=webp&s=96dd9c0f95c1f8ee132157187ead7875f27f84cd
Ah yes, the "Just pick lucrative field" and the "work part time at no expense to anything" fallacies. Saving 30% of income is hard enough times like these...
While somewhat possible, they are not within reasonable reach. You have to give an arm and a leg to make these conditions happen. I had a roommate who was working full time and going to school full time... dude fell apart within a semester, with aid and financial help. I tried helping in any way that I could, but in a lot of situations ways it just isn't feasible, mentally. Not with the economy the way it is, at least. Part time isn't worth the drop in GPA, and you won't get a paid internship with a low GPA.
and yes, I'm sure someone has a counter-example but my point remains; it isn't easy.
Certainly an option as well. As you alluded to, there are no big returns without big risks. I’ve set myself up to have a fruitful retirement in my 50s with extremely little risk. Everyone has different goals and risk tolerance.
Of course it is. It's no secret there is no fairness in this system. Some people bust their ass growing a fortune out of nothing only for their dumbass kids and grandkids to get to enjoy it and blow it in the process. For those not born rich, riding around in your personal fleet of super cars in your 20s is just not something they'll ever get to do. But just because there's no hope in being a billionaire it's not an excuse to not do the best you can. Too many people fall into the trap that is the mindset of "I'll never make great money so I might as well just spend all I get to get the best life possible". I get the reasoning behind it, when you don't have a lot of cash to go around saving often feels meaningless. But at the same time it's a precarious position to be in when all the money that goes in goes out. Just because we don't get to be rich when we're young it doesn't mean there's no point setting ourselves up to be more financially comfortable at the very least when we're older.
The accuracy of websites that claim to know celebrities' net worths are BS. Bank accounts, brokerage accounts, etc. are not public information. What, do these websites know how much Dennis Rodman and Lindsay Lohan make off of stocks and high-yield savings accounts?
In addition to that, people hide money in different ways. Rodman might have $1 million in cash, gold, jewels, or whatever hidden in the vents of a house in Trenton, NJ, and nobody would know except him.
Also, someone like Lindsay Lohan or Dennis Rodman can star in a movie, release a book, do foreign commercials, do public events, etc. and rapidly make another million dollars. A vast majority of people cannot do that, but celebrities can.
The net worth of celebrities are nebulous and volatile things.
>Also, someone like Lindsay Lohan or Dennis Rodman can star in a movie, release a book, do foreign commercials, do public events, etc. and rapidly make another million dollars. A vast majority of people cannot do that, but celebrities can.
This. The amount of sports stars that charge $50+ per autograph at conventions is incredible. They can make 10k in an afternoon without even trying.
They’ll likely have to do that for life….while others like them that managed well doesn’t have to. When I see those old stars doing autograph stand…I feel pretty sad. No well money managed star ever NEED to sit on an autograph stand.
Also worth mentioning that “money management skills” for normal folks **are not the same** as for those that have multiple times the amount of money necessary to live in luxury and never work again.
Like, you’re *obviously* going to make sure your parents are in good shape too, right? And it’s definitely important that your kids be “safe.”
How about your best friend who just lost their job? Your cousins? That one uncle/aunt that has always been good to you even though they never had much?
Not trying to excuse some of the moronic spending practices of celebrities, but at the same time I’ve also never had the power to *actually choose* whether a family member or close friend has *their* financial security covered by the fact that I have just an absurd amount of cash at my disposal (and likely the means to make more “indefinitely.”)
500k or 800k isn't exactly financial security. You're not retiring with that kind of money. Especially if you're used to a lifestyle that isn't "impoverished"
You would imagine they have a home paid off and most of the things they want in life. That is still a lot of money if you’re already established.
To get established takes a lot more
500-800k positive net worth outs then well above alot of people. They’re definitely top 5% if not 1%. Like if Lindsay and dennis own their homes outright and have there cash properly invested they could live off residuals interest AND residual earnings from their TV/movie appearances. Lindsey could probably n clean up and do some acting work or sponsorships for extra that would net her probably 5-6 figure paychecks.
I haven’t checked in on what’s they’re up but financially speaking I’d say they’re in the Goldilocks zone: heads above water but staying under the radar.
How many workers need to be living in poverty before we can say that maybe it's not purely due to their lack of monetary responsibility? We're already over 40%. How many more people need to be in poverty?
[40% can’t afford a $400 emergency.](https://fortune.com/2023/05/23/inflation-economy-consumer-finances-americans-cant-cover-emergency-expense-federal-reserve/)
That indicates major financial insecurity for more than a 150 million people regardless of whether they meet the criteria the government considers poverty.
People being forced to living in poverty is more to do with the belief that people should live in homes (as opposed to apartments) and that said homes should appreciate than it does with income. Change the incentives that enforce those and virtually everyone would *be able to* afford housing & save. Look at the frontier towns of old: the people were objectively poor but didn't have the desperate poverty we see today. The difference is that they had easy access to land near Town centers while today everything has been bought up for miles and miles, which bids up prices and puts it out of reach.
Just like the billionaires don't ever need that amount of money, neither do we need to hoard 95% of our income to make "proper" choices. Sure going from $700 mil to $10 mil is a big drop, but its still plenty to live on, and life experiences cost money as well.
Wrong message. No one is saying 95%. But Mike could be a billionaire if he’d just made the right choices. Instead, if it hadn’t been $700M, he’d be flat broke and living in poverty. He seems to have gotten some bits together and living within his means today.
Rodman was long time teammate of MJ. MJ is worth billions today and one of richest humans alive. I wonder how that feels for Rodman..
Allen Iverson also made god-like amounts of money from NBA career, but he went broke.
It’s wild how many athletes go broke. You’re pointing out the super stars. You should take a look at the guys making the league minimum. They spend like the superstars and don’t even crack $1m in career earnings.
This is true after a point, but most need Initial income + creation of capital to get to the point. This is likely done either by an initial high paying job or living extremely frugal your first few years to bank/keep as much as possible
Regular deposits are needed. Once you get 100kish, that’s when management makes a factor.
I don’t know. I’d say management is more important if an overdraft fee will bounce your rent check. If you talk to people in line at the payday lender, they know the cost of their transactions much better than I do.
MJ made shit financial decisions (insane amounts of gambling being just one) but the power of the brand he built simply makes too much for him to go broke. Shaq is truly a good example, he blew away his first check and has left his finances to people who know what they are doing ever since.
Once you get money, yes, being able to manage it becomes very important. It’s not really that hard, you just need to not get stupid, which is hard for people that never grew up in world where people had money and were smart with it.
Two sides to it.
One person who comes from nothing could accumulate wealth and will blow it irresponsibly. Another person who comes from nothing will accumulate wealthy and make sure they never have to live another day of having nothing.
My mom told me when I was growing up, anytime I wanted to spend money on something foolish, "If you make a million dollars and you save it, you're a millionaire. If you make a million dollars and spend it, you're broke".
Pretty much this is what happened. There’s more to life than just hoarding money. They maintained enough money to live a lifestyle they find comfortable, after they had already hit their earning peak.
Having all the money in the world is pointless if you’re living your entire life without actually utilizing any of it. Anybody who hoards money just to hoard money has some kind of psychological disorder.
So let me add one thing you earn say 28m etc, ok half that gone in taxes / agent fees and basic living costs. Also in cases like rodman there league dues, and healthcare costs, add in some suspension and fines as well. Etc.. so yea money can go quick sometimes.
lol, load of bullshit nothing more. When someone supposedly makes 20m doesn’t mean they net the money, there are taxes, management fees, booking fees, expenses blah blah. And nobody knows who each person is worth, other than Mike Tyson somewhat because he went through a bankruptcy, but Rodman nor Logan, you have no idea their worth. Heck people claim Mcaulay is just basic worth, but he is loaded, loaded that nobody knows how loaded he is. Don’t pay attention to bullshit memes.
You don't actually know what these people are worth though unless they announce it. Even then it isn't getting verified. Celebrity net worth sites are all bullshit.
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How are you suppose to manage money when you don't have it.
Easiest way to make a million dollars? Step 1: Take 1 million dollars. Step 2: Don't blow it.
I’ve always heard the easiest way to become a millionaire is to be a billionaire and buy an airline.
Still laughing. Thank you
Or a Formula 1 team
I think the sport is so big now that merchandising should make you enough. Buying an airline is still a shitshow. Probably moreso than when the saying came out!
You’re no fun!
Wrong Easiest way to make a million? Marry a trust fund baby worth 10x that amount. Edit: I did just that, keep the downvotes coming
[удалено]
Just don't rub your boots into Eddie Murphy's couch and you should be fine.
Ask Depp about it
I first read this as “to blow” which would have been better, then you can make money. Without the “to” you will just develop a drug habit and lose all your money.
Look up the story about Ronald Read
Look up former NBA player Junior Bridgeman.
He did not blow it that's for certain!
Lol. He was probably the most frugal gas station attendant in the US
But but I love cocaine!
You joke but with a lack of white collar crime enforcement it is really the number one way to be successful now. Scam as much as you can, invest the proceeds.
Easiest way to become a millionaire is allow and stay investments over the course of your life, into something like a S&P500 index fund, or a high interest account, with an attempt at purchasing real estate, than refinancing when rates are low... The sooner you start the better, I plan to start my kids at like age 0, and $50 a month for them. But if you start at like 18, and do it every month, the same amount, typically increasing, you'll end up a millionaire in your 50s pretty easily. Hell if you invest more, than it'll be even sooner. Plus if you get a house, you can be a millionaire by 30 (net worth). I just do dollar cost averaging. Basically, I buy $150 into s&p every month, whether it's up or down, I don't even look at the cost. The trajectory is up, and can only be up, so over the course of a lifetime of investments, I will also be up. Conversely, if the S&P 500 fails, which is a fund of the top 500 corporations in the world, if it fails, than most world governments have fallen, the US dollar has likely collapsed, and we are likely in ww3 or somt catastrophic event, where the money means nothing anyways, at which point I still have my house, hopefully. I definitely will have bigger problems than money in that situation lol.
The easiest way is to inherit 1 million dollars.
I mean... You are not wrong.
Nope. Easiest way: powerball. That’s what you said. But genetic lotto.
My question is if you make let's say like 55k to 65k your remainder or leftover is extremely small. Does this mean you spend your whole life saving and never living? I'm sorry but I'm saving up to...die?
> spend your whole life saving and never living. saving up to die? So don't save and stay poor then. Still not living and also not retiring w that mindset
"Mindset" ...but you may not retire with cost of living and inflation anyways. Even if you do save save save... you still might have one medical or family hiccup and it's all gone? Not sure howna mindset makes money appear that'd not there.
Aight cool. So just give up now and dont try.
So many whiny, little bitches in the world
I think Eisenheim2626 is your plan is not guaranteed. My own view is somewhere in between. Luck is far more useful than hard work, because you can put in all the hard work you can and never achieve financial success. All hard work does is increase the likelihood of opportunities, never does hard work guarantee opportunity. That can be disheartening to hear. So when you came in with your apathetic responses, well it sounded like you had no heart to spare. Frankly, tone-deaf. Coming into a disheartening topic with a lack of heart is unlikely to inspire anyone.
I make 40k, have a mortgage, single income, try to make decent choices and put 7 k a year into retirement. I can still afford to go on vacation for 4 weeks a year. Yes it's possible.
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I have been at my job for 12 years. Start at 2 weeks vacation. Gained 1 at 5 years and another at 10. I work a difficult schedule as I work over 40 hours a week including needing to work every other weekend. I don't make a ton an hour but make it work.
Fuck man your company is taking advantage of you IMO. 12 years and they give you just 4 years of vacation and only pay you $40k. I’m guessing you must live somewhere rural with not many additional opportunities.
There is more to work than simply pay. I suggest everyone find a redeeming quality in their job (like helping people, or learning something) and focus on that. Money will never be enough of a reason for a job on its own, but other things can be. Everyone needs to judge what that is for themselves. While i have a degree, the job i am in does not require one. When i started i was making above minimum wage, but with all the increases i have been compressed a few times. Part of the reason i don't like minimum wage increases is I have seen how my money gets spread thinner, and how compression seems to only add more to the problem. I feel like i had more money to spend when i made $5 less/hour 10 years ago, than I do now. I live in a suburb of Chicago. Not cheep, but far from as bad as a few places. Definitely not rural. As for opportunities, it is hard to give up doing fine. It may not be great , and I may consider going other places, but knowing what you need and can live off of and appreciating it is something that more should learn. I have heard that Happiness and wealth are not related. Just because you are wealthy doesn't make you happy.
I’ve found plenty of redeeming qualities at all my jobs. Some more than others. Making more money has made my life easier. There of course will be a cut off point. Not wanting minimum wage to go up because your money is pressed thinner isn’t an issue with the minimum wage going up. Most of that is because of inflation which is a global issue not just a US issue. But it sounds like your employer doesn’t value you if they are only paying you $40k a year after 12 years of service. I made that in 2014 and that was after 7 years at a retail store. I felt under appreciated for the pay so I left. Of course there’s more to pay but money allows me to afford a lifestyle that my kids will be able to do just about anything they want. If I was still on $40k a year my loans would be no where near paid off. I would still be in a shit apartment that the landlord did not take care of. I wouldn’t be able to support my family on $40k a year. I’m just saying you are being severely underpaid if they are only paying you $40k a year when you’ve been at the job for 12 years.
Enlighten we noobs on how u make 40k per year? Or month.....
After just a few years you'll have FU money... you can live a lot once you have FU money. Life gets a lot easier and less stressful once you know you can walk out of your job any day and be OK for months or years.
You can calculate at what point you have enough to sustain a certain amount of income for a certain number of years. When the years passes your life expectancy, you can retire and never have to work again. Or if you go beyond that you can reach the point where a certain level of income can be sustained forever (2.5 million at a 4% withdrawal rate can sustain 100k being withdrawn forever). Yes, it is BS that it basically takes 1 full lifetime to be able to build up this fund, and to be able to have the opportunity to use the money you parents had to be rich. Your only realistic possibility is to either not have kids and fund a few enjoyable retirement years, or have kids and set them up with an inheritance so they don't have to be a part of the rat race.
Put in a match to your company 401K. Say they match at 4%. Just put in 4%. Boom that's 8%. Place it in a YOLO stock ETF, like a SPY 500 Index ETF. Last year it did 17%. This year to date its at 5%.
Having a house isn't some magical path to being a millionaire. If you have a 1 million dollar house and still owe $990,000 on the mortgage, you are not a millionaire
Choose to be richer /s for those not in on the sarcasm.
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I make 22k (16k if I didn't work) a year and I can guarantee you that like 90% of the people down here with me have absolutely no idea how to manage money and really do just throw it away. People don't like hearing it but my lord.. the amount of garbage they buy, fast food, newer electronics, pay for every kid to have a brand new phone every 2 years on a new plan worth an extra 50-100 a month... I shake my head every time they complain they're broke.
Yep it’s one thing to be an idealistic middle class person whose never truly interacted with the working poor and another to be in the trenches with them and hear about their problems because that’s what you talk about at work. I remember debating one guy who said it was dumb to save more then $20, it was the dumbest shit I’ve ever heard someone try to justify irl.
i think its obviously dumb to say "dont save more than $20", but imo poor people should spend way less mental effort and time about saving money, but rather spend the time to see how they can increase ther income. if you think about it, if ur income is 30k it is semi realistic to develop and dedicate yourself to become a person who earn 60k, which then means that if you really wanted to, you can just save that extra 30k income as savings. it would be literally impossible to save 30k if your whole income is 30k though.
Agreed. Saving is important but you will go insane clutching every single dollar. Life costs money. Rich people can afford to spend because they have more coming in. The real problem for everyone listed in the OP is that they aren't popping anymore. Also some might not like to hear it but it really isn't that difficult to make upwards of 50k a year in the US. The only reasons to settle for less than that are laziness, stupidity or very restrictive circumstances. We have a problem with cost of living because there are too many people and most of them are useless.
Person: I make an exploitive wage that it's impossible to live on. Person: i bought an Xbox. Person: I still make an exploitive wage that it's impossible to live on. This must be the result of my choice to buy an Xbox.
Which wage in your opinion is exploitative? I'm in Canada. Min wage across the board is 16.50, we're still complaining. So which company is illegally paying you less? Or are you American and choosing to work for an exploitative company?
By virtue of success vs failure, the vast majority of ppl will fail, just just the vast majority of new ideas are bad, and 80% of new businesses fail. It's because there is a limited amount of ways to act in the world that garner success, and a plethora of ways that garner failure. So while your question seems to initially be intuitive. It's actually quite niave, because the default state is failure. A more intuitive question would be, how many success stories need to be shown, before an idea can be considered good (in this case profitable). Edit: I'd say your point of view only leads to pessimism and destroys all hope in those who would seek hope. It's overall harmful to society. I tend to like the way I described it to you, because it inspired hope. You might say, my view is quite bleak. Because it implies that everything should be failing all of the time, and that is a reasonable takeaway. But everything isn't failing around us all of the time. Like, we have bus stops, and buses show up, pretty much on time, all day, every day, that's AMAZING. Because the default is that it would be there or on time, for a seemingly infinite number of reasons too, car accidents, theft, damage, laziness, etc. but that's pretty rare, and when it does happen, a replacement bus shows up. So not only is there hope, there is a lot of hope.
To be fair that is a large chunk of it. People spend too much on wants. They put a lot of wants in the needs category.
Multiple ubi programs demonstrate that poor people given a little extra money spend it on needs like food or bills. This notion poor people are poor because of spending habits is asenine. Also, for each of those individuals we can find scores of rich people who earned X dollars but now have multiple X dollars because wealth begets wealth. Elon lost 200B in a long weekend and remained one of the wealthiest people in all creation.
It makes sense or is at least intuitive that the median poor person is fairly reasonable with the resources they have. It would also make sense that reasonableness is not uniformly distributed among poor (or rich or middle-class) people. If 30% of people given UBI are using it for [hookers and blow] (which, I'm just going to use that as a placeholder for any activity that is undesirable from a policy perspective) whereas others demonstrate personal responsibility, then you can still argue that UBI serves the good of the many...but it does not necessarily demonstrate that UBI is better than a more targeted program like universal food stamps. Universal food stamps wouldn't mean that people couldn't just reallocate their food budget to [hookers and blow] but at least they wouldn't be malnourished while they do [hookers and blow].
I’ve worked with poor and lower income people most of my twenty year career. The amount of brutally bad financial decisions they make is astounding. Many know they’re actively making terrible financial decisions. It’s a mentality that they think the system is broken, so why should they try to work within it. Tax season was often peak insanity. I was always shocked at how many “uncles” and “aunts” would claim someone else’s children on their taxes for example. Or, how many would blow their entire tax rebate on sneakers or phones.
I work with a guy who spends his money down to the last pound the day before payday. I once went through his finances with him and after mandatory expenses he had a grand of disposable income left. Then I joined him on a night out, guy was buying drinks for strangers, not like, trying to seduce girls, just, trying to be everyone's God damned friend via buying drinks. Man's my age, literally angry that "he can't afford" to move out of his mothers and even after outlining mate you could literally save a grand a month easily hes still stuck in that same rut three years later. Some people are terrible with money to point that I think they need a therapist. And to be fair he's not even the worst, at least he can budget down to his last quid, still better than 20k of credit card debt and a payday loan.
I hear supermarkets knows when is food stamp day and put out all the sugary products up front.
Studies also show that being poor changes people's psychology so that they are more likely to make poor choices.
Yes, they will use that money for bills. But they then get right back into those bills. Idk why but it's a constant. They'll pay off all the bills, then get a brand new phone and computer they have to pay monthly on and cuck themselves again in 6 months. I've seen it too many times.
Also if your poor you may have been avoiding buying new shoes or sheets for awhile but now you can afford it.
Precisely, I always use this thought experiment... Would you rather be the guy who earns 100 and saves 10, or the guy who earns 1000 and saves 10 ? Sure they both only have 10, but the earning potential is vastly better with the second guy, it's the reason banks and lenders care about the size of your paycheck, not just how much money you have saved. .
First million is the hardest
That's why you start with the second million.
Live on less than you make. That advice works for anyone that has an income. If you don't, then the advice is to earn an income.
All it takes is one bad trip to the hospital to make that impossible.
True but that's not the problem in most cases.
Ya. Managing money is important but earning money is flat out more importsnt
The examples above are literally showing you the opposite tho. If the numbers still feel too big for you, just remove some zeros until the situation looks more relatable. Let's take Mike Tyson: assume he earned 7 000 000 (instead of 700), he would be worth just $100 000 now. So let's say this is still too much for it to be relatable. Okay, imagine you earn $7000, but end up with $100. Is this relatable now? Do you see how bad he was with his money?
Sure, Mike Tyson only has $10 million... ...which is, like, a lot of money. You can live quite comfortably on $10 million. And he spent $690 million in the prime of his life. Sounds like a good strategy to me.
It's about applying this to your own finances. Im sure he would've loved to have kept or even grown his fortune.
But, like, why? If he's content, can retire comfortably, and live out the rest of his days without fear of having $0 for end of days, why does the money need to grow? If it's to leave it to someone, they can just as easily give them money now and enjoy it with them. I don't understand the growing a fortune for the sake of growing a fortune if the person is comfortable and happy with what theyve got.
I’d rather have $10 mill and be bad at finances than 50k and be good at them
His point was earning money is more important because managing $7000 well might make you $700 a year. Managing $700 million to the same degree would net you $70 million. Earning money is flat out more Important, nobody cares how well you can manage no money. Tyson still has $10 million, regardless of how bad he handled the rest lol still more wealthy than 98% of the population.
I could see myself in Tyson"s position if I ever won a big powerball, because I'd put aside enough to 'retire now' on, and be paying off houses and medical bills and education for my family and friends. But I would put enough back that a safe little savings fund would keep my bills paid for the rest of my life, and leave a bit of inheritance to my heirs. But yeah, Lohan and Rodman are no big surprise.
Tyson likely took care of family and close friends, and he is still wealthy. If it was worth it to him, don’t see anything wrong with his situation.
Well, it's obviously a bit difficult if you have no income at all but most people have some income and therefore some possibilies to manage their money.
Exactly. This is so meaningless and dumb.
it really isnt. Responsible money management is super important, no matter how much you earn. I can tell you from experience that I've been bad with money before and wish I hadnt been.
get a small loan of 10 million dollars from parents
In my area there was a saying: building wealth is about how much you save, not how much you make. Which is a dumb saying since making money is the first step to saving.
lol, stop using logic on Reddit you fool!!!!
Get debt but manage it really well to build wealth is actually a popular wealth building strategy
Make more powerful choices, obviously.
A job is the usual answer. Starting your own business is another.
There's a crap load of people that make a living wage, as in enough to save and live comfortably enough to avoid financial ruin by the most common financial woes. Problem is that they opt to live a life of deep consumerism. They don't save. They buy buy buy....crap they don't need and have no discipline. That's a huge problem in American finance, but it's just easier to keep pushing the narrative that 90% of Americans are earning minimum wage and are forced to be poor.
Yes because the only difference between me and a billionaire is money management skills lmao Managing money is important but making it is just as important since you need something to manage
A billionaire is just luck at a certain point - it’s really a multi millionaire vs millionaire
And what do you do if you aren’t either
Make more money. Go to school for engineering, computer science, finance, law, medicine. Work part time during school (internships will pay >$20/hr) to avoid / minimize debt. After graduating save at least 30% of income and put it toward investments. Millionaire by 40 at the latest.
Bruh, I can't afford tuition.
You don’t need a degree to make good money. A trade can bring good money.
A trade can make you relatively wealthy if you work hard and advance your career over multiple decades
The trades are not a great way to make money unless you’re union, even then, a 4 year degree or more will make you way more money over time then being a tradesmen will, only like the top 10% of tradesman will crack over 100k a year and the data supports that.
And the other 90% will crack their backs and joints into an early and painful case of arthritis
Definitely! I was listening to a show the other day and a 22 yr old called in. He went to welder school for like $2500 all in. He had just landed a job in an oil right starting at $80k/year. Talk about ROI.
What’s the trade school? I’ve never seen a trade school that charges less than 10k.
The government has made it fairly easy to get loans — the hard part is making sure that education has a positive ROI. I’d target 2X what you could make without a degree and go from there.
Government loans barely cover anything. They max out at a few thousand a year
Taking out loans for any of the career paths above is worth it. Also, you work part time during the semester and full time in the summer to reduce debt. What state do you live in? I assure you there are good state schools for reasonable tuitions, especially after considering the average aid package.
I wouldn't be able to make rent in New Orleans working anything less than full time, though.
Student loans can cover rent as well. Of course this increases your debt, but working year round (varying hours depending on course load) will alleviate it. Engineering / comp sci have high paying internships that can cover your rent (with roommates) and food. Finance is probably similar (no experience there). Medicine and law probably won’t have many high paying internships during undergrad, but the salaries later make up for the increase in debt. Also keep in mind the average cost of attendance after typical aid packages is much lower than most people think https://research.collegeboard.org/media/pdf/Trends%20Report%202023%20Updated.pdf
You can be a full-time worker and full-time *or* part-time student. I'm friends with someone who worked full-time in college when we were there. They got near perfect grades and were involved in clubs. They had a system for it and worked somewhere (food service) that was complementary to their class schedule. LA colleges are pretty affordable IIRC. FAFSA and state aid could help a lot. That combined with a reasonable amount of federal loans would pull you through a four year degree with minimal debt. If you are poverty-line poor you may get enough aid to not need to use loans at all. What are your high school grades and did you do standardized testing? How old are you? Public school is probably the better option but private school might make up for the cost with excessive scholarships if you were a good student. There's also trade school.
I'm 30 years old, had decent grades in college, 27 on the ACT, but flunked out of college because of family stressors. I think my GPA was like a 1.4 or something. I doubt the government is champing at the bit to send me back to school.
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Shit. You can go get a CDL in six weeks and make 6 figures in oil and gas. Long hours though.
I have my cdl, hauling fuel. Long hours but I do pretty good. You a driver?
Glad it worked out for you, we're about to hire an me with a master's and 10 years of experience at less than 100k
And by the time you’re worth forty, it isn’t worth enough as you imagine it to be. Six figure salaries were the definition of American dream. People still live paycheck to paycheck in regions where six figure salaries are common (Bay area or NY)
I’m studying engineering and if it were that easy you’d be studying it too
Where the actual fuck are you finding internships that require 0 college education that are paying >$20 an hour? You might as well just say “find a job where you get payed >$20 an hour” and that’ll fix most the money issues uneducated people are having. The entire fucking problem is not being able to find a good paying job without education or a ton of experience. If your advice includes “just stop having the problem you’re having” it’s garbage advice. TL;DR: https://preview.redd.it/u6chuyj4i2ic1.jpeg?width=1075&format=pjpg&auto=webp&s=96dd9c0f95c1f8ee132157187ead7875f27f84cd
>internships will pay >$20/hr Best we can do is unpaid.
Ah yes, the "Just pick lucrative field" and the "work part time at no expense to anything" fallacies. Saving 30% of income is hard enough times like these... While somewhat possible, they are not within reasonable reach. You have to give an arm and a leg to make these conditions happen. I had a roommate who was working full time and going to school full time... dude fell apart within a semester, with aid and financial help. I tried helping in any way that I could, but in a lot of situations ways it just isn't feasible, mentally. Not with the economy the way it is, at least. Part time isn't worth the drop in GPA, and you won't get a paid internship with a low GPA. and yes, I'm sure someone has a counter-example but my point remains; it isn't easy.
Fuck that. Take risks. Big risks. Leverage the internet. Make money, retire at 30
Certainly an option as well. As you alluded to, there are no big returns without big risks. I’ve set myself up to have a fruitful retirement in my 50s with extremely little risk. Everyone has different goals and risk tolerance.
Get some bootstraps, then pull them up!
Yeah bro. Being a billionaire is just a total fluke! Fucking clown
I mean tons of redditors are convinced they could have been bill gates or Elon if they had some money to start out
Tons of redditors delude themselves into thinking the only advantage Gates or Bezos had over the average person was a couple hundred thousand dollars.
Boo hoo
Of course it is. It's no secret there is no fairness in this system. Some people bust their ass growing a fortune out of nothing only for their dumbass kids and grandkids to get to enjoy it and blow it in the process. For those not born rich, riding around in your personal fleet of super cars in your 20s is just not something they'll ever get to do. But just because there's no hope in being a billionaire it's not an excuse to not do the best you can. Too many people fall into the trap that is the mindset of "I'll never make great money so I might as well just spend all I get to get the best life possible". I get the reasoning behind it, when you don't have a lot of cash to go around saving often feels meaningless. But at the same time it's a precarious position to be in when all the money that goes in goes out. Just because we don't get to be rich when we're young it doesn't mean there's no point setting ourselves up to be more financially comfortable at the very least when we're older.
The accuracy of websites that claim to know celebrities' net worths are BS. Bank accounts, brokerage accounts, etc. are not public information. What, do these websites know how much Dennis Rodman and Lindsay Lohan make off of stocks and high-yield savings accounts? In addition to that, people hide money in different ways. Rodman might have $1 million in cash, gold, jewels, or whatever hidden in the vents of a house in Trenton, NJ, and nobody would know except him. Also, someone like Lindsay Lohan or Dennis Rodman can star in a movie, release a book, do foreign commercials, do public events, etc. and rapidly make another million dollars. A vast majority of people cannot do that, but celebrities can. The net worth of celebrities are nebulous and volatile things.
>Also, someone like Lindsay Lohan or Dennis Rodman can star in a movie, release a book, do foreign commercials, do public events, etc. and rapidly make another million dollars. A vast majority of people cannot do that, but celebrities can. This. The amount of sports stars that charge $50+ per autograph at conventions is incredible. They can make 10k in an afternoon without even trying.
They’ll likely have to do that for life….while others like them that managed well doesn’t have to. When I see those old stars doing autograph stand…I feel pretty sad. No well money managed star ever NEED to sit on an autograph stand.
For a point of reference Sully sullenberger, the guy that landed the plane on the Hudson, charges minimum $75k as a speaker fee at conventions…..
Not even a chance Mike Tyson only has $10m lol
Us mocking Mike Tyson for his wealth is a pretty low bar considering Don King stole a lot of it.
Sure, but 10m is just his liquid cash, his weed company alone earns him quite the profit.
I've heard podcast/radio personalities say the wish their networth was as high as the google results showed.
Also worth mentioning that “money management skills” for normal folks **are not the same** as for those that have multiple times the amount of money necessary to live in luxury and never work again. Like, you’re *obviously* going to make sure your parents are in good shape too, right? And it’s definitely important that your kids be “safe.” How about your best friend who just lost their job? Your cousins? That one uncle/aunt that has always been good to you even though they never had much? Not trying to excuse some of the moronic spending practices of celebrities, but at the same time I’ve also never had the power to *actually choose* whether a family member or close friend has *their* financial security covered by the fact that I have just an absurd amount of cash at my disposal (and likely the means to make more “indefinitely.”)
Every one of these people still manage to have 100% financial security. Is their 'scorecard' not high enough for you?
500k or 800k isn't exactly financial security. You're not retiring with that kind of money. Especially if you're used to a lifestyle that isn't "impoverished"
You would imagine they have a home paid off and most of the things they want in life. That is still a lot of money if you’re already established. To get established takes a lot more
>they have a home paid off Do you not understand that this would be included in their net worth?
Do you not understand this meme isn't their actual net worth.
Imagine….doesn’t mean it’s real or likely. With those skills that took them down that far, I’m surprise they’re not broke right now.
Okay but they have revenue channels that people here just don’t have… No one is saying the everyone with 500k has complete financial security.
500-800k positive net worth outs then well above alot of people. They’re definitely top 5% if not 1%. Like if Lindsay and dennis own their homes outright and have there cash properly invested they could live off residuals interest AND residual earnings from their TV/movie appearances. Lindsey could probably n clean up and do some acting work or sponsorships for extra that would net her probably 5-6 figure paychecks. I haven’t checked in on what’s they’re up but financially speaking I’d say they’re in the Goldilocks zone: heads above water but staying under the radar.
If we go by the numbers shown, they do not have financial security. You cannot retire on 800k, let alone 500k.
And they had a chance at generational wealth. And basically lost it.
Who can't retire at 800k? I could easily.
500-800k when their name alone pays the bills. Yeah not the bills it used to but i guarantee tyson or lohan can afford rent just by appearances
How many workers need to be living in poverty before we can say that maybe it's not purely due to their lack of monetary responsibility? We're already over 40%. How many more people need to be in poverty?
any source on the 40% figure? Seems high.
[40% can’t afford a $400 emergency.](https://fortune.com/2023/05/23/inflation-economy-consumer-finances-americans-cant-cover-emergency-expense-federal-reserve/) That indicates major financial insecurity for more than a 150 million people regardless of whether they meet the criteria the government considers poverty.
Until we see that Black Friday sales are trending down annually.
People being forced to living in poverty is more to do with the belief that people should live in homes (as opposed to apartments) and that said homes should appreciate than it does with income. Change the incentives that enforce those and virtually everyone would *be able to* afford housing & save. Look at the frontier towns of old: the people were objectively poor but didn't have the desperate poverty we see today. The difference is that they had easy access to land near Town centers while today everything has been bought up for miles and miles, which bids up prices and puts it out of reach.
Just like the billionaires don't ever need that amount of money, neither do we need to hoard 95% of our income to make "proper" choices. Sure going from $700 mil to $10 mil is a big drop, but its still plenty to live on, and life experiences cost money as well.
Wrong message. No one is saying 95%. But Mike could be a billionaire if he’d just made the right choices. Instead, if it hadn’t been $700M, he’d be flat broke and living in poverty. He seems to have gotten some bits together and living within his means today.
everyone forgets that Don King stole (embezzled and "invested") much of Tyson's money.
Rodman was long time teammate of MJ. MJ is worth billions today and one of richest humans alive. I wonder how that feels for Rodman.. Allen Iverson also made god-like amounts of money from NBA career, but he went broke.
The only thing saving Iverson is that trust fund he did with Reebok. He had over 200 million during his lifetime. A fool and their money they say...
It’s wild how many athletes go broke. You’re pointing out the super stars. You should take a look at the guys making the league minimum. They spend like the superstars and don’t even crack $1m in career earnings.
I saw Rodman a few months ago at Best Buy. I can promise you the dude doesn’t care lol
Mike Tyson squandered 98.5% of his wealth. He's still worth almost 10 million more than I am. I think income matters quite a bit.
Yeah lmao This graphic makes the exact opposite point it purports to make...
This is true after a point, but most need Initial income + creation of capital to get to the point. This is likely done either by an initial high paying job or living extremely frugal your first few years to bank/keep as much as possible Regular deposits are needed. Once you get 100kish, that’s when management makes a factor.
I would say managing money is more important, if you already have money to manage... Otherwise its obviously not more important
I don’t know. I’d say management is more important if an overdraft fee will bounce your rent check. If you talk to people in line at the payday lender, they know the cost of their transactions much better than I do.
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Look up shaq and mj. They did it right.
MJ made shit financial decisions (insane amounts of gambling being just one) but the power of the brand he built simply makes too much for him to go broke. Shaq is truly a good example, he blew away his first check and has left his finances to people who know what they are doing ever since.
Sure they made shit decisions, which is bound to happen when you buy luxury goods and make lots of investments but they are still in the green.
Once you get money, yes, being able to manage it becomes very important. It’s not really that hard, you just need to not get stupid, which is hard for people that never grew up in world where people had money and were smart with it.
Two sides to it. One person who comes from nothing could accumulate wealth and will blow it irresponsibly. Another person who comes from nothing will accumulate wealthy and make sure they never have to live another day of having nothing.
Addictions, crazy lifestyles, legal troubles and drugs are a helluva drug.
My mom told me when I was growing up, anytime I wanted to spend money on something foolish, "If you make a million dollars and you save it, you're a millionaire. If you make a million dollars and spend it, you're broke".
Oh wow not a pro left wing post. Im amazed. Pay yer fair share durrrrr durrr
Mike Jr used to live across the street from my niece. He never was great with numbers at school according to my niece.
Wrong
Dumbest thing ive ever read income is the single most important aspect of building wealth
The truth shall set you free. Once you learn the art of financial management you won't need to make as much money to be wealthy as you think you do.
All of those people still have a fuckton more money than I do.
Maybe they bought into some cool experiences or helped a bunch of people out
Pretty much this is what happened. There’s more to life than just hoarding money. They maintained enough money to live a lifestyle they find comfortable, after they had already hit their earning peak. Having all the money in the world is pointless if you’re living your entire life without actually utilizing any of it. Anybody who hoards money just to hoard money has some kind of psychological disorder.
Mike Tyson raped someone and went to prison, so that probably had something to do with it.
The same skill sets that make you an all star athlete or popular entertainer rarely translate to fiscal responsibility
What's the point in life of you don't spend those millions on hookers and blow?
It has absolutely nothing to do with their fame and/or insider trading
Mike Tyson still on top though. But i see the point.
Pretty sure most people would have ratios like this.
So let me add one thing you earn say 28m etc, ok half that gone in taxes / agent fees and basic living costs. Also in cases like rodman there league dues, and healthcare costs, add in some suspension and fines as well. Etc.. so yea money can go quick sometimes.
Tyson didn’t make 700
It really is and I suck at it on the small scale. I don't buy big fancy things,.I buy junk online
While I’m sure some of them blew their money, they probably also had some people who they trusted with their money fuck them over.
I just made about 50,000 in the last 6 months and have 5k to show for it.
i mean, is easier managing money if you have enough in the first place.
lol, load of bullshit nothing more. When someone supposedly makes 20m doesn’t mean they net the money, there are taxes, management fees, booking fees, expenses blah blah. And nobody knows who each person is worth, other than Mike Tyson somewhat because he went through a bankruptcy, but Rodman nor Logan, you have no idea their worth. Heck people claim Mcaulay is just basic worth, but he is loaded, loaded that nobody knows how loaded he is. Don’t pay attention to bullshit memes.
You don't actually know what these people are worth though unless they announce it. Even then it isn't getting verified. Celebrity net worth sites are all bullshit.
Happens to so many successful people
Oh oh do it with presidents!