Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » Wht would you do if you made 25k a month?
  1. Results 31 to 60 of 132
  2. Page 2 of 5
  3. First
  5. 1
  6. 2
  7. 3
  8. 4
  10. Last

Thread: Wht would you do if you made 25k a month?

post 1441186381 05-09-2016, 07:49 PM
-
#31
  1. Ryan94LOZ
  2. I am The Semen Demon
  1. Ryan94LOZ
  2. I am The Semen Demon
  3. Join Date: Dec 2013
  4. Posts: 8,191
  5. Rep Power: 13420
Buy a 5 1983 Volkswagen Scirrocos every month. Keep going until I have every 1983 Scirroco . Then my plans go into motion.
You like D&D, Audrey Hepburn, Fangoria, Harry Houdini, and croquet. You can’t swim, you can’t dance, and you don’t know karate. Face it. You’re never gonna make it.
post 1441186541 05-09-2016, 07:50 PM
-
#32
  1. nn586
  2. 🤡🌎
  1. nn586
  2. 🤡🌎
  3. Join Date: Jun 2009
  4. Location: United States
  5. Posts: 41,697
  6. Rep Power: 405369
hookers and blow
post 1441186721 05-09-2016, 07:51 PM
-
#33
  1. donblaximus
  2. Registered User
  1. donblaximus
  2. Registered User
  3. Join Date: Jul 2010
  4. Age: 50
  5. Posts: 12,396
  6. Rep Power: 70954
Originally Posted By matt3989⏩
I make about that now. I save about 10-15k for retirement/investing/building capitol. The rest I use to pay all my expenses, dates etc. Rent is about 3k per month for my apartment. If you make this much the odds are that you are self employed so make sure you save 30-50% for taxes at the end of the year, depending on what state you live in. You can also pay them quarterly which is slightly less annoying than getting robbed in one big sum at the tax time every year.
What retirement vehicles are you putting your money into?
post 1441186911 05-09-2016, 07:52 PM
-
#34
  1. donblaximus
  2. Registered User
  1. donblaximus
  2. Registered User
  3. Join Date: Jul 2010
  4. Age: 50
  5. Posts: 12,396
  6. Rep Power: 70954
Originally Posted By allianc3⏩
closer to 40% so 300k vs. ~500k but yeah
You are assuming no write offs. I dont know many people making $300-500k with no write offs.
My effective tax rate after all is said and done is in the low 20%
post 1441186931 05-09-2016, 07:52 PM
-
#35
  1. hermanmunster2
  2. Banned
  1. hermanmunster2
  2. Banned
  3. Join Date: Feb 2012
  4. Location: Putin Will Invade, Turkey
  5. Posts: 7,962
  6. Rep Power: 0
I'd start looking into how to reduce my expenses.
post 1441187051 05-09-2016, 07:53 PM
-
#36
  1. matt3989
  2. Registered User
  1. matt3989
  2. Registered User
  3. Join Date: Nov 2006
  4. Location: Pennsylvania, United States
  5. Age: 37
  6. Posts: 2,321
  7. Rep Power: 2872
Originally Posted By donblaximus⏩
What retirement vehicles are you putting your money into?
I have the vanguard S&P 500 index fund. Chase private client (fees are high but they manage your money if you have at least 250k with them) and an IRA. I want to save up a junk of cash and put it into a tax free muni bond but that's quite a ways down the road. Any advice?
1k+
watchout ur comments bro^
post 1441187091 05-09-2016, 07:53 PM
-
#37
  1. Insanity_SC
  2. Fight On Trojans!
  1. Insanity_SC
  2. Fight On Trojans!
  3. Join Date: Nov 2008
  4. Location: Los Angeles, California, United States
  5. Age: 37
  6. Posts: 6,682
  7. Rep Power: 3010
Originally Posted By donblaximus⏩
Difference is what 30%? So $300k vs $420k per year? Either way you are still not flying private, partying on private islands and living like Dan Bilzerian.



If you are investing properly, you might have a nice house, pimp ass pool, a few exotic cars and a vacation home on the beach. But you arent making it rain like Jay Z in the music videos.
yup. plus lifestyle creep is real. respect to those guys who manage to not succumb to it.

pulling up the 'transactions' tab on Mint.com is some sobering chit.
post 1441187161 05-09-2016, 07:53 PM
-
#38
  1. DinoPOOP
  2. Rep Power: 23870
  1. DinoPOOP
  2. Rep Power: 23870
  3. Join Date: Nov 2013
  4. Posts: 3,197
  5. Rep Power: 3221
I'd tell the misc I already make more than that
x
post 1441187351 05-09-2016, 07:54 PM
-
#39
  1. donblaximus
  2. Registered User
  1. donblaximus
  2. Registered User
  3. Join Date: Jul 2010
  4. Age: 50
  5. Posts: 12,396
  6. Rep Power: 70954
Originally Posted By matt3989⏩
I have the vanguard S&P 500 index fund. Chase private client (fees are high but they manage your money if you have at least 250k with them) and an IRA. I want to save up a junk of cash and put it into a tax free muni bond but that's quite a ways down the road. Any advice?
What kind of IRA?
post 1441187481 05-09-2016, 07:55 PM
-
#40
  1. AndYUKnowThis
  2. Banned
  1. AndYUKnowThis
  2. Banned
  3. Join Date: Feb 2014
  4. Posts: 12,204
  5. Rep Power: 0
-Live on maybe $4500 a month
-Sports car, Classic American Muscle car, motorcycle
-Ultimately buy a beach house
post 1441187491 05-09-2016, 07:55 PM
-
#41
  1. ivanporkinurwif
  2. Registered User
  1. ivanporkinurwif
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 50
  5. Posts: 737
  6. Rep Power: 1607
Originally Posted By matt3989⏩
I have the vanguard S&P 500 index fund. Chase private client (fees are high but they manage your money if you have at least 250k with them) and an IRA. I want to save up a junk of cash and put it into a tax free muni bond but that's quite a ways down the road. Any advice?
no real estate?
post 1441187611 05-09-2016, 07:57 PM
-
#42
  1. HoustonNoProb
  2. Banned
  1. HoustonNoProb
  2. Banned
  3. Join Date: Oct 2013
  4. Location: South Carolina, United States
  5. Age: 37
  6. Posts: 1,425
  7. Rep Power: 0
25k x 12 months = $300,000

10k/day x 365 = $3.65 million

Wonder where the fuk my 3.3 mill went??
post 1441187741 05-09-2016, 07:57 PM
-
#43
  1. donblaximus
  2. Registered User
  1. donblaximus
  2. Registered User
  3. Join Date: Jul 2010
  4. Age: 50
  5. Posts: 12,396
  6. Rep Power: 70954
Originally Posted By Insanity_SC⏩
yup. plus lifestyle creep is real. respect to those guys who manage to not succumb to it.

pulling up the 'transations' tab on Mint.com is some sobering chit.
Agreed. Its important to stay grounded else you will piss it all away or your children will learn from your behavior and piss it all away for you later.
If your money is working for you there are also expenses. I pay over $100k in property taxes alone so there always has to be a plan B and a bit of conservatism to weather the storm if the economy takes a down turn.
post 1441187891 05-09-2016, 07:58 PM
-
#44
  1. ivanporkinurwif
  2. Registered User
  1. ivanporkinurwif
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 50
  5. Posts: 737
  6. Rep Power: 1607
Originally Posted By donblaximus⏩
Difference is what 30%? So $300k vs $420k per year? Either way you are still not flying private, partying on private islands and living like Dan Bilzerian.

If you are investing properly, you might have a nice house, pimp ass pool, a few exotic cars and a vacation home on the beach. But you arent making it rain like Jay Z in the music videos.
probably more like 1 nice convertible Porsche and you're renting a beach house on the jersey shore for a month. That's more realistic
post 1441188061 05-09-2016, 07:59 PM
-
#45
  1. Iamasupersayin
  2. Registered User
  1. Iamasupersayin
  2. Registered User
  3. Join Date: Dec 2015
  4. Posts: 1,528
  5. Rep Power: 7249
Originally Posted By ivanporkinurwif⏩
save half. Cause when shiet starts to pile on you'll understand that's not that much money
Only on the misc is 300k a year still poverty
post 1441188291 05-09-2016, 08:01 PM
-
#46
  1. matt3989
  2. Registered User
  1. matt3989
  2. Registered User
  3. Join Date: Nov 2006
  4. Location: Pennsylvania, United States
  5. Age: 37
  6. Posts: 2,321
  7. Rep Power: 2872
Originally Posted By donblaximus⏩
What kind of IRA?
It's a roth IRA, I transfer into a traditional IRA to bypass the income requirements and then transfer it into a Roth.
1k+
watchout ur comments bro^
post 1441188401 05-09-2016, 08:01 PM
-
#47
  1. Kenneth925
  2. Banned
  1. Kenneth925
  2. Banned
  3. Join Date: May 2011
  4. Posts: 401
  5. Rep Power: 0
I make more money than yo gotti and ***** mane
post 1441188561 05-09-2016, 08:02 PM
-
#48
  1. ivanporkinurwif
  2. Registered User
  1. ivanporkinurwif
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 50
  5. Posts: 737
  6. Rep Power: 1607
Originally Posted By Iamasupersayin⏩
Only on the misc is 300k a year still poverty
I know it seems absurd. But trust me you're only one bad divorce away from being screwed. Plus a multitude of other challenges that pop up when you play at that level
post 1441188801 05-09-2016, 08:04 PM
-
#49
  1. Nelly87
  2. The Gh0st
  1. Nelly87
  2. The Gh0st
  3. Join Date: Feb 2012
  4. Posts: 8,183
  5. Rep Power: 69622
25k/month take home? I'd only take that pending it doesn't completely fuk my personal life over and I can still enjoy work/life balance.

If I did make that much and still had the work/life balance:
-Get a decent home($2,500-3,500k/month mortgage) - this would get me in a nice upper middle-class neighborhood where I live, maybe less mortgage pending house being around 400-550k. Sucks houses in this price range were easy 300k-350k range 3 years ago, stop moving here bitches.
-Keep my current car. Get a project car, buy the lady a new ride - so I'd guestimate $500/month car loans or less if I wait a few months and pay cash...
-Live off of a fun/expense (gas, food, utilities, etc.) budget of a generous $5k/month.

Would still leave me with ~$15k/month to save/invest. I'd prob keep like a 20K "emergency fund" and once hit that, drop the rest into investments, would need to learn a ton though.
"We are what we repeatedly do. Excellence then, is not an act, but a habit." -Will Durant
"Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure." - Marianne Williamson
"He who makes a beast out of himself gets rid of the pain of being a man." - Samuel Johnson
"It's not over UNTIL I WIN!" - John-leslie Brown (Son of Les Brown)
post 1441188841 05-09-2016, 08:04 PM
-
#50
  1. matt3989
  2. Registered User
  1. matt3989
  2. Registered User
  3. Join Date: Nov 2006
  4. Location: Pennsylvania, United States
  5. Age: 37
  6. Posts: 2,321
  7. Rep Power: 2872
Originally Posted By ivanporkinurwif⏩
no real estate?
Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.
1k+
watchout ur comments bro^
post 1441188891 05-09-2016, 08:04 PM
-
#51
  1. donblaximus
  2. Registered User
  1. donblaximus
  2. Registered User
  3. Join Date: Jul 2010
  4. Age: 50
  5. Posts: 12,396
  6. Rep Power: 70954
Originally Posted By matt3989⏩
It's a roth IRA, I transfer into a traditional IRA to bypass the income requirements and then transfer it into a Roth.
Why not a SEP IRA?
post 1441189431 05-09-2016, 08:07 PM
-
#52
  1. donblaximus
  2. Registered User
  1. donblaximus
  2. Registered User
  3. Join Date: Jul 2010
  4. Age: 50
  5. Posts: 12,396
  6. Rep Power: 70954
Originally Posted By matt3989⏩
Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.
You frauding bro?
S&P 500 index didnt do close to 10% last year.
I have chase private client for some of my conservative assets and even set to moderate to aggressive it didnt do 10% either
post 1441190051 05-09-2016, 08:11 PM
-
#53
  1. fadetoblack1
  2. Registered User
  1. fadetoblack1
  2. Registered User
  3. Join Date: Feb 2012
  4. Age: 39
  5. Posts: 1,640
  6. Rep Power: 6275
buy rentals.

I am about to close on my 11th rental property this month. It will put me at $5k per month of rental income after all expenses/taxes/insurance/mortgages etc. At the rate I am going I should be hitting $100k per year off rental income in the next 3 years. I self manage all my rental property and it takes about 2-3 hours per month. I also have a full time 6 figure job. My biggest expense is my $1700 mortgage on my personal house, I save the rest and buy more rentals when I have the cash. Its like i am constantly going broke. Every time my bank account gets juicy I just buy a house cash, then work my butt off at my 9-5...live frugally and do it again 3-4 months later. Hopefully will pay off one day.
post 1441190121 05-09-2016, 08:11 PM
-
#54
  1. ivanporkinurwif
  2. Registered User
  1. ivanporkinurwif
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 50
  5. Posts: 737
  6. Rep Power: 1607
Originally Posted By matt3989⏩
Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.
you should rent. The home you live in is never an investment. I'm talking real properties. Rentals, commercial or future land to develop. All the old degos I know got rich off of land and development.
post 1441190181 05-09-2016, 08:11 PM
-
#55
  1. shortys408
  2. Registered User
  1. shortys408
  2. Registered User
  3. Join Date: Feb 2006
  4. Posts: 2,886
  5. Rep Power: 17595
Originally Posted By AZliftbrah⏩
$2k per month to cover mortgage + expenses
$1500 per month into 401k
$458 per month into Roth IRA
The rest into a Taxable investment account buying VTSMX
cant have 401k and roth IRA with income that high.
Certified Public Accountant Crew
Misc Watch Crew
post 1441190511 05-09-2016, 08:13 PM
-
#56
  1. XXLAFLAME
  2. Registered User
  1. XXLAFLAME
  2. Registered User
  3. Join Date: Apr 2014
  4. Posts: 3,572
  5. Rep Power: 1003
lol you miscers that are acting like 300-400k a year isnt impressive you realize that is the top 1% right? that is literally better off than 99% of the worlds population
post 1441190521 05-09-2016, 08:13 PM
-
#57
  1. Kenneth925
  2. Banned
  1. Kenneth925
  2. Banned
  3. Join Date: May 2011
  4. Posts: 401
  5. Rep Power: 0
Originally Posted By matt3989⏩
Nope. I rent a nice apartment downtown. Not only is real estate outrageous in Seattle right now but I'd rather avoid the millions of dollars of debt and just bank a 10%+ return on my capitol. Plus I like my freedom. Maybe I'll move to NY or LA Or Miami for a year and not have to worry about it. I'm not opposed to buying cheap investment properties though but It's seem more time consuming than just managing your portfolio wisely.
Seattle is nothing compared to sf. I make 10k a day
post 1441191011 05-09-2016, 08:16 PM
-
#58
  1. AhDo
  2. Registered User
  1. AhDo
  2. Registered User
  3. Join Date: Aug 2011
  4. Posts: 15,422
  5. Rep Power: 873
300k pretax isn't that much. It's 110k - 130k saved a year while living frugally.

You would still need to work 12-15 years to retire frugally.


There's no room for luxury purchases unless you want to retire a few years late
( ͡ಠ ͜ʖ ͡ಠ) That's life son ( ͡ ͜ʖ ͡)
post 1441191131 05-09-2016, 08:16 PM
-
#59
  1. ivanporkinurwif
  2. Registered User
  1. ivanporkinurwif
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 50
  5. Posts: 737
  6. Rep Power: 1607
Originally Posted By fadetoblack1⏩
buy rentals.

I am about to close on my 11th rental property this month. It will put me at $5k per month of rental income after all expenses/taxes/insurance/mortgages etc. At the rate I am going I should be hitting $100k per year off rental income in the next 3 years. I self manage all my rental property and it takes about 2-3 hours per month. I also have a full time 6 figure job. My biggest expense is my $1700 mortgage on my personal house, I save the rest and buy more rentals when I have the cash. Its like i am constantly going broke. Every time my bank account gets juicy I just buy a house cash, then work my butt off at my 9-5...live frugally and do it again 3-4 months later. Hopefully will pay off one day.
that's what I'm talking about. Smartest kid I know got to 60 rentals by age 40. 250k a year without getting out of bed. But that's not the most important part. When you have that kind of portfolio the bank will lend to you below prime. So now you have a 2 million line of credit below prime. Just think of how you can put that to work. I wish someone would have given me this advice when I was in my early 20's
post 1441191551 05-09-2016, 08:18 PM
-
#60
  1. ivanporkinurwif
  2. Registered User
  1. ivanporkinurwif
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 50
  5. Posts: 737
  6. Rep Power: 1607
Originally Posted By shortys408⏩
cant have 401k and roth IRA with income that high.
yes you can
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts