Seems reasonableOriginally posted by ercchry
live off $30k/year...
I got big dreams, going to be a millionaire by 30!!!
I'm broke as fuck all the time, screw you assholes
30 has come and gone... maybe by 40?
I'm a millionare already, but I'm not even 30 yet
I'm a millionare already, but I am way older than 30
Seems reasonableOriginally posted by ercchry
live off $30k/year...
it sure is... a lot of people do it, with the right strategy it could even include home ownership ...and a $30k car... i know, i know... you CAN buy a car for less than $80k, weird, right?Originally posted by Euro_Trash
Seems reasonable
Math still doesn't work. If you started making 150k a year at 18, had 12% returns on your money every year, spent nothing and paid no taxes you would be a millionaire by 24.Originally posted by ercchry
live off $30k/year... average a 12% annual return on the rest
my math was fineOriginally posted by mazdavirgin
Math still doesn't work. If you started making 150k a year at 18, had 12% returns on your money every year, spent nothing and paid no taxes you would be a millionaire by 24.
$150k after taxes is $106.6k net, minus $30k for living expenses... compounded annually for 7 years... just over $1mm
24-18 != 7Originally posted by ercchry
my math was fine
$150k after taxes is $106.6k net, minus $30k for living expenses... compounded annually for 7 years... just over $1mm
Unless your mythical worker started making 150k a year at 17? Not to mention 12% return without paying capital gains taxes?
Let's be honest here - $150k at 24 is only realistic as a couple. No one is graduating with $150k gross income. So $15k per year per person.Originally posted by ercchry
it sure is... a lot of people do it, with the right strategy it could even include home ownership ...and a $30k car... i know, i know... you CAN buy a car for less than $80k, weird, right?
Including mortgage/rent (which is what in Calgary now, $1500/month?), food, transportation, bills, etc. Not likely.
I think he was calculating from 24 to 30 years oldOriginally posted by mazdavirgin
Math still doesn't work. If you started making 150k a year at 18, had 12% returns on your money every year, spent nothing and paid no taxes you would be a millionaire by 24.
yeah, this is a reading problem... on your endOriginally posted by mazdavirgin
24-18 != 7
Unless your mythical worker started making 150k a year at 17? Not to mention 12% return without paying capital gains taxes?
Originally posted by Disoblige
sputnik, are you talking about by 30, or just being a millionaire in general?
Lets use 150 k for an example. How is someone who's 23-24 going be a millionaire by 30?
Preach. If you're homebound and quite frugal with your money, a single person making >$100k/year can easily reach that goal.Originally posted by sputnik
How about a millionaire with two kids and a wife that is a stay-at-home mom?
It makes me laugh when you see single unattached guys making over $100k/year thinking it is hard to be a millionaire.
Even better when you have a childless couple making well over $200k/year thinking it is some big achievement for them.
It's boring as shit though.
I dunno man.. I know some engineers working up North with a producer w/only a couple years experience clearing around that much. Plus with Northern Living Tax breaks, you get quite a big return during tax time.Originally posted by Euro_Trash
Let's be honest here - $150k at 24 is only realistic as a couple. No one is graduating with $150k gross income. So $15k per year per person.
What about Darkane? He doing pretty well for himself too.
but that wasnt the situation i was given... and i personally have a few friends who are doing it with only a 4th class power eng (ticket? i dunno what the piece of paper is)...who were under 23 when they hit those numbers.
but again, its structure... im not saying im doing it, but if i rearranged my life i totally could. im holding a house that i could live in that (including my car insurance) is $2300/mnth worth of expenses... i have in the past and still could today, rent out my extra rooms for -$1700 on those expenses... then i still would have $2k/month for gas/car payment/entertainment/food... not to mention this IS alberta... many people are around that do hit low to mid $100s that only have 1/3rd of their life expenses not being covered by their company... i dunno, if i worked 2 on 1 off i would be doing alright renting a $500 room and spending under $1500/week on nonsense
It doesn't have to happen smack dab at 24. You can reach that goal easily by 30 if you average it out.
Say, you start $65k at 24 then get a 20% increase every year. You hit $100k average and with ecchry's $30k expense, then boom.
At 10%, you get high 80s and if you don't have a car payment, you can easily live off $30k/year comfortably.
$30K/year = 2500/month.
$500 - room
$600 - food (that's $20 per day, lean but doable)
$600 - transportation ($200 for car, $100 for gas, $100 for transit pass, $200 for insurance)
And you still have $800/month for other stuff and can probably go into renting a small bachelor suite all to yourself if you don't like roommates.
Not impossible but you have to be running very lean.
Really, who give a shit being a millionaire. Everyone is printing money and it's worthless.
I remember when houses were averaging $150K in 1996, i told myself that if I ever made $50K a year, I'll be in excellent shape. Using that same standard today, you have to clear $160K per year.
It's a moving goal post and you'll have a bad time assigning a static goal.
Last edited by Xtrema; 04-22-2014 at 04:17 PM.
Some smart moves on my part.Originally posted by Disoblige
I dunno man.. I know some engineers working up North with a producer w/only a couple years experience clearing around that much. Plus with Northern Living Tax breaks, you get quite a big return during tax time.
What about Darkane? He doing pretty well for himself too.
However quite honestly there are 20 year old kids up In mcmurray with their third class Power Engineering making 150+.
It's quite doable.
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
Sorry wrong button. Lol. Mods I can't delete this post wanna help me out?Originally posted by Darkane
Some smart moves on my part. But I started to late.
However quite honestly there are 20 year old kids up In mcmurray with their third class Power Engineering making 150+.
It's quite doable.
Last edited by Darkane; 04-22-2014 at 05:00 PM.
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
Originally posted by Euro_Trash
Let's be honest here - $150k at 24 is only realistic as a couple. No one is graduating with $150k gross income. So $15k per year per person.
Im not sure if this was sarcasm but yes it is possible and quite reasonable for a new grad to make 150ish in fort mac if the overtime is good enough. I know some guys doing fly in fly out as only a 4th class eng and they make that without OT.
Even at my plant in Calgary some guys in their low 20s with 2-3 years experience hit the magical 200 last year. Its all about the OT and bonuses.
I also hear of young MWD consultants earning at 600 day rate (to start). 250 days a year puts you at $150k gross
And anybody who starts working the rigs at 18 or 19 will be a millionaire easily before 30 (if they aren't addicted to blow). I've met too many kids who are drilling by the time they are 23 or 24 and clearing 12k/month. That's after the 6 years of clearing at least 80k per year up to that point.
Dirrrty oil money.
On Sabbatical
I agree, conventionally its almost impossible, bearing "luck" from a innovative startup or investments to "earn" that kind of money, other than slaving most of your days up north.Originally posted by themack89
I also hear of young MWD consultants earning at 600 day rate (to start). 250 days a year puts you at $150k gross
And anybody who starts working the rigs at 18 or 19 will be a millionaire easily before 30 (if they aren't addicted to blow). I've met too many kids who are drilling by the time they are 23 or 24 and clearing 12k/month. That's after the 6 years of clearing at least 80k per year up to that point.
Dirrrty oil money.
personally, I prefer earning a comparable wage and being able to enjoy what I've earned, enjoying my day after 4:00 PM during the week and being able to take a run at the wife. Rather than working 10 & 4's where I spend my evenings at camp working out, wearing tight tee shirts and jerking off to an ipad.
Many site guys I've seen not only work there because of the money, but also its the only way they can earn competent money.
Now I'm being a bit of a douche, but my wife, who was a personal banker, has delt with many 40+ year old rig guys... Operators, Milrights, etc... and many of them are like this:
Good guys, but are just downright depressed.
they earn a "great keep" but their TDSR is maxed RIGHT out.
When you are staring at a drill bit all day, or are walking and checking instruments all day... or fixing them. All you think about is what you want to buy and do on your days off.
So you buy a truck, a bike, a dirt bike, a sled, a boat, an RV.
You go to vegas, you go party in Mexico etc...
You meet some younger hot lady from a party, who's primary intention is to shack up with someone who can take care of them. (which most women want, or Deez nuts)
You get her pregnant.... whoops
You buy a house, but no, not that house, I want "that house".
She doesn't want to work again, wants to have more babies.
You're never home to see your kids or your wife, and all you come home to is a "honey do" list
next thing, your wife gets bored of her lifestyle, being a single mom, and asks for a divorce. This of course with full custody to take the kids, keep the house, and receive alimony as she's been accustom to the lifestyle she's received.
You are upset, because after all these years of sacrificing your time, you're now a single parent who's lost precious moments with his children and their spouce.
This is MORE common than you'd think.
now using your logic... net taxes, if you didn't spend a penny, lived purely on site, outside of your friend's or parent's couch when on your "Short Change", ate KD & Ramen and somehow didn't own a douchebag truck... AND somehow had enough smarts to invest with at minimum conservative returns... the Answer still is maybe.
If I didn't achieve what I achieved through real-estate and aggressive investment in Canadian Equities (last 3 years) I wouldn't have nearly the net weath that I do, which still isn't a full mil, let alone near a full mil liquid.
Though I contribute my returns to good forecasting, staying current and purchasing the "right investments at the right time"... Its all relative to market, political and economic variables.
What if Flaherty had sat idle with his economic stimulus, and didn't allow banks to depreciate their worthless American asset backed papers?
What if international trades with the US went south due to our trade agreements with China?
What if the US/EU prohibited the purchase/refinement of Bitumen and Canadian HOG due to founded environmental issues?
etc. etc. etc.
that would have taken a toll of all my Canadian held registered investments (RRSP/Pension), and definitely the realestate market in Canada, and Calgary specifically
Last edited by r3ccOs; 04-23-2014 at 06:55 AM.
Not current, but exactly what you said [Source]Originally posted by Xtrema
I remember when houses were averaging $150K in 1996, i told myself that if I ever made $50K a year, I'll be in excellent shape. Using that same standard today, you have to clear $160K per year.
lol I clearly underestimated the earning power up North. Even if it's possible, that sounds like the no fun way to live. Why not be a millionaire at age 35 then.
Now what if the economy, oil/gas sector goes sour. then no longer can be millionaire????
I guess school pays off if you can get into medicine and specialize, open up your own clinic (not gp), you be making 400-500k every year from your mid 30's till you retire
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100