How rich is 500k a year and what lifestyle do you buy?

Updated on : December 3, 2021 by Sam Ball



How rich is 500k a year and what lifestyle do you buy?

As for your question about whether your parents are millionaires; They should be, unless your parents made a poor financial decision or recently started earning the mentioned salary.

Soon; it makes you an upper middle class, unless your parents have very important properties.

But as snobbish as it sounds; Being a millionaire doesn't mean much these days, especially in Northern California where you (presumably) live.

At 500k before taxes, you are looking at around 325k with some standard deductions. That's about 27 thousand a month. After saving about 30% of your combined gross income; that's it ~

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As for your question about whether your parents are millionaires; They should be, unless your parents made a poor financial decision or recently started earning the mentioned salary.

Soon; it makes you an upper middle class, unless your parents have very important properties.

But as snobbish as it sounds; Being a millionaire doesn't mean much these days, especially in Northern California where you (presumably) live.

At 500k before taxes, you are looking at around 325k with some standard deductions. That's about 27 thousand a month. After saving about 30% of your combined gross income; that's ~ 19k. A 15-year mortgage on a 2 million home is at least 10k with a 30% down payment. 9k left; life would be hard enough, with very little room to breathe.

My parents got much more out of their previous jobs (they have since moved on to a more emotionally rewarding career that still pays very well); But Dad trades properties that have since paid off tremendously, allowing us to live a better lifestyle from passive income / capital gains than we would otherwise. If your parents are exhausting themselves in their current jobs; their lives and ultimately their lifestyle could be dramatically different in the future.

It is more than rich enough.

Over a sustained period of time, with proper investment, it sucks - in the US it will put you in 1% of wealth (currently about $ 8bn) as well as income (currently about $ 8bn). 429K in the US by the IRS *), if properly administered.

The problem is how you measure and invest all that.

Regarding the "lifestyle", that depends on the family. Some people spend a lot and live large. Some millionaires and billionaires are not particularly flashy and tend to reveal a lot. Donald Trump, a billionaire, has a lot of gold-plated pipes. Bill Gates has many times the billi

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It is more than rich enough.

Over a sustained period of time, with proper investment, it sucks - in the US it will put you in 1% of wealth (currently about $ 8bn) as well as income (currently about $ 8bn). 429K in the US by the IRS *), if properly administered.

The problem is how you measure and invest all that.

Regarding the "lifestyle", that depends on the family. Some people spend a lot and live large. Some millionaires and billionaires are not particularly flashy and tend to reveal a lot. Donald Trump, a billionaire, has a lot of gold-plated pipes. Bill Gates has many times the billions that Donald Trump has, but he stays away from the golden taps and still lives very, very well, but has given away most of his funds.

Here are some rankings to help you determine the ranking. But don't confuse money and lifestyle; what money does is give you more options about how you want to live, but there is no such thing as a "millionaire lifestyle."

Net worth in the United States: Best Centiles, Plots - DQYDJ

Net Worth Age Percentile Calculator (United States) - DQYDJ

What it takes to get into the Top 1% (2015)

How much money does it take to be in the top 1% in all states (2015-2016)

I think feeling rich, lifestyle is something very personal. For someone, it might not be much because they are up to date with the Joneses so they have no cash on hand. Stuck with a big house, 4 or 5 cars, maid, etc. However, when it comes to bills, they hardly make the payment. Or they may have to think twice before going on vacation because even if you make a lot of money, you can still live beyond your means.

So if you live modest and bought everything you ever needed, a house, a car, a motorcycle, a boat, food, clothes and you still have a lot to save, that is the real rich person.

No, not really.

You must remember that even if it is 400k, that is before taxes. After taxes it's probably around 300k. As the number increases, so does the amount of the tax. If you really want a millionaire lifestyle, it will probably be around 700k or more.

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There are only a few careers with the potential to reach that level of income, and for the most part, they require a great deal of sacrifice. $ 500k / yr is a number that is foreign to nearly 99% of the total US population, and the truth is that most salaried positions will never make it to that point.

Well, let's get to that, there is a common theme between these races; You have to: 1) generate income, 2) take on heavy responsibilities, 3) be highly specialized, or 4) own

  • Corporate Law (aka "BigLaw") - Corporate attorneys working for the largest firms have a path to the $ 500k / year mark if th
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There are only a few careers with the potential to reach that level of income, and for the most part, they require a great deal of sacrifice. $ 500k / yr is a number that is foreign to nearly 99% of the total US population, and the truth is that most salaried positions will never make it to that point.

Well, let's get to that, there is a common theme between these races; You have to: 1) generate income, 2) take on heavy responsibilities, 3) be highly specialized, or 4) own

  • Corporate Law (aka "BigLaw") - Corporate attorneys working for the largest firms have a path to the $ 500k / year mark if they are lucky enough to participate in the firm's association. Entry requirements in the US are generally getting into a T14 (top 14) law school, being above average in your classes, and kicking butt out of your classes on things like law review, club leadership , etc. you back $ 150k + in loans.
    • Starting membership as an associate now has a bonus of $ 190k +, but you will work towards it, doing more than 60 hours a week is not easy by any means, but if you can walk it down the 7 to 8 year path to association you will have visibility to earn $ 500k or more. Do you remember our previous categories? This is included in the categories of property and income generation.

NB: in the UK, it is not necessary to have gone to law school. Usually you would apply for a training contract agreement with a company, then they would sponsor your 1-year training course (if you studied law) or both the 1-year training course and the 1-year law conversion course.

  • Investment Banking (also known as "IBD") - Investment banking is the legendary path to conventional success in the world of "vanilla" finance. He's captured loads upon loads of top-notch college graduates because of his optionality, the allure of working in "high-profile" deals, the prestige, but best of all the money. If you're at a target or semi-target college and you have the right grades, CV (or resume as Americans call it), personality traits, and hunger, you could land an internship offer with the potential to turn it into a full-time job. Curro. Students who are not the target also enter frequently, especially if they make contacts.
    • Initial total compensation generally falls somewhere between $ 100-200,000 during the 2-3 years you are an analyst, this increases to $ 200-430,000 as an associate, then $ 350-750,000 as a vice president. Starting with VP, the role becomes strictly income-generating and your compensation is completely tied to how well you and the bank perform.
    • The hours start off awful, with most analysts working 75-80+ hours a week on average, peaking at 100 or more. However, the older you get, the more your hours decrease and the more visibility you have about your schedule. However, travel increases substantially
  • Sales, Negotiation and Structuring + Research (also known as "C&T", "Securities" or "Markets") - Similar to the IB in that the schools and pedigree are quite the same, however these roles are very different. The markets side of a bank is a complete meritocracy, its advancement and, by extension, compensation is a function of how much money it can make. As you begin, you will be following seasoned salespeople, traders, and structurers, but as you go, you start to get your own business book. Sky is the limit in terms of payment, as it is normally paid a% of what it produces.
  • The Buyside (HF, PE, VC, AM):
    • HF ("Hedge Funds"): There are all types of hedge funds ranging from systematic / quantitative to fundamental. Typically, you will need to dedicate time to IB, Consulting or a combination of the above + Private Equity to have a chance to raise the more 'fundamental' funds and have experience in trading the more 'macro / specific products' funds. However, some funds (especially quantitative) recruit outside of the undergraduate degree. Same as trading, if you work for a decent sized fund and it yields, it will hit $ 500k / yr.
    • PE ("Private Equity") - A junior banker's wet dream, you will most likely need top-notch banking or consulting experience to enter this area. However, some companies hire people who do not have a bachelor's degree. In larger funds, with 2-3 years of experience, you can generally get an all-inclusive compensation package of $ 250-300k a year (with a few outliers above that) and in smaller ones, $ 150 to 250 thousand a year. Suffice it to say as you move up the ranks this will increase exponentially as you start to earn transferred interest points, it is not unreasonable to exceed $ 500k / yr after 5 to 8 years of being in the industry.
    • AM ("Asset Management") - Large companies often recruit for investment positions outside of undergraduate and high school, however some are drawn from IB / Research. Initially you work as an analyst, move up from junior to senior, and finally you are given the opportunity to become a portfolio manager. Senior and PM analysts with decent-sized funds earn well over $ 500k / year
    • VC ("Venture Capital"): Similar to PE, but more inclined towards ex-entrepreneurs. Senior investment professionals and partners with decent-sized venture capital funds earn over $ 500k / year, especially when accrued interest is taken into account.
  • Executive Management - If you play office politics right, whether you start in engineering, HR, finance, etc., you will have the potential to land in an executive position after more than 15 years of experience in a field. You start as a Director, work your way up to Director Sr, VP, and finally SVP / EVP or a Boss position. Vice presidents of medium and large companies earn more than $ 500,000 a year
  • Medicine: Certain specialties of medicine such as orthopedic surgery, neurosurgery, plastics, anesthetics, etc. they can generate salaries in excess of $ 500k / year. The problem is that you have to go through 8 years of school, where you accumulate a lot of debt and then another 6 to 8 years of intense training with low wages before you can earn a high salary.
  • Software Engineering: Some companies (Google, Facebook, Twitter, Linkedin, Netflix, Uber, etc.) are disbursing total compensation (salary + shares + bonus) of more than $ 500k / year to senior engineers, but the way to get there is opaque. It requires starting your own business and being acquired, or working on high-profile projects. The new graduate compensation now costs ~ $ 130-180k, and the requirements are quite strict. You will need a high level of technical competence to have a chance at one of the interviews here.
  • Sales: High-end sales of high-priced products - Human Capital (headhunting), luxury goods, real estate, business software can bring in over $ 500k / yr if you're good. I would also leave private banking, wealth management and financial advice here.
  • Consulting - Similar to IB in terms of structure and requirements, but the role of the job is different. Consulting is more about solving problems and giving advice than IB. At the higher end of consulting firms, those at the junior partner level (as long as you stick with all the strenuous trips and hours), will make over $ 500k / year.
  • Accounting - Compensation at the beginning and mid-career at larger companies is much lower than other similar careers on this list, but more experienced partners can get over $ 500k / yr.
  • Entrepreneurship: the sky is the limit here. It could be an individual consulting practice, a restaurant (or restaurant chain), a technology company ... Anything that creates value for clients and where you have significant property can pay well.

Those are accessible careers at least. More talent-based jobs would require you to be in the top 0.01% of talents to have a chance at a career with them that would yield more than the stated figure. Things like professional sports, modeling, art, acting, etc. have a power distribution with those at the top commanding most of the value.

I hope that helps.

There are three ways to make big money ($ 500k +):

  1. Work in a traditionally high paying field like finance, law, medicine, management consulting, etc. (fairly stable and very competitive)
  2. Be exceptionally good at just about anything that matters to you and others, like soccer, music, and acting (rare and ultra-competitive).
  3. Start a business (can be very stable and not too competitive)

If you want to chase the No. # 1: You need a lot of education from top-tier colleges and universities, a willingness to work crazy hours, and essentially be a corporate "slave" until you retire.

Benefits: it is a trad

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There are three ways to make big money ($ 500k +):

  1. Work in a traditionally high paying field like finance, law, medicine, management consulting, etc. (fairly stable and very competitive)
  2. Be exceptionally good at just about anything that matters to you and others, like soccer, music, and acting (rare and ultra-competitive).
  3. Start a business (can be very stable and not too competitive)

If you want to chase the No. # 1: You need a lot of education from top-tier colleges and universities, a willingness to work crazy hours, and essentially be a corporate "slave" until you retire.

Benefits: It is a traditional, prestigious and generally stable path to a very comfortable and luxurious lifestyle.

If you want to chase the n. 2: You probably should have been practicing since you were 4 for a few hours every day. And even then, your chances are extraordinarily slim.

Benefits: You can make a fortune with your passion.

If you want to follow the n. 3: You have to have a good idea and be willing to work hard like crazy, especially in the beginning. The long-term benefits are tremendous (for example, you can design your business to fit your lifestyle, you can hire a CEO so you can do the job that interests you most, or you can sell your business for a lot of money and Try something new).

Benefits: you are in full control. What you do, when you do it and how you do it is up to you. The income potential is huge. It's much, much easier to make $ 1 million a year from your own business than as a doctor or investment banker.

How to make $ 500k with your own business

Entrepreneurship is less formulaic. But it all comes down to a few things: 1) finding a real problem for your target market 2) solving that problem with an amazing product or service 3) reaching out to that target market and solving their problem

Of course, there are many additional areas such as having a great team, staying profitable, legal issues, different marketing strategies, etc., but it all comes down to solving problems with products / services and marketing those solutions to your target market.

1. Find a real problem for your target market

If you are part of your target market, that is ideal. List as many ideas as you can on paper about problems that could be solved for your ideal client (i.e. if your target market is dentists, find out what problems dentists face, such as insurance, marketing, etc., that are not being solved well. is why having work experience in the business you choose is so important, so you can get insider information to make your ideas more practical, not theoretical.

It does not end here. The next thing to do is talk to people in your target market and ask them about their frustrations with the specific problem you are trying to solve. Tell them about your product idea and try to get them to pre-order.

If you receive multiple pre-orders, you are correct. If not, don't worry. Just find another idea.

2. Solve that problem with an amazing product or service

Don't do this part in theory. Really work with your potential customers (like your pre-order customers) to develop a perfect product or service that solves your big annoying problem better than anyone else.

Create a basic version of your product or service, get feedback, and improve. Keep improving until you basically have the most perfect solution possible.

3. Reach that target market and solve their problem

Once you've validated your idea (found a real problem and made sure your product / service is something your target market would pay for), and created an amazing solution by getting feedback from people in your target market and improve your product. based on the comments, it's time to go marketing.

This is where all the strategies come in: Facebook ads, direct mail, public relations, billboards ... you name it.

But instead of getting caught in the brush, just find out exactly where your target market is and go there.

So if your target market is students looking to master the MCAT, find out where people studying for the MCAT hang out. Are there specific podcasts and blogs that you listen to and read? Are there conferences or meetings? Facebook groups? Subreddits?

Basically find out where they hang out and start communicating with them.

...

Now all of this doesn't really help you earn $ 500,000 a year from your own business. But here's the bottom line - solving a real problem for a real target market with an amazing product using effective marketing to reach them wherever they are.

But here's the really amazing part: once you've found a problem, created a product that people in your target market love, and found effective marketing channels, you can earn $ 1, $ 100, $ 100,000, $ 1,000,000. and $ 10,000,000 from your business.

Literally it all comes down to math.

Do you want to make $ 500,000 with your MCAT prep business?

Here's exactly how to do it.

Assuming you have passed your MCAT you have decided this is a real need, no one else is doing a good job helping prepare your MCAT medications, you have had a product idea and validated it by getting pre-orders, refining your product. With your target market and finding simple ways to market it, here's what to do.

Let's say your MCAT prep product is $ 1000 (which is actually a very, very reasonable price for MCAT prep). For each one you sell, you make a profit of $ 500 (the other $ 500 goes to miscellaneous business expenses, taxes, advertisements, people hiring costs, product creation costs, etc.).

For the cost of the ads: Let's say you found that advertising on Facebook works very well. Do the math on Facebook ads. Let's say you can get a click for $ 1 and 1 out of every 200 purchases from your course. That would mean your customer's acquisition cost is $ 200.

So if you want to make $ 500,000 a year, you have to sell 500 copies of your MCAT prep course.

Since you've calculated your customer acquisition cost at $ 200, it will cost you $ 100,000 worth of ads to get 500 customers. And from there, after all your business expenses, you can keep $ 500,000 a year.

This is just a simple example. You can literally apply this framework to any business to find out how you would make $ 500,000 a year.

How to make $ 500k + in a traditionally well paid field

This is a busy road. Just check each box along the way.

Becoming a doctor ...

  1. High GPA, relevant extracurricular activities, complete all medical school prerequisites
  2. Ace from MCAT and do interviews
  3. Enter medical school
  4. Get a residency
  5. Get a job

Becoming an Investment Banker / Management Consultant ...

  1. Get a bachelor's degree from a prestigious destination school
  2. Get a prestigious MBA
  3. Get an excellent internship
  4. Red like crazy
  5. Get a job

How to make $ 500k by being really good at something

  1. Get at least 10,000 hours of in-depth practice in your field
  2. Being in the right place at the right time and having the right connections
  3. ???
  4. Earn money

...

That is why I believe that the best way to earn $ 500,000 + a year is with your own business.

I am in Edinburgh, Scotland right now. I was bored so you called my travel agent and asked him to put me on a flight and get my hotel ready. Last night, I ate at The Dome. It is a Victorian style restaurant, possibly the best in Edinburgh for dinner, or at least in my opinion. Martin Wishart would be my runner-up.

But I digress. The waitress asked me what I do. I just told you that I work on the stock market, intraday trading. Then he asks me what I will regret if I die right after this meal. I told her that I would have an answer for her in the sixth grade.

So she comes back and I say, "That

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I am in Edinburgh, Scotland right now. I was bored so you called my travel agent and asked him to put me on a flight and get my hotel ready. Last night, I ate at The Dome. It is a Victorian style restaurant, possibly the best in Edinburgh for dinner, or at least in my opinion. Martin Wishart would be my runner-up.

But I digress. The waitress asked me what I do. I just told you that I work on the stock market, intraday trading. Then he asks me what I will regret if I die right after this meal. I told her that I would have an answer for her in the sixth grade.

Then she comes back and I tell her: “I have everything and nothing. That I have everything I could wish for, with no one to share it with. "

It's nice to have the things I have and the comfort of doing the things I want, whenever. It's great to see what I want and buy it. I no longer even look at the price of anything, because I know that I will always have money and that I am earning more than I could spend in a month alone.

But who cares? I want something more meaningful. I'm tired of having amazing experiences with no one to share with. I mean, I have my friends who have been around for a long time, here and there. But it is not the same to have a woman by your side.

Dating, for me, is not too good, but not too good either. I'm a decent guy, 6/10, maybe a 7 or 8 on a really good day. I have had women I never met who came up to me at clubs and said they wanted to have sex with me. I'm getting some progress that I appreciate so I know my appearance is fine.

I've taken a lot of women on expensive dates. But honestly, I stopped doing that because I learned early on that it's a bad way to start the relationship. It is based on your money. Like it or not, she will get used to being pampered and will always wait for it.

The quality women that I have dated and spent a good amount of time with, I started by taking them to small local restaurants. It usually sets the tone for a lighter mood. I go for something more expensive, if I'm trying to set a deeper, deeper frame of mind.

The increased income helps with dating, in a way. If you just want to push it and leave it, sure. But be careful, you could hit the wrong one that will not allow you to quit smoking.

Also, if you let your money be the force of attraction, you will ask yourself “Does he love me? Or my money?

Unfortunately, many times, it is the money.

There are a bunch of paths here that will get you to that figure with a pretty good chance (> 60%), IF you stick to it, i.e .: I'm not counting attrition. He also mentioned roughly the average number of years needed after college and the barrier to entry.

Large Tech Companies - Contact a reasonably well paid plant engineer or senior engineer in NYC / SF. Requirements: Get a computer science degree from a big school, know your advanced algorithm class like your favorite food (seriously, nobody knows the back of your hand), get into a high-tech company, and spend ~ 8-10 years in average.

Great law: under current pa

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There are a bunch of paths here that will get you to that figure with a pretty good chance (> 60%), IF you stick to it, i.e .: I'm not counting attrition. He also mentioned roughly the average number of years needed after college and the barrier to entry.

Large Tech Companies - Contact a reasonably well paid plant engineer or senior engineer in NYC / SF. Requirements: Get a computer science degree from a big school, know your advanced algorithm class like your favorite food (seriously, nobody knows the back of your hand), get into a high-tech company, and spend ~ 8-10 years in average.

Great Law: Based on current pay scales, you'll get roughly 6-7 years of law school. The requirements are pretty much graduating from a T14 law school without failing, and then being willing to work 15 hours a day and have maybe 2 weekend days in a month (out of 8). ~ 10-11 years out of college.

I-banking: Become VP or, in some cases, these days, ED. This basically means you have to graduate from a fairly good pedigree school (or get an MBA from said school) and then be willing to put in hours for ~ 7-10 years outside of college.

Management Consulting - Go one notch below partner at Bain / McKinsey / BCG (McKinsey calls this director). Probably ~ 10 years on average out of college (6 years out of school b).

Advice on Big 4: Make Partner. ~ 15 years out of college. Barrier to entry slightly less than management consulting; time to $ 400k several more years on average.

Doctor: Get a college degree from a good school, spend a year interning somewhere, get very good scores on the MCAT, enter medical school, survive 4 years, get a job as a resident, survive 3 years, do a specialization / scholarship, survive 2-3 years, work a year or two and it should be at 400k. ~ 12 years out of college.

Hedge Fund Amount: Go to an amazing school with a stellar track record (as an IMO medalist) and work for about 5 years, or more realistically get a PhD in a quantitative subject and work for 2-3 years. Time is highly variable. The results are also highly variable.

Fundamental analyst at hedge fund: Graduate from one of the best schools (Harvard / Pton / Yale), work a couple of years at ibank, get an MBA from one of the top 5 schools, work 3-4 years. ~ 8 years out of school on average.


I can think of a few others that I have not mentioned. Also, keep in mind that I haven't mentioned things like working at a tech startup or starting your own business. In each of these cases, while your EV comp 10 years out of school is probably ~ 400k, the OP seems so obsessed with this number that those are very risky ways to get there.

Also note that all of these numbers are for NYC / SF (and London) where the cost of living is probably 4 times the national average. In some cases, you may be able to start in New York and then find an opportunity in, say, Chicago / Austin that pays roughly the same, so at adjusted cost you're making about 30% more, but mostly part will have to be in a really expensive city.

Lastly, keep in mind that these are averages and I am only counting paths that at least several hundred people can follow per year. For example, yes, there are hedge funds that will hire fresh out of college fundamental analysts in, say, Chicago, but then we're talking less than a dozen opportunities per year.


Now I know what you are thinking: this person wants everyone to be sheep and work in a bank I or BCG. And the answer is no! The OP phrased the question as the maximization of the probability of winning $ 400k. Despite what someone tells you, the way to maximize this is to make sure your socks are up by the time you turn 15, enter a school with a great pedigree, and then pursue one of these careers. They will NOT necessarily maximize happiness, lead you to suicide more often than most people would like to admit (in absolute terms, this is still extremely rare), and may not even maximize your expected lifetime earnings. A good concept here is Nasim Taleb's concept of "alternative stories"; compares a merchant who makes millions of dollars to a dentist who makes half a million a year. In almost all alternate stories, the merchant would go bankrupt, but the person drilling the teeth would earn roughly the same each time, so in a sense, the dentist actually earns more than the merchant. If all you care about is hitting a milestone like "$ 400k", then metaphorically or literally get ready to drill teeth for a long time.

I am 29 years old and will turn 30 in 2 weeks. I graduated with a horrible GPA from a top-notch school in Canada. I wanted to go to law school, but my GPA meant I had to take a few more semesters of school, raise my grades, and apply. He just wanted to stop being a bad student and earn money before going to graduate school. So I borrowed some money from friends and family, bought a pizza franchise and just lost money and worked crazy hours. 9-11 every day and no days off except Christmas. I was lucky to eventually sell it, albeit at a loss. Then I sold a door-to-door software (and kicked it, c

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I am 29 years old and will turn 30 in 2 weeks. I graduated with a horrible GPA from a top-notch school in Canada. I wanted to go to law school, but my GPA meant I had to take a few more semesters of school, raise my grades, and apply. He just wanted to stop being a bad student and earn money before going to graduate school. So I borrowed some money from friends and family, bought a pizza franchise and just lost money and worked crazy hours. 9-11 every day and no days off except Christmas. I was lucky to eventually sell it, albeit at a loss. Then I sold a door-to-door software (and kicked it in the butt, shutting down over 82%) but I thought it was a scam program, so I quit in 4 months. I decided to make similar software myself and sell it. I joined a friend and we started aggressively looking for a CTO co-founder, as neither he nor I knew anything to do with computing. I was also admitted to an MBA program and started that. We hired and fired 3 CTOs who finally learned to code ourselves. Only to abandon the idea later, as it was no longer a viable market. Meanwhile, I also started another company with another friend + former b4 partner, making skin care products. We hurried and hurried, but we couldn't sell more than $ 1,000 worth of products. Eventually we started making medical marijuana lotions and balms and the first month of sales at medical dispensaries we surpassed 15k. He was not a legal partner on paper, But we shook hands and divided equally. Suffice it to say, a handshake did not materialize in reality and I left to maintain a friendly relationship rather than fight over actions and partnerships. Then I started a telecommunications company with the same friend that I started my first business with and all the following (he used to be my roommate in college). We buy and sell routes and traffic to international markets. I put the money I received from my MBA scholarship into it, everything. For more than 4 months we did not earn anything except pennies here and there. Meanwhile, my wife, who is in medical school, just wanted me to have a steady job because ... well, she can't, she's too busy as a student herself and someone needs to earn money. Then I started a telecommunications company with the same friend that I started my first business with and all the following (he used to be my roommate in college). We buy and sell routes and traffic to international markets. I put the money I received from my MBA scholarship into it, everything. For more than 4 months we did not earn anything except pennies here and there. Meanwhile, my wife, who is in medical school, just wanted me to have a steady job because ... well, she can't, she's too busy as a student herself and someone needs to earn money. Then I started a telecommunications company with the same friend that I started my first business with and all the following (he used to be my roommate in college). We buy and sell routes and traffic to international markets. I put the money I received from my MBA scholarship into it, everything. For more than 4 months we did not earn anything except pennies here and there. Meanwhile, my wife, who is in medical school, just wanted me to have a steady job because ... well, she can't, she's too busy as a student herself and someone needs to earn money.

I made a bet and moved back to Asia to be with my people, mainly for their mental health and health (that's a long story in itself, but luckily they don't have any medical conditions). My work is remote and everything is done on my laptop so I moved. 4 months went to 8 and little by little we saw some progress.

Fast forward, this is getting long ... and perhaps unnecessary, my company, we just hired our fifth employee and revenue is projected to reach $ 2.1 million. Now I am opening a school here and I hope to get a decent performance (it is a school for the lower middle class where the tuition is $ 360 a year). I have some other ideas and things that I would love and want to pursue, but one thing at a time.

A few things first:

1. My wife and I make 270k of our income, but we live in a city about 10% lower than the average cost of living, so our money goes much further than someone who makes even 400k in SF, NY, etc. It's okay to intervene. I work remotely in Florida for a large SF tech company and my wife is a mid-level manager in finance.

2. The pros are pretty obvious, so I'll focus more on the cons. However, I will mention some advantages:

I have no idea how much the following things cost: gas, milk, eggs, or any other routine purchases. I never worry about the bill at a restaurant unless we're

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A few things first:

1. My wife and I make 270k of our income, but we live in a city about 10% lower than the average cost of living, so our money goes much further than someone who makes even 400k in SF, NY, etc. It's okay to intervene. I work remotely in Florida for a large SF tech company and my wife is a mid-level manager in finance.

2. The pros are pretty obvious, so I'll focus more on the cons. However, I will mention some advantages:

I have no idea how much the following things cost: gas, milk, eggs, or any other routine purchases. I never worry about the bill at a restaurant unless we're paying for a fancy dinner, and even then, it's more of a mental note of "we can't be doing this often." I routinely decline secondary contracts that pay $ 100 + an hour because I prefer to play the new God of War, do something with my kids, or whatever silly thing I want to do.

The bad:

I live in a military city and I was a former military man. My good friends and I met when we were all at the bottom of the barrel enlisted making shitty salaries. None of them have ever made more than 50k a year combined at home, but they all have multiple children, a mortgage, etc.

I can't relate to any of my friends anymore. Things are usually quite uncomfortable. If I offer to pay for something, we get defensive responses. It's completely my fault for venting on things like taxes after being drunk. It's very hard not to talk about your success as you climb at an incredible rate (went from $ 35k to 160k in 5 years). If I don't offer to pay for things, we have to say things like "you choose" for dinners. They are not cool, but they are not stupid and they know why we say that. My problems are in a totally different realm than theirs. I'm trying to figure out how to put more of my money into accounts without taxes and start generating more passive income, they are worried about keeping the power on and 18% APR on their 15k credit card balance. I offered to buy their balance for 4% interest. That was a very awkward conversation and they didn't accept the help. I regret having offered it.

We would love to travel to Las Vegas once or twice a month, but we have no one to go with. They cannot afford to go out for a night in the city. In fact, I feel quite lonely, with the exception of the people we meet through my wife (she is very outgoing and people are drawn to her, I am the exact opposite, but I have never had a problem keeping 2 or 3 close friends High-income people you know are on high alert at all times (myself included) and it's hard to get close to someone.

Your political ideals change often. I was a long-time far-left Democrat, now I'm pretty firm in the center, possibly Republican-leaning. Putting in tons of work only to see that so much of your salary goes to taxes is * infuriating *. I like to help people, but taxing someone who makes $ 300,000 a year the same way you tax someone who makes 500 million a year is * ridiculous * (actually, the person who makes 500 million a year pays a lot less than a% because it's all capital gains at that point). My choices and my lifestyle are still restricted, but I have worked for everything I had. I used my GI bill to pay for my computer science degree. My wife is a refugee from the civil war who had two jobs to pay for her college studies. I feel less sympathy than I used to after seeing that people earn much less than we do buying a new Mercedes E-class,

I'm constantly stressed out about my taxes, even though paying my 6k tax bill won't make me lose sleep.

The benefits far outweigh the cons. If I'm feeling down because I don't have any other well-off friends, or no friends, I'll buy a $ 100 bottle of whiskey, a decent game, and a new PS4 game to spoil me that night, and all is well again. Your mileage may vary if you need attention / people.

Not all. I did a stint at a fairly large financial firm where I was working as a humble junior actuary, a gentleman making 650k a year literally destroyed his life. He bought a Porsche 911 Turbo the first year, married someone he dated at an exclusive club in the second half of the first year (that's a big red flag) he destroyed the rest of his first-year earnings for the second year. He became depressed in March of the second year, bad checks and at the end of his second year, he was arrested for cocaine possession and lost his job. His new wife? He remarried in less than 3 months

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Not all. I did a stint at a fairly large financial firm where I was working as a humble junior actuary, a gentleman making 650k a year literally destroyed his life. He bought a Porsche 911 Turbo the first year, married someone he dated at an exclusive club in the second half of the first year (that's a big red flag) he destroyed the rest of his first-year earnings for the second year. He became depressed in March of the second year, bad checks and at the end of his second year, he was arrested for cocaine possession and lost his job. His new wife? He remarried in less than 3 months.

Lesson? The moment money stops becoming a problem, other things BEGIN to become problems, if you don't fight for balance, you won't survive. The more you earn, the more you have to be careful, there is a fine line between helping out and being a jerk, a Timex keeps time relevant just as well as a Rolex and speed limits always ensure that you are not faster than a Honda of anyway.

Health,

Jeff

So your question is what professions earn more than 500k?

There is a well known list that I made for this.

Medicine. There are few major medical professions that raise 400,000 or more each year.

CxO: This is known to generate millions. Even at a non-Fortune 500 company, this position generates millions.

Let me give you a range:

150k races

Software engineer

200k

Pediatrician

250k

Professor of Radiology, other university professors

300k

Associate in an investment bank (3 years after analysis)

Ironically, Ibank is not really the richest or highest paid profession, it is bad enough, and it really is fine even when you are the most terrible.

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So your question is what professions earn more than 500k?

There is a well known list that I made for this.

Medicine. There are few major medical professions that raise 400,000 or more each year.

CxO: This is known to generate millions. Even at a non-Fortune 500 company, this position generates millions.

Let me give you a range:

150k races

Software engineer

200k

Pediatrician

250k

Professor of Radiology, other university professors

300k

Associate in an investment bank (3 years after analysis)

Ironically, Ibank is not really the richest or highest paid profession, it is pretty bad and really good even when you are the top manager.

400k

¿Quién gana realmente $ 400,000 al año?

Cardiólogo / anestesiólogo / cirujano

500 mil

A big thing is the level you work at - a surgeon may make 100k at his local hospital. But a big surgeon, let a lone a brain surgeon - will rake nearly a million a year. Brain surgeons, and crtain specialities are very good in this sense. Lots of money, but normal doctors be aware, make way less 200k etc. So find these high payign niches, there’s lots of them. my mom does something most peopl don’t know of, but makes around 350k, more than even lots of IBanking managing directors, who spend their lives trying to get rich in such a poor field.

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