People who make $75k or more how did you pull it off? It seems impossible to reach that salary (self.Money)

submitted 6 hours ago * by anthonydp123

So I’m 32 years old making just under 50k in inbound sales at a call center. And yes I’ve been trying to leave this job for the past two years. I have a bachelors degree in business but can not break through. I’ve redone my resume numerous times and still struggling. Im trying my hardest to avoid going back to school for more debt. I do have a little tech background being a former computer science student but couldn’t afford I to finish the program. A lot of people on Reddit clear that salary easily, how in the hell were you able to do it? Also I’m on linked in all day everyday messaging recruiters and submitting over 500+ resume, still nothing.

Edit - wow I did not expect this post to blow up the way it did, thank you for all the responses, I’m doing my best to read them all but there is a lot.

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47605277)

As per title, for those of you who would contemplate retiring in a HCOL or VHCOL area, what is your target net worth.

In my own case:

Current NW: $4.3M HHI: $450k

Retirement accounts: $1.8M Brokerage account: $600k Emergency cash: $100k

Home equity:$1.8M. The home is valued at $3M, with $1.2M mortgage balance at 2.6% rate

I want to retire in about 10 years (will be close to 60 by then), and assuming 7% average annual portfolio growth, and with continuing contributions into 401k and brokerage, I expect portfolio to reach $6-6.5M or so.

In 10 years, my home should be worth about $5M, assuming 5% annual appreciation. I may still have about 500k loan left, or may elect to lump sum pay it off.

So, that makes for a targeted net worth of around $10-11M by 2034.

Taken together with social security pensions, and using the 4% rule, that would be an annual income of $350k. Which will be substantially less than HHI from jobs, but if house is more or less paid off, I am hoping it’s enough to support our current lifestyle.

How about those of you making HHI of $700k or $1M or more? What is your target retirement NW: is it substantially more than mine, like $20M or more??

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https://www.reddit.com/r/HENRYfinance/comments/1cevt0p/what_is_your_target_net_worth_for_retirement_in/

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47617337)

I (28M) just got promoted, my income went from ~$400k -> $475k/yr. I'm considering buying myself a watch for this, but I always have in the back of my mind to spend less, so even for my last promotion I didn't. I just can't get myself to spend money randomly in general. I do have a few watches, but I mostly window shop and never actually buy the ones I want because they seem to expensive (range from $3k -> $30k).

Edit: Lol, idk why everyone is assuming I'd buy a $30k one, the one I'm considering is around $13k.

https://www.reddit.com/r/HENRYfinance/comments/1cdy1gq/do_you_guys_buy_yourself_something_for_promotions/

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47617346)

Lots of posts here and other financial subreddits on Reddit with a tone suggesting they’re part of the wealthy because of earning a ‘relatively’ high salary in comparison to the country and that wealth is just a matter of time (ie this sub).

Quick reminder you’re much MUCH closer to the average working class person, than the true wealthy and you will (likely) never reach their level and therefore should manage your perepective and not be fooled into thinking you can roll with the big boys.

To illustrate, I want to use a real life example of a household with income between 600-800k (two high earners) to show that even at this level of income, creating wealth (is possible) but still requires sacrifice and good luck.

Net income about £27k monthly

Mortgage: 8k

Utilities: 500

Nursery (one child): 2.5k

Nanny (both parents work full time demanding jobs): 3k

Car: 1k

Food: 2k

Clothes: 500

Holidays (avg monthly): 1.2k

Other spend: 2k Total: 20k

This leaves “just” 7k for savings (3.5k pp). A lot of money sure but not exactly no longer need to work and can retire in a few years money. Obviously can save more in the good years but hopefully this illustrates how quickly money can go, especially when it’s self made with no family support.

Before I get destroyed in the comments this is not a brag post or to play a tiny violin for the rich but rather a reminder that no matter how high you climb the income ladder, as long as you earn an income you are working class and have more in common with your fellow “average” workers than the capital owning, generational wealthy “elite”.

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47617367)

The quick stats:

44M, FAANG exec, 2 kids in middle school.

HHI $1.5m/yr (sole income), ~$300k a year spend.

Investments:

$5.5m non-liquid (3m retirement, 2.5m PE real estate investments)

$8.5m liquid

$2.3m mortgage (home equity worth $4m)

I'm pretty confident it's enough to pull the plug on my job and not need to work. On the flip side, the job is not that hard, I like my team, and it pays well where it will build a bit more of a cushion. It feels very odd to consider continuing working though and kind of coast - I've outgrown the role, but don't have the interest to tackle something bigger at the company.

I have hobbies that know I would love doing if I had more devoted time to them during the week. My job, even though it's not very demanding, does require me to be attentive all 5 days. I'd love it if I could just compress all the real work into 2 days and then take the other 3 off.

There is clearly this part of me that is either holding on to the income, or the people, or the mental stimulation. Hence pulling the plug being hard to do. At the same time I'm in this stasis of not actually growing in my career which also feels weird.

These are probably not unusual crossroads for folks here... curious what path you took.

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47617375)

Don’t fight the hypo. Be nice to people below you. It’s the right thing to do.

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47605517)

so $75,000 is really a lot

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47605513)

But it doesn't sound like he has any interest in actually developing any marketable skills (lol @ "updated my resume several times") and doesn't sound like he likes selling and likely feels like he is "above" it. He just wants someone to hand him a paycheck to occupy a seat based on seniority or "experience".

His "bachelor degree in business" is doing him way more harm than good, because it is making him feel like he deserves higher pay because of something he "learned", even though in reality he learned next to no real world skills, as can be surmised from his poast alone.

If he was a blue collar bro who bypassed college and went straight to a shit commission only sales job at a car dealership for a few years, or a lowly SDR at some tech co he would be way ahead of where he is now, because he would have learned to fight to survive. Instead he is a mind-poisoned liberal arts shithead ruined by credentialism culture. Very sad.

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47605616)

The world is split between those who will never make below 100k in their life and those who will never make more than 100k in their life.

But I have the most sympathy for the middle age middle managers thankful to finally break 100k at 45 when they're supervising people in their 20s starting at 80k.

(http://www.autoadmit.com/thread.php?thread_id=5520846&forum_id=2#47617567)