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Old     (Jakeanderson13)      Join Date: Jan 2018       01-03-2018, 2:55 PM Reply   
Hello! Ever wonder how people can afford these $100,000 boats now a days? I’ve wondered too... maybe people take out big loans to get them, but I know that’s not the case for all of them. Im a senior in high school and starting to look for a career/occupation . So my question to those wealthy people out there is how did you get to where you are today which is financially independent and wealthy (making over 6 figures like in the upper range)? You don’t even have to have a super nice boat, but if your rich let me know how you got there. If you want to help me out just list your job/occupation and some things you did to get rich also you could say about how much u make but totally not necessary. If you don’t feel like sharing this info to the forum please send me a message to my account. Thank you so much! Keep the stoke alive!
Old     (Bam6961)      Join Date: Apr 2011       01-03-2018, 4:34 PM Reply   
Here you go!

Boats and Occupation

http://www.wakeworld.com/forum/showthread.php?t=799038
Old     (kidrik)      Join Date: Jul 2017       01-03-2018, 4:58 PM Reply   
Pimpin' aint easy...
Old     (scottb7)      Join Date: Oct 2012       01-03-2018, 4:59 PM Reply   
Good job helping Jake out.
Old     (kidrik)      Join Date: Jul 2017       01-03-2018, 5:38 PM Reply   
It's called a sense of humor... Bam gave the perfect response so I thought I'd have a little fun. Although your response was very helpful as well.
Old     (dougr)      Join Date: Dec 2009       01-03-2018, 6:08 PM Reply   
i have a 19 year old in college, so I will help, 2 parts, 1 you have to want the juice enough to put up with the squeeze. Its called hard work, it never stops and no one will hand it to you (for 99% of the hard working people here). 2. most people who make 3,4,5,600,000 plus, have not come from money. they usually made good decisions and chose options that allow financial flexibility and also love the direction they chose. So being a school teacher is an honorable job, but not a high paying job. You have to live to your expectations and also accept the fait of your decisions. If you want a fat check book, you will sacrifice in some way to get it or work really hard to get there quickly.

Picking the right job, is just part of it, loving what you do will allow you to handle the ups and downs to get to financial flexibility. many want the money , but don't like the 15 hour days, 3 months of travel. long nights, exhausting layovers, etc etc. they usually decide its not worth it. Also, as you make commitments to children and a spouse, you stop living for you and start living for them. granted its shared, but things that were important to me in college, really don't matter anymore. 100k job is not a lot in todays market, But a 50k job that you love and rewards you maybe the best job for you. you need to decide whats important and accept the financial options those decisions offer. Good luck
Old     (dakota4ce)      Join Date: Oct 2015       01-03-2018, 7:45 PM Reply   
^^this.
Old     (Summer225)      Join Date: Apr 2016       01-04-2018, 4:59 AM Reply   
Doug said it well, I’ve always thought no matter which profession you choose you have to be completely 110% committed and put in at least 10-12 years of work misery to establish yourself in your profession. Very few of the wealthy paying up front for these boats are “lucky” they have worked their asses off to get what they have.
Old     (acurtis_ttu)      Join Date: May 2004       01-04-2018, 6:57 AM Reply   
A few things I’ve learned.
1) Where u live is a huge factor….I’m in Texas, cheap cost of living.
2) Save…get in the mindset to save….whether it be $20/moth or $5k…..it builds good habits
3) Wait to have children if you want them. If you can wait till 35+ its shocking how much more money you will have accumulated.
4) Home ownership ( this is tricky with new tax laws, and housing bubbles, but I’m still an advocate)
5) Keep an eye on expenses (shop fixed costs like cell phone, insurance, cable, ect) , but your main focus needs to be revenue generation. How can I make more? I.e. find other sources of income.
6) Leverage. Use it, embrace it, but be responsible. Money is disgustingly cheap and will be for the foreseeable future.
7) Create budget (doesn’t need to be set in stone, but you need to create one) you have to know where you spend. Also includes setting some financial goals.
8) Surround yourself with friends that have similar life goals
9) Don’t let finances/money consume you, enjoy what you have and know you’re going to make some bad decisions along the way don’t let it deter you. Its part of life.
Old     (buffalow)      Join Date: Apr 2002       01-04-2018, 7:22 AM Reply   
The guys said it well. I will share my personal experience. I am a 48 year old man that started and ran and HVAC business for 25 years. I now have almost 50 employees and cover the whole state of California. There have been tons of up and down as I have learned how to run a business because nobody gave me a thing. I was lucky to find my wife 27 years ago who is an amazing partner. The key to my wealth and happiness has been balance. Balance between my 12-14 hour days, balance between wanting and needing, balance between working for someone else or myself. We ALWAYS lived within our means and we NEVER borrowed against any of our houses or properties. We knew if things got tough the properties were our last resort. When everybody else is taking money out of their houses to by boats and such, we held tight and saved. I could have retired at 40 but still grind every day. I LOVE what I do, I love the people that I work with and I am challenged every day. The result of that grind is happiness, fulfillment, and wealth. IT ALL STARTS AND ENDS WITH HARD WORK EVERY SINGLE DAY. What I would tell you is grab every business book and biography of great leaders and learn from their traits. Start with "how to win friends and Influence people" and " 7 habits of highly effectively people". While these may be a bit boring and dry for you now, they are life long skills that work in every profession in life. Work your tail off at school - Straight A's opens many windows in this world. Obviously a college degree is a huge bonus for many profession. College is not really about learning, it is about the discipline and work ethic it takes to get through it. Employers know that if you have a degree, you had to work for it for its least 4 years.

Good luck and feel free to reach out to all of us here. There is a solid group of people that generally have disposable income and a passion for life/wakeboarding so it is a great place to seek advice.
Old     (scottb7)      Join Date: Oct 2012       01-04-2018, 7:50 AM Reply   
Quote:
Originally Posted by kidrik View Post
It's called a sense of humor... Bam gave the perfect response so I thought I'd have a little fun. Although your response was very helpful as well.
My bad, I as actually replying to Bam.

But yeah, I don't have a sense of humor.
Old     (kidrik)      Join Date: Jul 2017       01-04-2018, 8:32 AM Reply   
No, my bad. Sorry man... I took the title "Just curious"...and the "ever wonder"... as a light thread for some fun answers... My three kids and my students sometimes enjoy my stupid dad jokes, or at least "pretend" to...

I vote to do what makes you happy and enjoy every day. Good luck with whatever you choose.

Cheerz
Old     (downfortheride)      Join Date: Jun 2005 Location: SLC, UT 5600'       01-04-2018, 2:53 PM Reply   
Quote:
12-14 hour days,
I just told someone today, "show me hard work... like 12-14 hour days 6/7 days a week and we can talk being over worked." If someone has to work 7-8 hours and maybe skip lunch then **** will hit the fan and claim abuse.
Old     (Reddog78)      Join Date: Mar 2017       01-04-2018, 3:54 PM Reply   
Well that’s illegal so...^
Old     (sppeders)      Join Date: Jul 2011       01-05-2018, 5:45 AM Reply   
I grew up in a rural community so this wasn't an option for me.... but, if i had the opportunity this is what i'd do if i were in your shoes over the next 4 years.

1. Get a company (factory) job, work Friday-Sunday 31.5 hours during the weekend shift.
2. Find a degree that will be marketable at the end, there is a good chance (research company first) that it's an approved degree that the factory will pay for.
3. graduate with a marketable degree that you owe $0 at graduation. Nice jump start to your financial future. Heck, can probably start a 401K at the same time with company match.

there are a few things here, but most kids who work 20-30 hours/week get better grades in school. It'll teach you hard work ethic juggling employment and schooling at the same time. Lastly it'll kick you in the but making sure you succeed so you don't wind up working in a factory the rest of your life. Probably some entry level positions will be available for you at graduation in the company you just worked 4 years for.

Next 10 years, build some basic business knowledge, figure out exactly what you want to do... Start a side business, turn side business into full time adventure.
Old     (DCross)      Join Date: Jul 2016       01-05-2018, 7:07 AM Reply   
I'm on par with basically everyone else's comments... to answer your questions as specifically as possible - Computer Programming, Engineering, Technology, and Medical related degrees will provide some of the greatest opportunities for high paying careers. The sooner you can get on-board interning with a company in one of these desired fields, the better your growth potential will be. Those who make the most also gamble the most starting out; they are the entrepreneurs. The next step is hard/smart work. Read EntreLeadership... if you don't intend to own your own company, but treat the company you work for as your own, then you will have a strong growth potential within your company - but this all means working harder and smarter than everyone else.

I'll never forget... I had recently accepted a new job offer and was living with a friend (I work from home). He came home from work one evening, mowed the yard, came in and said, "dude, why are you still working! You don't make enough to keep putting in these kind of hours!" I said, "I want my boss's job and I'm not going to get it working 8 hour days." He laughed... I've kept that same mentality for the last 3 years now. He still makes about the same as he did 3 years ago, however I've been promoted multiple times in 3 years and my income has more than tripled.

You have to set an end goal with mini goals along the way. You have to stay focused on your goals which will inevitably cause other areas of your life to suffer, and you have to be okay with that. If you don't, you will be like the majority of the workforce that wants more but doesn't have the drive and dedication to obtain it.

Last edited by DCross; 01-05-2018 at 7:09 AM. Reason: typo
Old     (buffalow)      Join Date: Apr 2002       01-05-2018, 7:38 AM Reply   
YO! DC - If I had (2) of my (50) employees with your attitude, I could care less about their background or education. I could care less about the hows or whys. Guys like you, in my company all make $120-200K and we do air conditioning for a living. There are few very people that want to work hard and consider the company they work for. I don't need you to work 12 hours a day if you are incredibly good at what you do. Its more about you current job takes 8 hours a day, you acquiring more skills and being able to help the company in other ways, that takes a little more time each day and of course pays more. I tell all of my leads, make my life easier and it pays more. The less calls I take on your project and the more compliments I get, that has a value! I fully get at this point in my life I should not be working 12 hour days and enjoying the fruits of my labor, but that is not how I am built. When I hire someone, I make it my responsibility that they have at last 40 hours of work every work until the day I walk away. For my field team, I promise them to never dip below 40 hours and almost always have 60-80 hour a week they are allowed to work. Of course that include all the Overtime and Double-time they want.

DC is dead on - Create your worth by hard work and persistence and you will succeed in any field or in class!
Old     (Aurex)      Join Date: Aug 2014       01-05-2018, 9:23 AM Reply   
Quote:
Originally Posted by Jakeanderson13 View Post
Hello! Ever wonder how people can afford these $100,000 boats now a days? I’ve wondered too... maybe people take out big loans to get them, but I know that’s not the case for all of them. Im a senior in high school and starting to look for a career/occupation . So my question to those wealthy people out there is how did you get to where you are today which is financially independent and wealthy (making over 6 figures like in the upper range)? You don’t even have to have a super nice boat, but if your rich let me know how you got there. If you want to help me out just list your job/occupation and some things you did to get rich also you could say about how much u make but totally not necessary. If you don’t feel like sharing this info to the forum please send me a message to my account. Thank you so much! Keep the stoke alive!
People can afford these boats for the reasons listed above.

They can also afford them because they work up to them generally your first boat won't be a new boat unless you either come from money or are extremely skilled/work in a high paying field. It might take 3 or 4 flips to get to a new boat and could take 10+ years.

Add in the fact that the financing can be drawn out over such a long time. You're not tied to a 5 year loan. More like 15+, it is literally like a mortgage.
Old     (hal2814)      Join Date: Feb 2006       01-05-2018, 10:32 AM Reply   
Having a lot of money helps, but really the answer for most people is financing. You can get 15-20 year loans on $100k boats so you're looking at probably about $650-$750 per month. That's not unattainable. The above poster said it's like a mortgage but that's not even a mortgage. That's way less than a mortgage payment in most places. It just depends on your priorities.
Old     (Stein)      Join Date: Nov 2012       01-05-2018, 12:10 PM Reply   
By no means am I rich by your above definition, but I remember being in your position about 6 years ago. I graduated from college two years ago, got a mid-high paying starting job (engineering) in an area with low cost of living, lived in a very small but manageable apartment, budgeted every dime, and kept hitting F5 on onlyinboards until I found a great deal. I'm 24 and bought a 2007 SAN 210 back in September, which has been great for my riding style. It's been a dream come true. My suggestions:
- Pay off debt ASAP
- Live inexpensive...have a savings goal each month.
- Don't pay any more for rent than you really need to. (Helps if you're single)
- Buy used.
- Follow the boat market for a good while before buying.
- Hold out for a good deal. Buying in the winter can help a bit.

I definitely don't know everything about personal finance, but this is what worked for me.
Old     (Tallredrider)      Join Date: Mar 2011       01-05-2018, 12:25 PM Reply   
For me, it was 11 years of post high school education. I did not have a boat until I had been married for 12 years and was 33 years old.

A few random thoughts and advice: I talk to my dealer quite a bit, and most of the guys that own G23's like I do are not financing them.

Some of them worked their balls off and have bankrupted a business or two and also made it big with a company or two. I think that the risks and hard work eventually work out for most people, but there can be serious bumps along the way.

Some of them were just plain lucky that they fell into a business that succeeded beyond what anyone could have expected. Some of the guys that went bankrupt worked harder than the lucky guys, but some of the lucky guys think it was all their own hard work and refuse to accept luck as part of the equation. Having said all that, luck favors the hard working.

Several business owners in my neighborhood are very disappointed in the up and coming generation who acts like they should have a six figure salary with a 1 figure work ethic and no education. The young people would like to have it all and as soon as work requires sacrifice, they quit so they can go de-stress with some version of their favorite chemical vacation.

I do not know a wealthy video game addict.

A daily dependence on any mind altering substance often saps a person of the necessary fortitude and strength to make the necessary sacrifices to be successful.

I hope that doesn't offend anyone, just offering another perspective to the conversation.
Old     (dakota4ce)      Join Date: Oct 2015       01-05-2018, 12:50 PM Reply   
Good post! I will point out that Steve Jobs did LSD, though.
Old     (dakota4ce)      Join Date: Oct 2015       01-05-2018, 12:51 PM Reply   
But don’t do LSD!
Old     (srock)      Join Date: Mar 2002       01-05-2018, 1:22 PM Reply   
Don't every confuse or mix cash flow vs. cash in hand. When obtained, the later is extremely powerful and worth the effort.
Old     (srock)      Join Date: Mar 2002       01-05-2018, 1:22 PM Reply   
Also stay away from LSD
Old     (humboldt9)      Join Date: Jun 2004       01-05-2018, 2:57 PM Reply   
Lots of good advice... I learned early on about the power of compounding interest and dollar cost averaging when investing. You're young start saving and investing now it'll pay off in the future (pun intented).
Old     (boardman74)      Join Date: Jul 2012       01-05-2018, 3:01 PM Reply   
My experience working for a dealer was the exact opposite. Meaning very few of the boats we sold went out the door without financing. 1 or 2 a year were all that wrote a check for them. It was a surprise not the norm.

You must be living in a higher end area if the dealer is telling you he's sending a bunch of G23's out the door that people are paying cash for. Even when we are talking what most on here would consider wealthy, not many have a loose 125K burning a hole in their pocket.... Regardless of what the ballers of WW are claiming, most of these 6 figure boats(and even the 60K ones) are financed. Many to the hilt that will be upside down for years.

If you understand finances you get that debt isn't always bad. The last 3 wake boatsI purchased I financed when I had the cash to pay for them. Reason being the 2.9% bank money was way cheaper than the 6%+ where my money was sitting....
Old     (Blamey)      Join Date: Apr 2016       01-05-2018, 5:56 PM Reply   
Quote:
Originally Posted by dakota4ce View Post
Good post! I will point out that Steve Jobs did LSD, though.
And pretty sure Woz plays video games.
Old     (Jakeanderson13)      Join Date: Jan 2018       01-05-2018, 7:09 PM Reply   
Thanks for all the responses means a lot ! I’m still trying to find a main occupation...want to go into business or finance maybe affiliate marketing don’t know yet though...and then on the side trade stocks and do real estate,maybe start a small business. Does this sound like a good plan?what main occupation should I consider?
Old     (the_right_kind)      Join Date: Oct 2005       01-05-2018, 7:14 PM Reply   
Marry the richest chick you can find and move into her parents mansion, winning!
Old     (infinitysurf)      Join Date: Apr 2017       01-05-2018, 7:43 PM Reply   
Be willing to work harder than everyone else around you even when it sucks and you want to quit and.... NEVER give up. Even when it feels like no one is noticing, it is noticed. I made it pretty big by the time I was 27 for no other reason than I was willing to work harder than everyone else around me and was also willing to take some chances that most would not (sometimes it works and sometimes it does not so be careful). Because money was cheap, when I made 100k, I would leverage it for 250k....then for 500k, and refused to think I could be taken out. Being a high end home builder....when 2008/2009 came around, I ended up loosing everything because I refused to give up and kept going rather than cashing out and walking away....so the comment above about BALANCE is also very relevant, had I looked in from the outside, it may have ended differently but then I also would not have learned some very valuable lessons. I went from having over a million in the bank, to being penniless in about a year due to how the market playing out and cause I had so many speculation homes that would not sell cause of the crash. At that time, I did not understand how the market worked and thot that hard work was everything and nothing else matters. You always have to work hard, but there are always variables and you also have to work SMART and know when to back off.
After losing it all, I moved to another state and started working for a guy for $15hr under the table at 29 to keep my family fed, I would have shoveled poop if I had to to keep my kids eating. 4 months later I had formed a partnership with that guy and was making 25% off every job I ran that he did not have to touch. I did this for 2yrs till he went out due to a bad drug habit cause he ran himself into the dirt. I was smart and had saved money tho, even tho I was making great money I still drove a crappy car and lived in crappy house....After he went down, I moved back to my home state and started working for average money (70k), but again worked harder than anyone else till I was promoted to the Director a year later which doubled salary.
Now at 40, I again have my own company and do very well. Because I learned from the hardships I endured, I could retire in 5yrs if I wanted....tho I will never truly retire, its not in my DNA. Because of the hard lessons, I live below my means which has helped me get back to where I wanted to be.
I have friends who drive nicer cars, newer boats and have bigger houses.....they also owe a lot more money and make bigger payments. Keep that in mind, as long as YOU are fulfilled and happy, that is what matters. If driving a brand new boat is your way of doing it, you can do it but you may sacrifice other things later in life cause you could not wait to get there. Except for some isolated circumstances, most people do not "make it" in a couple years, its a long game.
Biggest takeaway is NEVER give up cause you feel down and do your best whether you are flipping burgers, or running 70 employee's. Whether it takes 1yr or 10yrs, it will pay off if you put in the work.
Old     (denverd1)      Join Date: May 2004       01-05-2018, 8:05 PM Reply   
Quote:
Originally Posted by Blamey View Post
And pretty sure Woz plays video games.
Both had/have more money than they could spend, but they also founded a company now worth 900B. They also both lived WELL below their means for a long time while they built it.

Save no matter what you make and work your ass off till you make it.

Debt can be leverage IF you make money with it. Buying a toy on the bank's money isn't leverage...
Old     (dakota4ce)      Join Date: Oct 2015       01-05-2018, 8:53 PM Reply   
It’s all in crypto, baby!🤣
Old     (Blamey)      Join Date: Apr 2016       01-05-2018, 9:03 PM Reply   
Working smart is far more important then working hard.

Working smart is about being better every day. Look at what you did today and think about how it can be done better tomorrow. Help those around you to do the same.
Old     (Blamey)      Join Date: Apr 2016       01-05-2018, 9:18 PM Reply   
Quote:
Originally Posted by Jakeanderson13 View Post
Thanks for all the responses means a lot ! I’m still trying to find a main occupation...want to go into business or finance maybe affiliate marketing don’t know yet though...and then on the side trade stocks and do real estate,maybe start a small business. Does this sound like a good plan?what main occupation should I consider?
Don't waste time playing the Stock Market unless it's your job. If you enjoy it, it can be a hobby but really it's not much different to gambling.

The people that make money in the stock market are playing with other people's money, not their own. They have millions of dollars to spend researching the market and teams of people helping to make good picks and about half of them get it wrong anyway.

Investing is a great way to make your money grow but your best option is just to pick some low fee funds and invest in those. They will earn you money over time.

Sure there will always be the person that invested in Apple or Netflix and has made a ton of money but there will be just as many who lost a ton on Yahoo or Blackberry.


How old are you? Have you got a college degree, do you plan to get one?

A good degree (an industry that makes money, finance and business are good) from a good school is the easiest way to make good money but this will just get your foot in the door.

Without a degree, next best is to start a small business.

Most millionaires are that way not because they were making huge money but because they saved the money they made. Living below your means is what makes you rich.

Last edited by Blamey; 01-05-2018 at 9:21 PM.
Old     (denverd1)      Join Date: May 2004       01-05-2018, 9:35 PM Reply   
Quote:
Originally Posted by Blamey View Post
Don't waste time playing the Stock Market unless it's your job. If you enjoy it, it can be a hobby but really it's not much different to gambling.

The people that make money in the stock market are playing with other people's money, not their own. They have millions of dollars to spend researching the market and teams of people helping to make good picks and about half of them get it wrong anyway.

Investing is a great way to make your money grow but your best option is just to pick some low fee funds and invest in those. They will earn you money over time.

Sure there will always be the person that invested in Apple or Netflix and has made a ton of money but there will be just as many who lost a ton on Yahoo or Blackberry.

Living below your means is what makes you rich.
100s of millions actually..
Old     (aricsx15)      Join Date: Jan 2014       01-06-2018, 9:19 PM Reply   
“Affiliate marketing”


Lol. Selling kyani or whatever the latest pyramid scheme is. Stay in school kid
Old     (dougr)      Join Date: Dec 2009       01-07-2018, 7:05 AM Reply   
working hard and working smart go hand in hand. I have found many hard working, smart folks, who didn't do it with integrity and honesty and lost in the end. The hard part of hard work is doing it with personal integrity. Thats the foundation that leads to long term success. There will always be "that quick" opportunity, but the core foundation is consistent, professional responsibility to what it is you are doing. Our family view our things are part of our life, not our life! If we need to sell it all and start over, we will. Its hard to give up what you create, but sometimes you have to .

If I was younger again. I would get my law degree, and an MBA, then decide what I wanted to do for my future. Not saying thats the correct avenue, just saying, those 2 degrees together allow high incomes and opportunity in (just about) every industry that exists. I have an MBA and a masters, but worked full time and went to school full time. No silver spoon, my parents are blue collar workers, until they retired. I took on sales jobs as an opportunity to pay for school. Commission oriented jobs that allowed me to control my income. I never looked back, kept moving into better positions, and migrated to positions I enjoyed until I finally found that place where I wanted to be.
Old     (Mike88)      Join Date: Aug 2016       01-07-2018, 7:30 PM Reply   
It’s just a matter of life goals and priorities.
When you think about it Lots of things are 100k. Some prefer a boat, some prefer a bigger house, some prefer a fancy car, etc.
Don’t have to be "rich" for that. Of course loans helps but you can’t count just on that.

Im 30 now and I’ve always loved wakeboarding since I was like 12. Having a boat always was a dream and one of my first goal.
Getting my sh*t together at 17 and start working cause I dropped out of school. Cleaning dishes, construction contract, little jobs.
Overworked and stacked instead partying with my friends. Get my high school diploma in evening program.
And things just got better. Hard work always pays.
I bought my first boat at 22. Moomba outback V 2008, bought it new. In that times boat was way cheaper haha. Remember costed me 49K CAD. But in that time USD-CAD was barely same 0,96 I think. I remember cause I was saying to the seller I was going across the border to buy it if he don’t equalize the price haha.
Bank would not loan me more than 20K so I stacked and give all my savings.
Finally my dream came true. Got my own new boat. Lots of sacrifice tho.
Kept it 8years and just traded in for a brand new '17 Nautique 210. But I had a big sigh when I was shopping. Man a 100k was HUGE.
But still love boating and surfing is my passion. Still concession to make. I wanted a new truck but it’s gonna wait, mine does the job and can keep it 5more years. Loan really help too. But like I said you can’t count just on that.. you have to put a budget and try to not over cross it. No need to impress anybody either.
Just make what’s your capable for. I’ve seen so many people just bought flashy Benz AMG or anything else ending not capable paying it after a year and lost so much money on the count.. Yes it can be beautiful to have the big boat and the big truck but not when you gonna fall into deep debts.

Of course some people can afford bikes, cars and many other adult toys haha but you can’t just be jealous. Make your own way and be greatfull for what you have!
It’s the best way to achieve.
Good luck man.

And sorry for my English if I’ve done few errors it’s not my primary language lol.
Old     (Ewok01)      Join Date: Apr 2013       01-07-2018, 11:21 PM Reply   
Jake,

You make several references to being rich, but I imagine that most people you might consider rich don't consider themselves rich. Being rich is an elusive concept, some people think that being rich means you don't have to worry about money, or that you can just go out and buy whatever you want, but I think there is more to it than that.

I didn't start out with money, we grew up in a very modest house, never had new cars, or even newer cars. No fashion brands, all generic knockoffs. My parents never made enough (or saved enough) to send me to college, I go into college from grants and scholarships for youth leadership (Boy Scouts) and then took out loans to pay for the rest. I went into Air Force Reserve Officer Training Program and became a pilot in the USAF (I'm now retired). When my wife and I finally settled into our first duty station we had 60K in student loans, about 15K in car loans and 4K in credit card debt. We lived very cheap and threw every dollar at paying off the loans. I got deployed ALOT and used all my extra pay for the debt payoff and then saved up enough for a 20% down payment on our first home. We have been debt free (except the house) since 2004 and it's amazing how much money you can save when it isn't wasted on debt payments.

It was a few years later when I first heard of Dave Ramsey and his philosophy for money management. He says rich people do rich people things, and broke people do broke people things with their money. What he means by that is rich people know exactly how much money they have coming in, and they know exactly what each dollar is being spent on. Broke people might know how much money they are making, but they usually don't have a clue where the money goes. It's how people don't realize how much money they spend on Starbucks, going out for lunch or dinner, or how making the min payment on a credit card is costing them long term saving and buying power.

The other thing I have learned over the years is NOT to be an impulse shopper. I do TONS of research on anything I buy, and I make sure I buy quality things or equipment that does the job I want it to, and that I won't waste money on repairs or the things wearing out too fast and requiring another purchase to replace the worn or broken thing. My lawn mower is 12 years old. My car is 10 years old, my headset for flying is 20+ years old. You get the idea, do your research and save up to buy something that will last, don't rush to buy something you really WANT but don't really NEED.

Once you find a good financial philosophy that you can live with, that reduces or eliminates debt, and frees up saving and buying power, you might not feel rich, but you won't be worried about where that next paycheck is going to go.

BTW, my first 2 years salary was 23k a year for my wife and I, so 46k total income for the first 2 years, then about 60k for years 3-4. That is how much we were making when we paid off all the debt.
Old     (h20king)      Join Date: Dec 2009       01-08-2018, 3:39 AM Reply   
Ok now I'm curious. I keep hearing go to college. How many of you that went make 100k+ a year?
Old     (buffalow)      Join Date: Apr 2002       01-08-2018, 7:29 AM Reply   
Blaire - I am with you. If we are buying a refrigerator, I shop the heck out of it. I realize it is a $700-1000 decision, but I don't wan to buy another one in 5 years. Bigger expenses, we both research the heck out of it and try to make the best decisions for our family. We can afford what we want, but we always research,

D - I like the story of perseverance brotha! Wish I could find a guy like you our on the West, The up an coming generations do not have any drive!
Old     (trayson)      Join Date: May 2013       01-08-2018, 9:42 AM Reply   
Quote:
Originally Posted by h20king View Post
Ok now I'm curious. I keep hearing go to college. How many of you that went make 100k+ a year?
I don't yet. Getting closer, but not there yet and I have a BA in Accounting, CPA and MBA. But I'm somewhat of an exception. I seriously prioritize work/life balance. I wasn't willing to work the long hours and do all the travel that would have jump started my career by working in a CPA firm.

I instead gravitated to a job where I could literally work 40 hours a week as a professional, get great benefits and lots of vacation; and leave it at the door when I was done for the day.

I'm sure plenty of people think I make 6 figures (admittedly with the wife's income we do); but I've always been good at making my money stretch for me. I have a convertible M3, but even though it looks and feels cool, I'd probably be lucky to get $10k for it as it's a '98 with 160k miles. Likewise my other car is an Audi S6, but it's a 2002 with 140k miles that is probably worth less than my M3. I'm sure people have more tied up in their newer Kia's than I do in my pair of European sportscars because I'm down to own older cars and fix and troubleshoot as much as possible on my own.

When I got out of College, my priorities were Car/House/Boat. In that order. But I also LOVE to play. So I fulfilled one dream right out of college and got a Jeep. It took me 7 years before I had my first house. The boat got pushed way out. I played with other cars, motorcycles, etc in the meantime. But my first boat was a $10k direct drive.

Biggest financial mistake was rationalizing myself into a marriage that failed after 5 years. A $50k divorce settlement put me upsidedown in my house and child support still costs me as much as most people's boat payment.

But I bounced back, got out from being upsidedown in my house, rented a room out to keep my lifestyle where I wanted, and eventually met my current wife that loves skiing, boating, and is a hard worker that wants to contribute to our family. She doesn't make anywhere close to as much as me, but still contributes the tow rig and I provide the boat. It's a great team effort.

Could I be making 6 figures by myself? easily. I have a coworker that started at my company a year before me. She was promoted to my manager years ago while I just cruised through my career with less effort and less responsibility. But I'm okay with my ratio of reward vs effort. Others wouldn't be. It's all about YOUR priorities and what you want to sacrifice to get there.
Old     (Ewok01)      Join Date: Apr 2013       01-08-2018, 10:23 AM Reply   
College doesn't automatically give you access to a 100k job, but it opens up the possibility, if you choose the right major. I think this post topic is important, the OP wants to know if college is a must, and what career fields we got into so we can afford the boating/wakeboarding lifestyle. I've met people with vastly different backgrounds and they all have 1 thing in common, they make priorities for the boating lifestyle and work very hard to make their careers support the boating life. Some go to college, some go to trade schools, some start their own business. The most important thing is that none of them limited themselves based upon past experience. Just because some didn't go to college doesn't mean they gave up and worked at McD's. They found their skill or purpose and worked hard to make their goal come to fruition. They set small goals and worked up to more money, more time off and better boats. Many folks get better boats by fixing up their current boats and adding new features found on new boats.

My kids will be heading to college in about 10 years, and I try to stay engaged in trends in the economy and employment to try to give a little guidance when the time comes. Today I would recommend that a college degree in business or technology would be the most general majors that can be applied across the spectrum of skills and trades to either open your own business or help leverage your skills to help make you indispensable to employers.

Long story short, college by itself isn't the only way to a 100k job, but a 100k job isn't the only way to get into an enjoyable boating lifestyle. The most important thing is never give up and always work to improve yourself, your career, and ultimately, your lifestyle.
Old     (dakota4ce)      Join Date: Oct 2015       01-08-2018, 10:28 AM Reply   
I think often divorce really sets people back. I sell medical devices, and there is many a good many-a-surgeon still working deep into life because of a crushing divorce. Marry carefully! Then, keep the willy in your drawers...🤣
Old     (h20king)      Join Date: Dec 2009       01-08-2018, 11:40 AM Reply   
Brian good response. Was just curious. Everyone was replying go to college. My wife and I both did a 5 year union apprenticeship. We both worked while going to school and owned nothing at the end. For the most part we make more money then most of our friends that went to college.
Old     (racer808)      Join Date: Jan 2013       01-08-2018, 12:48 PM Reply   
I went through the trades & am now in management. I make more than my engineer friends with degrees. Those mentioning divorce, they ain't kidding. Good lord, I work with guys that were forced to pay 2k a month in maintenance, 500-600 in child support. Dudes making 6 figures left with being able to afford a small apartment & not much more. I got lucky AF, my ex was a POS closet pill popper, I left after she refused to come clean & with-in months she had DUI's, warrants I took the kids when they were 5, 3 & 16 month old daughter, we never saw the POS again. In all honesty though, if she was a solid mother I would have paid my share, I think it sucks my kids grew up with no mom but we have had a lot of fun!
Old     (denverd1)      Join Date: May 2004       01-08-2018, 1:05 PM Reply   
Quote:
Originally Posted by buffalow View Post
Blaire - I am with you. If we are buying a refrigerator, I shop the heck out of it. I realize it is a $700-1000 decision, but I don't wan to buy another one in 5 years. Bigger expenses, we both research the heck out of it and try to make the best decisions for our family. We can afford what we want, but we always research,

D - I like the story of perseverance brotha! Wish I could find a guy like you our on the West, The up an coming generations do not have any drive!
Isn't that the truth!! I don't expect them to work nonstop like I do, but at least put in a solid 8 hour day is all I'm really asking for. You'd think I'm asking people to give me a kidney for free.
Old     (kstateskier)      Join Date: May 2002       01-08-2018, 1:27 PM Reply   
As some others have said, kid's will change that $$ number you need to make drastically. You are going to need a household income well north of $200k to afford a $100k boat if you have kids. We pay about $1800 a month for childcare. That would be a really nice G23 payment and maybe a little left over for gas depending on the terms In all seriousness though, when you start adding up home, vehicles, and expense of a child(ren), the boat can get pushed farther down the list.

As far as work, like all the others said, it's all about drive. I worked 60+ hour weeks, weekends, etc. through my 20s. I didn't surpass 6 figures until my early 30s. If you are young and have this drive, you can get a leg up because in my experience, less and less young people have that drive. Work/Life balance is no longer work hard, play hard, it's now everyone wants to work as little as possible and make as much money as possible. That's just not how it works.
Old     (srock)      Join Date: Mar 2002       01-08-2018, 1:36 PM Reply   
Being self employed is a lot of work but that is often where I find those with real money. It has it rewards but it has its stresses as well. When you do get some cash in your pocket place it in something with residual income and stash some cash yearly that is safe and you will no touch regardless.

If I did it over:
Fireman - Around me they retire at 50-55 years old with close to 6 figures until they are dead and many have a second job as a small business. The all have 2 cell phones and work in landscape, construction trades, tower fabrication for offshore boats, tree removal and trimming...
Everyone I know in insurance spends more time hunting, fishing and at sporting events than the office.
Commercial or residential real estate ownership (residual income opportunity)
Commercial airline pilot but you have to check the demand/age projections. Timing is everything.

I am setting my 8 year old up with a Roth IRA and $2,000 for 10 years. I will spend the rest.
Old     (trayson)      Join Date: May 2013       01-08-2018, 1:48 PM Reply   
Quote:
Originally Posted by srock View Post
.

If I did it over:
Fireman - Around me they retire at 50-55 years old with close to 6 figures until they are dead and many have a second job as a small business. The all have 2 cell phones and work in landscape, construction trades, tower fabrication for offshore boats, tree removal and trimming...

Amen to that. My buddy is a fire fighter and works 7 days a month.
Old     (three6ty)      Join Date: Feb 2004       01-08-2018, 2:15 PM Reply   
48yr old, Division Sales Manager at a large Medical Device company, 20+ years in the industry. $200K+ yr.

Have owned 6 boats but have not owned one in 7 years. I live in Southern California and there are not many places to take boats down here and after owning boats I was Wasting money in Storage and insurance fees. All my boats were bought in Cash with most expensive one being $48K. with only using the boats about 4-5x per year ( trips to Lake Powell, Mead and some local outings), i decided I could use that cash for other things. Sold my last boat and bought a rental condo in San Diego. Now that cash is making me cash.
I have put 1 child thru college , another is a freshman in College and next year I will have 1 more in college. So my extra money is being spent on me furthering their education.

Bottom line: As you grow older your priorities will change. When I was owning boats we spent a lot of family time as my kids were into wakeboarding, tubing and just general fun. As they grew older they all got into Club sports which took up our weekends and thus less and less time on the boat.

Once my kids are done with College I will see if I want to get a boat again and buy another week of a Shared Ownership at Powell.
I will say this. Boating and Boating Vacations are the single most Family fun Vacations we have ever had. we still do the Lake Powell Trips each year but my buddy has a new Malibu LSV and so I just buy a pair of SeaDoo's use them for the 10 days we are there, come home and sell them. I have done this each of the last 4 years. I usually break even or have lost up to $750 each time I do this. Renting costs upward $2500+ for 10 days so I am totally fine with losing $750 as it is much cheaper than renting!!

Good luck with your career and good luck with your boat buying decision.
Old     (Darkside)      Join Date: Apr 2015       01-08-2018, 2:50 PM Reply   
College can be good or bad. Just because you get a degree does not mean $$$. It is the nature of the degree. Example I am an engineer, my wife a teacher. I have a BS, she has a masters. Yet I make almost 3x what she does do to the field I chose (electrical engineering).

I have had boats free and clear and boats with a note. Currently I chose to have a small loan. Loans at low interest rates are not bad, unless you don't budget and have too many loans.

Back to education, skilled trades are a great option. They will always be in demand and IF you are willing to work hard you can make very good $. On the formal education front, I would recommend community college, get associates. THEN get a job in that field, and have your employer pay for the bachelors/masters. Community college is cheap, and this allows you to have experirnce when you graduate with BS/MS. A person with 2 years experience and a BS is worth way more than a BS and no experience.
Old     (infinitysurf)      Join Date: Apr 2017       01-09-2018, 5:21 PM Reply   
Good thread, lot of interesting stories here. Goes to show you there really is not a right or wrong way, everyone had a slightly different way and time frame of getting there.....really boils down to deciding what your priories are and finding a way to make them happen. There is nothing you cannot do if you really want it and are willing to do what it takes. It does not land in your lap, you gotta chase it hard. Kuddo's to you for asking Jake, many young people I know think they already know everything. I admit, I was a headstrong fool who thot he knew it all at 20, laughable when i think back to that and how reckless I was at times. I learned a lot of what I know now by screwing up the first time and sometimes still make mistakes, I just think a lot harder now before making a move. Mistakes are gonna happen, learn to not repeat them and you will never run into a situation you cannot overcome.
IMO, college depends on the person. I encourage my kids to go to college, my 20yr old son is almost done his 2nd yr to be a civil engineer, my 11yr old daughter already plans to get her MBA and my 14yr old daughter plans to get her BS. Guess we will see how that plays out since people change as they age. Personally I think common sense can get you a lot further than book smarts, HOWEVER we live in a world where people want to see that piece of paper to hire you 9 times out of 10 depending on your field, whether you will use that knowledge or not! Probably more important that you get the paper just to show you have the dedication and perseverance to accomplish that goal. I just hate to see so many people come out of college with enough debt to create a payment for the next 10-15yrs....that part sucks. Takes a lot of self control to go to school and work, instead of party.
On the flip, I also know quite a few people who started out as apprentices on a skilled trade and now make more money than many of the peers that got their degree's. Usually working harder with your hands/back with a skilled trade whereas a degree may get you an "Easier" job sitting at desk with better benefits, vacation time and 401k. Different strokes, guess it all depends on who you are and what your end goal is...tho many people don't even figure that out till well into their life.
Old     (fouroheight68)      Join Date: May 2006       01-10-2018, 9:29 AM Reply   
I doubt there are few people here who consider themselves "rich", although a good percentage of the posters here would probably qualify for that textbook definition. I am by no means "rich", but here are some key takeaways from my experiences with people who truly are wealthy (multi multi millions net worth):

1) self-employment. You probably aren't going to get rich working for someone else. Exceptions - publicly traded companies, medical professions, and executive positions are finance companies. I know a multi multi millionaire who is a VP at a large accounting firm, has never worked a day on his own.

2) Hard work always pays off. Put the hours in, whether it's for your own company or someone elses. You aren't going to get rich trading stocks and bitcoin from home, no matter what someone tells you.

3) Go big - be a risk taker. Take risks while you're young. It just gets harder the older you get, i.e. the more comfortable you are in your profession, the more kids you have, the more bills you have.

4) Diversification - Don't put all your eggs in one basket. Real Estate has always been an avenue for wealth generation. Passive income from rentals is a good way to make money, but shouldn't be everything. Own real estate, stocks, bonds. Also own different businesses. I own 2 construction companies - one targets public work, another targets private. I also am a Realtor, which is a good way to generate leads for my construction company.

Here is some advice for you:

1) Don't follow the career that seems like it pays the most. Do what you love, and the money will come. If you happen to love a profession that pays well (engineering, construction, real estate, medical, finance), then great! Love a profession that doesn't pay as well (teaching, child care, cooking, etc), then think differently to offer a service that DOES pay well. I.E. start teaching and maybe open your own private school, or develop a teaching app.

2) Avoid debt when you are starting. Debt is not a bad thing, it just needs to be leveraged appropriately. If you have investments making 10% then it doesn't make sense to buy a boat all cash when money is at 2.7%. However, when you are starting out just buy what you need cash.

3) Start saving now. Get a 401k or Roth IRA started. www.bogleheads.org is a great resource for investing advice.

4) Get a side hustle, it might turn into a full time job

5) Listen to podcasts, read books. Podcast I suggest: Brian Buffini, MF CEO, Millionaire Mindcast

My Story:

Im 32, married with 1 child and 1 on the way. I graduated 8 years ago from college with my Construction Management degree. $65k right out of college, and was making over $100k in 2017. When I graduated in 2010 I bought a house right away. I lost my job shortly after in the recession, and the house lost 20% of value. I hung on, preserved, rented it out and moved in with my girlfriend (now wife). That paid off, and my first house I sold for a 60k profit. We moved up, and bought a home next to the lake at age 29. Our first boat was a used centurion we bought through the bank for 13k. We sold it and my fancy truck to renovate our home cash, and I bought a 14 year old GMC. My wife and I were making $250,000 a year and I drove a 14 year old pickup, but we had no credit card debt, $500k equity in our home, and $260k in retirement at age 31. I'm proud of that, but my numbers pale in comparison to many on these forums, it's a good start though.

In 2016 I obtained my contractor's license and real estate license. These side hustles made me $50k on top of my $110k salary in 2016 alone. I did this while juggling a baby, full time job, and house remodel, it's called hard work. In 2017 my side hustle became my full time job when I left my cushy 6 figure job and started my own construction company. 2018 is set up to be one for the books, and I am now bidding against my former employer (one of the largest construction companies in California) on projects. We started a second corporation which is targeting state and federal contracting work. My wife is continuing to work full time and makes over $100k a year, but guess what - I still don't own a $100k boat.

Moral of all this - it takes a long time to get rich, and I've been at it ten years and still not even close enough to afford (in my mind) a $100k boat. Wealth building isn't easy, but it just takes persistence and a vision. Could I go to the dealership today and buy one? Probably, but truly afford it? No.
Old     (three6ty)      Join Date: Feb 2004       01-10-2018, 9:41 AM Reply   
Good Story and advice Boarder!! I am always impressed with a self made man/woman. Congrats
Old     (fouroheight68)      Join Date: May 2006       01-10-2018, 10:17 AM Reply   
Quote:
Originally Posted by srock View Post
Being self employed is a lot of work but that is often where I find those with real money. It has it rewards but it has its stresses as well. When you do get some cash in your pocket place it in something with residual income and stash some cash yearly that is safe and you will no touch regardless.

If I did it over:
Fireman - Around me they retire at 50-55 years old with close to 6 figures until they are dead and many have a second job as a small business. The all have 2 cell phones and work in landscape, construction trades, tower fabrication for offshore boats, tree removal and trimming...
Everyone I know in insurance spends more time hunting, fishing and at sporting events than the office.
Commercial or residential real estate ownership (residual income opportunity)
Commercial airline pilot but you have to check the demand/age projections. Timing is everything.

I am setting my 8 year old up with a Roth IRA and $2,000 for 10 years. I will spend the rest.
Curious, how do you set up your 8 year old with a Roth IRA if they have no income?
Old     (denverd1)      Join Date: May 2004       01-10-2018, 10:34 AM Reply   
gift
Old     (DealsGapCobra)      Join Date: May 2010       01-10-2018, 10:45 AM Reply   
It is my understanding that an IRA can only be funded with EARNED income...be careful here.

As for the original question, the choices you make on spending will have more to do with your quality of life than your income. I suggest listening to Dave Ramsey, that man has some real wisdom to share.
Old     (denverd1)      Join Date: May 2004       01-10-2018, 10:52 AM Reply   
you are correct, cannot gift to a Roth.

not hard to get around that one. the kid mowed the yard all summer and "earned" 2000. stick it in his account. very much a de minimis issue.

If you're creating a SEP IRA account for an 8 year old and funding it with 45K, you may run into probs.....
Old     (buffalow)      Join Date: Apr 2002       01-11-2018, 7:26 AM Reply   
I would like like to point out one more thing. There is a SERIOUS and I mean SERIOUS deficit in manual labor/trades. People that are willing to work with their hands every day and construction is at the highest level in almost two decades. I realize the market will change and we will hit a slump in the next few years (we are at the 10 year mark now), but there is ALWAYS a need for good tradespeople. A starting electrician can make $15-20/hour not in the union and can quickly be in the $50's with skills and work ethic. No pressure, flexible schedules, etc.. The numbers in the union are even higher. I am not saying do not go to college, because my kids will both complete college, but while my daughter is looking for work in the nursing field after school, my son will already be able to fix almost anything with his hands or a computer. I personally hated school my whole life which is why I did not complete my ME, but have a a few other degrees. My college was life of hard knocks and running a business. I would not recommend this course of life for many people. While the rewards are amazing, the pressure, potential liability and overall stress, is not for many people. And just because you are good at something, does not mean you are a good businessman or vise versa.

In today's world, that degree (take business as it is easy and fast and applies everywhere), is simply proving to a perspective employers you can set a goal and achieve it. Not it is not required to become wealthy, it sure does not hurt either.

On the wife/partner she of things - the guys are correct. I have been fortunate to finery soulmate and been married 27 years which is incredible since I am still young. We are both old souls and believe in old values and family. We are not like today's young people. My recommendation to everybody is that if you are going to get married and be together for the rest of your life, why in the hell rush it.Take your time, live togther and find out who you really are. Than when you are thinking of tying the not, ask your family and three best friends what they think BEFORE you ask here father and BEFORE you ask her. If they are all not on board, there is probably a reason!!!!
Old     (fouroheight68)      Join Date: May 2006       01-11-2018, 8:13 PM Reply   
Quote:
Originally Posted by buffalow View Post
I would like like to point out one more thing. There is a SERIOUS and I mean SERIOUS deficit in manual labor/trades. People that are willing to work with their hands every day and construction is at the highest level in almost two decades. I realize the market will change and we will hit a slump in the next few years (we are at the 10 year mark now), but there is ALWAYS a need for good tradespeople. A starting electrician can make $15-20/hour not in the union and can quickly be in the $50's with skills and work ethic. No pressure, flexible schedules, etc.. The numbers in the union are even higher. I am not saying do not go to college, because my kids will both complete college, but while my daughter is looking for work in the nursing field after school, my son will already be able to fix almost anything with his hands or a computer. I personally hated school my whole life which is why I did not complete my ME, but have a a few other degrees. My college was life of hard knocks and running a business. I would not recommend this course of life for many people. While the rewards are amazing, the pressure, potential liability and overall stress, is not for many people. And just because you are good at something, does not mean you are a good businessman or vise versa.

In today's world, that degree (take business as it is easy and fast and applies everywhere), is simply proving to a perspective employers you can set a goal and achieve it. Not it is not required to become wealthy, it sure does not hurt either.

On the wife/partner she of things - the guys are correct. I have been fortunate to finery soulmate and been married 27 years which is incredible since I am still young. We are both old souls and believe in old values and family. We are not like today's young people. My recommendation to everybody is that if you are going to get married and be together for the rest of your life, why in the hell rush it.Take your time, live togther and find out who you really are. Than when you are thinking of tying the not, ask your family and three best friends what they think BEFORE you ask here father and BEFORE you ask her. If they are all not on board, there is probably a reason!!!!
Some good advice here Jason! I got a degree, in construction management, after working in the trades. Did the office/project manager gig for about 8 years and now I'm running my own company and wearing my bags again. Feels good! Also learning to work with your hands saves you so much $$ throughout your life its unbelievable.
Old     (MICAH_HARPER)      Join Date: Apr 2010       01-12-2018, 5:02 AM Reply   
^^^^THISSSSSSSSSSSSS!!! a thousand times over. I went to a trade school (Texas State Technical College) got a 2yr degree (no loan it was like 1800 a semester) and now I just started my 10th year at a chemical company as an Industrial Maintenance Mechanic. There is plenty of money out there if you are whiling to get your hands dirty. College isn't for every one and doesn't guarantee wealth or success. But a good attitude, showing up on time, and a hard worker go along way in the industry. We financed our boat and only have 1 credit card (that's huge stay away from credit cards) im your typical middle class citizen. You can make it work and to have a good time at the lake YOU DONT have to have a $100k boat (i know i don't) to have a good time............but they sure are nice...haha

Im in rural Texas too....so that helps a lot as far as cost of living. If you are on the North East Coast or California cost of living is going to be much higher

Last edited by MICAH_HARPER; 01-12-2018 at 5:05 AM. Reason: adding
Old     (sidekicknicholas)      Join Date: Mar 2007       01-12-2018, 9:08 AM Reply   
Quote:
Ever wonder how people can afford these $100,000 boats now a days? I’ve wondered too... maybe people take out big loans to get them, but I know that’s not the case for all of them. Im a senior in high school and starting to look for a career/occupation
I think in most cases its loans, and the loans are just getting more and more insane.... 20 years for a "toy" is crazy to me.... but its all about priorities. I'm by no means rich, my wife and I do okay and live where the cost of living is really low (Central Wisconsin). I'm sure we could buy a fancy new boat, but we've focused on trying to retire early instead. We've managed to rathole like $400k into our retirement accounts before we hit 30.... a lot of money that could have been spent elsewhere on fun things.


As far as what to go to school for, its hard to say without knowing what you're into / good at. For me I always enjoyed math and could do it well so Engineering was an easy choice. I have degrees in Manufacturing Engineer / Electrical Engineer and its been a good ride so far. I think it was probably about 6 years out of school I was able to break into six figures (in the midwest), so if you're on a coast I'm sure it happens quicker. I've always had stable employment and usually get 3-5 headhunters calling a month.... so the jobs are there.

Other things I would suggest looking into - Controls / Automation .... this is the future of manufacturing and if you can program / build / troubleshoot PLCs, you're golden. The trades area a great way to make money and I think will only get better since a lot of people are leaving this area; Electrician and plumber are impossible to outsource and won't be automated for a LONG time. Welding is another good way to make some quick money out of school, but its tough tough work.
Old     (srock)      Join Date: Mar 2002       01-12-2018, 10:01 AM Reply   
[QUOTE=DealsGapCobra;1973279]It is my understanding that an IRA can only be funded with EARNED income...be careful here.

Set up the account with someone like Fidelity and its easy. I own my own business so he earns money "filing" and he helps cut the lawn on my rental property. Technically you need to watch the type of work your child does due to labor laws but it's really not that difficult.

Mowing the lawn (with the help of Dad) is where his spending money comes from. We have no arguments in my house when he wants to buy some stupid video game, he either has earned the money or not. The process has been a great learning process. He prepares invoices, makes deposits of which 60% goes into the bank and cannot be spent and 40% is his to use as he pleases, and he learns to do without when he impulse purchases.
Old     (BurnMac42)      Join Date: May 2015       01-12-2018, 1:14 PM Reply   
Most guys I know that have $140k+ to lay down on a toy either own their own business or are senior airline pilots who have side gigs (they work less than 10 days a month with their airline and make $250k+ a year so have extra time on the side to do real estate, etc)..

Most of the guys that own their own business are in the services industry doing blue collar work (HVAC, Lawn care, etc)......I live next to one of the largest AF bases which in turn is surrounded by all kinds of tech firms, etc and there are far fewer dudes who own even mid-level engineering firms driving exotics/buying $100k+ boats than the guys who own a company like I mentioned above.....
Old     (dakota4ce)      Join Date: Oct 2015       01-12-2018, 1:57 PM Reply   
“Either own their own business or are senior airline pilots” struck me as a funny sentence for some reason.

I know lots of surgeons with 100k toys laying around like cordwood. Be a dentist or a surgeon.
Old     (YYCBoarder)      Join Date: Apr 2013       01-12-2018, 2:11 PM Reply   
The spectrum of income distribution is massive but I think it comes down to what your skills are and how hard you want to work. There are endless options and you can make very good money in just about any industry.

The top of the spectrum generally has the CEO's of large companies, PE fund managers, Investment Bankers, etc. Almost all those jobs require a degree and there are very few jobs out there. From what I've seen most of the people like that live to work rather than work to live. Those people make 7 or even 8 figures+.

As many have said, people with their own business (in the trades or just about any industry) can make a lot of money. You often don't need a college education for this. This also takes hard work, and I think more importantly an ability to sell to people and manage and inspire employees. A business sense is also needed. This seems like it's common sense but it's amazing how many people don't fully understand that profit is revenue minus costs and end up going out of business. You'll also have to deal with the issue of raising money to start, living through the first few years of potentially making nothing and possibly ending up with a failed business. I think the stats are that half of all small businesses fail within five years. The other downside is that you really never have time off and you can be in trouble if you ever get sick.

If you're good at sales there are lots of industries where you can make well into 6 figures . I've got a friend who is closing in on 7 figures selling insurance and has no degree. He's still says that he regrets not ever getting his degree though. In sales, a degree opens a lot of industries to you where you can make an obscene amount of money (institutional sales for a bank, etc.) What I've found is that good sales skills are important in just about every service industry and owning a business.

Doctors, engineers, and lawyers all can make well in to six figures as well. Obviously a degree is needed here.

I'm of the view that if someone is business minded and they want to work in the corporate world they are likely better off getting a degree. If academics aren't your thing then you can still make a lot of money having others work for you. It just takes a lot of hard work, an ability to persuade others and an appetite for risk.

Personally, I went back to university at 25 and it was the best decision of my life. I was making $30K a year before and now I've got my $100K+ boat. I'm in the finance industry where a degree is required.

My wife also has a very successful small business. She doesn't have a degree but has the people skills and business sense that is needed. I'd never be able to do what she does but she is great at it and passionate about the business.

I think the key to be "successful" in life is to do something that you're passionate about. You can't spend 40+ hours a week doing something you hate and expect to be successful - it's also a waste of life. Just do what you like whether it's working with computers, running a business, or whatever it happens to be.

That's the end of my soap box. haha.
Old     (boardman74)      Join Date: Jul 2012       01-12-2018, 2:35 PM Reply   
Something truck me as funny in all this...

The common theme is work hard and put in the time. That is the dam truth!!!

But, isn't working all those long hours going to defeat the purpose of owning the 100K boat???? Just found that a little bit of an oxymoron
Old     (bcrider)      Join Date: Apr 2006       01-12-2018, 3:46 PM Reply   
^ It can be yes. Most are saying to put that hard work in when you are young to get on top. It's ultimately about balance for sure.

Where my parents have our summer house is all million dollar plus houses on the lake. Granted a million dollars doesn't buy you much up here anymore. Regardless, these houses spend most of the year empty. The people come up for the odd weekend or their 2-3 week vacation a year and the rest of the time go unused. Sure, I'd love to have the money as well or the boat they have sitting on the lift but I'd also like to have the free time in my life to do the things I enjoy. I'd rather have the older boat that gets anywhere from 60-100 hours a year instead of the brand new G that gets 10.
Old     (boardman74)      Join Date: Jul 2012       01-13-2018, 6:03 AM Reply   
I think balance is important....

I am a single full time dad of 3 teenagers. I am also an accountant. I choose a lower paying job(much lower) to have a life with my kids and family. My kids will never grow up again. It only happens once. Those that have teenagers will agree that is a good thing as some days they aren't nice!!!

I buy used things instead of new and couldn't be happier most days. I think 6 figures for a tow boat is ridiculous and would never own one. Last new tow boat I bought was just shy of 60K at cost and I thought that was crazy. When my kids got to working age they were to busy to go to the lake so I sold all the water toys. We bought a 34 foot cruiser and then a 47 footer over the winter. We keep it 20 minutes from the house and the kids come out the days they can. Things evolve over time and its important to take advantage when you can.

At the end of the day its different for everyone and you have to figure out whats right for you.
Old     (onetogofast)      Join Date: Jun 2012       01-13-2018, 6:39 AM Reply   
I only have an associates (2yr) and my last job during the interview said that he’s not worried about what degree just as long as you put out extended effort he saw it as having the capability of learning!
Old     (BurnMac42)      Join Date: May 2015       01-13-2018, 6:49 AM Reply   
Quote:
Originally Posted by dakota4ce View Post
“Either own their own business or are senior airline pilots” struck me as a funny sentence for some reason.

Ha why is that?

I know lots of surgeons with 100k toys laying around like cordwood. Be a dentist or a surgeon.
Obviously my list isn't all inclusive.....I didn't include surgeons because the few that I know do have a massive income however they aren't smart with their money (obviously that doesn't apply to all surgeons) so they have a "keeping up with the Jones's" issue to the extreme....again, not saying that is all of them just my experience with them.

They spend as fast as they make it because all the other guys/gals at their level in the hospital are....

Last edited by BurnMac42; 01-13-2018 at 6:51 AM.
Old     (BCPMike0663)      Join Date: Apr 2010       01-13-2018, 6:58 AM Reply   
I am glad the last few people of brought up balance. I don’t think I would have gave up my 20’s with an opportunity to possibly buy material things.

I am now in my late 30’s and work in family business. The last 4 months of my life have probably been the hardest of my life. I am working 7 days a week and sometimes over 15 hour days just to stabilize the company. I would love to just walk away but I owe it to my parents who built the business and to my employees to give it all I got. I miss my family. I have two small boys that I have barely seen. This is not a poor me post, I am just saying make sure the sacrifices that you are making are worth it. Try and find something you enjoy doing and don’t become a slave to it.

On a side note I have 100k boat and I asked my wife do you have more fun the 100k boat than the 20k boat that we had before. And really the answe is no. The 100k boat is more comfortable and better for my family but some of my best times riding and best times period we behind the 20k boat.

Lastly I willl sound like an old man and agree with Buffalow and some of the posters above. What has happened to the work ethic in our society? So much entitlement and no drive. I am all for balance as stated above but goddam have some pride in yourself and in your work.

Well I will get an hour or so with my kids this AM and then back to the grind.
Old     (dakota4ce)      Join Date: Oct 2015       01-13-2018, 9:45 AM Reply   
The only really currency you have in this life is time. Balance is absolutely the key, the the deceptive thing about money is that it masks itself as “worth it.” Don’t believe the hype.

But to make money, you have to spend your time. The real key is to identify the inflection point at which you have enough. Most folks don’t see it pass by—they keep investing time to make more money when the ideal point at which to cash in some money for some time has already passed them. And nobody will warn you either, in fact, the world will tell you through a variety of ways that you need more, more, more. It’s deceptive IMHO.

Have the balls to find the sweet spot and step off of the treadmill. Grab that 60k boat, make it the best surfer on the lake, take perfect care of it, and then surf your face off. Take lots of time off, take the kids out of school, live it up. Go to work when you have to, save wisely, don’t build a new house, don’t buy new cars, just take great care of the **** you have.

I don’t know man, the rat race is a dead end if you ask me. You have to play it enough to get ahead, but know when to step away. Most guys don’t. It takes balls to say—“I am doing pretty good man. I am gonna slow this train down.”

The very goal of wanting a 100k boat in and of itself is flawed. Get a good solid boat that works and kicks out the wave you like. Measure your success in what kind of days you have and what kind of wave it kicks, not on what it costs.

Maybe this was a weird rant, but everyone telling about how to be successful to me calls the very definition if “success” into question. A good chunk of society has it wrong if you ask me.

Think about what it means to be rich. Find that spot, work your ass off when you’re at work, but don’t miss the bus stop.
Old     (dakota4ce)      Join Date: Oct 2015       01-13-2018, 9:47 AM Reply   
Quote:
Originally Posted by BurnMac42 View Post
Obviously my list isn't all inclusive.....I didn't include surgeons because the few that I know do have a massive income however they aren't smart with their money (obviously that doesn't apply to all surgeons) so they have a "keeping up with the Jones's" issue to the extreme....again, not saying that is all of them just my experience with them.

They spend as fast as they make it because all the other guys/gals at their level in the hospital are....


They’re like anyone else. Morons and good people all mixed together.
Old     (buffalow)      Join Date: Apr 2002       01-15-2018, 9:43 AM Reply   
Mike - Hit me up if you need to. I have done management consulting for years. I can help with books/marketing and overall vision. Not looking for $, just offering my help if you need. Your family has to come first and maybe I can help with the balance a bit. There are plenty of times in my life that i have bad too buckle down and just work non stop so I feel your pain.
Old     (BurnMac42)      Join Date: May 2015       01-15-2018, 1:14 PM Reply   
Quote:
Originally Posted by dakota4ce View Post

I don’t know man, the rat race is a dead end if you ask me. You have to play it enough to get ahead, but know when to step away. Most guys don’t. It takes balls to say—“I am doing pretty good man. I am gonna slow this train down.”
.
This is very good advice....

My entire office is struggling with this decision right now....QoL vs Income and finding that balance
Old     (SoulSurfer)      Join Date: Oct 2016       01-15-2018, 7:57 PM Reply   
Quote:
Originally Posted by dakota4ce View Post
The only really currency you have in this life is time. Balance is absolutely the key, the the deceptive thing about money is that it masks itself as “worth it.” Don’t believe the hype.

But to make money, you have to spend your time. The real key is to identify the inflection point at which you have enough. Most folks don’t see it pass by—they keep investing time to make more money when the ideal point at which to cash in some money for some time has already passed them. And nobody will warn you either, in fact, the world will tell you through a variety of ways that you need more, more, more. It’s deceptive IMHO.

Have the balls to find the sweet spot and step off of the treadmill. Grab that 60k boat, make it the best surfer on the lake, take perfect care of it, and then surf your face off. Take lots of time off, take the kids out of school, live it up. Go to work when you have to, save wisely, don’t build a new house, don’t buy new cars, just take great care of the **** you have.

I don’t know man, the rat race is a dead end if you ask me. You have to play it enough to get ahead, but know when to step away. Most guys don’t. It takes balls to say—“I am doing pretty good man. I am gonna slow this train down.”

The very goal of wanting a 100k boat in and of itself is flawed. Get a good solid boat that works and kicks out the wave you like. Measure your success in what kind of days you have and what kind of wave it kicks, not on what it costs.

Maybe this was a weird rant, but everyone telling about how to be successful to me calls the very definition if “success” into question. A good chunk of society has it wrong if you ask me.

Think about what it means to be rich. Find that spot, work your ass off when you’re at work, but don’t miss the bus stop.
This! Ask most people how much money is enough and they'll almost always give some variation of "more" as the answer. There's always more money to be had. There opposite can be said of time. It's important to work hard, if for no other reason than to be a productive and contributing member of society. But it is also important to not trade away your life in pursuit of money or any particular material item.
Old     (501s)      Join Date: Feb 2010       01-16-2018, 11:32 AM Reply   
Quote:
Originally Posted by dakota4ce View Post
The only really currency you have in this life is time. Balance is absolutely the key, the the deceptive thing about money is that it masks itself as “worth it.” Don’t believe the hype.

But to make money, you have to spend your time. The real key is to identify the inflection point at which you have enough. Most folks don’t see it pass by—they keep investing time to make more money when the ideal point at which to cash in some money for some time has already passed them. And nobody will warn you either, in fact, the world will tell you through a variety of ways that you need more, more, more. It’s deceptive IMHO.

Have the balls to find the sweet spot and step off of the treadmill. Grab that 60k boat, make it the best surfer on the lake, take perfect care of it, and then surf your face off. Take lots of time off, take the kids out of school, live it up. Go to work when you have to, save wisely, don’t build a new house, don’t buy new cars, just take great care of the **** you have.

I don’t know man, the rat race is a dead end if you ask me. You have to play it enough to get ahead, but know when to step away. Most guys don’t. It takes balls to say—“I am doing pretty good man. I am gonna slow this train down.”

The very goal of wanting a 100k boat in and of itself is flawed. Get a good solid boat that works and kicks out the wave you like. Measure your success in what kind of days you have and what kind of wave it kicks, not on what it costs.

Maybe this was a weird rant, but everyone telling about how to be successful to me calls the very definition if “success” into question. A good chunk of society has it wrong if you ask me.

Think about what it means to be rich. Find that spot, work your ass off when you’re at work, but don’t miss the bus stop.
My view exactly, well said!!!

What's the point of a $100k boat and million dollar home and kids if you are too busy to enjoy it. Balance is the key. I'm 41 and have an X30 I paid cash for. Last summer I got caught up in the hype of another new boat and almost wasted another $80k to get into a 2 year newer G23. We decided to walk away and it was the best decision I ever made. Boats are awesome, but the new boats all topping $100k + are simply not worth the price in my eyes, and I own one.

As people get to the end stages of life, no one ever says "I wish I spent more time away from my family at work". Always keep that in mind.

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