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How Your Income Stacks Up


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Where do you rank as a taxpayer? You may not feel rich earning $35,000 a year, but you're in the top half of taxpayers. Make $70,000, and you earn more than 75 percent of fellow taxpayers.

 

http://finance.yahoo.com/career-work/article/108460/how-your-income-stacks-up?mod=career-salary_negotiation

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Don't want to talk specifics, but some lawyers are trying to get me to run for judge. Problem is that the amount of state and federal income tax I paid for 2008 just about equals the judge's gross pay. Plus I'd have to work harder. Can't quite get myself too worked up over that one. Anyway, I don't care what the charts say, I still don't feel rich on the income I'm making

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WOW........ It looks like I am well "Below the Bottom 50%. It they has used a Totumpole as a scale, I would be under ground....... :hysterical: All I can do is laugh about this and thank God that it is not worse then what it is.

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Where do you rank as a taxpayer? You may not feel rich earning $35,000 a year, but you're in the top half of taxpayers. Make $70,000, and you earn more than 75 percent of fellow taxpayers.

 

http://finance.yahoo.com/career-work/article/108460/how-your-income-stacks-up?mod=career-salary_negotiation

 

My opinion, income is irrelevant. What's important is how much you save and debt. I come from many years experience in financing and have seen tons of people with big middle six figure incomes with little or no savings and in debt up to their eyeballs. I for one, income very conservative, semi retired, absolutely no debt other than ordinary living expenses.

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My opinion, income is irrelevant. What's important is how much you save and debt. I come from many years experience in financing and have seen tons of people with big middle six figure incomes with little or no savings and in debt up to their eyeballs. I for one, income very conservative, semi retired, absolutely no debt other than ordinary living expenses.

 

 

So wrong.....Income is TOTALLY relevant. I make barely earn enough to pay my Bills, which are minimal, and forget Dating...................... That is why I am trying to start a side Business, so I can afford to Date and a few nicer things. With out the Income, you cant save or put any away for a rainy day.

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My opinion, income is irrelevant. What's important is how much you save and debt. I come from many years experience in financing and have seen tons of people with big middle six figure incomes with little or no savings and in debt up to their eyeballs. I for one, income very conservative, semi retired, absolutely no debt other than ordinary living expenses.

 

Back in the late '70's, I met and old man, who changed my Life.

We were talking about work, money, owning a home, investment idea's, when he said;

 

Always remember he said, "It's not how much you make, but what you do, with what you make".

 

He was in his early 80's when I met him. He had been on a CASH basis, for most of his Life.

 

That conversation I had with him, was sitting on a park bench, on a sunny afternoon, on Balboa Island, in Newport Beach, CA. At the time he owned several beach front/bay front property's and traveled, at his leisure. He dressed simply, and was quite spoken.

 

He also commented on a, Man who walked passed us, whom he knew, "If you Have to pay for a Rolex with a Charge card, you can't afford one".

 

What did this nice, soft spoken man do, to a mass his property and holdings? He was a carpenter. He carried a sack lunch, everyday. He bought nothing on credit. He also NEVER, purchased any one single Item, unless he could afford three of the same.

How bout that?

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So wrong.....Income is TOTALLY relevant. I make barely earn enough to pay my Bills, which are minimal, and forget Dating...................... That is why I am trying to start a side Business, so I can afford to Date and a few nicer things. With out the Income, you cant save or put any away for a rainy day.

 

 

Dating is cheap. I had a friend once who used to get girls by telling them he was an airline pilot in town for a few days. They used to give him a place to stay and feed him. He told them he was a "homebody" so he never had to take them anywhere! :happy feet:

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So wrong.....Income is TOTALLY relevant. I make barely earn enough to pay my Bills, which are minimal, and forget Dating...................... That is why I am trying to start a side Business, so I can afford to Date and a few nicer things. With out the Income, you cant save or put any away for a rainy day.

[/quote

I'm not wrong on this, you're missing the point entirely. What I AM SAYING IS, no matter what your income is and it can be $30k a year or $300k a year, if you have DEBT that exceeds the income side of the equation and your income grows but you still continue to accumulate more debt than income, IT IS irrelevant you'll never get out of debt and never have enough income. Simple mathematics and accounting. This is why over 90% of the working population is in trouble financially and most of them have been brainwashed by financial institutions to acquire more credit, more debt, thinking they must buy, buy, buy things that are totally uneccessary by borrowing on credit to have today and pay sometime in the future. Take a look at the housing market. Why did we get there? Credit. All started back in the early 70's when banks and lenders got on the band wagon to hand out credit on just about anything purchased. Refinancing a homes equity to buy consumer goods and items, vacations, boats, r.v.'s etc. only to strip away a homes equity. Generation I come from, we bought a house as a home not as an investment, stayed there, paid the sucker off paid cash for anything else. My philosophy is: if you don't have the cash to buy a car, boat, vacation, trailer, r.v. or anything else other than a house, then you shouldn't buy it. My grandfather who has been gone now for over 50 years always told me, Son, if you have to ask how much something costs, then you probably can't afford it. Lots of truth in that old saying that most people either have never heard or have forgotten

 

Steve

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Back in the late '70's, I met and old man, who changed my Life.

We were talking about work, money, owning a home, investment idea's, when he said;

 

Always remember, "It's not how much you make, but what you do, with what you make".

 

He was in his early 80's when I met him. He had been on a CASH basis, for most of his Life.

 

That conversation I had with him, was sitting on a park bench, on a sunny afternoon, on Balboa Island, in Newport Beach, CA. At the time he owned numerous beach front/bay front property's and traveled, at his leisure. He dressed simply, and was quite spoken.

 

He also said on a, Man who walked passed us; If you,"Have to pay for a Rolex on a Charge card, you can't afford one".

 

What did this nice, soft spoken man, do to, a mass his property and holdings? He was a carpenter. He carried a sack lunch, everyday. He bought nothing on credit. He also NEVER, purchased any on single Item, unless he could afford three of the same. How bout that?

 

 

Amen to this story, sounds like my Grandfather's same philosophy about finances.

 

Steve

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Amen to this story, sounds like my Grandfather's same philosophy about finances.

 

Steve,

 

I remember the good old days when people knew "there's no such thing as a free lunch". Now it's all about "I want my cake and eat it too... at someone else's expense". Basic economics tells us it doesn't work like that, and unfortunately today, many people are learning this lesson the hard way.

 

Jim

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So wrong.....Income is TOTALLY relevant. I make barely earn enough to pay my Bills, which are minimal, and forget Dating...................... That is why I am trying to start a side Business, so I can afford to Date and a few nicer things. With out the Income, you cant save or put any away for a rainy day.

[/quote

I'm not wrong on this, you're missing the point entirely. What I AM SAYING IS, no matter what your income is and it can be $30k a year or $300k a year, if you have DEBT that exceeds the income side of the equation and your income grows but you still continue to accumulate more debt than income, IT IS irrelevant you'll never get out of debt and never have enough income. Simple mathematics and accounting. This is why over 90% of the working population is in trouble financially and most of them have been brainwashed by financial institutions to acquire more credit, more debt, thinking they must buy, buy, buy things that are totally uneccessary by borrowing on credit to have today and pay sometime in the future. Take a look at the housing market. Why did we get there? Credit. All started back in the early 70's when banks and lenders got on the band wagon to hand out credit on just about anything purchased. Refinancing a homes equity to buy consumer goods and items, vacations, boats, r.v.'s etc. only to strip away a homes equity. Generation I come from, we bought a house as a home not as an investment, stayed there, paid the sucker off paid cash for anything else. My philosophy is: if you don't have the cash to buy a car, boat, vacation, trailer, r.v. or anything else other than a house, then you shouldn't buy it. My grandfather who has been gone now for over 50 years always told me, Son, if you have to ask how much something costs, then you probably can't afford it. Lots of truth in that old saying that most people either have never heard or have forgotten

 

Steve

 

 

+1. with a side note, it is smart in business to use a credit line IF you want to make a move for a deal that has a very high likleyhood of making a handsome return. Buying consumer items with RE equity is not a smart move IMO.

 

Most people with dough I know took some chances and got rewarded. Or got real "lucky". All of them worked very hard for it though...in one way or another.

 

My father always told me the most fruitful tool in the world was a pen, and I agree...

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Where do you rank as a taxpayer? You may not feel rich earning $35,000 a year, but you're in the top half of taxpayers. Make $70,000, and you earn more than 75 percent of fellow taxpayers.

 

http://finance.yahoo.com/career-work/article/108460/how-your-income-stacks-up?mod=career-salary_negotiation

 

 

I can't complain since being retired on disability. I take home 3 times more money and most of it is tax free. I do love thy country :salute:

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Back in the late '70's, I met and old man, who changed my Life.

We were talking about work, money, owning a home, investment idea's, when he said;

 

Always remember, "It's not how much you make, but what you do, with what you make".

 

He was in his early 80's when I met him. He had been on a CASH basis, for most of his Life.

 

That conversation I had with him, was sitting on a park bench, on a sunny afternoon, on Balboa Island, in Newport Beach, CA. At the time he owned numerous beach front/bay front property's and traveled, at his leisure. He dressed simply, and was quite spoken.

 

He also said on a, Man who walked passed us; If you,"Have to pay for a Rolex on a Charge card, you can't afford one".

 

What did this nice, soft spoken man, do to, a mass his property and holdings? He was a carpenter. He carried a sack lunch, everyday. He bought nothing on credit. He also NEVER, purchased any on single Item, unless he could afford three of the same. How bout that?

 

 

I heard the same thing one time..."It aint about how much you make, it's about how you spend it." Seems to have worked for me. :)

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I certainly do not feel like I fall where that chart puts me, but I think a lot of it has to do with where you live. I can not wait to get out of New England, can not believe how little you get for your money up here even in this economy.

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the tax bracket is what kills me, I paid 17000 in 08 and 09 I paid about 5800 and only worked 5 months the whole year. middle class is being put out so fast that when all the houses and cars and nice things above the average in sales are gone they still won't no what's wrong with the big picture.

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the tax bracket is what kills me, I paid 17000 in 08 and 09 I paid about 5800 and only worked 5 months the whole year. middle class is being put out so fast that when all the houses and cars and nice things above the average in sales are gone they still won't no what's wrong with the big picture.

 

 

 

Taxes suck but Insurance now theres a scam...

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I have found that no/matter how much I make my Income Doesn't "Stack Up"..............

 

I have been married for 30 years with joint bank accounts.............. doh.gif

 

 

 

lol DDT, I noticed I feel much wealthier (even though I make the same) once I became single... The truth is once you make a certain amount (w/e that is) for an extended period of time = your standard of living, so the more $$$ you make, the more expensive your lifestyle is on an average

Bottome line: spend within your means, noone owes you anything, enough gov't handouts, save and you'll have money.

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