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New Annual Salary = $1,000,000

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sleeper's avatar

sleeper

Legend

27,879 posts
Oct 25, 2011 11:25 AM
Replace your current salary with $1,000,000 NET per year.

You get this salary until age 60, then you retire permenantly.

What percentage would you save per year?

Go!
Oct 25, 2011 11:25am
LJ's avatar

LJ

Senior Member

16,351 posts
Oct 25, 2011 11:27 AM
sleeper;944702 wrote:Replace your current salary with $1,000,000 per year.

You get this salary until age 60, then you retire permenantly.

What percentage would you save per year?

Go!
1/2 after tax

that would give me $17,000,000 at retirement
@ 3% muni bonds, that would give me $510,000 per year to live on without touching the principle
Oct 25, 2011 11:27am
T

thavoice

Senior Member

14,376 posts
Oct 25, 2011 11:32 AM
Means I would make 22 million bucks. Probably would be around 11 million after taxes.

I would say I would spend maybe a quarter of it. I really dont know what I would do if I had lots of money.
Oct 25, 2011 11:32am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Oct 25, 2011 12:21 PM
I'd live as if I was making ~$100k/year and save the rest.
Oct 25, 2011 12:21pm
Iliketurtles's avatar

Iliketurtles

Senior Member

8,191 posts
Oct 25, 2011 12:22 PM
I would save 50%.
Oct 25, 2011 12:22pm
se-alum's avatar

se-alum

The Biggest Boss

13,948 posts
Oct 25, 2011 12:23 PM
Hmmm...If I had that kind of money, I'd most likely be dead by 60. I'm spendin' it all!!
Oct 25, 2011 12:23pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Oct 25, 2011 12:55 PM
I would save 100% of it and only live off of money from side jobs. And if you stiffed me on a side job, I'd use some of my salary money to have you killed.
Oct 25, 2011 12:55pm
sleeper's avatar

sleeper

Legend

27,879 posts
Oct 25, 2011 1:34 PM
I probably should have said Net Salary of $1,000,000.

And no side jobs, this is your salary and that's it.
Oct 25, 2011 1:34pm
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Oct 25, 2011 1:35 PM
Net $1m? It's a pay cut, but I'd probably sock away 20% now and up the ante to, say, 50% if I decided to have kids.
Oct 25, 2011 1:35pm
G

gut

Senior Member

15,058 posts
Oct 25, 2011 1:37 PM
You're all lying if you say you would't make significant changes in your lifestyle/quality of living. You upgrade the house and get a summer home, at a minimum. Probably also get yourself a high-end luxury car (and one for the wife). Kids might go to the best schools, which ain't cheap depending on where you live.

With taxes taking probalby 45% of it, I think savings $250k (and spending $300k) would be reasonable. Say you retire in 15 years, I'd expect to have about $5M in the bank (another $1M in retirement accounts) and another $3M or so in real estate. Kids done with school, house(s) paid off and that's a comfortable nest egg to live off of without even touching principle.
Oct 25, 2011 1:37pm
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Oct 25, 2011 1:42 PM
se-alum;944728 wrote:Hmmm...If I had that kind of money, I'd most likely be dead by 60. I'm spendin' it all!!
Reps. Fuck the future. Give me a shitload of money and I'm partying like Charlie Sheen!
Oct 25, 2011 1:42pm
W

WebFire

Go Bucks!

14,779 posts
Oct 25, 2011 1:52 PM
gut;944831 wrote:You're all lying if you say you would't make significant changes in your lifestyle/quality of living. You upgrade the house and get a summer home, at a minimum. Probably also get yourself a high-end luxury car (and one for the wife). Kids might go to the best schools, which ain't cheap depending on where you live.

With taxes taking probalby 45% of it, I think savings $250k (and spending $300k) would be reasonable. Say you retire in 15 years, I'd expect to have about $5M in the bank (another $1M in retirement accounts) and another $3M or so in real estate. Kids done with school, house(s) paid off and that's a comfortable nest egg to live off of without even touching principle.
What part of net pay didn't you understand? :)
Oct 25, 2011 1:52pm
G

gut

Senior Member

15,058 posts
Oct 25, 2011 2:06 PM
WebFire;944845 wrote:What part of net pay didn't you understand? :)
The part where you didn't mention net pay until near the end of the thread.

I'd probably spend $300k on "consumption". $10M net worth would be plenty to retire on, and probably 70% of $1M each year would go toward real estate and investments. Would take about 8-9 years at average ROI's to accumulate $10M net worth.
Oct 25, 2011 2:06pm
DeyDurkie5's avatar

DeyDurkie5

Senior Member

11,324 posts
Oct 25, 2011 2:08 PM
que con alma "money doesn't make me a human. i find happiness in the things that aren't shown through money. i live on lake eerie and and im the best at everything"
Oct 25, 2011 2:08pm
sleeper's avatar

sleeper

Legend

27,879 posts
Oct 25, 2011 2:47 PM
DeyDurkie5;944865 wrote:que con alma "money doesn't make me a human. i find happiness in the things that aren't shown through money. i live on lake eerie and and im the best at everything"
I would donate my salary to various local charities who need it. I find that giving is the best way to get the things you need in life.

/con alma'd
Oct 25, 2011 2:47pm
M

MontyBrunswick

Oct 25, 2011 3:44 PM
I'd spend my cash on cocaine and sluts.
Oct 25, 2011 3:44pm
Mulva's avatar

Mulva

Senior Member

13,650 posts
Oct 25, 2011 3:54 PM
I would probably travel/gamble most of it away every year. No point having the money if you aren't going to spend it.

Why would I need $10 million saved up when I'm 60 years old?
Oct 25, 2011 3:54pm
tk421's avatar

tk421

Senior Member

8,500 posts
Oct 25, 2011 4:03 PM
sleeper;944702 wrote:Replace your current salary with $1,000,000 NET per year.

You get this salary until age 60, then you retire permenantly.

What percentage would you save per year?

Go!
Seeing as I don't even come anywhere close to 10% of this salary, I'd be quite comfortable after buying a new house and car the first year living on 100K/year. Hell, that's rich to me. So, 33 years saving 900K would give me around 30 million, not including interest from any investments. I think I could retire on that.
Oct 25, 2011 4:03pm
G

gut

Senior Member

15,058 posts
Oct 25, 2011 6:11 PM
Mulva;944995 wrote: Why would I need $10 million saved up when I'm 60 years old?
To maintain your lifestyle (plus medical costs!) for another 20-30 years and, presumably, leave something to your children. Not to mention, if we start seeing high inflation (say 6-8% a year consistently), a million dollars will get small pretty quickly.

And in 15 years, $10M is probably only $5M today.
Oct 25, 2011 6:11pm
Firad's avatar

Firad

Senior Member

1,525 posts
Oct 25, 2011 6:17 PM
Heretic;944835 wrote:Reps. Fuck the future. Give me a shitload of money and I'm partying like Charlie Sheen!
This.
Oct 25, 2011 6:17pm
Mulva's avatar

Mulva

Senior Member

13,650 posts
Oct 25, 2011 7:13 PM
gut;945168 wrote:To maintain your lifestyle (plus medical costs!) for another 20-30 years and, presumably, leave something to your children. Not to mention, if we start seeing high inflation (say 6-8% a year consistently), a million dollars will get small pretty quickly.

And in 15 years, $10M is probably only $5M today.
There's no way in hell I'm living to be 80 or 90 and my nonexistent children can find their own $1,000,000 net pay jobs. I'm willing to take the risk that my lifestyle will slow down pretty significantly by the time I'm 60.
Oct 25, 2011 7:13pm
B

BigYtownRed

Senior Member

118 posts
Oct 25, 2011 9:57 PM
I would take the money in $1 bills to Wall Street & spread it all over the place for those poor protestors since I would feel guilty for having so much money.........

No I wouldn't they are getting arrested right now. :)
Oct 25, 2011 9:57pm
sleeper's avatar

sleeper

Legend

27,879 posts
Oct 25, 2011 10:01 PM
It's not really about what you would do with the money, its strictly what percentage of the income would you save(ie. not spend on useless junk you don't need). Saving includes investments.
Oct 25, 2011 10:01pm
password's avatar

password

Senior Member

2,360 posts
Oct 25, 2011 10:36 PM
I would save the same I do now, 60%
Oct 25, 2011 10:36pm
C

cview

Senior Member

351 posts
Oct 26, 2011 12:01 AM
Ehh, probably save about 40%. Let's say over the first five years...


I'd have 2 million saved, 3 million to do whatever the fuck I want.

Over that period, I'd probably give my parents and brother 500K apiece, and each of my closest friends enough to pay off all of their student loans. I'd give some to a charity. I would probably do this same method continuously. My life would already be significantly changed; I'd rather change all of their lives as well. Oh and a bunch of it would be blown here


Oct 26, 2011 12:01am