I would double check your info on engineer vs mgmt. Many times the cash comp is similar, but stock is hugely different. I may not be correct in your case, but that's how it works at many outfits. So, after stock it's usually much more lucrative

Quote:

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At the end of the day, it's only money.

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Something that people with money would say.

QBCade said:

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I would double check your info on engineer vs mgmt. Many times the cash comp is similar, but stock is hugely different. I may not be correct in your case, but that's how it works at many outfits. So, after stock it's usually much more lucrative

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My experience is that a talented Sr. Engineer is more valuable than your run of the mill manager to technical companies and management is certainly not placed on a pedestal. This is fairly standard across many industries, though certainly I'm sure there are exceptions.

Many firms are moving away from bloated middle management and flattening the track to either technical or management, but it's not seen as though one is better or more lucrative than the other.

100k is nothing

Man y'all live like kings I guess with a $600k house and a couple $50k+ cars. $100k total income with a stay at home wife and two kids is plentttyyyy.

Dill-Ag13 said:

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Man y'all live like kings I guess with a $600k house and a couple $50k+ cars. $100k total income with a stay at home wife and two kids is plentttyyyy.

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It's so funny to see the differences by region. I bought my house at the absolute bottoms of the market in 2011 for a little under $600k. It's pretty average in size with an above average back yard. It's worth about $1.4M now.

Brian Earl Spilner said:

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Funny how many people throw out the "start a business" thing like it's easy and the money will just roll in after that.

Most businesses fail.

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Most businesses fail, most people who start their own businesses wreck their personal finances in the process, and most people who join startups end up making less in their careers than people who stay in corporate America.

If you want to retire comfortably, the path is to DINK, grow your spending slower than your income, and be competent at normal jobs in normal companies.

Other strategies may get you there faster occasionally, but on average they are less lucrative.

I think that's great. And I think it makes a lot more sense if you're able to turn an identified skill into a side hustle and transition that into a career.

If someone starts from "I don't want to work for The Man and I'd really like to be a millionaire" and then casts about for an idea, they're most likely going to pick something dumb that no one wants. Or they have the same dream as everyone else, which is to run a restaurant because cooking isn't that hard and it's the world's leading champion for professions where there are a lot more costs than people realize..

Also, can you say approximately what you are doing?

I'm in the small company world right now, but potentially interested in doing my own thing. I am absolutely buried right now so I couldn't do a side hustle responsibly, but I know what I want to do when life gets more reasonable.

Leander - Ag said:

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100k is nothing

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Maybe you're just bad with money.

AggiEE said:

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QBCade said:

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I would double check your info on engineer vs mgmt. Many times the cash comp is similar, but stock is hugely different. I may not be correct in your case, but that's how it works at many outfits. So, after stock it's usually much more lucrative

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My experience is that a talented Sr. Engineer is more valuable than your run of the mill manager to technical companies and management is certainly not placed on a pedestal. This is fairly standard across many industries, though certainly I'm sure there are exceptions.

Many firms are moving away from bloated middle management and flattening the track to either technical or management, but it's not seen as though one is better or more lucrative than the other.

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I agree with both points. Engineers have lucrative options as well though. If they stay technical and then leverage their deep technical knowledge in a startup. Technical staff can get stock options at large companies as well.

If I were to hypothetically assemble a team that could build a better product, it would be to take the best technical contributors, the one manufacturing manager who isn't bothered by engineering's presence, and one manager.

Its been done before and they've become our biggest competitors.

one MEEN Ag said:

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South Platte said:

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Joe Boudain said:

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I own my own business so am completely insulated from the madness that is the current job market, but from what I've gathered from my friends, $100k a year is nothing to shake a stick at.

I've even heard that an upper middle class family will pull in around $300k/year, which I thought would be somewhere north of top 1%.

Is this right?

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Income is one thing, savings/wealth is another. Our AGI has never been over $90,000 for married with 2 kids yet we're upper 40's and closing in on a $1m net worth, not counting any primary residence equity.

Which brings in another discussion . . . how much is $1m net worth these days? Definitely not what it used to be.

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Congratulations! You now have enough principle to cover what is equivalent to your social security annual income just in time for the government to means test you out SS! Thanks comrade for doing your job. We are counting on you to fund the retirement of 100s of other people with big screen tvs and new cars.

Your 1 million will throw off 40k per year. You're going to need a couple more million if you want to do anything besides each cheese sandwiches and watch tv on your social security-less retirement.

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I think you are wrong, 40k from the $1 million, plus SS give you around 80-100k depending on when you take it and if your spouse was a high earner.

My budget for retirement is $85k and it includes money for some travel and an RV. Once your kids leave your expenses go way down. Take away your retirement savings and income taxes and your net expenses are a lot lower.

Personally I am looking to take that $85k from my investments/retirement accounts for 10 years and delay SS until 70. I won't be eating cheese sandwiches and just watch TV.

rodan85 said:

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one MEEN Ag said:

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South Platte said:

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Joe Boudain said:

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I own my own business so am completely insulated from the madness that is the current job market, but from what I've gathered from my friends, $100k a year is nothing to shake a stick at.

I've even heard that an upper middle class family will pull in around $300k/year, which I thought would be somewhere north of top 1%.

Is this right?

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Income is one thing, savings/wealth is another. Our AGI has never been over $90,000 for married with 2 kids yet we're upper 40's and closing in on a $1m net worth, not counting any primary residence equity.

Which brings in another discussion . . . how much is $1m net worth these days? Definitely not what it used to be.

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Congratulations! You now have enough principle to cover what is equivalent to your social security annual income just in time for the government to means test you out SS! Thanks comrade for doing your job. We are counting on you to fund the retirement of 100s of other people with big screen tvs and new cars.

Your 1 million will throw off 40k per year. You're going to need a couple more million if you want to do anything besides each cheese sandwiches and watch tv on your social security-less retirement.

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My budget for retirement is $85k and it includes money for some travel and an RV. Once your kids leave your expenses go way down. Take away your retirement savings and income taxes and your net expenses are a lot lower.

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I think this is the part that most people miss. A lot of our working salary goes to retirement savings, kids college fund, kids expenses, mortgage, etc. In retirement, most of those expenses should go away and your expenses go way down. Sure, you will probably travel more, but that can be done for cheap, and typically after a certian age you wont want to travel anymore.

I understand the gist of the "cheese sandwiches" thing, but you can eat quite well for very little money cooking at home.

Another thing to consider is that most people beyond the age of about 78, don't really do much of anything. Of course there are outliers.

Ever had a recipe call for fresh Parmesan Reggiano?

I eat mostly at home and also eat well, but it's not very 'cheap.'

Prime NY Strips is used to buy once a week for $12.99/lb are now $18.99 lb.

CaptnCarl said:

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Ever had a recipe call for fresh Parmesan Reggiano?

I eat mostly at home and also eat well, but it's not very 'cheap.'

Prime NY Strips is used to buy once a week for $12.99/lb are now $18.99 lb.

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I've never heard of Parmesan Reggiano let alone seen it in a recipe. My family of 5 can't eat out for less than $40-50 a meal, but can easily cook a good meal at home for <$20.

That's fair. Your economy of scale is 5 times more efficient than my household.

$40-50 is cheap these days

There's plenty of room between cheese sandwiches and recipes requiring Parmesan Reggiano.

Cyp0111 said:

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$40-50 is cheap these days

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We don't do expensive restaurants but that's the normal for us if we eat out. Pizza is much cheaper than that, though (usually $20-30 for us).

AggieFrog said:

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CaptnCarl said:

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Ever had a recipe call for fresh Parmesan Reggiano?

I eat mostly at home and also eat well, but it's not very 'cheap.'

Prime NY Strips is used to buy once a week for $12.99/lb are now $18.99 lb.

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I've never heard of Parmesan Reggiano let alone seen it in a recipe. My family of 5 can't eat out for less than $40-50 a meal, but can easily cook a good meal at home for <$20.

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I assume you're talking about fast-food because I've never seen a bill that cheap for a family of 5

Ha, this thread just keeps on rolling. We all have different standards of living and I'm sure we all have much to be thankful for.

Sea Speed said:

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AggieFrog said:

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CaptnCarl said:

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Ever had a recipe call for fresh Parmesan Reggiano?

I eat mostly at home and also eat well, but it's not very 'cheap.'

Prime NY Strips is used to buy once a week for $12.99/lb are now $18.99 lb.

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I've never heard of Parmesan Reggiano let alone seen it in a recipe. My family of 5 can't eat out for less than $40-50 a meal, but can easily cook a good meal at home for <$20.

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I assume you're talking about fast-food because I've never seen a bill that cheap for a family of 5

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We rarely eat out as a family at places nicer than something like a Fuzzy's / Rosa's / Blaze pizza, etc. I don't like spending more than $15/plate even when I'm not eating with the kids (wife is the same) - we make good money, but aren't big on expensive restaurants. If we do splurge, then it has to be something we can't make better at home - Indian, Korean, etc.

CaptnCarl said:

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To me, the biggest elephant in the room is insurance.

Self employed people are paying around $1,400 month, and a previous poster mentioned long term care of $8k month for an elderly parent.

Meanwhile, how many professional sports stadium have a name sponsor of an insurance company?

If Insurance costs come down, much of that $100k would be back in the pedestrians pocket.

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How many times a month do you see a Jake from State Farm commercial, or those damn Liberty Liberty Liberty commercials? WE ARE FARMERS, da ta da ta da ta da! They're making a killing.

one MEEN Ag said:

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At bible study this week, we talked about cost of living, shrinking middle class, etc.

A young, single teacher told me that 40k is middle class and that her friends getting 50k are buying nice homes, nice cars and living a good life. And that homes have only increased in line with people's salary over the last 30 years - they aren't outpacing inflation.

I told her looks can be deceiving. My kid is getting tubes put in his ears and we just got the bill. $4,500. 40k ain't gonna cut it with a wife, kid, and another kid on the way. Save your money, you'll need it later on.

She had this tone that I was just another angry white conservative who was out of touch.

Y'all need to pray for her. Her 30s are going to be rough one day.

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They're doing it with credit cards. Their reckoning day will come, trust me.

Leander - Ag said:

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100k is nothing

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This. Plenty of the most talented, uneducated heavy equipment operators in the Houston area making over 100k per year with overtime pay included. And the best ones will still quit and go to a different company for more money.

Or will it? If the economy tanks and the s really hits the f aren't we all really in the same boat? Except they obviously don't really care

Sea Speed said:

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Or will it? If the economy tanks and the s really hits the f aren't we all really in the same boat? Except they obviously don't really care

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Project Mayhem...

rodan85 said:

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one MEEN Ag said:

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South Platte said:

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Joe Boudain said:

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I own my own business so am completely insulated from the madness that is the current job market, but from what I've gathered from my friends, $100k a year is nothing to shake a stick at.

I've even heard that an upper middle class family will pull in around $300k/year, which I thought would be somewhere north of top 1%.

Is this right?

---

Income is one thing, savings/wealth is another. Our AGI has never been over $90,000 for married with 2 kids yet we're upper 40's and closing in on a $1m net worth, not counting any primary residence equity.

Which brings in another discussion . . . how much is $1m net worth these days? Definitely not what it used to be.

---

Congratulations! You now have enough principle to cover what is equivalent to your social security annual income just in time for the government to means test you out SS! Thanks comrade for doing your job. We are counting on you to fund the retirement of 100s of other people with big screen tvs and new cars.

Your 1 million will throw off 40k per year. You're going to need a couple more million if you want to do anything besides each cheese sandwiches and watch tv on your social security-less retirement.

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I think you are wrong, 40k from the $1 million, plus SS give you around 80-100k depending on when you take it and if your spouse was a high earner.

My budget for retirement is $85k and it includes money for some travel and an RV. Once your kids leave your expenses go way down. Take away your retirement savings and income taxes and your net expenses are a lot lower.

Personally I am looking to take that $85k from my investments/retirement accounts for 10 years and delay SS until 70. I won't be eating cheese sandwiches and just watch TV.

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First congrats on being close to retirement and having a plan. PersonalIy, I believe $1 million+ nest egg folks will be means tested out of SS during my lifetime. So in my calculations I'm back at 40k per million, and no government agency is coming to save me. That's just my view, I hope I'm wrong though.

Also, the actuarial tables for SS are in the houses favor.
I would take SS as soon as you can. There's a lot of people who pass away between 65-70, and the government would love it if they never had to pay you out a penny. When my parents looked at the numbers, it was a wash if they delayed the money versus took it now, invested it conservatively, and used it if necessary.

one MEEN Ag said:

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rodan85 said:

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I think you are wrong, 40k from the $1 million, plus SS give you around 80-100k depending on when you take it and if your spouse was a high earner.

My budget for retirement is $85k and it includes money for some travel and an RV. Once your kids leave your expenses go way down. Take away your retirement savings and income taxes and your net expenses are a lot lower.

Personally I am looking to take that $85k from my investments/retirement accounts for 10 years and delay SS until 70. I won't be eating cheese sandwiches and just watch TV.

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First congrats on being close to retirement and having a plan. PersonalIy, I believe $1 million+ nest egg folks will be means tested out of SS during my lifetime. So in my calculations I'm back at 40k per million, and no government agency is coming to save me. That's just my view, I hope I'm wrong though.

Also, the actuarial tables for SS are in the houses favor.
I would take SS as soon as you can. There's a lot of people who pass away between 65-70, and the government would love it if they never had to pay you out a penny. When my parents looked at the numbers, it was a wash if they delayed the money versus took it now, invested it conservatively, and used it if necessary.

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My wife is 6 years younger. I am taking it at 70 for her. So she can have a higher guaranteed income after I am gone. If it was not for that, I would be taking at 62 or FRA.