Ugh i still feel poor! Overrated 6 figures!

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feelit83

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I'm just really confused. I have have a fulltime job and make 115K and i have a parrtime job and will make 40-45K in addition to my fulltime income. I still do not feel like i am "banking it." what has this world come to. I am single no kids, no responsibilities and still feel like i dont have a good income. Trying to save up for a piece of property :( Student Loans :(.

I am afraid i wont be able to replicated my pre-adult lifestyle of 3-4 exotic trips a year with my family, decent house, car and my parents didnt even make this much!!! Forget about having kids....i cant afford kids on 160K income....that is just not enough. I feel like 300K is what you need now days to raise a family and have a semi-entrance lux lifestyle. Ugh i should have been an I-banker!:thumbdown:

Does anyone else feel this way.
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Oh, poor you. I live on 12K per year, have no car and live in a sh*thole apartment. I'm lucky if I get out of town once a year, getting out of the country is out of the question. Wanna trade? Maybe you could learn some money management skills and bring your greed in for the night.

Sorry, your post rubbed me the wrong way.
 
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Being rich isn't about how much money you have. It's how content you are with what you have and knowing when to have enough. I'd figured the richest people in the world are people who don't desire any thing. Just imagine how happy they are. o_o
 
feelit83 said:
I'm just really confused. I have have a fulltime job and make 115K and i have a parrtime job and will make 40-45K in addition to my fulltime income. I still do not feel like i am "banking it." what has this world come to. I am single no kids, no responsibilities and still feel like i dont have a good income. Trying to save up for a piece of property :( Student Loans :(.

I am afraid i wont be able to replicated my pre-adult lifestyle of 3-4 exotic trips a year with my family, decent house, car and my parents didnt even make this much!!! Forget about having kids....i cant afford kids on 160K income....that is just not enough. I feel like 300K is what you need now days to raise a family and have a semi-entrance lux lifestyle. Ugh i should have been an I-banker!:thumbdown:

Does anyone else feel this way.
Click to expand...

Did you actually expect to get symphathy by posting this? Most of us are students digging ourselves deeper into debt every semester. I agree that 100K is not what is used to be. It certainly is not as much as a lot of people seem to think, but it sure as hell beats making $0 and living off of student loans.
 
If you feel making $100,000 or more per year is not enough to afford a comfortable lifestyle, you are out of your mind. The vast majority of Americans have only a high school education and make about $30,000 per year; in spite of this, many hold down a mortgage, drive a semi-decent car, and have a family. How do you explain that? Hell, my father is a teacher and we've always traveled on vacation every summer to such locations as Mexico, Puerto Rico, the Bahamas, Canada, and Europe. And guess what? He makes "only" about $50,000 per year. What makes you think making three to four times as much as your average American will not afford you the opportunity to enjoy your life? I have seen previous posts about pharmacists on SDN owning a beautiful home, a Viper, or some other expensive possession. That is proof pharmacists can afford an above-average lifestyle.

A little advice: If you truly feel the way you do about six-figure incomes and such and would like to enhance your spending power, simply limit yourself to having one child and one child only if you decide to start a family. Don't have two or more kids if you want to spend less on children and more on vacations and other prized indulgences. If you decide to pop out three or four children, then, yes, it will probably be difficult to raise a family AND enjoy yourself even on a high income. Otherwise, always keep in mind that as a six-figure professional, you will be in the top 15% of earners in the US. Keep that in mind at all times. Like I said above, about 73% of Americans have only a high school education while only 24-27% are college educated. If high school educated workers can live decently, you will live very well as a Pharm.D. graduate.
 
feelit83 said:
I'm just really confused. I have have a fulltime job and make 115K and i have a parrtime job and will make 40-45K in addition to my fulltime income. I still do not feel like i am "banking it." what has this world come to. I am single no kids, no responsibilities and still feel like i dont have a good income. Trying to save up for a piece of property :( Student Loans :(.

I am afraid i wont be able to replicated my pre-adult lifestyle of 3-4 exotic trips a year with my family, decent house, car and my parents didnt even make this much!!! Forget about having kids....i cant afford kids on 160K income....that is just not enough. I feel like 300K is what you need now days to raise a family and have a semi-entrance lux lifestyle. Ugh i should have been an I-banker!:thumbdown:

Does anyone else feel this way.
Click to expand...

Nope. You just don't know how to manage your money.
 
feelit83 said:
I'm just really confused. I have have a fulltime job and make 115K and i have a parrtime job and will make 40-45K in addition to my fulltime income. I still do not feel like i am "banking it." what has this world come to. I am single no kids, no responsibilities and still feel like i dont have a good income. Trying to save up for a piece of property :( Student Loans :(.

I am afraid i wont be able to replicated my pre-adult lifestyle of 3-4 exotic trips a year with my family, decent house, car and my parents didnt even make this much!!! Forget about having kids....i cant afford kids on 160K income....that is just not enough. I feel like 300K is what you need now days to raise a family and have a semi-entrance lux lifestyle. Ugh i should have been an I-banker!:thumbdown:

Does anyone else feel this way.
Click to expand...

And you're right... you can't afford kids... and you'll probably need 300K for the lifestyle you want. But I guaranty you'll be just as broke.
 
ItsOverZyvox said:
And you're right... you can't afford kids... and you'll probably need 300K for the lifestyle you want. But I guaranty you'll be just as broke.
Click to expand...

AND - you don't even know the half of it - TRUST ME!
 
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Um, you have poor budgeting skills if with no family/kids and $160,000 a year still isn't enough. Before pharmacy school I was making about $50,000 and doing just fine. Granted when I finish school I will have student loans to pay off but if my income doubles to what is was before and I have the same expenses I had before I will be doing very well.
 
I don't whether I should:


  • be amazed at your post (not in a good way)
  • feel sorry for you (also not in a good way)
  • angry at your attitude
Please tell me you are joking. May I suggest you pick up a copy of Happiness is a Serious Problem. No matter how much money you earn, it will never be enough and you will never be happy. You will childless, spousless and generally alone unless you dig deep and fix yourself.
 
feelit83 said:
I'm just really confused. I have have a fulltime job and make 115K and i have a parrtime job and will make 40-45K in addition to my fulltime income. I still do not feel like i am "banking it." what has this world come to. I am single no kids, no responsibilities and still feel like i dont have a good income. Trying to save up for a piece of property :( Student Loans :(.

I am afraid i wont be able to replicated my pre-adult lifestyle of 3-4 exotic trips a year with my family, decent house, car and my parents didnt even make this much!!! Forget about having kids....i cant afford kids on 160K income....that is just not enough. I feel like 300K is what you need now days to raise a family and have a semi-entrance lux lifestyle. Ugh i should have been an I-banker!:thumbdown:

Does anyone else feel this way.
Click to expand...

Lame.....please, what is stopping you from going and becoming an I-banker? Give me a break.
 
No wonder the name sounds familiar... it's the same trollster who started the "Is Pharmacy School a $100k Scam" thread way back when. :rolleyes:
 
Hell, here in low cost of living land, I only make $90k. (But I only pay $200 for rent!) You're right though. I have to make trips to the Salvation Army for dinner and the state pantry to get my guvment cheese. I'm strugglin'.
 
I think this must be a troll attempt too. It's way too forward thinking and overt. The poster talks about future plans (kids, 3-4 trips, etc...) as if they are all occurring on the same day.

This has potential.

--Garfield3d
 
Different strokes for different folks...

There has been enough said about this topic - but I am bored and have nothing better to do.

To the OP - Read some freaking books - Rich dad poor dad - mad money - something. Make that cash work for you brotha... If you cannot find a way to do this, you probably shouldn't have that much. At least show the basic knowledge to give it to someone who does know what to do with it.

~above~
 
if we met some how and you told me this i would slap you silly. I am 23 years and make 30,000 as a personal banker and have the desire to goto college and study pharmacy but apparently i cant afford it at this time. I forgot to mention i work very hard for that 30,000 and it goes to expenses such as insurance and my home equity loans. Be happy for a 100k you jerk.
 
I can relate to this. In CA, when you're single with no deductions and making that much the gov't takes 35% right off the bat. If you work OT bump that percentage up to 40%. Coupled with loan payments (which I assume are at least $1000 a month) it really doesn't add up to as much as it seems on paper. Sort of unfair really.

I've just decided to work less. It doesn't make sense to bust my rump for taxes.
 
Rfour said:
I can relate to this. In CA, when you're single with no deductions and making that much the gov't takes 35% right off the bat. If you work OT bump that percentage up to 40%. Coupled with loan payments (which I assume are at least $1000 a month) it really doesn't add up to as much as it seems on paper. Sort of unfair really.

I've just decided to work less. It doesn't make sense to bust my rump for taxes.
Click to expand...
Your post doesn't make sense. The 2008 federal income tax bracket for a single person making between $78,850 and $164,550 is 28%, and the state income tax bracket is 9.3% for all income over $44,819 in California. Therefore, your total tax percentage is 37.3%, because I doubt that you would make over $164,550 with some OT. If you were to make more than $164,550, then your tax bracket would be 33%, until you reach $357,700, plus 9.3% for state tax, which totals up to be 42.3%.

Let's say your base salary is $115,000 (@$55/hour). If you work 17 extra hours per week every single week, you would still be under $164,000 per year and within the 37.3% tax rate.

Also, these calculations do not include tax deductions for student loan interest payments.
 
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... or you could turn yourself into a multi-billionaire Rfour. Warren Buffett doesn't mind paying taxes. In fact, he would like to pay more- article.

Honestly, I don't care how much I make if all of my necessities are met.

However, I would love to be the breadwinner of the family just to mess with the stereotype. It's sad... but I'm competitive like that. :p
 
PharmDstudent said:
Your post doesn't make sense. The 2008 federal income tax bracket for a single person making between $78,850 and $164,550 is 28%, and the state income tax bracket is 9.3% for all income over $44,819 in California. Therefore, you total tax percentage is 37.3%, because I doubt that you would make over $164,550 with some OT. If you were to make more than $164,550, then your tax bracket would be 33%, until you reach $357,700, plus 9.3% for state tax, which totals up to be 42.3%.

Let's say your base salary is $115,000 (@$55/hour). If you work 17 extra hours per week every single week, you would still be under $164,000 per year and within the 37.3% tax rate.

Also, these calculations do not include tax deductions for student loan interest payments.
Click to expand...
The guy said "up to 40%" and you're arguing with him b/c your calculations give 37.3%?

:laugh:
 
While you are not struggling to make it, you will no means be wealthy as a pharmacist. That takes great business skills or investing.

I figure after takes, I'll have a take home after takes of about $70,000

After loan payments, mortgage payments, and other monthly costs I'll take home on $12,000 after it is all said and done. So, no you won't be rich but you'll be in the middle class.
 
OP...You are an idiot.







And no, I WILL NOT apologize for saying that.
 
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Now, back to the subject of taxes. tncekm, I believe PharmDstudent has a point. Rfour said that the government "takes 35% right off the bat" when you earn that much, and in some cases, "up to 40%." What (s)he forgets is that tax brackets are your MARGINAL tax rates. So say your income is between $78,850 and $164,550 (to borrow PharmDstudent's example). Your tax bracket is 28%. This means that if you earn an extra dollar, the government will take 28% of that as taxes. Because taxes in the US are progressive, different amounts of your taxable income are taxed at different rates (as you should know if you've ever filed a tax return). So while your tax bracket is, say 28%, the total percentage of your income that goes to taxes is usually less than 28%.
 
blueclassring said:
While you are not struggling to make it, you will no means be wealthy as a pharmacist. That takes great business skills or investing.

I figure after takes, I'll have a take home after takes of about $70,000

After loan payments, mortgage payments, and other monthly costs I'll take home on $12,000 after it is all said and done. So, no you won't be rich but you'll be in the middle class.
Click to expand...


You will be in the middle class, but not just in the middle of the middle class. You will be part of the upper middle class and that classification will afford you the opportunity to travel more and afford a more comfortable lifestyle than a person right in the middle class making anywhere from $45-$50,000 per year.
 
This is not a real post. So please don't upset yourselves. Its not worth.
 
I am neither upset nor agitated by this post as many of you seem to be, but I am a bit curious. I would like to see an itemization of the OP's monthly expenses. Only then could we really know if this is trolling, poor management of one's finances or something else. Let's see those expenses-and you don't have to get too personal; i.e., just list expenses such as porn or whatever as "misc."
 
medicalcpa said:
Now, back to the subject of taxes. tncekm, I believe PharmDstudent has a point. Rfour said that the government "takes 35% right off the bat" when you earn that much, and in some cases, "up to 40%." What (s)he forgets is that tax brackets are your MARGINAL tax rates. So say your income is between $78,850 and $164,550 (to borrow PharmDstudent's example). Your tax bracket is 28%. This means that if you earn an extra dollar, the government will take 28% of that as taxes. Because taxes in the US are progressive, different amounts of your taxable income are taxed at different rates (as you should know if you've ever filed a tax return). So while your tax bracket is, say 28%, the total percentage of your income that goes to taxes is usually less than 28%.
Click to expand...
Right.

Let's say that Rfour makes 1.5 times his pay when he works OT. With 17 hours of OT each week, he will make $187,930 ($55 per hour X 1.5 his pay rate for every hour of OT time X 17 hours of OT/week X 52 weeks = $72,930 more than his base income of $115,000, totaling out to be $187,930). This will put his income above $164,550- the amount associated with the lower tax rate of 37.3%. Oh no! Yikes! :p

The amount that will be taxed at 42.3% will be $187,930 - $164,550 = $23,380. The rest of the OT money ($187,930 - $115,000 = $72,930 - $23,380 = $49,550) will be taxed at the lower bracket. His take-home portion of the $23,380 at 42.3% is $13,490.26, which is only $1,169 dollars less than if the amount that was taxed at the 37.3% tax rate ($14,659.26).

Therefore, the OT money that is less than $164,550 will be taxed at 37.3% and the amount above that will be taxed at 42.3%.
Take-home OT pay: $31,067.85 ($49,550 X 62.7%) + $13,490.26 ($23,380 X 57.7%) = $44,558.11

$44,558.11 divided by 884 hours of OT time (17 hours/week X 52 weeks) = $50.41 per hour (which is not very far off from his regular pay of $55 per hour with the taxes already taken out).

So... if Rfour decides to stay under $164,550, then any amount that he would make above $164,550 will never exist. The extra $13,490.26 will never enter his bank account.
However, if he choses to make the extra money, he will only lose 5% more of it, because the money that is earned over $164,550 is the only portion that is taxed at the higher rate, 37.3% vs 42.3%.
 
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One last thing. Let's say that Rfour is so terrified of the higher tax bracket that he completely avoids it. Therefore, his only option is to work an extra 11.5 hours per week of OT, which will equal $49,335 more per year ($55 per hour X 1.5 times his pay rate X 11.5 hours/week X 52 weeks = $49,335). His new total income will be $164,335 ($115,000 + $49,335).
His take-home OT pay will equal $30,933.05 ($49,335 X 67.2%), which is equal to $51.73/hour (11.5 hours/week X 52 weeks = 598 hours. $30,933.05 divided by 598 hours = $51.728/hour) . In my opinion, the decrease in hourly OT pay rate is negligible if he were to keep going into the next tax bracket ($51.73/hour vs $50.41/hour).

:cool:
 
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All I know is that after I pay my bills and ****, I still got like $4500 a month in my bank account extra that's unaccounted for. I just send it to the loan people...
 
Perhaps someone around here can suggest where you should invest some of it, WVU. I don't have a clue. I won't be at that stage of the game for another two years *knock, knock on wood*.
$4,500 a month seems to be a solid chunk...
 
Way to be the boss WVU. :claps:

Speaking of money, my bf and I are budgeting like crazy this month. He passed his master electrician's exam last month, and now it's time for him to start his own business, so he'll need insurance. The policy is suppose to cost around $1,100, which is a solid but doable chunk.

My budget for groceries from now until August 1st is $250. I think I can, I think I can, I think I can... :)
 
I'm reading another forum's budgeting thread right now, too. We'll see what I can squeeze out.
 
WVUPharm2007 said:
Nah, I do. I gots my financial adviser on that ****.
Click to expand...

WVU's financial adviser:

the-beverly-hillbillies.png
 
why don't you try budgeting? Sure its great to buy nice things but u also have to save. I graduated last year from pharm school and it's definitely feasible. Plus, I make far less than you.....and really, money isn't everything. Sorry, a lot of people make far less than you so I really don't think u should complain.
 
WVUPharm2007 said:
Shop at Aldi's. That joint is awesome. It's like a masterful showcase of German efficiency. Cheapest food on the planet, it is.
Click to expand...

Have you tried their frozen chicken cordon blue that come in convenient, individually wrapped breasts? They are delicious!
 
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