Quote: (03-22-2016 05:18 PM)OculusDexter Wrote:  

I did the expat thing for a while and it was very lucrative because of the extra cash, but I got completely anally reamed on taxes when I came back for complex reasons, and lost over 100k of savings due to that. I am considering doing it again to rebuild my savings and make sure I don't make the same tax mistake again.

Feel free to ask me any questions.

What happened and what would you recommend doing to avoid this problem? I'm considering doing the expat thing and the 90k deduction looks good.

Quote:OculusDexter Wrote:

I basically hate the job, but I'm trying to look for opportunities to build off it. I may try to eventually start my own firm or try to start a completely different business with capital I've saved. It's very tough because my real love was software (studied comp sci) but realistically there's an upper ceiling of about 120k to 150k for software development, and even that is extremely hard to obtain.

If you really love software, I recommend doing a side coding project like an app or a SaaS website. There are many instances of guys doing this and building their project into a decent business over the years. Examples are the guy who built nginx which is now worth millions or the guy who built del.icio.us and sold it for ~$30Mil. Not to mention all the guys who built mobile apps and made bank.

Dentist from what I have researched is tough. With some of the most expensive education (I've heard) and you need to buy a practice probably after you graduate. Or you can join a large company and make much less though I would love to hear what people who know what they are talking about say about their experience in the practice.

Anything medtech or health science related. Construction/Architects, Care salesman, real estate are all ones that I didn't see mentioned too many times.

I'm sure there's a few dudes pulling that playing poker/online poker (I do not and could not do this I've only heard stories especially about the early 2000's)

Really if you are a top tier designer, top 5% in anything really, but especially design and planning things out for marketing and branding purposes you are going to make bank whether it's as a tailor, watch maker, web designer, 3d model artist/animator, sail boat maker, even photographer. People increasingly need content and people familiar with the skills required.

Essentially I would argue that if you are top 5% of any skill that is in demand meaning somebody is actively seeking to pay for this skill you can draw 150k from it.

It helps to have at least some sales skills as a designer.

Even taking the exchange rate between the dollar and pound, some of those wages are crazy!

Unless you're in finance, business, medical care or higher level managerial positions in STEM type jobs, no one in the UK is going to be making anywhere near 150K.

Bear in mind that the cost of living is morr expensive here too.

Quote: (03-23-2016 02:30 AM)britchard Wrote:  

Even taking the exchange rate between the dollar and pound, some of those wages are crazy!

Unless you're in finance, business, medical care or higher level managerial positions in STEM type jobs, no one in the UK is going to be making anywhere near 150K.

Bear in mind that the cost of living is morr expensive here too.

There's a job offer from a recruiter in my inbox for a year-long contract(minimum), non-managerial programming job, and its paying £600 a day. Which is about £140k/$200k, which is more than what the op stated.

even a quick google search revealed another:
http://www.cwjobs.co.uk/JobSearch/JobDet...d=65055744

These jobs are out there, there are people in my office right now, who make this money, and they are on the same organisational level as me.

Been in pharmacy for 3 years. Before I started school my target was 80K. I actually called around to see if people actually hired pharmacists and researched return on investment thoroughly before committing myself. Most of my classmates didn't and became unemployed or got 60K in the big cities. I went down the path of least resistance and got a job in the barren wastelands where they pay more.

First year after registering I worked 9 months and cleared 86K. Next year I broke 130K. This year I'm comfortably projecting above 150K. Guys that come out of med school earn 50K-70k as residents for several years until they specialise and it's hard work with much higher debt load. pharmacy was relatively cheap at 75K at the time compared to med and dental which were easily 300K+. I spend my time at work monotonously putting stickers on boxes under florescent lights all day thinking of how easy my job is.

It's not a lot of money and it comes at the price of my freedom. My boss is the same age as me (33) and owns many pharmacies and does less work and enjoys his freedom while getting paid millions each year. He is now getting divorced and being taken to the cleaners. He was a blue pill guy that made one misstep that ruined his life.

Restaurant owner here... Restaurants get a bad rap because most people are either ill-prepared or get caught up in the glamour of the title restaurateur without understanding the hours and stress it takes to be successful. Having said that, two of my cousins and a close friend have restaurants as well and we all net in the low-mid six figures.

Quote: (03-23-2016 01:25 PM)booshala Wrote:  

Restaurant owner here... Restaurants get a bad rap because most people are either ill-prepared or get caught up in the glamour of the title restaurateur without understanding the hours and stress it takes to be successful. Having said that, two of my cousins and a close friend have restaurants as well and we all net in the low-mid six figures.

Without going into too much detail or revealing personal information, can you give us some details as to:

A) the type of restaurant (quick service, sports bar, etc) whether you offer counter service or table service, etc, just a few details about the operation

B) what was your startup investment?

C) how many years you've owned your business(es)

D) what's your year over year profit percentage

Thanks.

If you're from the US and you are going to make a lot more than 90k, you should try to get a tax equalization agreement for the position. That means that the company handles your taxes through someone like PwC, and you pay no more tax than you would as an employee in the US. The company covers the difference.

If you can't get that, be very aware that many benefits like rent, school tuition, trips home, etc., can be added to your taxable income even if you've already spent it for those things, so you have to save a lot up specifically for taxes and it sort of sucks. For example, if you have to pay 40% to your host country, and your rent is $4000/mo, paid by the company, you have to save an additional $1600 a month just for taxes. If your kids' tuition is $20k each, you have to save another $8k each for those taxes... And you never even saw that money because it was paid by the company...

Tax equalization is just sweet as hell because you never even have to think about it. Company handles everything.

I'd love to build something that could sell for millions, but wouldn't we all... It's hard to hit upon the right idea. I have to just bite the bullet and try something rather than continuing to worry that it will not be successful.

Quote: (03-23-2016 02:03 PM)Veloce Wrote:  

Quote: (03-23-2016 01:25 PM)booshala Wrote:  

Restaurant owner here... Restaurants get a bad rap because most people are either ill-prepared or get caught up in the glamour of the title restaurateur without understanding the hours and stress it takes to be successful. Having said that, two of my cousins and a close friend have restaurants as well and we all net in the low-mid six figures.

Without going into too much detail or revealing personal information, can you give us some details as to:

A) the type of restaurant (quick service, sports bar, etc) whether you offer counter service or table service, etc, just a few details about the operation

B) what was your startup investment?

C) how many years you've owned your business(es)

D) what's your year over year profit percentage

Thanks.

You're Thedude, right?

A) Casual sit-down dining with 60 capacity. Seating is fast paced and we turn tables quickly by design of the concept.

B) $350k... bought a failing business and revamped it although kept the cuisine/concept relatively similar.

C) 11 years in business, previous owner had it for 4.

D) Food costs hover around 22-23%... labor cost around 35%. Fixed costs probably only 4-5% because rent is cheap, although work comp and other insurance have gone up significantly so might bump it up a bit. Net percentage profit is 35% give or take.

Entirely online. And pussy throws the same LMR.

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

Quote: (04-11-2016 10:48 PM)Jack Of All Trades Wrote:  

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

I earn more than the figure in the title working about 10 hours per week.

As I've recently stated in another thread, that lack of work quickly becomes a problem in itself. There is literally nothing for me to do in my business most of the time.

Quote: (04-12-2016 11:52 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 10:48 PM)Jack Of All Trades Wrote:  

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

I earn more than the figure in the title working about 10 hours per week.

As I've recently stated in another thread, that lack of work quickly becomes a problem in itself. There is literally nothing for me to do in my business most of the time.

Wanna adopt me?

I work a 9-5 and then do 10 hours of consulting each week. I make most of my income from the consulting but keep my day job because it's high status, which ups my consulting rate, and they don't mind me moonlighting.

My career would max out at around 150k USD in around 6 years unless I contract myself out to China, but that's not a long-term option.

Full respect to you guys who are able to make even a third of this online or who are able to start a successful business. I have a lot of free time to try some of it myself, but the competition online is ridiculous.

Quote: (04-11-2016 10:48 PM)Jack Of All Trades Wrote:  

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

Unless you win the lottery or inherited the money, the only way to have the liquidity to buy a supercar is through long hard work (theres also graft and corruption but thats another thread). If you want a world class career with world class income, then you will have to invest the time and effort. It takes many many years to build a business that can generates excess cash flow to buy anything you desire.

How you allocate your time (priority) is a trade-off between career, health and personal well being (including getting laid). How much you allocate your time for each activity will determine the quality of the results (with many caveats). If you want to do it all, then just know that you will get average results. This outcome is perfectly acceptable for most of the population. On the other hand, focusing 100% on your career could potentially get you a ticket into the 1%. But that means significant tradeoffs - giving up everything else including many skipped meals.

I worked for several corporations over a 15 year period before starting my own company. A few years ago I found and trained my replacement to run the business. I've been retired for a couple of years now and have no day-to-day responsibility in running the business. Given that I now have a lot of free time, i would occasionally have brief moments of regrets:
- I should have spent more time with my kids when they were growing up
- If I've only worked out then as much as I work out now, I would really have a rocking body.
- etc etc

Given the chance, would I allocate my time different? No freakin way! I would do it over again and make the same sacrifices.

Quote: (04-12-2016 11:52 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 10:48 PM)Jack Of All Trades Wrote:  

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

I earn more than the figure in the title working about 10 hours per week.

As I've recently stated in another thread, that lack of work quickly becomes a problem in itself. There is literally nothing for me to do in my business most of the time.

CrashBangWallop: I'm guessing that you grinded it out in the beginning with crazy hours to be able to get to the point where you're only working 10 hours a week, no?

Quote: (04-16-2016 01:14 AM)booshala Wrote:  

Quote: (04-12-2016 11:52 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 10:48 PM)Jack Of All Trades Wrote:  

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

I earn more than the figure in the title working about 10 hours per week.

As I've recently stated in another thread, that lack of work quickly becomes a problem in itself. There is literally nothing for me to do in my business most of the time.

CrashBangWallop: I'm guessing that you grinded it out in the beginning with crazy hours to be able to get to the point where you're only working 10 hours a week, no?

Completely off the wall question, does your name mean yogurt soup in Assyrian?

Quote: (04-16-2016 01:14 AM)booshala Wrote:  

Quote: (04-12-2016 11:52 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 10:48 PM)Jack Of All Trades Wrote:  

anyone make that much cash without working a shitload of hours? I've been talking to lots of guys who've made the crazy cash. It's not a cakewalk, I'm talking 70+ hour weeks, once it hits 80+ I don't understand how people can get laid or even eat or do their own hobbies. Many just become zombies at work crushing it with cash but blow it on dumb shit because they literally have no life except work. The guy I'm working with buys lotus cars for kicks.

I earn more than the figure in the title working about 10 hours per week.

As I've recently stated in another thread, that lack of work quickly becomes a problem in itself. There is literally nothing for me to do in my business most of the time.

CrashBangWallop: I'm guessing that you grinded it out in the beginning with crazy hours to be able to get to the point where you're only working 10 hours a week, no?

It started off at about 50 odd hours of physical presence I guess, and tapered down from there.

I'm not sure the actual hours at work are as taxing on the mind and body as all the hours thinking about work whilst not there. Back in the day I would have the work phone on me 24/7 and take business calls in the middle of the night happily.

What lots of people I know don't realise/dont remember is that I sacrificed my mid-late 20s and very early 30s for this business...evening and weekend work pretty much destroys one's social life.

I can't make up my mind whether it was worth it or not.

@fiasco360: just a coincidence with the yogurt soup.

Crashbangwallop: Interesting take on things... Agreed that the time away is where the mental demons really start to rage. When I'm in the middle of operations, don't have time to ruminate on anything but the tasks at hand in front of my face. I'm 36 and will likely have enough to live off for the rest of my life by 40. 4 years of relative pain for 40+ (hopefully) of leisure sounds like a pretty good 10:1 leveraged tactic for me, so I'm thinking it will be worth it. Then again, who knows what will happen a year or two from now.

Employed Physician here, 475k pre-tax.

Quote: (04-16-2016 04:33 AM)CrashBangWallop Wrote:  

It started off at about 50 odd hours of physical presence I guess, and tapered down from there.

I'm not sure the actual hours at work are as taxing on the mind and body as all the hours thinking about work whilst not there. Back in the day I would have the work phone on me 24/7 and take business calls in the middle of the night happily.

What lots of people I know don't realise/dont remember is that I sacrificed my mid-late 20s and very early 30s for this business...evening and weekend work pretty much destroys one's social life.

I can't make up my mind whether it was worth it or not.

Agree with you on the point about thinking about work being more taxing - there's the actual planning and tasks, and then there's the obssession and thoughts around them, which for me were/are as much if not more draining. It consumes you for a while. Then again if it were easy everyone would do it.

Regarding whether it was worth it or not - well, many people spend their 20s/30s doing something very definitely *not* worth their most energetic years, and come out of it having been stung - either by corporate droneville or partying it away. They have to start over.

20s/30s are just fraught with pitfalls generally, so to be at the point where you cant decide if it was worth it, means you've come off better than a lot. Building a successful business is one of THE most powerful and useful skillsets and experiences you could have developed so kudos.

Yes the wages are much better in the US but the shitty thing is that taking vacations is frowned upon.