[Simeon_Strangelight]

(04-23-2015 01:09 PM)Gringuito Wrote:  

(04-23-2015 12:49 PM)Spike Wrote:  

I feel so poor reading this thread. My little country of Holland looks like a third world country when seeing these numbers.

Don't feel so bad. I believe only around 5% of US individuals make $150k or more. So about 1 in 20 are earning that much or more. Most everyone knows many more than 20 people so everyone will have a few examples of high earning people even if the average person makes quite a bit less.

The US has the benefit/problem of having a high income inequity. I wouldn't want that for your country. It normally doesn't end so well.

In most of Europe it usually caps around 100k net for employees - even most self-employed individuals are not going much higher, because tax-rate eats 50%+ of it.

It took me first self-employed activities and then a senior position at a corporation after 10 years that I had for some time to get anywhere close to that.

I knew programmers I worked with who got 70k in Germany and then received offers from Microsoft in excess of 200k in the US. But as a plus side the lower 40% don't need 2 jobs to survive. In many instances a couple making 100k / year in the EU will be having a higher standard of living than one doing the same in many areas of the US.

Also there are other amenities the EU government pay like healthcare, daycare, schools, universities, superior public transport - most of them are of higher quality. That's why social mobility in the EU is mainly limited by the individual lack of initiative and is in some countries 6 times higher than in the US.

Personally I find both systems lacking for different reasons.

[jamaicabound]

(04-21-2015 04:28 PM)JamesRodri Wrote:  

I don't make that every year but last year I did. The simplest way I know of to get rich is by investing. You just need balls and a sound strategy. This does indeed take several years to acquire but you really just have to begin somewhere.

As for people I know who consistently pull that kind of money in 'normal' jobs, most of them work in oil services in Kurdistan and Angola. All of them also skiped University and went straight to work.

Some started for themselves and run businesses.

What everyone had in common was the will to just go for it, and work as hard and for as long as it took to get to where they wanted to be.

I agree, most people aren't going to get rich "working" it's going to be either through investing in startups, stocks, funds, and leveraging your money or even better yet putting your money into businesses which require not a lot of your time but get you a little moneyand continue to scale and grow.

Like they say scared money don't make money and that is definately true. If you wnat to double your wealth you have to also be prepared to make a move which could lose an equal amount of your wealth. Now granted don't do stupid investments and make choices that are as high reward low risk as possible but it really boils down to scared money don't make money.

I have a successful business which is slightly on the downturn. Could just be normal ebbs and flows but I'm starting to think I should get some more things going. I'm actually going out to buy landscaping equipment today to start a lawncare company. I know not super sexy business and actually one that is quite a bit of work with not a lot of upside but its a safe business and I have a guy who's going to do all the work so I just do the billing and scheduling and maybe make an extra 30k this summer. I'd much rather have a successful selling ebook or program or something thats more hands off but you gotta do what you gotta do.

Tht said I'm hesitant to dump 15k into equipment. I'm also on the fence about getting into private labeling and again I'm scared to make the investment. Could be a huge gain to my business and a very successful thing but you gotta not be scared and pull the trigger and give it a try.

[jamaicabound]

(04-23-2015 01:09 PM)Gringuito Wrote:  

(04-23-2015 12:49 PM)Spike Wrote:  

I feel so poor reading this thread. My little country of Holland looks like a third world country when seeing these numbers.

Don't feel so bad. I believe only around 5% of US individuals make $150k or more. So about 1 in 20 are earning that much or more. Most everyone knows many more than 20 people so everyone will have a few examples of high earning people even if the average person makes quite a bit less.

The US has the benefit/problem of having a high income inequity. I wouldn't want that for your country. It normally doesn't end so well.

I agree with this post, also spike, not sure if you read the whole thread but I posted this comment earlier in this thread....

When people throw around numbers like this they are in my opinion taling about living a real baller lifestyle, nice pad, nice car, eating out at nice restaurants, etc.

I think they say if you earn over 100k you earn more than 92.8% of american households so that's not even single people that also includes husband and wife pairs.

Lets say just for easy numbers we have 100 people on this forum. According to the stats only 8 of them make more than 100k. I think we have kind of the cream of the crop on here so I'll say we bump that up a few percentage points but we still have what maybe 10 or 12 earning that money.

This year I had a lot of success, much more than I ever had in the past. I've been a member on here for a little while and before I found my success I'm like how are all these guys on here killing it like that and even found myself getting discouraged. You just have to find your stride, no gurantee you'll make 100k but its not out of the question either.

Nobody would believe the kind of money my seemingly stupid business brings in, and I'll happily admit I stumbled into it and it was probably 20% hard work 80% luck and timing but if your on the lookout for opportunities nad always have your mind on a hustle and an angle you will be successful.

[Simeon_Strangelight]

Interesting graphic - US MDs are likely the best paid ones in the world. But it comes at a price that is not sustainable in the long term:



Also interesting - Orthopedists are 92% men, but we all know that. Female doctors are found in the lower bottom ranges - pay gap and all....

[1818Steve]

(04-24-2015 11:28 AM)jamaicabound Wrote:  

(04-21-2015 04:28 PM)JamesRodri Wrote:  

I don't make that every year but last year I did. The simplest way I know of to get rich is by investing. You just need balls and a sound strategy. This does indeed take several years to acquire but you really just have to begin somewhere.

As for people I know who consistently pull that kind of money in 'normal' jobs, most of them work in oil services in Kurdistan and Angola. All of them also skiped University and went straight to work.

Some started for themselves and run businesses.

What everyone had in common was the will to just go for it, and work as hard and for as long as it took to get to where they wanted to be.

I have a successful business which is slightly on the downturn. Could just be normal ebbs and flows but I'm starting to think I should get some more things going. I'm actually going out to buy landscaping equipment today to start a lawncare company. I know not super sexy business and actually one that is quite a bit of work with not a lot of upside but its a safe business and I have a guy who's going to do all the work so I just do the billing and scheduling and maybe make an extra 30k this summer. I'd much rather have a successful selling ebook or program or something thats more hands off but you gotta do what you gotta do.

Tht said I'm hesitant to dump 15k into equipment. I'm also on the fence about getting into private labeling and again I'm scared to make the investment. Could be a huge gain to my business and a very successful thing but you gotta not be scared and pull the trigger and give it a try.

I know a guy who owns multiple houses outright (no mortgage) on a North Carolina barrier island. Judging by the values of those I would confidently say he is a millionaire. He owns and runs a lawn care business.

[ThrustMaster]

What you earn vs what you take home can be huge. Is this take home pay? Can you link the source please.

(04-25-2015 12:44 PM)Zelcorpion Wrote:  

Interesting graphic - US MDs are likely the best paid ones in the world. But it comes at a price that is not sustainable in the long term:



Also interesting - Orthopedists are 92% men, but we all know that. Female doctors are found in the lower bottom ranges - pay gap and all....

[el mechanico]

Thrustmaster. Cash is king but you don't want to be in that income bracket unless you have to.

I can talk about this all day but there's plenty of info out there.

[el mechanico]

I'm liking some of these new user names.

[trojans10]

(04-25-2015 08:52 PM)el mechanico Wrote:  

Thrustmaster. Cash is king but you don't want to be in that income bracket unless you have to.

I can talk about this all day but there's plenty of info out there.

what would you say the perfect income level is?

[el mechanico]

(04-25-2015 09:10 PM)trojans10 Wrote:  

(04-25-2015 08:52 PM)el mechanico Wrote:  

Thrustmaster. Cash is king but you don't want to be in that income bracket unless you have to.

I can talk about this all day but there's plenty of info out there.

what would you say the perfect income level is?

It depends on where you live. But I will say if you have 1k a week for funny money and dont sweat it you're in the zone.

also you should be able to save 1k per month unless you're 100 on the books then save more.

[ThrustMaster]

Agreed, it's a bad place to be - I'm well north that my self, however, I'm just shy of the next, less brutal tax rate.

(04-25-2015 08:52 PM)el mechanico Wrote:  

Thrustmaster. Cash is king but you don't want to be in that income bracket unless you have to.

I can talk about this all day but there's plenty of info out there.

[el mechanico]

A real creative accountant works wonders.

I am curious as why some guys would choose hide their home instead of using it as a +?

[Simeon_Strangelight]

(04-25-2015 08:41 PM)ThrustMaster Wrote:  

What you earn vs what you take home can be huge. Is this take home pay? Can you link the source please.

Can't find it, but other articles are using the same data - this one comes up with even higher numbers:

http://healthcareers.about.com/od/compen...laries.htm

It's gross earnings, so dependent on a lot of variables as to how much you take home.

http://www.businessinsider.com/how-much-...ake-2014-4

[loki]

the following comment is tax and structure related so if you have no interest in these topics , don't read any further.

Like a few others on here I am self employed, well I work for a company but I own 100% of the company equity. The last few years have been very good to me for a number of reasons that are too long to go into in this thread but what I do what to share with you all is even though my business is now generating big numbers i still pay myself jack shit on paper although I am not going to quote a number because it does not matter.

What does matter is how I do it and still live a very comfortable life.

Essentially I pay myself exactly what I need to live and no more, that way I only pay tax on exactly what I need to live and even then I take it as loans over the given year, then convert it to director fees and dividends at the and of the financial year. This has big tax implications.

This strategy enables me to dramatically lower my tax rate as well as keep capitol pumping back into the business where its always working for me, at all times every mother fucking day of the week. Getting your money to wok for you instead of you working for your money is one of the keys to building wealth, real wealth!

Any time I need to fly somewhere, I always get at least a few meetings into the trip, no matter the country making it a business trip (pre tax dollars). Phone and net, supplied by work. Car, that's works too, fuel the company pays along with service etc... Rent on 2 of my 3 leases are classified as legit running costs and 20% of the other one is deductible off my own income tax rates because I do a bit of work from home. Electricity for my home even gets claimed at 20%, all of which adds up.

Its really nice to earn 6 figures plus but its stupid if you give a lot of it away in taxes so please do make an effort to get hooked up with an awesome legal and accounting team so they can protect you and your interests.

Minimise your exposure guys, please!

Trust me when I say " its worth every cent you pay the experts if they are good"

Hope this helps.

[Saweeep]

As they say "If an accountant can't save you 10 times his fees, find a new accountant"

[jamaicabound]

(04-25-2015 07:54 PM)1818Steve Wrote:  

(04-24-2015 11:28 AM)jamaicabound Wrote:  

(04-21-2015 04:28 PM)JamesRodri Wrote:  

I don't make that every year but last year I did. The simplest way I know of to get rich is by investing. You just need balls and a sound strategy. This does indeed take several years to acquire but you really just have to begin somewhere.

As for people I know who consistently pull that kind of money in 'normal' jobs, most of them work in oil services in Kurdistan and Angola. All of them also skiped University and went straight to work.

Some started for themselves and run businesses.

What everyone had in common was the will to just go for it, and work as hard and for as long as it took to get to where they wanted to be.

I have a successful business which is slightly on the downturn. Could just be normal ebbs and flows but I'm starting to think I should get some more things going. I'm actually going out to buy landscaping equipment today to start a lawncare company. I know not super sexy business and actually one that is quite a bit of work with not a lot of upside but its a safe business and I have a guy who's going to do all the work so I just do the billing and scheduling and maybe make an extra 30k this summer. I'd much rather have a successful selling ebook or program or something thats more hands off but you gotta do what you gotta do.

Tht said I'm hesitant to dump 15k into equipment. I'm also on the fence about getting into private labeling and again I'm scared to make the investment. Could be a huge gain to my business and a very successful thing but you gotta not be scared and pull the trigger and give it a try.

I know a guy who owns multiple houses outright (no mortgage) on a North Carolina barrier island. Judging by the values of those I would confidently say he is a millionaire. He owns and runs a lawn care business.

I would imagine he's rich from the real estate or other things, not the lawncare business. Don't get me wrong lawncare isn't a bad business, its definatley not sexy though. I had a lawncare business in the past, I probably made 20k or 30k throughout my first season after paying off the equipment which was probably anohter 15k. There's kind of a cap on what you can make off this type of business unless you really scale it and have multiple crews working multiple cities.

[jamaicabound]

(04-26-2015 02:55 AM)loki Wrote:  

the following comment is tax and structure related so if you have no interest in these topics , don't read any further.

Like a few others on here I am self employed, well I work for a company but I own 100% of the company equity. The last few years have been very good to me for a number of reasons that are too long to go into in this thread but what I do what to share with you all is even though my business is now generating big numbers i still pay myself jack shit on paper although I am not going to quote a number because it does not matter.

What does matter is how I do it and still live a very comfortable life.

Essentially I pay myself exactly what I need to live and no more, that way I only pay tax on exactly what I need to live and even then I take it as loans over the given year, then convert it to director fees and dividends at the and of the financial year. This has big tax implications.

This strategy enables me to dramatically lower my tax rate as well as keep capitol pumping back into the business where its always working for me, at all times every mother fucking day of the week. Getting your money to wok for you instead of you working for your money is one of the keys to building wealth, real wealth!

Any time I need to fly somewhere, I always get at least a few meetings into the trip, no matter the country making it a business trip (pre tax dollars). Phone and net, supplied by work. Car, that's works too, fuel the company pays along with service etc... Rent on 2 of my 3 leases are classified as legit running costs and 20% of the other one is deductible off my own income tax rates because I do a bit of work from home. Electricity for my home even gets claimed at 20%, all of which adds up.

Its really nice to earn 6 figures plus but its stupid if you give a lot of it away in taxes so please do make an effort to get hooked up with an awesome legal and accounting team so they can protect you and your interests.

Minimise your exposure guys, please!

Trust me when I say " its worth every cent you pay the experts if they are good"

Hope this helps.

Good advice, I just had to pay about 25k in taxes, was an idiot and didn't pay my estimated taxes so it all caught up with me at the end of the year. This year however I changed the structure of my business. I'm an LLC but am taxed as an Scorp. This allows me to pay myself a "reasonable salary" and the rest I can take out in dividends at a lower tax rate and don't have to pay all that fica and medicare bullshit and whatever else. I think last year I wound up paying 38% taxes on like 2/3 of my income.

[Nalka]

(04-18-2015 11:50 AM)Ice Wrote:  

Hey Nalka,

that's really cool how you started and built your company. Too bad it went bust, but nevertheless, being able to create a business that pulls in over $300,000+ is really amazing.

You said that you were hiring out crews of workers to aquaculture companies in your area. How did you get started with that? Did you just build a website, put out ads for workers, and then started pitching your company's services to aquaculture companies? You didn't have any track record at that point - was that an issue at all?

In essence, yes. I put adds out, got potential workers contact info, did some interviews and built a list of potential workers on standby. The idea was to do the ground work so that I could field a crew in a day or two if necessary. Set up a simple website, some business cards and a presentation of the services I had to offer. With that I went directly to the farms and started pitching the service to anyone who would listen. I also went to any and all events that involved the industry and hustled people there.

The lack of a track record and contacts in the industry was a big problem that I should have addressed peremptorily by working in the industry for a few months prior to starting the business.

I eventually had to take a horrible job that other service companies would not take or had given up on. Even though it was unprofitable, completing that job gave me the credibility to get other jobs and snowball from there.

[sammybiker]

Loki, I'd be very keen on reading more about this, either through a data sheet of your own or a dumbed down, high level explanation online somewhere, if you'd link?

I have the general concept but would love some specific bullet points to go after more details and ultimately begin positioning my business accordingly.

Great post, thanks for chiming in...I think this approach is very undervalued and unfortunately not discussed as often as it should - although I think we all know the top dogs take full advantage and implement.

Thanks!

(04-26-2015 02:55 AM)loki Wrote:  

the following comment is tax and structure related so if you have no interest in these topics , don't read any further.

.....

Minimise your exposure guys, please!

Trust me when I say " its worth every cent you pay the experts if they are good"

Hope this helps.

[el mechanico]

I'm thinking with a degree anyone here can become a small town pizza lawyer and make close to that. The demand has been increasing over the years.

[orythedog]

A Headhunter, recruiter, or executive search consultant is a $150K plus/year job. Once you know what you are doing, it can easily be a several hundred thousand dollar a year job depending on what level of person you are placing. Headhunters can make up to one third of the first years' compensation of the individual they are placing, so it doesn't take that many placements to make a good living.

Also, if you are self employed, the limits for contributions to a SEP-IRA are dramatically larger than an individual IRA.

[ThrustMaster]

Headhunters are like Realtors now, dime a dozen. I remove about 100 of them a year from my LinkedIn profile. They're like roaches. Doubt an entry level one makes anywhere close to that.

(04-29-2015 03:00 PM)orythedog Wrote:  

A Headhunter, recruiter, or executive search consultant is a $150K plus/year job. Once you know what you are doing, it can easily be a several hundred thousand dollar a year job depending on what level of person you are placing. Headhunters can make up to one third of the first years' compensation of the individual they are placing, so it doesn't take that many placements to make a good living.

Also, if you are self employed, the limits for contributions to a SEP-IRA are dramatically larger than an individual IRA.

[jbkunt2]

Start businesses people. Have people work for you, not you for them. That's how to make real money.

[loki]

For the record I had 2 other companies I started go bust, big deal, its a right of passage as far as I am concerned and I learned heaps. Every time I time I fail now it I know it makes me stronger just in a bitter sweet way.

Do not be afraid of failure, its a required ingredient for success, I really cannot stress this enough.

I think I still have 3 companies but two are sleeping at the moment as they have been setup for structural purposes. I also own 2 trusts which are for the same reason, structural and tax based reasoning. I have one main business that generates all of my bank, it will be split shortly and all IP moved into trusts along with shares etc..

The other massive benefit of owning your own business is life stye, its massive because you work when you want to work, others are working for you when you don't feel like it or if you're like me, you work all the time.

@Sammy I am a little hesitant to put details in writing any further than I have already about how this is done because tax laws in each country are different and I don't want to risk giving incorrect advice that will get someone into trouble. I am also prohibited by law to give tax and financial advice because I don't hold a license to in either area. Tax minimization is a very hot topic globally at the moment which is also why I am not keen on elaborating in an open/pubic forum. Some time ago I did ask the forum mods to start up a another private forum on the board for members with rep points to access and share tips on business related strategies and on making bank in general but Tooth didn't bother even responding to my request, but I did try for the reasons stated above.

[Americas]

Depending on discipline, many tenured full professors make 150K+ even at public schools. It's quite difficult to get to that level though, much less get a tenure track job. You can make double that if you do consulting work on the side.