wealth from being an associate Forum

[eddietx12]

Say you're an associate for 7 years, earning 160-170-180-190-200-210-220 = 1.33 million
Uncle Sam takes 50%, so you end up with $665,000 USD in nominal wealth. That's about 90k a year nominal income.

Say you invested everything in a 3% secured instrument, if you can find one, you get like $700k or so at the end of 7 years, post tax, saved up at 3% a year.

This is the MAXIMUM you can save theoretically, assuming no expenses, no tax evasion or funky business or more than 3% returns.

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

So your net worth will thus be only $70k when all is said and done by the time you make partner, congratulations.

[mallard]

Good to have you back. How's your debt situation?

[eddietx12]

Good to have you back. How's your debt situation?

-310k, I mentioned this in a different post.
I'm considering some options, including public interest type loan forgiveness

[Leeroy Jenkins]

,

[joeshmo39]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

Perhaps those who make more save more though? I doubt a large amount of the population starts at 150K a year. It's also called living frugally, something that national savings rate probably hasn't take into account the last few years. That math is just generally bold assertions.

[eddietx12]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

Perhaps those who make more save more though? I doubt a large amount of the population starts at 150K a year. It's also called living frugally, something that national savings rate probably hasn't take into account the last few years. That math is just generally bold assertions.

They buy more expensive shit, mostly.

[Anonymous User]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

Perhaps those who make more save more though? I doubt a large amount of the population starts at 150K a year. It's also called living frugally, something that national savings rate probably hasn't take into account the last few years. That math is just generally bold assertions.

Well now we know why the OP didn't go into consulting or banking.

[eddietx12]

The point of my post is that law is not a "wealth creating" profession, it is a high-income profession, which is well suited for "living rich," not "getting wealthy."

I think the only sensible route, probability weighted, to getting wealthy - is founding your own business and growing it from the ground up - using scale, big $$$.

You can scale a business, you can't scale your own time - unless you're like the owner of legalzoom.com or something.

[mallard]

The point of my post is that law is not a "wealth creating" profession, it is a high-income profession, which is well suited for "living rich," not "getting wealthy."

I think the only sensible route, probability weighted, to getting wealthy - is founding your own business and growing it from the ground up - using scale, big $$$.

You can scale a business, you can't scale your own time - unless you're like the owner of legalzoom.com or something.

So is this your plan now? Law didn't work out that well, so you're going to start a business? What kind?

[eddietx12]

The point of my post is that law is not a "wealth creating" profession, it is a high-income profession, which is well suited for "living rich," not "getting wealthy."

I think the only sensible route, probability weighted, to getting wealthy - is founding your own business and growing it from the ground up - using scale, big $$$.

You can scale a business, you can't scale your own time - unless you're like the owner of legalzoom.com or something.

So is this your plan now? Law didn't work out that well, so you're going to start a business? What kind?

I think I'm going to design a software program for cable-boxes which connects to a user's Google account, and replaces the ads on tv with customized ads tailored to the user's google search history. I don't want to watch women's pantie ads when I watch my TV, I'd rather watch ads about cars, personal finance, dog food, or things that are more geared to my lifestyle - things that Google knows all about.

I'm going to sell my software to Google and Comcast/Tivo/DirecTV after I patent it, for about $1.310m, so I can get rid of my debt and become a millionaire. The way Google and the cable-box will interact will be by a wifi connection/network to my personal computer, which will run on the Google operating system.

[Leeroy Jenkins]

.

[eddietx12]

I think I'm going to design a software program for cable-boxes which connects to a user's Google account, and replaces the ads on tv with customized ads tailored to the user's google search history. I don't want to watch women's pantie ads when I watch my TV, I'd rather watch ads about cars, personal finance, dog food, or things that are more geared to my lifestyle - things that Google knows all about.

I'm going to sell my software to Google and Comcast/Tivo/DirecTV after I patent it, for about $1.310m, so I can get rid of my debt and become a millionaire. The way Google and the cable-box will interact will be by a wifi connection/network to my personal computer, which will run on the Google operating system.

rofl @ you thinking google won't be able to prove they weren't first to invent

who cares about the patent? I just said that as an aside, this isn't a patentable invention, its just an implementable business model which nobody's going to pursue for certain reasons.

[eddietx12]

.

[Mike12188]

this algorithm has a lot of value in it.

1) attach a wi-fi add-on to your cable box, connects to home network
2) download and install software given by cable provider, which does exactly what big-brother Google does to you (spies on your shit)
3) Comcast sells this information to a third party for a fafillion dollars to American corporations who want to use this info to replace the common-ads you get alongwith your neighbor - with tailormade ads for your personalized interests that the Comcast box uploads from its software over the Wifi network.
4) people who willingly+knowingly download+install this software get a sizeable subscription fee discount.


This is a whole system that I'm working on from my basement, and I'm going to make a LOT of money one day. This is not a patentable invention, you're combining existing technology in an obvious way to those skilled in the art. This shit likely exists in some form or another.

The smart-ad shit hasn't taken off on television because TV doesn't interact with the customer. I'm going to make TV interact with the customer indirectly by backdooring info using this Comcast-software.

I don't care about detailing my idea on this web-site because everybody on here is real angsty to get on the hamster-wheel that is biglaw, where the hamster gets more treats based on how long he runs on the wheel.

your mom's basement?

[eddietx12]

this algorithm has a lot of value in it.

1) attach a wi-fi add-on to your cable box, connects to home network
2) download and install software given by cable provider, which does exactly what big-brother Google does to you (spies on your shit)
3) Comcast sells this information to a third party for a fafillion dollars to American corporations who want to use this info to replace the common-ads you get alongwith your neighbor - with tailormade ads for your personalized interests that the Comcast box uploads from its software over the Wifi network.
4) people who willingly+knowingly download+install this software get a sizeable subscription fee discount.


This is a whole system that I'm working on from my basement, and I'm going to make a LOT of money one day. This is not a patentable invention, you're combining existing technology in an obvious way to those skilled in the art. This shit likely exists in some form or another.

The smart-ad shit hasn't taken off on television because TV doesn't interact with the customer. I'm going to make TV interact with the customer indirectly by backdooring info using this Comcast-software.

I don't care about detailing my idea on this web-site because everybody on here is real angsty to get on the hamster-wheel that is biglaw, where the hamster gets more treats based on how long he runs on the wheel.

your mom's basement?

ya

[PSLaplace]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

It's not even remotely accurate to apply the average savings rate to the top 5% of income earners. Economics 101 tells you that an actor's marginal propensity to save increases as his salary increases.

[eddietx12]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

It's not even remotely accurate to apply the average savings rate to the top 5% of income earners. Economics 101 tells you that an actor's marginal propensity to save increases as his salary increases.

Um, average national savings is nowhere close to 10%, its more like -3% right now. I'm being pretty damn generous at 10%.
What kinda expenses do you think you're gonna have pulling in 7k a month post tax averaged over 7 years? 5k after student loans, 3k after mortgage/insurance/utilities, 1k after the "lifestyle", there's your 10k per year in savings.

Not that crazy is it.

[Leeroy Jenkins]

.

[Rock Chalk]

Why wasn't this blatantly racist asshole banned?

[Ty Webb]

Not difficult to see why the OP was unsuccessful.

Also, lol @ a mortgage being a sunk cost and not included in a "net worth" calculation.

Also laughing at the assertion from a debt-riddled failure that the typical person shares his unsuccessful spending habits.

[AngryAvocado]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

It's not even remotely accurate to apply the average savings rate to the top 5% of income earners. Economics 101 tells you that an actor's marginal propensity to save increases as his salary increases.

Um, average national savings is nowhere close to 10%, its more like -3% right now. I'm being pretty damn generous at 10%.
What kinda expenses do you think you're gonna have pulling in 7k a month post tax averaged over 7 years? 5k after student loans, 3k after mortgage/insurance/utilities, 1k after the "lifestyle", there's your 10k per year in savings.

Not that crazy is it.

As long as I've got a roof over my head, food to eat, and plenty of blow and hookers, I'll be happy as a pig in shit.

[leron]

your analysis wasn't perfect but made some sense until all of a sudden you threw out 90% expenses just so you could have the joy of saying 10% savings rate.

[PLATONiC]

Seriously, what's up with the 50% income tax rate???

[enygma]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

It's not even remotely accurate to apply the average savings rate to the top 5% of income earners. Economics 101 tells you that an actor's marginal propensity to save increases as his salary increases.

Um, average national savings is nowhere close to 10%, its more like -3% right now. I'm being pretty damn generous at 10%.
What kinda expenses do you think you're gonna have pulling in 7k a month post tax averaged over 7 years? 5k after student loans, 3k after mortgage/insurance/utilities, 1k after the "lifestyle", there's your 10k per year in savings.

Not that crazy is it.

except 50% tax rate is stupid high, and if you're paying a mortgage you are putting the money into something with actual value - even if that value is falling.

[twert]

Expenses (student loans, mortgage scam, wife, etc., = 90%), marginal rate of saving = 0.10
An average national savings rate is considered to be 10%

It's not even remotely accurate to apply the average savings rate to the top 5% of income earners. Economics 101 tells you that an actor's marginal propensity to save increases as his salary increases.

Um, average national savings is nowhere close to 10%, its more like -3% right now. I'm being pretty damn generous at 10%.
What kinda expenses do you think you're gonna have pulling in 7k a month post tax averaged over 7 years? 5k after student loans, 3k after mortgage/insurance/utilities, 1k after the "lifestyle", there's your 10k per year in savings.

Not that crazy is it.

except 50% tax rate is stupid high, and if you're paying a mortgage you are putting the money into something with actual value - even if that value is falling.

i'm not positive, but i think when you add state and federal, california's top bracket it around 50%