Truly high earners (>$1M/year) how'd you do it?

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rexhat
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Truly high earners (>$1M/year) how'd you do it?

Post by rexhat » Mon Jan 13, 2014 3:52 pm

For those of you earning more than $1M/year, What's your story (as can be told anonymously)? What lessons can you impart?

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by midareff » Mon Jan 13, 2014 4:03 pm

Sounds like a question for Walter White.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by The Wizard » Mon Jan 13, 2014 4:06 pm

$1M a year is a lot, even for 2014.
But let's assume that's per individual, not merely $500K each x2 for a married couple...
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Dulocracy » Mon Jan 13, 2014 4:15 pm

If you are making over $1M/year, you do not have to be a boglehead. You can bleed money and not notice. Even keeping spending to a mere 20%, and your savings rate is pretty good.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by mbenz1997 » Mon Jan 13, 2014 4:20 pm

I disagree with the last statement. There are many people who make in the realm of a million dollars per year and still end up bankrupt. It's a matter of spending vs earning. Doesn't matter your income level

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by ab80 » Mon Jan 13, 2014 4:35 pm

You don't need to be a Boglehead, but you do have to be somewhat disciplined. Just look at all the "rich" athletes who have gone bankrupt. But you can still easily win the game without investing in low cost index funds.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by abuss368 » Mon Jan 13, 2014 4:36 pm

I would run with it for as long as needed to save and invest more than enough for life, then I would be gone.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by scotta2728 » Mon Jan 13, 2014 4:36 pm

I was reading the other post about high earners over $100K and was surprised a bit by the fact that most on the forum work for others. My background was engineering but started a health care related company about 20 years ago and now make $2MM + per year. My feeling is that you won't get wealthy working for others. Physicians may have significant incomes but are basically hourly workers. Real estate is/was a large component of generating net worth and I think is the best vehicle to generate lasting net worth and income.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by nyinvestor718 » Mon Jan 13, 2014 4:39 pm

Care to elaborate, what aspect of real estate exactly?
Buy and hold?
Flip?
Rental?
Commercial?
REIT?
All mankind is divided into three classes: those that are immovable, those that are movable, and those that move. -Benjamin Franklin

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by ResearchMed » Mon Jan 13, 2014 4:42 pm

mbenz1997 wrote:I disagree with the last statement. There are many people who make in the realm of a million dollars per year and still end up bankrupt. It's a matter of spending vs earning. Doesn't matter your income level
This ^

We have "the little house" at the edge of a *very* affluent neighborhood.

There are some well-established "old money" families, and some newer-money families, with grand homes that typically match.

And then there is the "new" money.

Those were (notice past tense) often garish monster homes, with a Rolls (or two) always carefully parked with grille facing outward (never in the garage, apparently!), lest any of us mere mortals not fully appreciate the magnificence of the new arrivals...

Within a few years of 2009, a few of those latter categories were for sale, or just suddenly empty.

And we wondered about some of the others (old money or newer), who may have had problems, too, but not quite so public, if they had ramped up their consumption to include loans for that new addition, the new park-like grounds, or the unseen (by us) airplanes, yachts or extra cars or staff or vacation properties, etc.

There were also a lot more of the new monster homes built on any available land (even if right on a highway), some of which are *still* unsold (but what a "bargain" if one wants something like that).

It's not necessarily "how much" you have, but how it's invested, or not - especially if leverage is used, and there are margin calls, and ALL of the properties are under water...

RM

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by letsgobobby » Mon Jan 13, 2014 4:49 pm

I doubt I will ever make $1M, legally, but I did want to say I posted in this thread.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by scotta2728 » Mon Jan 13, 2014 4:55 pm

nyinvestor718 wrote:Care to elaborate, what aspect of real estate exactly?
Buy and hold?
Flip?
Rental?
Commercial?
REIT?
My experience is that multi-family housing is an excellent long term investment. I don't mean individual houses but 100 + unit complexes that are newer (10 years or less) and well located. Commercial real estate can also be good in the right areas. My health care related business combines real estate with the core business which is the best of both worlds.
But I am also fairly conservative in my other investments and spending habits, most of my liquid assets are actually in bonds and bond mutual funds. I could save more, but at 63 I'm trying to balance between enjoying life and not ending up broke. It always makes me nervous when I hear of guys that had money but lost it all one way or another.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Dulocracy » Mon Jan 13, 2014 5:02 pm

mbenz1997 wrote:I disagree with the last statement. There are many people who make in the realm of a million dollars per year and still end up bankrupt. It's a matter of spending vs earning. Doesn't matter your income level
You missed my point. If you bring in $1M and spend only 20%- that gives you 200,000 a year to "play." Assume a tax rate of 50% to make numbers round and even. That leaves $300,000 a year saved. You are then saving 30%. The humor was that, as you pointed out, it is a matter of spending vs. earning. In addition, you could probably invest that amount of money in a non-boglehead way and do ok.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Dutch » Mon Jan 13, 2014 5:04 pm

Watch the Wolf of Wall Street :D

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by scotta2728 » Mon Jan 13, 2014 5:14 pm

More like taxes 1/3, spend 1/3, save 1/3.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by HomerJ » Mon Jan 13, 2014 5:23 pm

scotta2728 wrote:I was reading the other post about high earners over $100K and was surprised a bit by the fact that most on the forum work for others. My background was engineering but started a health care related company about 20 years ago and now make $2MM + per year. My feeling is that you won't get wealthy working for others. Physicians may have significant incomes but are basically hourly workers. Real estate is/was a large component of generating net worth and I think is the best vehicle to generate lasting net worth and income.
You're not guaranteed to get wealthy working for yourself either. Many businesses fail.

Working for others will easily get me to retirement by 55. I won't be wealthy, but I'll have everything I need. A nice house with a grand view of the lake, cold beer and friends to drink it with, and a boat on the dock with a full tank of gas that will seat all of us.

So why roll the dice for an ocean front home and a yacht, when I'm perfectly happy with the pontoon boat on a lake?

Don't get me wrong - I'm impressed by your accomplishment. You worked a lot harder than me, I'm quite sure, and you deserve the rewards....

I'm just explaining why many people are content working for others making $100k a year. That's plenty to fund a very nice life, with a very nice retirement.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by NightOwl » Mon Jan 13, 2014 5:35 pm

I don't make over a million per year, but I know many people who do. Pretty much without exception, they are investment bankers/PE/hedge fund guys, partners in law firms, or business owners. The law partners drop out somewhere below $5 million per year (Wachtell partners make about that) -- at higher levels it's all bankers and business owners.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by scotta2728 » Mon Jan 13, 2014 5:35 pm


You're not guaranteed to get wealthy working for yourself either. Many businesses fail.

Working for others will easily get me to retirement by 55. I won't be wealthy, but I'll have everything I need. A nice house with a grand view of the lake, cold beer and friends to drink it with, and a boat on the dock with a full tank of gas that will seat all of us.

So why roll the dice for an ocean front home and a yacht, when I'm perfectly happy with the pontoon boat on a lake?

Don't get me wrong - I'm impressed by your accomplishment. You worked a lot harder than me, I'm sure, and you deserve the rewards....

I'm just explaining why many people are content working for others making $100k a year.
I totally agree. I never thought I would make this type of income nor have the net worth I have. I've been very fortunate in addition to working hard. I love what I do though, so I can't imagine retiring! It's very satisfying, and doesn't feel like work. I also agree that you aren't guaranteed to get wealthy working for yourself. It's luck and hard work. I enjoy my family and friends more than anything and am fortunate to be able to help my kids with education and getting started. Not too much help, but they have good values.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by scotta2728 » Mon Jan 13, 2014 5:38 pm

NightOwl wrote:I don't make over a million per year, but I know many people who do. Pretty much without exception, they are investment bankers/PE/hedge fund guys, partners in law firms, or business owners. The law partners drop out somewhere below $5 million per year (Wachtell partners make about that) -- at higher levels it's all bankers and business owners.

NightOwl
Yes, there are always people that make more, many make a LOT more. It's all relative.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by VictoriaF » Mon Jan 13, 2014 5:40 pm

scotta2728 wrote:
NightOwl wrote:I don't make over a million per year, but I know many people who do. Pretty much without exception, they are investment bankers/PE/hedge fund guys, partners in law firms, or business owners. The law partners drop out somewhere below $5 million per year (Wachtell partners make about that) -- at higher levels it's all bankers and business owners.

NightOwl
Yes, there are always people that make more, many make a LOT more. It's all relative.
Are these people 1% [of the Bogleheads]?

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by NightOwl » Mon Jan 13, 2014 5:43 pm

scotta2728 wrote:
NightOwl wrote:I don't make over a million per year, but I know many people who do. Pretty much without exception, they are investment bankers/PE/hedge fund guys, partners in law firms, or business owners. The law partners drop out somewhere below $5 million per year (Wachtell partners make about that) -- at higher levels it's all bankers and business owners.

NightOwl
Yes, there are always people that make more, many make a LOT more. It's all relative.
Agreed; I'm not making any value judgments, just sharing my experience in response to OP's question. I see nothing wrong with making whatever salary the market provides for your services.

NightOwl
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Bacchus01 » Mon Jan 13, 2014 5:46 pm

I don't know about $1M/year, but I know someone who usually makes $.5M a year. And he is a Boglehead.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by 92irish » Mon Jan 13, 2014 5:47 pm

This thread reminds of the Will Smith movie "Pursuit of Happyness" where he is homeless and tries to break into the financial services business. There is a scene early on in the movie where a guy pulls up in a Ferrari...and Will Smith says to the driver "Hey, what do you do? 'Cause I want to do what you do." Apparently the driver was a stock broker.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by yo gabbapentin » Mon Jan 13, 2014 6:00 pm

Specifically, what do you do with real estate and medicine? Own medical buildings?

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Nowizard » Mon Jan 13, 2014 6:13 pm

Though not envious of those who do make a million annually, someone had to post, though somewhat off topic, that they feel like they made a million a year even though they made about 2.5 M is a lifetime of 50 years of work! :D

Tim

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by abuss368 » Mon Jan 13, 2014 8:39 pm

yo gabbapentin wrote:Specifically, what do you do with real estate and medicine? Own medical buildings?
There are two awesome health care REITs - HCP Health Care Properties and HCN Health Care REIT.

Maybe he has a large investment?
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by livesoft » Mon Jan 13, 2014 9:07 pm

I imagine several folks posting have made a million in a year on their investments even if their salary is lower (if they are still working). Or perhaps salary plus investment gains exceeds 7-figures.
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by richard » Mon Jan 13, 2014 9:31 pm

NightOwl wrote:I don't make over a million per year, but I know many people who do. Pretty much without exception, they are investment bankers/PE/hedge fund guys, partners in law firms, or business owners. The law partners drop out somewhere below $5 million per year (Wachtell partners make about that) -- at higher levels it's all bankers and business owners.

NightOwl
Wachtell partners average around $5 million, some make less, some make more. PE/hedge fund guys, partners in law firms tend to be business owners in that they have equity interests in their business

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by billern » Mon Jan 13, 2014 9:37 pm

You either need very in-demand skills or you need to be a business owner with a substantial equity investment to generate those types of returns.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by goodenyou » Mon Jan 13, 2014 9:46 pm

My grandfather used to say to me, "If you know how much money you have made at the end of the week, you will never be rich." The only way to get rich is with leverage. You must leverage your time. If you want to get really rich, start a religion.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Wagnerjb » Mon Jan 13, 2014 9:53 pm

livesoft wrote:I imagine several folks posting have made a million in a year on their investments even if their salary is lower (if they are still working). Or perhaps salary plus investment gains exceeds 7-figures.
For sure. The guy earning $300,000 and spending say $175,000 might have a $4 million nest egg as he approaches retirement. If he is 60% equities, his equities gained $720,000 in 2013. Add in salary, and there's the guy. :D
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by SGM » Mon Jan 13, 2014 9:54 pm

A classmate did it by investing other people's money and still does......arbitrage.
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by clevername » Mon Jan 13, 2014 10:02 pm

I've worked on quite a few clients who make $1mm+/yr. Mostly they are doctors, lawyers, insurance agents, realtors, etc who own or are partial owners of their businesses. It rarely comes off their W2 though - not many people make $500/hr in a 9-5. You pretty much have to own your own business.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by 209south » Mon Jan 13, 2014 10:25 pm

Where you live has a big impact - in the NYC suburbs there are 1000s and 1000s of folks earning >$1mm per year...bankers, some lawyers and consultants etc - the top hedge fund and PE guys make far more. Having said that, sadly $1,000,000 doesn't go very far for someone living the big city lifestyle - say $1mm salary - $400k all taxes =$600k - say $125k for housing (property taxes >$50k for many) = $475k - $35k x3 for kids at private school = $375k - $25k for the golf club = $350k - $25k for leases on two mid-range German cars = $325k -$25k for family vacations = $300k .... and I haven't started to talk about clothing, commuting, FOOD, drink, dining out - again, sadly, many people in the NYC suburbs need to make $750k to break-even each year - big earners, but not Bogleheads!

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by EliteZags » Mon Jan 13, 2014 11:36 pm

Where you live has a big impact - in the NYC suburbs there are 1000s and 1000s of folks earning >$1mm per year...bankers, some lawyers and consultants etc - the top hedge fund and PE guys make far more. Having said that, sadly $1,000,000 doesn't go very far for someone living the big city lifestyle - say $1mm salary - $400k all taxes =$600k - say $125k for housing (property taxes >$50k for many) = $475k - $35k x3 for kids at private school = $375k - $25k for the golf club = $350k - $25k for leases on two mid-range German cars = $325k -$25k for family vacations = $300k .... and I haven't started to talk about clothing, commuting, FOOD, drink, dining out - again, sadly, many people in the NYC suburbs need to make $750k to break-even each year - big earners, but not Bogleheads!
is this one of those 1st world problems jokes?

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by 6miths » Tue Jan 14, 2014 12:05 am

livesoft wrote:I imagine several folks posting have made a million in a year on their investments even if their salary is lower (if they are still working). Or perhaps salary plus investment gains exceeds 7-figures.
Yes this seems like it would broaden the pool of respondents if it were counted.
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by poppa23 » Tue Jan 14, 2014 12:27 am

My experience comes from working for others for a period of years and finally leaving to start my own business. I earned more in 5 years on my own than working for others for 10 years. I tend to agree with others who relate that starting your own company will greatly increase your chances of getting to that level of earning in excess m $1mm. Work hard than stash your cash. Invest in broad based assets ..monies compound..you know the rest of the story...

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by penumbra » Tue Jan 14, 2014 1:04 am

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Flashes1 » Tue Jan 14, 2014 8:26 am

My brother-in-law makes +1 million/ year. It appears his secret was having the right mentor when he began working for a Big 4 accounting firm out of college and extremely hard work. Work comes before everything else (including family). If the boss is in the office every Saturday morning, you better well be there with a smile on your face. Don't make enemies....and guard one's integrity. Have a good sense of humor and charisma, be a good golfer, and good at small talk. You have to have the right spouse who tolerates long hours at the office, and presents well at company functions. He's currently the CFO of a Fortune 500 company. Nearly 30 years after working for his mentor at the accounting firm, his old mentor (now a CEO of a Fortune 100 company) recruited him to be the CFO of the company where he sits on the board of directors. It's all about trust....and being the right person's "guy."
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by VictoriaF » Tue Jan 14, 2014 8:30 am

EliteZags wrote:
209south wrote:Where you live has a big impact - in the NYC suburbs there are 1000s and 1000s of folks earning >$1mm per year...bankers, some lawyers and consultants etc - the top hedge fund and PE guys make far more. Having said that, sadly $1,000,000 doesn't go very far for someone living the big city lifestyle - say $1mm salary - $400k all taxes =$600k - say $125k for housing (property taxes >$50k for many) = $475k - $35k x3 for kids at private school = $375k - $25k for the golf club = $350k - $25k for leases on two mid-range German cars = $325k -$25k for family vacations = $300k .... and I haven't started to talk about clothing, commuting, FOOD, drink, dining out - again, sadly, many people in the NYC suburbs need to make $750k to break-even each year - big earners, but not Bogleheads!
is this one of those 1st world problems jokes?
Every joke has a bit of a joke. ... The rest is the truth.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by LL30 » Tue Jan 14, 2014 8:56 am

Unfortunately I'm not in the $1,000,000 a year club but the individuals I know include a few business owners and a family member that plays MLB baseball. Both good gigs if you can get them.
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Hayden » Tue Jan 14, 2014 9:37 am

Business owner here. I've been lucky and have done well, but I always think this year will be the last. There are so many things that could make the business profits end. So, I live a boglehead lifestyle and invest in a conservative boglehead manner, with the idea that each dollar I earn could be my last.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Diogenes » Tue Jan 14, 2014 9:45 am

Flashes1 wrote:My brother-in-law makes +1 million/ year. It appears his secret was having the right mentor when he began working for a Big 4 accounting firm out of college and extremely hard work. Work comes before everything else (including family). If the boss is in the office every Saturday morning, you better well be there with a smile on your face. Don't make enemies....and guard one's integrity. Have a good sense of humor and charisma, be a good golfer, and good at small talk. You have to have the right spouse who tolerates long hours at the office, and presents well at company functions. He's currently the CFO of a Fortune 500 company. Nearly 30 years after working for his mentor at the accounting firm, his old mentor (now a CEO of a Fortune 100 company) recruited him to be the CFO of the company where he sits on the board of directors. It's all about trust....and being the right person's "guy."
Not sure if spending a life that way is worth it. You only go around once. Don't think I want to mark my life as being someone's "guy."
Maybe the question should be "+1M non-investment income and still have time for life?"

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Dxbinvestor » Tue Jan 14, 2014 9:52 am

Earned >1m from IT related businesses last year but don't really consider it 'per year' since the IT business changes too fast, really probable that 5 years from now it could be nothing.

All my high earner friends are ibanking related (mostly in smaller / boutique shops)

I do have a family friend who earned around $3mil from construction industry back in the 60s and has compounded at 12% for the past 40 years in commercial real estate.. Only really rich person I know.

Flashes1
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Flashes1 » Tue Jan 14, 2014 9:54 am

Diogenes wrote:
Flashes1 wrote:
Not sure if spending a life that way is worth it. You only go around once. Don't think I want to mark my life as being someone's "guy."
Maybe the question should be "+1M non-investment income and still have time for life?"
Where did I say I endorsed this life style? The OP asked how "do high earners making more than $1 million annually, did it." I presented the story of someone I know who is doing this.

And FYI: it's people like my brother-in-law that power our investments' returns.....not schleps who post on internet message boards!!!! :D Everyone on this board has profited by his hard work and uses his products.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by amitb00 » Tue Jan 14, 2014 10:46 am

Nice to read all these responses. Like one of my predecessors in the thread, I just wanted to say hello to fellow Bogleheads making >1m dollar a year. It is commendable that you all still visit Bogleheads.org when in reality you don't need to and wherever you invest, you will do good overall. You should focus on not having insane expense and that will be great. Make sure that you spend time with your family and have good values inculcated in your kids. Hopefully they will respect money and carry forward the legacy you all are building. I doubt if I will ever make >1 m in a year though. In case I do, I will be sure to revisit this thread and write it in that year. Cheers, Amit

mmmark
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Re: Truly high earners (>$1M/year) how'd you do it?

Post by mmmark » Tue Jan 14, 2014 11:15 am

I'd love to hear what types of businesses the business owners who have posted here own.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by stoptothink » Tue Jan 14, 2014 11:20 am

I have two friends (well, one of my best friends and his brother in-law) who qualify as "truly high earners". My good friend is in real estate development; his focus right now is very large planned communities. The one he is currently working on is 8,000+ acres and includes over 1000 residences. He also built and owns an assisted living facility and is partners in a contracting company with his brothers. He is the youngest of four brothers that are a mortgage broker, real estate appraiser, agent, and himself. He has made well into 7-figures the last few years, but like pretty much everybody else in the industry, nearly lost everything during the crash. Talking to him the other day, he thinks he lost somewhere in the neighborhood of $18m in net worth from '08-'10 and is just beginning to get back to where he was previously. That scared him into completely changing his lifestyle. He has no formal education, but is one of those guys that could sell ice cream to an eskimo.

His brother in-law is a physical therapist who owns several large practices. He hasn't actually seen patients for several years. Not as intimately knowledgeable about his finances, but I would have to guess that his annual salary is north of $1m. He recently built a 16k ft. palace (maybe 2yrs ago) and is now starting construction on an even larger home. He also owns his previous two residences, which he rents out.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by goodenyou » Tue Jan 14, 2014 11:44 am

I have a friend/acquaintance who I watched amass enormous amounts of wealth over the last 10 years. He is now a $$ billionaire + with a jet plane and the "whole nine yards". He invited me (and I accepted) to attend a lunch with a sitting President (POTUS) several years ago when the President was in town. It is fascinating to watch someone accumulate extraordinary wealth. People who become billionaires are remarkedly different in their approach to money/business/wealth. He was offered $200 million for a bank sale that he is a majority shareholder. It would have netted him $40 million. He turned it down, telling me "it will be worth more in 10 years". That was 10 years ago, and it is.

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Re: Truly high earners (>$1M/year) how'd you do it?

Post by Userdc » Tue Jan 14, 2014 12:04 pm

Investment banking here.

$1 million isn't what it used to be, but it is still a lot of money, even in NYC. It's tempting to even the most committed boglehead to loosen up and spend more. I do find myself paying for convienence (dry cleaning, house cleaning, lawn maintenance, takeout) as free time is a very precious asset, but I hold the line on house and car and many luxuries.

I stay on track by reminding myself that finance is a fickle business, which is not hard to remember after the massive downsizing of 2008-2010 and amid the continual performance-related RIFs.

My peak earning years could very well be my 30s, so I save accordingly.

Edit: to be clear, I am nowhere near that level of income, I'm just commenting on NYC cost of living and finance as an industry.
Last edited by Userdc on Tue Jan 14, 2014 1:56 pm, edited 1 time in total.

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