How much does it take to be ‘rich’ now?

[SharperDingaan]

On 6/7/2023 at 9:59 AM, CorpRaider said:

I've been toying a little with idea of going to medical school in my 40s (probably would be late by the time I got around to it) for a second career.  Maybe be a pediatrician.  I went to school with a guy who was a retired plastic surgeon, had to be at least in his 50s.  I could do a reverse that guy and get maybe 30 or 40 years of a career if I like it (would of course try to maintain personal balance sheet in a position where I could have some hand in dictating work terms; unlike many docs).

 

I did a version of this in my early 50's, but chose a trade (Master Brewer) over yet another professional designation; today, I can contract pack/brew to PPM along with the best of them, and over a variety of kit! However, there was never any intent of working for an InBev; it was all about having fun with the process, and potentially having my own brewery down the pike. An upgrade from former bootlegging days!

 

It was an incredibly refreshing change of pace, and I ended up doing two internships; one in the UK, and one in Kenya. Got paid squat!, but learnt how to make both Trooper (Iron Maiden) and Tusker, how to flog the stuff, and a few new import/export tricks along the way. And down the pike .... I have a part interest in a craft brewer.  

 

Took the view early on that 'legacy' is not just about leaving a stash of cash, it's also about demonstrating a life well lived. Grab life by the cohunes, and SQUEEZE  

 

Good luck!

 

SD

[Blugolds]

6 hours ago, stahleyp said:

 

Where is your au pair from? What agency? Our au pair is from Brazil. We pay $200 a week (about $9,000 in yearly agency fees) for 45 hours a week. We also cover her food, car insurance, and phone. Quite a bit cheaper than a nanny. 

 

Same set up we have. Go Au Pair or something it was called, interviewed several, wife picked a gal from South Africa. She also liked one from Belize but her English was broken and so was our Spanish lol. 

 

We have twin boys, so for both to go to daycare would have been $1300-1400/mo EACH, and that is assuming you could even find an opening....two openings.  

 

We got the recommendation from a friend who has had several, all very good experiences, I guess one was not great, but the others have been really good, the one they have now is also from South Africa. They have kept Au Pairs for longer than we plan to, I think their kids are 5 and 7, and they love her. Its funny because the parents are both push overs, but the Au Pair actually keeps the kids in line and they love her haha. They listen better to the Au Pair than they do the parents lol. 

 

There is also some other stipulation that we have to pay for her to take one class at a community college or something I dont remember, its a couple hundred bucks, insignificant.

 

Main thing was, its at least SOME savings vs daycare, kids stay in the home, au pair helps out at home, dont have to worry about being on a waiting list for a possible opening at a daycare, and then potentially not having both boys at the same daycare! and the time flexibility was the biggest. 

[vakilkp]

@CorpRaider @ICUMD - would pa (physician assistant) be a better option then a MD? 

[ICUMD]

3 hours ago, vakilkp said:

@CorpRaider @ICUMD - would pa (physician assistant) be a better option then a MD? 

IMO, nothing better than being an MD.

[james22]

I've a friend who just graduated from NE who'd argue there's no better ROI than PA.

[james22]

How Much Money Does it Take to Feel Wealthy?

 

https://awealthofcommonsense.com/2023/06/how-much-money-does-it-take-to-feel-wealthy/

[no_free_lunch]

On 6/7/2023 at 7:59 AM, CorpRaider said:

I've been toying a little with idea of going to medical school in my 40s (probably would be late by the time I got around to it) for a second career.  Maybe be a pediatrician.  I went to school with a guy who was a retired plastic surgeon, had to be at least in his 50s.  I could do a reverse that guy and get maybe 30 or 40 years of a career if I like it (would of course try to maintain personal balance sheet in a position where I could have some hand in dictating work terms; unlike many docs).

 

If this is important to you then do it.   As long as you are OK financially with the delayed career payout.  Sure is more to life than maxing net worth.

 

A faster option would be a nurse practitioner.  I just throw it out there as an option. Full doctor is ideal. 

[crs223]

On 6/7/2023 at 6:59 AM, CorpRaider said:

I've been toying a little with idea of going to medical school in my 40s (probably would be late by the time I got around to it) for a second career.  Maybe be a pediatrician.

 

Another thought: if your town has one, you can join the volunteer fire department and be a paramedic.  Low effort to get in... and you get to save lives.  Pediatricians spend their days looking at rashes...

 

Netflix has a documentary on Arnold Schwarzenegger.  Inspiring to see how driven he was to reach his goals... as I was drinking beer watching TV...

[rogermunibond]

On 6/10/2023 at 12:06 PM, stahleyp said:

A decent way to look at this is by a percentage of the population and see what net worth relates. So is "rich" the top 5%? 1%? .000001?

If it's 1%, that's about $5 million in US.

 

https://fortune.com/2023/05/16/us-one-percent-net-worth-monaco-switzerland-australia/

 

[james22]

On 6/10/2023 at 11:06 AM, stahleyp said:

A decent way to look at this is by a percentage of the population and see what net worth relates. So is "rich" the top 5%? 1%? .000001?

If it's 1%, that's about $5 million in US.

 

https://fortune.com/2023/05/16/us-one-percent-net-worth-monaco-switzerland-australia/

 

Conflicting data out there.

 

This as of 2020:

 

$5M = top 3%

Top 1% = $11M

 

 

https://dqydj.com/net-worth-percentile-calculator-united-states/