Re: Saul Out at Ohio
Originally Posted by
kab1one
Why do people think just because in a few years a person makes a large sum of money. Saul in this case or Kyle Emmual they can be set up life?
In Saul's case. Made $2.5 million. Living in Ohio with state and federal taxes he nets $250k a year. House, young kids, etc. If he saved $250k he did well. When you make $500k, you have a $500k lifestyle.
Watch the movie Margin Call, set along the lines of the lehman brothers collapse. Employee was making $1.4 million a year. Young analysts at the firm thought he was rich and saved a pile of money and could survive the fall.
He goes on to explain, after taxes, housing, clothes, helping his parents and $78k of miscellanous expenses, which were mostly hookers, booze and blow, there isn't much left.
Not that I would expect Saul or Kyle Emmanual to be broke. But i would venture they will work because they have to.
I think there are different levels of "set for life". I was once told that in order to make any meaningful changes to your lifestyle with an influx of cash it would take at least $500k after taxes. That was years ago, so today the number might be a bit higher, but the principle still works. With that you should be able to pay off most or all of your debt, put a little aside, and be able to add a lot of freedom to / remove a lot of stress from your life. No it's not enough for you to retire on, but I can tell you if I had the option to take $500k worth of problems off of my plate today I'd consider myself "set for life" because of the future options it would afford me.
Even though they're both well over $500k I think both Saul and Kyle are solidly in this type of category. Now, if by some freak accident something were to happen to Carson and he'd retire from the NFL after this year, he'd be in a much different spot with almost $27M of earnings.
Some say it's a backward place. Narrow minds on a narrow way, but I make it a point to say. That that's where I come from.