THIS.
This is EXACTLY what I was looking for, and my point for the first conversation I had about this.
We [as human beings] limit our own potential based on our limited thinking. We choose to give up on things, not do things, etc etc etc...because we don't think it's possible.
Full disclosure: I gave up a lot to go back to school and took a heavy paycut to go also. I just wanted a better place in life than the low economy life i grew up in. Granted it taught me how to survive anything and I will always appreciate that, but between me and my wife once i am done in a year or 2 will be at about 150k and that is fine with us.
We grew up poor and dont want the world, we just want to make good money with not a lot of hours of work because money will always be made, but time can never be replaced.
Same thing happened in my house
I still dont make what I did as a contractor for the gov...but i get to enjoy a few things these days I couldn't when playing the gov game...my wife puts 50% on my check and gets to work in her office at home...and I'm fine with it. I put way too much money into her education fornhe notnto make more than me lol
I’m not sure why it’s a hard concept, the six figure range is 100,000 - 999,999 so by that measure break it into three sections
low - 100-300
mid - 400-600
high- 700-900
I like the way you think... except the way I look at it is as follows:
Range is 100,000 to 999,999.
Break it into 2 sections.
Low: 100,000 to 449,999.
High: 450,000 to 999,999.
No mid. Neutral is for pussies.
I’m fine with that breakdown as well. It has to be balanced and void of emotion. Many in this thread are too busy comparing what they emotionally fathom as a lot of money. That’s a whole different story because many things impact the value of a salary.
the specific question posed though was just, what’s a high segment of six figure income.
If I were to ask you what you thought a high six figure income was, what would you say?
I would "assume" $150k - $199K. To me, that's a high six figure income.If I told you I was going to hire you and pay you a high six figure income, would you assume it's $150-199k or $600k+?
I’m not sure why it’s a hard concept, the six figure range is 100,000 - 999,999 so by that measure break it into three sections
low - 100-300
mid - 400-600
high- 700-900
I like the way you think... except the way I look at it is as follows:
Range is 100,000 to 999,999.
Break it into 2 sections.
Low: 100,000 to 549,999.
High: 550,000 to 999,999.
No mid. Neutral is for pussies.
THIS.
This is EXACTLY what I was looking for, and my point for the first conversation I had about this.
We [as human beings] limit our own potential based on our limited thinking. We choose to give up on things, not do things, etc etc etc...because we don't think it's possible.
But nowhere are assets mentioned.
Assets matter.
Let’s say you have 300 acres of farmland outside of town which is taxed at a rate that is not even worth mentioning in my county. And you rent that land to a farmer for an amount that is also somewhat negligible, but builders are expanding the footprint of your town and buying that land nearby for $60,000 an acre.
You likely won’t sell it all for $60,000 an acre, or all at the same time, but you effectively have an $18MM asset that cost you nothing to own. You can’t really borrow against it, but it is still a valuable asset nevertheless.
Let’s call it a ship still out in the ocean, as it were, but will come into port one day, if you so decide, or you swap it in a 1031 exchange for a like-kind piece of real estate that either now earns income, or you just like better.
So being rated for only income just doesn’t mean much in my personal view.
Indeed.My family has 45 acres of prime buildalble land. It is the last undeveloped lot in the area. Purchased in early seventies for peanuts. somewhere in the 30-40k range. Weekly developers send letters wanting to purchase it partial or whole in the range $3-5mil. It is crazy the amount dirt goes for nowadays.
I'm not sure why this is so hard to comprehend.
Do you think a HIGH SIX FIGURE INCOME is $150-199k or $650k+?