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Rich people own assets, poor people own liabilities
Importantly it is true. There are two measures (and I suppose many more, but in regards to wealth) of 1%, income and wealth. Being 1% or wealth feels rich, whereas 1% of income hasn’t reached the tipping point of capitalism yet where your money works for you
Donate 50% of your money. You’ll feel richer.
I started giving a very little money every month. Man I feel so much better after I started doing that. It might be a dumb advice, but you start appreciating your wealth better when you often interact with people who don't have it. I give to givedirectly. Check it out.
Get married and have couple of kids. In 3 years, look back at this point in 2019 and you will realize how much "richer" you were than you gave yourself credit for ;)
What school did you go to?
Go volunteer at a soup kitchen. Seriously. It will bring you joy and accomplishment. Not bragging but I'm quite well off but am totally separated from my family due to toxicity. I feel I never have enough money. Or am somehow not doing enough....it's like you carry guilt for not making more or doing more even though you are leagues above your peers career/money wise.
If you are like me in that regard, try volunteering and using your skills for the community. Helping others is one of the best way to feel like you are on the right path. And don't post it on FB or Instagram, do it for you. Get fulfillment outside of career.
If you want the hard truth here you’ll never be rich. You are a worker bee and while you are given more rewards than the average worker bee you are never going to get to the point where you actually run shit. Yes you can listen to everybody else and maximize your finances and fool yourself into being happier but you will always be a cog in the wheel of the elite ruling class that has amassed and maintained generational wealth. Sorry.
S1, some of us could exit to PE, become a portfolio manager and become rich
Op how’s your personality in real life. Do people like you? Do you feel miserable that you are not earning much more? Do you have friends that love you and like you?
Honestly, leaving Boston seems like a good first step. Hard to buy anything on 200k in Boston. I have very similar financial situation to you in Boston, just minus the debt as I didn’t do MBA, and I don’t feel like I can buy a decent 2BR in this city.
Buy yourself some new Off Whites and drop $300 on dinner for yourself brah, you’ll sleep better tonight
It’s because whilst you are statistically a high earners the world you are surrounded by at work and in a top tier city is far more than what you earn.
Live in a bad neighborhood
You should start mentoring people. For example, you can take me under you and teach me how to earn $200K and have only $80K in MBA loans
HENRY - High Earner Not Rich Yet. That acronym describes most of us in consulting. At $200k, you are a top earner, but assets make you rich. It takes years of living a modest lifestyle while earning $200k per year to accumulate the assets and savings/investments to be “rich.” So, follow the advice of everyone else in this thread to find a new means of fulfillment.
It’s relative. Find and hang out with poorer people in Boston. It’ll make you feel rich. Or travel to a developing country - get outside of the resorts - and do a calibration reset.
That is not a lot in Boston. The income really needs to be adjusted based on city. That’s like making 140k in Houston which is very good but def not top 1%
Dive head first into Buddhist teachings, that should fix your mental state of longing for certain expectations. Sounds like you are causing your own suffering.
Once you satisfy survival needs (food and shelter), you start measuring how “rich” you are by comparing yourself with the people around you. Everybody does it (and not just humans, animals do the same), you are wired that way.
Instead of focusing on whether you are rich enough, flip the question: do you feel poor? Probably not, as a matter of fact you are doing quite well. Keep going.
If you want some “free financial advice”, if I were you I would NOT pay off the student loan (loans are difficult to get, if it’s cheap keep it and use the money in a better way). Put less in the 401K until you have enough cash to use as a down payment to buy a property. Then start maxing out the 401K again.
1. Pay off that student debt ASAP. Not all at once, but over the next year or two make extra principle payments.
2. Meet with a financial advisor to learn how to diversify your wealth and put it into something like a long term growth portfolio or save up for a downpayment on something reasonable if you plan on staying in Boston 5+ years.
3. May be worth it to talk to a professional about your overall mindset of wealth/value. Making 200k a year is amazing and you should be very proud of yourself.
Wtf is wrong with this app these days..it’s always about the flex..let’s get it together and use this app for the right purpose ..and since when SC make 200k?
Eradicate all debt. Live below your means.
You don’t want to be rich. You want to be wealthy.
"Rich is now. Rich gets money and spends it. But rich is fleeting and easily lost.
Wealthy is long term. Wealthy spends money on ways to earn more money. Wealth is built to last for your life and future generations.”
Bruh I make 80k in SF and I feel fine. Get a grip lol