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Your road to the elusive $1 million/year. The realistic salary discussion thread.

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  • Oct 3rd, 2017 5:41 pm
Newbie
Jul 22, 2016
26 posts
2 upvotes

Your road to the elusive $1 million/year. The realistic salary discussion thread.

More and more people are hitting the elusive $1 million/year. I thought it would be a good idea to see how fellow RFDers achieved their success and their career path.

This is BEFORE taxes btw. Many people do make more than $1m after taxes but to keep this thread more realistic, I decided it would be better to keep it before taxes.
21 replies
Deal Addict
Dec 10, 2012
3886 posts
1527 upvotes
Canada
It would be better if you talked avout 500k first...i highly doubt it anyone including their blood relatives make a cumulative $1m...
Deal Addict
Jun 27, 2005
1071 posts
148 upvotes
Toronto, ON
There are approx. 500k people in the US that make 1m/year. That equates to approx. 0.155%.

If we take that ratio with Canada's population we'd be looking at around 50k people who make that. But how many would actually be on rfd... probably not many.
Banned
Jul 1, 2017
239 posts
138 upvotes
2heaven wrote: There are approx. 500k people in the US that make 1m/year. That equates to approx. 0.155%.

If we take that ratio with Canada's population we'd be looking at around 50k people who make that. But how many would actually be on rfd... probably not many.
so, 1.5% on 330m? Well, 13.5% are below the poverty line. that means, 85% of Americans fall somewhere between poor and rich...
Penalty Box
User avatar
Jul 11, 2008
4368 posts
1508 upvotes
Away from RFD idiots
Now that is a baller territory.

We peasants could get there easily. Just play pro ball, hockey, etc. Easy peazy
..
Sr. Member
User avatar
Jan 21, 2017
988 posts
339 upvotes
I have a friend whose business brings in mult million a year in sales. But I doubt he personally brings in a mill a year after all the salary and other expensive.

So ya, it would be very rare.

Also, you could hit that one mill mark one time (after start up stock is cashed out etc) but consistently hitting one mill annually doesn't seem realistic for most people.

Nor is that really that attractive.

I'm good with $200-250k a year. (obviously a fantasy at this point) That would be a very comfortable living that would allow me to do pretty much anything I reasonably wanted.
Member
Sep 9, 2016
204 posts
68 upvotes
Toronto
I coworkers ex makes 1 Million/year. He is a partner at an investment bank. He is in his late thirties. I believe he did a joint law/mba degree.

He makes most of the money as a form of bonus on performance. I think he gets like 10% of any investment banking deals he gets. His base salary is 250k and the rest is bonuses.

He recently changed jobs after he was undercut on his bonus from last year. He got a sign in bonus of 1 million dollars at the new firm. His biggest gripe is the taxes he pays. Amounts to almost half his income.

Its a long term goal of his to incorporate, although trudeau might have other ideas.
Sr. Member
User avatar
Jan 21, 2017
988 posts
339 upvotes
Bonuses only sound good on paper.

50% of it is taxed.

And if it is in a form of stock.

Capital gain is also taxed.

:(

But then again, I am appreciative of the free health care lol.
Deal Guru
User avatar
Jul 12, 2003
12399 posts
4935 upvotes
Toronto
Justin Bieber ? Celine Dion? Christian Thompson? Milos Roanic?

Pretty much most of them are the celebrities and the sport althetes can make the the 7 figures before tax.

Or the top top Real estate agents, etc.
Retired Forum Moderator February 2009 - June 2015
Deal Addict
Oct 16, 2013
2409 posts
765 upvotes
New Brunswick
Many directors and their bonus plans if they are good.

Does this include having/ selling a house?
Deal Addict
Oct 17, 2010
1982 posts
659 upvotes
South Western Ontari…
Ya I wish I can bring mill a yr home...

Gross in business possibly lets hope in near future
Member
Jun 25, 2011
336 posts
117 upvotes
Alberta
Unless you are CEO.. it will be stupid to get $1 million as a salary. You will be better off doing some tax planning and lower your payout or sprinkle it to family or apply some loss with that kind of money.
Deal Addict
Jun 27, 2005
1071 posts
148 upvotes
Toronto, ON
HelloWorld3 wrote: so, 1.5% on 330m? Well, 13.5% are below the poverty line. that means, 85% of Americans fall somewhere between poor and rich...
0.155% on 330m. 1mil/year would probably qualify for "super-rich" or "elite" territory. Just general "rich" would be debatable - I would personally say any household over 300k/year is rich, while 100k-300k would be probably be upper-middle, but that's my own definition.
Deal Guru
User avatar
Oct 16, 2008
11339 posts
5527 upvotes
Vaughan
LOL OP. Be serious and real. I am still waiting for the right time. I am running out of time. To get to that club, you need to:
-skill/talent
-luck
-dedication
-patient
-time
...
Member
Sep 26, 2017
315 posts
216 upvotes
if you are clearing 7 figures and are on RFD, you need to leave the hot deals for us average folks. go pay regular price! LOL
Sr. Member
Sep 28, 2013
836 posts
624 upvotes
you think $1mm is an insane amount but I know of people who make low 7 figures and still don't consider themselves 'ballers' because your expenses tend to scale up to your income. you can make low 7 figures in investment banking / law etc but to make *real* money (also known as f-you money), you have to be an entrepreneur.
Deal Guru
User avatar
Nov 6, 2010
10018 posts
1967 upvotes
Montreal, QC
Yeah at those income levels you're not just a "regular" salaried worker; you'll want various means to try and put the money away so as to not lose half of it to taxes.

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