Six Figure Reality

I always said by the time I was 30 I would like to make six figures…and I do…but before y’all start making jokes about me being a big baller or asking me for a loan let’s look at the reality of how I got there and what it really means.

First mistake is my goal should have been to net six figures not gross six figures.  So deduct 27% for taxes and I’m no longer at six figures.

Next, I don’t make six figures all from one job.  So before anyone runs to my boss and starts questioning my salary here’s a breakdown.  10% of that six figures comes from rental income collected from my house (more on that later).  30% comes from all the teaching I do.  The remaining 60% comes from work. Don’t assume that means I make $60K from my full-time job…it just means 6/10th of my income comes from that job.  And please notice how much I am working to hit six figures.  If I could show you my calendar you would ask when do I sleep, and I would respond: Sleep is optional when there is money to be made.

Third, I make money from the house but I don’t make a profit.  Let me explain.  I do rent my house in Atlanta out BUT the expenses on the house exceeds the amount of rent collected. I wish I just broke even and the house covered itself but I’m running at about a $5K a year loss on the house.

Fourth, I live in one of the most expensive cities on the planet.  So if I had my same exact salary and lived in say Charlotte or Atlanta than yes I would be ballin.  For an NYC lifestyle I’m comfortable but that doesn’t mean I’m not living paycheck to paycheck just like everyone else.

Fifth, although I don’t have any kids I do have an elderly and retired mother who is as close to a dependent as I want to get right now.  She’s always asking when am I going to have kids or why I don’t have any kids.  Because I have her and that’s about all I can afford. Plus, I wouldn’t be able to work as much if I had a kid (see point #2).  So until Mister Right comes along, no babies are in my immediate future.

So what’s the point of this blog post…that six figures is NOT really six figures and not quite what I thought it would be.  Of course I’m blessed and thankful to have the opportunities I have but I’m striving for a higher goal.