ND Filter Suggestions
- Thread starter WDWFigment
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It doesn't make a difference in the sense that just about anyone can become a millionaire if they live frugally enough compared to their income to save and invest conservatively (or luckily)...but one can't deny that the opportunity to become millionaires does exist in larger proportion for docs and lawyers based on the incomes they make - as mentioned, many use that income to fund more lavish lifestyles which can result in less savings. ; I can't say I know any broke docs still practicing, but I do know a few broke retired ones who tried to support too rich a lifestyle on too little savings (or relied on the Madoff retirement plan). ; It's hard to say down here, where the RICH docs and lawyers all live (we don't have very many of those charitable, hard-working time-volunteering GP docs...ours are all high-paid specialists with private practices). ; And yeah, I know - my stepfather is one.
And lawyers can make a vast spread of incomes, depending on specialty and location...anywhere from entry-level 6-figures to comfortably into the 8-figures. ; How much actual 'savings' does a lawyer have if he makes $450K a year, buys a multi-million dollar home, new supercar every 3 years, new euro-SUV for wifey every 3 years, golf trips to Vegas, family trips to rental homes in south France, every electronic toy one can get for house and person, and supports that lifestyle? ; He isn't putting away very much of his income at all - maybe 5%? ; The rest goes to consumption. ; I may put away 12% of my income, and not spend on those lavish things, but I make 4x less salary...he's still socking away more than me despite the crazy spending...and has assets that can be made liquid if needed that I don't own or can't buy. ; So in the end, he still has lots more than I do spending like a crazed fool while I spendthrift and save...sometimes there's just no substitute for huge gobs of income. ; And yeah, I know...that lawyer is in my family too. ;
And lawyers can make a vast spread of incomes, depending on specialty and location...anywhere from entry-level 6-figures to comfortably into the 8-figures. ; How much actual 'savings' does a lawyer have if he makes $450K a year, buys a multi-million dollar home, new supercar every 3 years, new euro-SUV for wifey every 3 years, golf trips to Vegas, family trips to rental homes in south France, every electronic toy one can get for house and person, and supports that lifestyle? ; He isn't putting away very much of his income at all - maybe 5%? ; The rest goes to consumption. ; I may put away 12% of my income, and not spend on those lavish things, but I make 4x less salary...he's still socking away more than me despite the crazy spending...and has assets that can be made liquid if needed that I don't own or can't buy. ; So in the end, he still has lots more than I do spending like a crazed fool while I spendthrift and save...sometimes there's just no substitute for huge gobs of income. ; And yeah, I know...that lawyer is in my family too. ;
It turns out that the synopsis on Wikipedia does a great job of explaining the book and it's findings and why Doctors and Lawyers, in the author's opinions, are worse off
And I was wrong on my recollection of what they called a millionaire. ; It is having a net worth in excess of a million dollars
http://en.wikipedia.org/wiki/The_Millionaire_Next_Door
EDITED TO ADD
After reading the Wiki article I was reminded that most of the book delved into the relationship of wealth and income
And I was wrong on my recollection of what they called a millionaire. ; It is having a net worth in excess of a million dollars
http://en.wikipedia.org/wiki/The_Millionaire_Next_Door
EDITED TO ADD
After reading the Wiki article I was reminded that most of the book delved into the relationship of wealth and income
WDWFigment
Member
Grumpwurst - I know exactly the type of lawyer/doctor you're talking about in your former post. ; I have plenty of colleagues who assumed massive amounts of debt ($150-200k) in three years of law school. ; I faced a similar option when I chose my school: ; either attend a "lower name" school for free or attend a top 15 school for $50k/year. ; If I attended one of the lower name schools, I'd have to fall within the top 5-10% of my class to have a shot at any BigLaw jobs; at the other school, I could (not entirely sure on this) graduate anywhere in the top 50% in the class and have a job in BigLaw. Sarah was still in school at my undergrad, which was also the lower name free school, so the decision was a lot easier.
The law is no different between the two schools (at least I hope not!), and I ended up happy I chose the lesser school because I realized I had no desire to be a BigLaw attorney. ; While they start at $95-175k/year, they also work 60-80 hours/week. ; I have absolutely no desire to work that much (When do you spend that money? ; When do you see your family? ; It would entail trade-offs I was unwilling to make). ; Conversely, I have offers that are less than those amounts, but have no minimum billing requirements, and range in weekly workloads of 35-40 hours. ; Sure, my friends who have accepted offers from those firms have started to buy a lot of nice things now, but I wonder how happy they'll be in a few years? ; Without reading the book, I'm betting that's what makes lawyer/doctors worse off?
...boy, has this thread gotten derailed from the original discussion of ND filters. ; Still, very interesting!
The law is no different between the two schools (at least I hope not!), and I ended up happy I chose the lesser school because I realized I had no desire to be a BigLaw attorney. ; While they start at $95-175k/year, they also work 60-80 hours/week. ; I have absolutely no desire to work that much (When do you spend that money? ; When do you see your family? ; It would entail trade-offs I was unwilling to make). ; Conversely, I have offers that are less than those amounts, but have no minimum billing requirements, and range in weekly workloads of 35-40 hours. ; Sure, my friends who have accepted offers from those firms have started to buy a lot of nice things now, but I wonder how happy they'll be in a few years? ; Without reading the book, I'm betting that's what makes lawyer/doctors worse off?
...boy, has this thread gotten derailed from the original discussion of ND filters. ; Still, very interesting!
Tom,
I think you got the basic gist of the premise of the book. ; But I also gather from following your scribbling on the net that even if you did get into the high 6-figures you would have your eye on the future at all times. ; Otherwise you wouldn't be scouring for deals now. ; The only thing that changes with income is the definition of "a deal"
Sorry fort he thread derailment but a good discussion to be had anyway. ;
I think you got the basic gist of the premise of the book. ; But I also gather from following your scribbling on the net that even if you did get into the high 6-figures you would have your eye on the future at all times. ; Otherwise you wouldn't be scouring for deals now. ; The only thing that changes with income is the definition of "a deal"
Sorry fort he thread derailment but a good discussion to be had anyway. ;
Indeed...fun non-sequitir in this thread - thanks for the off-topic discussion.
WDWFigment
Member
For anyone who has been sitting on the edge of their seat, waiting for the conclusion to my dilemma, I ended up getting a B+W 6-stop ND filter. ; A lot of my ideas involved using my Tokina UWA, and the drawbacks with using the Fader with that really killed it for me. ; I have only used the filter a couple of times, but the first ever processed shot I took with it (see below) won me an iPad, so I guess it's paid for itself already!
I can't wait to use it at Disney. ; Even stacked with a polarizer (so basically I have the full effect of the Fader if I need it!) I have only minor vignetting at 11mm. ; I wouldn't want anything less than 6-stops, as I couldn't push long daytime exposures with less (I've done 1-15 seconds with this and the polarizer during the day--pretty good range, I'd say).
Here's the shot:
Click it for Flickr.
I can't wait to use it at Disney. ; Even stacked with a polarizer (so basically I have the full effect of the Fader if I need it!) I have only minor vignetting at 11mm. ; I wouldn't want anything less than 6-stops, as I couldn't push long daytime exposures with less (I've done 1-15 seconds with this and the polarizer during the day--pretty good range, I'd say).
Here's the shot:
Click it for Flickr.
