captainredTeacher who resigned after her OnlyFans page was discovered says new employer fired her for violating social media policy
The important piece of this to me is this: She made $1 mil on OnlyFans and $42k/year as a teacher. She wants to be a teacher despite making plenty of money from other sources. This tells me that unless you have other evidence of impropriety she’s someone we want in the classroom. It also reinforces my stance, along with plenty of other studies that have been performed, that a universal basic income won’t stop people from working.
Pay people better and we’ll just keep working because we like it. It’s part of being human, but we shouldn’t be suffering to survive at the same time.
You can’t retire on $1m net worth. That’s not even a house in lots of areas.
It definitely helps. But giving up my career for $1m would be a very bad investment.
BombOmOmAverage investment returns are (conservatively) 8% per year, with a safe draw down being 4% per year. Which means she should be able to safely withdraw $40,000/yr indefinitely without her investment decreasing in value over the long run.
Easily enough to retire in an average cost of living area if she wishes, or work a small side job to boost her income to support a higher cost of living.
The safe withdraw for an extended early retirement is 3.5%
With 4%, while the chance is small, you could end up running out of money.
leclownfouEspecially considering she was making $42k annually as a teacher (according to another comment, I didn’t actually read the article). So she was able to live on roughly that amount already.
Realistically, she could continue to create OnlyFans content for some time and make and invest more than the initial $1m.
𝕽𝖚𝖆𝖎𝖉𝖍𝖗𝖎𝖌𝖍I have no idea why you’re being down voted. You’re absolutely right. You can’t live on back interest from $1M, so you have to invest it, and while some years you’ll make more than 10% average invested in the stock market, over 10 years you’ll average 8% because some years you’ll not only make no returns but you’ll lose some of your investment. Which means if you’re living off those returns, some years you’ll have to eat into those investments, slowly eating down the money you have making money for you. You’re paying taxes on those returns, and if you’re living off them, they’re considered short term investments and you pay a higher tax rate - because you pay taxes on returns on your investments.
Rich people get richer because they have other income and can leave the money and the returns untouched; they aren’t living on the returns until they have far more money invested than $1M.
People down-voting you are morons.
Yep, people acting like it’s plausible for someone to retire and live the rest of their life renting a room, at the same income as they got fresh out of college.
Plus they’re citing studys aimed at 35-40 years life expectancy, for someone retiring in their 20s, maybe early 30s.
And in one breath will decry the inflation calculations being cited by the government to show we have a “healthy” economy. And in the next, try to pretend cost of living isn’t sky rocketing and someone can love the rest of their long life on 40k/yr.
That’s lemmy for you, though. No point fighting the tide.
Actually, looking at the down votes for your comments, I think you’re being stalked. Someone’s got it in for you.
Rofl, they’re welcome to it. I guess everyone needs a hobby
the downvoters are short-minded individuals who wont clear $1 million in 20 years.
I think they just mostly don’t understand economics, taxes, or have spent any time thinking about these things. Which isn’t surprising, because why waste time thinking about it when it’s increasingly unlikely to happen to you? Not understanding it is one thing, but thinking and then voting with your hormones is another.
lol too true
You’re paying taxes on those returns, and if you’re living off them, they’re considered short term investments and you pay a higher tax rate
Investments are taxed as long term if you have held them for at least a year. Meaning, after the very first year, there is no reason to every pay the higher short term capital gain rates.
The capital gains which you are, supposedly, drawing off of to live on (this was the original premise) is short term capital gains. The amounts you draw in your loss years are, yes, long term, and taxed at a lower rate, but that’s the hole in the boat causing your revenue stream to sink - the bigger problem is that what you draw from ROI is taxed at the higher rate.
You don’t get taxed on losses, or on loss years, whatever that means tax-wise. You get taxed on gains, period, which is the increase over your basis. Less than a year held is short-term, more than a year is long.
Dozzi92Yeah, except she can go makeinimum wage working full time for benefits and call it a day. You can live on minimum wage if you also have a mil in the bank to start. One door closed but a bunch of others opened. She can do that job you want that you don’t do because it doesn’t pay much.
Working full time isn’t retiring.
You also have a weird notion about benefits, and employers willingness to give full time hours so you even qualify. But that’s not even the slightest bit related to this discussion.
Most folks with the degree and certification required to teach can find another full-time job that offers benefits, e.g. health insurance (which even a million dollars will get burned up quickly if a serious medical issue arises and you have no insurance).
But I think the point you’re missing is that she can continue making shit loads of money on OF for as long as she can while also working another job, as OF isn’t exactly something you need to 8 hours a day to do (though, some models probably do when you factor in advertising and getting your name/rep established).
You can’t pay for groceries with your net worth but given million bucks I’d retire immediately. That amount of money invested to the stock market pays around 50 - 70k interests every year and you get to keep the million.
UnderpantsWeevilSort of the joke in it all. You can’t retire on $42k/year either
yea but you can teach all life long, whereas on Onlyfans you… uh,… nevermind
How many years will it take to save a million dollars working for 42k a year
I don’t know
yea but you can teach all life long
Dying on your feet in class, because you can never afford to retire
Someone else calculated that $1 million is about 30 years of the teaching salary. So you cannot retire on a career either.
If I were forced to choose I’d take the $1 million up front over a low-paying career and let it grow in the market while I found other work to avoid using it. $1 million up front over $1.3 million across 40-some years is a very good investment. Consider the decreased value of future money.
Not only that, 1 mil invested and making a modest 5% a year will return more than the teaching salary for doing nothing.
If you get a modest 5% return on that mil that’s $50k per year, which is more than her teaching salary for doing nothing.