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      05-03-2016, 05:53 PM   #111
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Originally Posted by John 070 View Post
I bet you that the 7-8% ballpark is where a lot of 3'ers are, i.e. the ones who own them and keep them indefinitely etc.....if we resorted to leasing we'd be in 7's and maybe 911's

sheesh my buddy is a 1%'er and he has a 2005 330i ZHP. Those folks are satisfied knowing they could have anything, although they care about what they are leaving to charity and heirs when they pass away. imho that's why they hold back.
1%er can be defined a couple of different ways, that are very different.

Top 1% in the US by INCOME: "only" about $450K per year
Top 1% in the US by NET WORTH:$8.4 Million

Lot's of group 1 are probably not in group 2.
Since we approached this topic.....

I'll be glad to share my estate plan.....I'll spend every fuq'n dime I have before I die of old age. Additionally - I'd like to be leveraged to my eyes and stick it to the man since I have ZERO heirs to screw
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      05-03-2016, 05:58 PM   #112
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Quote:
Originally Posted by Mywifes335
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Originally Posted by atxgt3 View Post
Look at statistics for the highest average and median incomes in the nation by city and you'll see how not average $400k is.
Not here to troll...

In response to the $1.25M home being average in LA...which it is. It's a decently-sized home but definitely not MTV Cribs worthy. In fact, it looks like an average house.

I realize the stats indicate much lower. Then my question becomes where and how do people live on 1/2 that income or less in NY, North Jersey, LA, SF, Chicago and Boston?

Live in an apartment with 2 kids? Drive 1 car? Have no savings? Eat frugally? Before the torches and pitchforks come out...realize that in NY, to buy a 700 sq ft apartment in Manhattan is $1M. The mortgage on that home, assuming 20% down, is $3800. Add in maintenance, you're at $5000 easy. You're not leaving much to spend on anything else. But let's go through the exercise:

Mortgage $3800
Condo maintenance fees: $1000
Utilities: $400
Garage rental (1 car): $500-$600+
Daycare (1 kid, assume 1 kid in school): $2000
Car payment (1 car, incl insurance): $750 ($500 lease/finance payment, $250/mo insurance)

This doesn't include food, health insurance, savings, entertainment, vacations, etc.

You're already at an annual gross of $225k.
But - it's relative to the ability to earn $$ and your immediate Cost of Living....

The cost of a house in Cali isn't the same as the same size house in Iowa. But - my $$ is worth more in Iowa...
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      05-03-2016, 06:03 PM   #113
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Quote:
Originally Posted by Mywifes335
Quote:
Originally Posted by atxgt3 View Post
Look at statistics for the highest average and median incomes in the nation by city and you'll see how not average $400k is.
Not here to troll...

In response to the $1.25M home being average in LA...which it is. It's a decently-sized home but definitely not MTV Cribs worthy. In fact, it looks like an average house.

I realize the stats indicate much lower. Then my question becomes where and how do people live on 1/2 that income or less in NY, North Jersey, LA, SF, Chicago and Boston?

Live in an apartment with 2 kids? Drive 1 car? Have no savings? Eat frugally? Before the torches and pitchforks come out...realize that in NY, to buy a 700 sq ft apartment in Manhattan is $1M. The mortgage on that home, assuming 20% down, is $3800. Add in maintenance, you're at $5000 easy. You're not leaving much to spend on anything else. But let's go through the exercise:

Mortgage $3800
Condo maintenance fees: $1000
Utilities: $400
Garage rental (1 car): $500-$600+
Daycare (1 kid, assume 1 kid in school): $2000
Car payment (1 car, incl insurance): $750 ($500 lease/finance payment, $250/mo insurance)

This doesn't include food, health insurance, savings, entertainment, vacations, etc.

You're already at an annual gross of $225k.
They must rent cheaper outside the city, dump the car / garage and tolerate a long commute. Or move somewhere less expensive.

I would not want to try to live on $225K or less and live in Manhattan.
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      05-03-2016, 06:09 PM   #114
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Originally Posted by RickFLM4 View Post
They must rent cheaper outside the city, dump the car / garage and tolerate a long commute. Or move somewhere less expensive.

I would not want to try to live on $225K or less and live in Manhattan.
That's all I'm saying....
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      05-03-2016, 06:17 PM   #115
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Quote:
Originally Posted by ASBSECU E93
Since we approached this topic.....

I'll be glad to share my estate plan.....I'll spend every fuq'n dime I have before I die of old age. Additionally - I'd like to be leveraged to my eyes and stick it to the man since I have ZERO heirs to screw
I like the way you think!
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      05-03-2016, 06:29 PM   #116
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I like the way you think!
Now we need to ask Verbiage who "the man" is.
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      05-03-2016, 07:41 PM   #117
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Quote:
Originally Posted by RickFLM4 View Post
They must rent cheaper outside the city, dump the car / garage and tolerate a long commute. Or move somewhere less expensive.

I would not want to try to live on $225K or less and live in Manhattan.
where CT....they try and fairfield is one of the richest counties in America. my sister bought a home in westport for 1.4, its 3500sq and the taxes are 26K a year. again all relative. theres no cheap housing around NYC unless you live in a dump
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      05-03-2016, 08:01 PM   #118
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Quote:
Originally Posted by ASBSECU E93 View Post
Since we approached this topic.....

I'll be glad to share my estate plan.....I'll spend every fuq'n dime I have before I die of old age. Additionally - I'd like to be leveraged to my eyes and stick it to the man since I have ZERO heirs to screw
I'm there with ya pal.
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      05-04-2016, 08:39 AM   #119
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Quote:
Originally Posted by Mywifes335 View Post
Not here to troll...

In response to the $1.25M home being average in LA...which it is. It's a decently-sized home but definitely not MTV Cribs worthy. In fact, it looks like an average house.

I realize the stats indicate much lower. Then my question becomes where and how do people live on 1/2 that income or less in NY, North Jersey, LA, SF, Chicago and Boston?

Live in an apartment with 2 kids? Drive 1 car? Have no savings? Eat frugally? Before the torches and pitchforks come out...realize that in NY, to buy a 700 sq ft apartment in Manhattan is $1M. The mortgage on that home, assuming 20% down, is $3800. Add in maintenance, you're at $5000 easy. You're not leaving much to spend on anything else. But let's go through the exercise:

Mortgage $3800
Condo maintenance fees: $1000
Utilities: $400
Garage rental (1 car): $500-$600+
Daycare (1 kid, assume 1 kid in school): $2000
Car payment (1 car, incl insurance): $750 ($500 lease/finance payment, $250/mo insurance)

This doesn't include food, health insurance, savings, entertainment, vacations, etc.

You're already at an annual gross of $225k.
A lot of people don't do it like that. They don't buy, they rent. They don't have a car, nor kids, so no car payment, no garage, and no daycare. And they have roommates because they can't afford the rent on their own. That's how a lot of people do it, and that I can understand.

As for how people actually have kids and buy houses and cars and everything else that goes along with that lifestyle, I don't know. It's really a mystery to me, because there's no way there can be that many people making that much money. A lot of people have to be hurting and have to be in way over their heads.
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      05-04-2016, 07:21 PM   #120
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Originally Posted by Mywifes335 View Post
A lot of 1%ers aren't car guys....
And those who are car guys are on forums showing an amazing garage. There is one guy that I have seen on forums who has had such an amazing amount of cars. Ferraris, GT3, Lambos, GTRs, etc... and lives in a ~$900k house. Pretty interesting because most $900k neighborhoods do not have wealth that equates to these types of cars. He is a huge car guy though and spends his money differently.

Quote:
Originally Posted by atxgt3 View Post
Actually if you buy them right watches can be decent investments or at least not lose much value. Not so easy for cars!
Problem is that the entry fee to get into desirable and appreciating watches costs $$$ that many people may not have. Same thing with many exotic/collector cars. Takes money to play.


Quote:
Originally Posted by atxgt3 View Post
Look at statistics for the highest average and median incomes in the nation by city and you'll see how not average $400k is.
I always look at these statistics and realize that "original owners" must really bring down the median income. I look at some of the "wealthier" neighborhoods in Orange County and their median income is only hovering around $150-200k per year.

$400k is a world away from $200k. Each $20k increase in salary is a little over $1000 per month net additional spending money. $60k difference means you would have to buy a 991 GT3 before you felt the same financial strain as someone who made $60k less gross.


Quote:
Originally Posted by ASBSECU E93 View Post
Since we approached this topic.....

I'll be glad to share my estate plan.....I'll spend every fuq'n dime I have before I die of old age. Additionally - I'd like to be leveraged to my eyes and stick it to the man since I have ZERO heirs to screw
I am not sure why people care to die with so much money left over for inheritance. In a perfect world, I will die when my children are already established, therefore, they would not need my money to help them get ahead. Seems rather ridiculous to think that your 50 year old child is in dire need of your inheritance.

Quote:
Originally Posted by atxgt3 View Post
It's really a mystery to me, because there's no way there can be that many people making that much money. A lot of people have to be hurting and have to be in way over their heads.
I, too, wonder how can it be that SO many people are SO rich.
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      05-04-2016, 07:25 PM   #121
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Lurks! You're back! PoorLurker

Your observation on the $900k house and car collection imbalance is how I'd like to roll...if I were single. Lol! On point.
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      05-04-2016, 07:56 PM   #122
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Lurks! You're back! PoorLurker

Your observation on the $900k house and car collection imbalance is how I'd like to roll...if I were single. Lol! On point.
hahaha

Ferrari 458, Ferrari FF, 991 GT3, Lambo Huracan, etc.. etc... piqued my interest like no other. I had to use my professional detective skills to find out more.

Here are your goals.




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      05-04-2016, 08:02 PM   #123
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hahaha

Ferrari 458, Ferrari FF, 991 GT3, Lambo Huracan, etc.. etc... piqued my interest like no other. I had to use my professional detective skills to find out more.

Here are your goals.




That is ghetto rich man!
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Why the sad face, I fucking love sausage.
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      05-05-2016, 01:38 AM   #124
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      05-05-2016, 06:26 AM   #125
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Quote:
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Originally Posted by Nkc View Post
Can't the wife stay home? Is she making significantly more than what it cost for day care? If so, what's the big deal?

You drive an X5M and a new M3, I don't think you're slumming it.
No, we do not hurt for money but I don't like paying for daycare, i get no value from it. She makes 6 figures. and that 2k could be a new X5M and then some
This doesn't make sense. Are you expecting the daycare to be free?
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      05-05-2016, 02:35 PM   #126
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Quote:
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Quote:
Originally Posted by infamousdiz
Quote:
Originally Posted by Nkc View Post
Can't the wife stay home? Is she making significantly more than what it cost for day care? If so, what's the big deal?

You drive an X5M and a new M3, I don't think you're slumming it.
No, we do not hurt for money but I don't like paying for daycare, i get no value from it. She makes 6 figures. and that 2k could be a new X5M and then some
This doesn't make sense. Are you expecting the daycare to be free?
Yes, Bernie promised me so he gets my vote. Feel the bern, I also hate paying the dentist, that's a profession that is out of control with their billing bullshit
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      05-05-2016, 03:40 PM   #127
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Yes, Bernie promised me so he gets my vote. Feel the bern, I also hate paying the dentist, that's a profession that is out of control with their billing bullshit
That's an easy one, let them fall out and get dentures. Done.
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      05-05-2016, 05:22 PM   #128
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Quote:
Originally Posted by infamousdiz
Quote:
Originally Posted by Whostheboss
Quote:
Originally Posted by infamousdiz
Quote:
Originally Posted by Nkc View Post
Can't the wife stay home? Is she making significantly more than what it cost for day care? If so, what's the big deal?

You drive an X5M and a new M3, I don't think you're slumming it.
No, we do not hurt for money but I don't like paying for daycare, i get no value from it. She makes 6 figures. and that 2k could be a new X5M and then some
This doesn't make sense. Are you expecting the daycare to be free?
Yes, Bernie promised me so he gets my vote. Feel the bern, I also hate paying the dentist, that's a profession that is out of control with their billing bullshit
It's a medical profession, but it is not regulated like healthcare.

Agree - the cost of dental care is far too expensive.

Forget about it if you need to see an orthodontist or maxillary surgeon.
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She stood there. Pointed a finger at me and laughed at me. That damn bitch.
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Poop shit, shit and poop. I'm mildly angry now.
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      05-05-2016, 05:24 PM   #129
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It's a medical profession, but it is not regulated like healthcare.

Agree - the cost of dental care is far too expensive.

Forget about it if you need to see an orthodontist or maxillary surgeon.
And it's NEVER COVERED.

I've had $100k in orthopedic covered in 6 months. Want a dental implant? Nope. What's standard of care? A denture. And why do we pay dental insurance? Don't know.

Shoot, gotta finance my gold teeth now.
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Why the sad face, I fucking love sausage.
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      05-05-2016, 05:36 PM   #130
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Quote:
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Quote:
Originally Posted by Mywifes335 View Post
Lurks! You're back! PoorLurker

Your observation on the $900k house and car collection imbalance is how I'd like to roll...if I were single. Lol! On point.
hahaha

Ferrari 458, Ferrari FF, 991 GT3, Lambo Huracan, etc.. etc... piqued my interest like no other. I had to use my professional detective skills to find out more.

Here are your goals.




True story - I spent time working on, and living near the Eastern Band of Cherokee Indian Reservation. When they opened their Casino - I was a Pit Boss for about 3 years.

Many people do not understand that Reservation land is Federal Land held in trust for the benefit of the Tribe. As such, they cannot perfect a lien on property for a mortgage loan, and a lender cannot foreclose on this property as it is held trust.

As an enrolled member of the tribe however; each Tribal member receives Per Capita earnings of the gaming profits 2x a year.

So what you have are $100k (plus) cars sitting beside mobile homes with tarps covering the holes in the roof....These pics remind me of this.
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She stood there. Pointed a finger at me and laughed at me. That damn bitch.
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Poop shit, shit and poop. I'm mildly angry now.
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      05-05-2016, 06:04 PM   #131
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True story - I spent time working on, and living near the Eastern Band of Cherokee Indian Reservation. When they opened their Casino - I was a Pit Boss for about 3 years.

Many people do not understand that Reservation land is Federal Land held in trust for the benefit of the Tribe. As such, they cannot perfect a lien on property for a mortgage loan, and a lender cannot foreclose on this property as it is held trust.

As an enrolled member of the tribe however; each Tribal member receives Per Capita earnings of the gaming profits 2x a year.

So what you have are $100k (plus) cars sitting beside mobile homes with tarps covering the holes in the roof....These pics remind me of this.
I believe it! It's like midland, tx during an oil boom.
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      05-06-2016, 03:17 PM   #132
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where CT....they try and fairfield is one of the richest counties in America. my sister bought a home in westport for 1.4, its 3500sq and the taxes are 26K a year. again all relative. theres no cheap housing around NYC unless you live in a dump
Bingo. I refuse to live in the shittiest house in a nice town (grew up that way) so we bought a nice home on two acres in a town where the schools are so bad we have to go private, despite my $16k property taxes. I'm right next to your sister, btw. Oh, and I work in midtown and commute 1.5 hrs each way. Only way to get a better home would be to extend the commute by another 30 min each way. It blows.
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