Soviet EV and taco chronicles + future ponderings about Fendie

[max225]

2 million house is insanity. Unless you’re pulling 1 million a year gross

Alot of those couples are!!

That what it takes

[coogles]

I'm telling you, almost anything built between 1920 and 1980 just doesn't have a garage The 1920 and earlier homes are dope and have carriage houses but are like $2 million, the 1980-today homes are either in depressing hellscapes or are also like $900K+.

Jeremy's house has a garage built in the back yard which is a rare find but kind of the ideal thing. I'd consider doing the same but would have to wreck all of my mature trees to do it which would kind of ruin the back yard which is the best part of the place, so we'll just keep saving for the $2 million house I guess.

2 million house is insanity. Unless you’re pulling 1 million a year gross

At current mortgage rates, IN property tax cap just over 1% annually with the special assessments, $800/mo in home insurance (a guess), and $200/mo in HOA fees, you're at $14,000/mo with 20% down.

Good rule for housing costs (IMO) is to not go over 25% of net, so you'd need to net $56,000/mo, or $672,000/yr. So yeah, $1M/yr gross is about right.

With a 3.5% interest rate, the payment drops to $10k/mo, so you'd "only" need to net $480,000 annually to get there. Crazy.

[max225]

2 million house is insanity. Unless you’re pulling 1 million a year gross

At current mortgage rates, IN property tax cap just over 1% annually with the special assessments, $800/mo in home insurance (a guess), and $200/mo in HOA fees, you're at $14,000/mo with 20% down.

Good rule for housing costs (IMO) is to not go over 25% of net, so you'd need to net $56,000/mo, or $672,000/yr. So yeah, $1M/yr gross is about right.

With a 3.5% interest rate, the payment drops to $10k/mo, so you'd "only" need to net $480,000 annually to get there. Crazy.

Yea the 28% of “gross” income rule is out of date with inflation and taxes. For ex in Cali you’re basically at a 50% tax rate. So your 1 Millie gross is 500net… once you take out 401k and other shit it’s even less. Pathetic how much money goes to the geriatrics ruining this country

[coogles]

Yea the 28% of “gross” income rule is out of date with inflation and taxes. For ex in Cali you’re basically at a 50% tax rate. So your 1 Millie gross is 500net… once you take out 401k and other shit it’s even less. Pathetic how much money goes to the geriatrics ruining this country

Yeah anything based on gross income is bogus. With different tax rates by income bracket or state, how much you're saving for retirement, etc, it makes no sense to pay attention to gross income. Pay uncle Sam and set aside what's needed for retirement first, then budget based on what's left.

[CaleDeRoo]

J's house is dope and completely ideal.

[D Griff]

I'm telling you, almost anything built between 1920 and 1980 just doesn't have a garage The 1920 and earlier homes are dope and have carriage houses but are like $2 million, the 1980-today homes are either in depressing hellscapes or are also like $900K+.

Jeremy's house has a garage built in the back yard which is a rare find but kind of the ideal thing. I'd consider doing the same but would have to wreck all of my mature trees to do it which would kind of ruin the back yard which is the best part of the place, so we'll just keep saving for the $2 million house I guess.

2 million house is insanity. Unless you’re pulling 1 million a year gross

Yeah I'm just kidding, nahgonnahappen. We will probably be where we're at for a while.

[J-Ho-Fo-Show69]

J's house is dope and completely ideal.

Thanks Cale

[max225]

2 million house is insanity. Unless you’re pulling 1 million a year gross

Alot of those couples are!!

Curious. Been thinking about this again because I keep looking at homes all over the country and the $2M seems to be where a nice(ish) house is sitting pretty much all over in Desirable locations (Miami, West Palm Beach, Seattle, Austin, New York/Long island,)

What do these "couples" do to pull in 1 millie gross all over the country ? That seems like a very high salary usually reserved for upper end executives in limited markets.

[J-Ho-Fo-Show69]

Alot of those couples are!!

Curious. Been thinking about this again because I keep looking at homes all over the country and the $2M seems to be where a nice(ish) house is sitting pretty much all over in Desirable locations (Miami, West Palm Beach, Seattle, Austin, New York/Long island,)

What do these "couples" do to pull in 1 millie gross all over the country ? That seems like a very high salary usually reserved for upper end executives in limited markets.

I would say my “average” client couple right now grosses between $200-500k as a married couple. They’re in all types of industry: banking, tech, business owners, etc.

That’s my average. There are of course some that fall below that and plenty that are bringing in north of $1.0M. It’s not uncommon for a middle level banking manager ish level here to bring in $500k.

I had this one client who was an investment banker. This dude was filthy rich. Like 30, making north of $8M a year. Granted, he worked literally non stop. Would turn his personal phone off while he was working. I couldn’t get ahold of him for days sometimes. And the stress seemed to be immense!!

He paid like $1.4M cash for his house in a very nice neighborhood in Charlotte (not far from Dan!) in 2020. Thing is probs worth north of $2.2M now.

I think your opinion is subjective on desirable areas. I’ve been to all of those cities listed and I’d much rather live in charlotte personally…

[D Griff]

Yeah banking people seem to make a fuck ton based on anecdotal stuff I've heard. Allegedly like base level managers at Wells Fargo make $250K and don't have to do all that much, like your basic 9-5 babysitting a team of five people type thing. That said a bunch of my neighbor friends work at the banks and seem to be less rich than us so

I find Jeremy's stats kind of wild as well though, I know almost no one in Charlotte who makes more than $150K personally.

[J-Ho-Fo-Show69]

Yeah banking people seem to make a fuck ton based on anecdotal stuff I've heard. Allegedly like base level managers at Wells Fargo make $250K and don't have to do all that much, like your basic 9-5 babysitting a team of five people type thing. That said a bunch of my neighbor friends work at the banks and seem to be less rich than us so

I find Jeremy's stats kind of wild as well though, I know almost no one in Charlotte who makes more than $150K personally.

I think I know 12 or so people on my own street that make $150k+

[max225]

Yeah banking people seem to make a fuck ton based on anecdotal stuff I've heard. Allegedly like base level managers at Wells Fargo make $250K and don't have to do all that much, like your basic 9-5 babysitting a team of five people type thing. That said a bunch of my neighbor friends work at the banks and seem to be less rich than us so

I find Jeremy's stats kind of wild as well though, I know almost no one in Charlotte who makes more than $150K personally.

I think I know 12 or so people on my own street that make $150k+

150k+ is not 500k+ .. other that the one banker dude what do the couples do that net 7 figure plus ?

[D Griff]

I think I know 12 or so people on my own street that make $150k+

150k+ is not 500k+ .. other that the one banker dude what do the couples do that net 7 figure plus ?

I know they’re out there but also curious as I know few. Granted I’m also not asking people what they make, but have a rough sense among many of my friends and such.

I’m always astonished by the number of rich people around based on homes and cars and such but I guess the thing is we spend a lot on travel/doing shit and also save a lot, many people are probably significantly more biased to their houses expense wise.

[J-Ho-Fo-Show69]

I think I know 12 or so people on my own street that make $150k+

150k+ is not 500k+ .. other that the one banker dude what do the couples do that net 7 figure plus ?

My average client couple only grosses that 200-500k range. I have client couples that do gross north of $1.0m together, common themes among that group: medical, entrepreneur, sales

[J-Ho-Fo-Show69]

150k+ is not 500k+ .. other that the one banker dude what do the couples do that net 7 figure plus ?

I know they’re out there but also curious as I know few. Granted I’m also not asking people what they make, but have a rough sense among many of my friends and such.

I’m always astonished by the number of rich people around based on homes and cars and such but I guess the thing is we spend a lot on travel/doing shit and also save a lot, many people are probably significantly more biased to their houses expense wise.

I mean I don’t ask either. Most volunteer info to me since they’re asking questions like: can I afford X house on this income. I also am pretty good at telling what people make. I have clients where I meet them, kinda have an idea in my head, and when it’s confirmed later on, I’m usually close.

You like to travel, and that’s your thing, but I don’t need to go to Thailand, so it’s not my thing. Thats just what you value and enjoy. Great for you guys.

I personally grew up in a household where my parents spent money on stupid shit (one of them being cars!) and I couldn’t do certain things growing up: field trips, buy a fucking baritone so I could practice, etc. they didn’t make alot either, and I’m currently supporting them both in their “retirement” years. So my goal is to be as financially setup for that age as possible. One, so I can enjoy life. Two, so I don’t burden those who love me with that costs and emotional stress to do so.

Making $150k as an individual is fuckin nothing in today’s dollars. I used to think $100k/year was a rich. It’s not, it’s middle class. Goods, services, and medical will only increase in costs during our lifetime.

[D Griff]

I know they’re out there but also curious as I know few. Granted I’m also not asking people what they make, but have a rough sense among many of my friends and such.

I’m always astonished by the number of rich people around based on homes and cars and such but I guess the thing is we spend a lot on travel/doing shit and also save a lot, many people are probably significantly more biased to their houses expense wise.

I mean I don’t ask either. Most volunteer info to me since they’re asking questions like: can I afford X house on this income. I also am pretty good at telling what people make. I have clients where I meet them, kinda have an idea in my head, and when it’s confirmed later on, I’m usually close.

You like to travel, and that’s your thing, but I don’t need to go to Thailand, so it’s not my thing. Thats just what you value and enjoy. Great for you guys.

I personally grew up in a household where my parents spent money on stupid shit (one of them being cars!) and I couldn’t do certain things growing up: field trips, buy a fucking baritone so I could practice, etc. they didn’t make alot either, and I’m currently supporting them both in their “retirement” years. So my goal is to be as financially setup for that age as possible. One, so I can enjoy life. Two, so I don’t burden those who love me with that costs and emotional stress to do so.

Making $150k as an individual is fuckin nothing in today’s dollars. I used to think $100k/year was a rich. It’s not, it’s middle class. Goods, services, and medical will only increase in costs during our lifetime.

Yeah your line of work def would involve knowing more people's personal finance levels for sure. Rich is very relative haha, but $100K was pretty rich in the 90s, particularly if two people in a household were both raking that in.

Hell, I still consider myself to be pretty rich despite being on the poorer end of your average client couple , relative to how I grew up, we have an insane amount of shit - lots of cool trips, nice cars, house, savings... I really want for nothing. I think we are all a bit subject to a 'keeping up with the Jones's' mentality even if we don't want to be, if surrounded by people with more, you start to feel like you don't have shit even if you do. Welcome to humanity/'murica.

[J-Ho-Fo-Show69]

I mean I don’t ask either. Most volunteer info to me since they’re asking questions like: can I afford X house on this income. I also am pretty good at telling what people make. I have clients where I meet them, kinda have an idea in my head, and when it’s confirmed later on, I’m usually close.

You like to travel, and that’s your thing, but I don’t need to go to Thailand, so it’s not my thing. Thats just what you value and enjoy. Great for you guys.

I personally grew up in a household where my parents spent money on stupid shit (one of them being cars!) and I couldn’t do certain things growing up: field trips, buy a fucking baritone so I could practice, etc. they didn’t make alot either, and I’m currently supporting them both in their “retirement” years. So my goal is to be as financially setup for that age as possible. One, so I can enjoy life. Two, so I don’t burden those who love me with that costs and emotional stress to do so.

Making $150k as an individual is fuckin nothing in today’s dollars. I used to think $100k/year was a rich. It’s not, it’s middle class. Goods, services, and medical will only increase in costs during our lifetime.

Yeah your line of work def would involve knowing more people's personal finance levels for sure. Rich is very relative haha, but $100K was pretty rich in the 90s, particularly if two people in a household were both raking that in.

Hell, I still consider myself to be pretty rich despite being on the poorer end of your average client couple , relative to how I grew up, we have an insane amount of shit - lots of cool trips, nice cars, house, savings... I really want for nothing. I think we are all a bit subject to a 'keeping up with the Jones's' mentality even if we don't want to be, if surrounded by people with more, you start to feel like you don't have shit even if you do. Welcome to humanity/'murica.

I have an investor who really puts that into perspective for me. To paint his picture, he is a Colombian born immigrant who moved here, got his citizenship, taught himself English, got his GC license, and is truly living the American dream of a better life.

He always tells me to keep it simple and small.

This guys is worth well over $40-50m! He lives in a 900 square foot house in belmont with his wife, however, he owns 100+ houses. Paid off already. Flips another 7-10 every year. He is who I look up to the most. You’d never know he had money and he is just living his best life. He took 2023 off from flipping (glad he’s bsck in 2024!). To have double knee replacements. He couldn’t do much in the way of construction, but the doctor said he could still drive a car. So he signed up to drive Uber for a year for a job….he is worth $40m+….

He has two cars, a ford focus and 10 year old Silverado for work. He doesmt try to keep up with the Jones or the Garcias in his case. His house isn’t filled with shit, and he is the happiest person I know.

I aspire to be like that guy one day.

[D Griff]

Yeah your line of work def would involve knowing more people's personal finance levels for sure. Rich is very relative haha, but $100K was pretty rich in the 90s, particularly if two people in a household were both raking that in.

Hell, I still consider myself to be pretty rich despite being on the poorer end of your average client couple , relative to how I grew up, we have an insane amount of shit - lots of cool trips, nice cars, house, savings... I really want for nothing. I think we are all a bit subject to a 'keeping up with the Jones's' mentality even if we don't want to be, if surrounded by people with more, you start to feel like you don't have shit even if you do. Welcome to humanity/'murica.

I have an investor who really puts that into perspective for me. To paint his picture, he is a Colombian born immigrant who moved here, got his citizenship, taught himself English, got his GC license, and is truly living the American dream of a better life.

He always tells me to keep it simple and small.

This guys is worth well over $40-50m! He lives in a 900 square foot house in belmont with his wife, however, he owns 100+ houses. Paid off already. Flips another 7-10 every year. He is who I look up to the most. You’d never know he had money and he is just living his best life. He took 2023 off from flipping (glad he’s bsck in 2024!). To have double knee replacements. He couldn’t do much in the way of construction, but the doctor said he could still drive a car. So he signed up to drive Uber for a year for a job….he is worth $40m+….

He has two cars, a ford focus and 10 year old Silverado for work. He doesmt try to keep up with the Jones or the Garcias in his case. His house isn’t filled with shit, and he is the happiest person I know.

I aspire to be like that guy one day.

I don't get why you'd continue working

[J-Ho-Fo-Show69]

I have an investor who really puts that into perspective for me. To paint his picture, he is a Colombian born immigrant who moved here, got his citizenship, taught himself English, got his GC license, and is truly living the American dream of a better life.

He always tells me to keep it simple and small.

This guys is worth well over $40-50m! He lives in a 900 square foot house in belmont with his wife, however, he owns 100+ houses. Paid off already. Flips another 7-10 every year. He is who I look up to the most. You’d never know he had money and he is just living his best life. He took 2023 off from flipping (glad he’s bsck in 2024!). To have double knee replacements. He couldn’t do much in the way of construction, but the doctor said he could still drive a car. So he signed up to drive Uber for a year for a job….he is worth $40m+….

He has two cars, a ford focus and 10 year old Silverado for work. He doesmt try to keep up with the Jones or the Garcias in his case. His house isn’t filled with shit, and he is the happiest person I know.

I aspire to be like that guy one day.

I don't get why you'd continue working

We’re built different…. I think I might do the same

[max225]

150k+ is not 500k+ .. other that the one banker dude what do the couples do that net 7 figure plus ?

My average client couple only grosses that 200-500k range. I have client couples that do gross north of $1.0m together, common themes among that group: medical, entrepreneur, sales

Makes more sense. You mentioned it was “common” so it got me thinking. Also here to learn etc perhaps pivot into a new type of career.

The only people that I know of here that cross over the 7 figure mark are mainly due to stock of heavily successful companies and or surgeons/top medical professions in top hospitals. But California also pays a lot more in those fields than other states which is why we have 200-400k a year nurses for ex.

I was looking to relocate to another area with my fam, but over time I have grown to realize this is not really a possibility as most areas of interest are now basically close to if not more expensive than California. So it got me thinking … what do these people do… in other states that allows for 2 Millie type homes on the regular.

[J-Ho-Fo-Show69]

My average client couple only grosses that 200-500k range. I have client couples that do gross north of $1.0m together, common themes among that group: medical, entrepreneur, sales

Makes more sense. You mentioned it was “common” so it got me thinking. Also here to learn etc perhaps pivot into a new type of career.

The only people that I know of here that cross over the 7 figure mark are mainly due to stock of heavily successful companies and or surgeons/top medical professions in top hospitals. But California also pays a lot more in those fields than other states which is why we have 200-400k a year nurses for ex.

I was looking to relocate to another area with my fam, but over time I have grown to realize this is not really a possibility as most areas of interest are now basically close to if not more expensive than California. So it got me thinking … what do these people do… in other states that allows for 2 Millie type homes on the regular.

What do you do now? What's your line of work and what's your ambition?

[max225]

Makes more sense. You mentioned it was “common” so it got me thinking. Also here to learn etc perhaps pivot into a new type of career.

The only people that I know of here that cross over the 7 figure mark are mainly due to stock of heavily successful companies and or surgeons/top medical professions in top hospitals. But California also pays a lot more in those fields than other states which is why we have 200-400k a year nurses for ex.

I was looking to relocate to another area with my fam, but over time I have grown to realize this is not really a possibility as most areas of interest are now basically close to if not more expensive than California. So it got me thinking … what do these people do… in other states that allows for 2 Millie type homes on the regular.

What do you do now? What's your line of work and what's your ambition?

In finance at a consumer electronics company.

Ambition is not to work anymore. I’m done with the rat race.

So what I want to do is retire and live off investments. That at this point requires a lower spending requirement than my current 15k a month budget. Most of which is due to California RE pricing. I can manage around 7-8k a month and not work…. But housing has to make sense.

[J-Ho-Fo-Show69]

What do you do now? What's your line of work and what's your ambition?

In finance at a consumer electronics company.

Ambition is not to work anymore. I’m done with the rat race.

So what I want to do is retire and live off investments. That at this point requires a lower spending requirement than my current 15k a month budget. Most of which is due to California RE pricing. I can manage around 7-8k a month and not work…. But housing has to make sense.

Ah, well, that monthly expenditure is surely high! Your cost of living seems to be the driving factor behind that. Can you find something comparable in other LCL cities or is that the frustration? I too want the ability to retire, but I'll never do it. It's more of a comfort thing for me. It just takes a while to get there. And sacrifices! What are you invested in? MF, RE, stonks, etc? This may be time to move this to the finance thread.....

[max225]

In finance at a consumer electronics company.

Ambition is not to work anymore. I’m done with the rat race.

So what I want to do is retire and live off investments. That at this point requires a lower spending requirement than my current 15k a month budget. Most of which is due to California RE pricing. I can manage around 7-8k a month and not work…. But housing has to make sense.

Ah, well, that monthly expenditure is surely high! Your cost of living seems to be the driving factor behind that. Can you find something comparable in other LCL cities or is that the frustration? I too want the ability to retire, but I'll never do it. It's more of a comfort thing for me. It just takes a while to get there. And sacrifices! What are you invested in? MF, RE, stonks, etc? This may be time to move this to the finance thread.....

That is the frustration though… most places that are comparable cost the same or more.

Yes I’m aware I can go and buy a 200k track home in BFE Texas but I got a kid to raise and I don’t want to die within 5 min of being outside for 100 days of “ summer “ so that ain’t happening.

[golftdibrad1]

Ah, well, that monthly expenditure is surely high! Your cost of living seems to be the driving factor behind that. Can you find something comparable in other LCL cities or is that the frustration? I too want the ability to retire, but I'll never do it. It's more of a comfort thing for me. It just takes a while to get there. And sacrifices! What are you invested in? MF, RE, stonks, etc? This may be time to move this to the finance thread.....

That is the frustration though… most places that are comparable cost the same or more.

Yes I’m aware I can go and buy a 200k track home in BFE Texas but I got a kid to raise and I don’t want to die within 5 min of being outside for 100 days of “ summer “ so that ain’t happening.

from the pics / description of your home, you could pick a plethora of nice places medium size cities in 'flyover country' of the midwest / south in a similar size home and easily live on 8k a month. Hell, even with inflated home prices my area has faced, its hella doable. We are able to cover bills on my income alone (~7k month after taxes but not including health insurance). I did get my home before prices really took of tho, but its also triple the size of your CA suburbia paradise. Ideally with interest rates as they are at the moment you would own your housing outright to 'retire' on a fixed income; otherwise you are pissing money away.