Wealth, income and affordability poll

[MikeT]

Originally Posted by ttdamc

Right because everyone needs a $15M mortgage loan.

You need to have a loan of about $15M over 30yrs with approx 7% APR to break the $1M interest/yr barrier.

Uh, the cap on the deduction refers to the interst on $1 million in mortgage DEBT not $1 million in interest.

[Smokey]

Originally Posted by hector

is it just me or do attorneys seem EXCESSIVELY proud of their profession:iono:.

Are you EXCESSIVELY ashamed of your profession? :iono: My comment was in response to a question that was asked by another member. You could have ignored my comment if it irked you. And yes, I am very proud of my profession.

1Ster:
Is it just me or are people inordinately sensitive to how much attorneys get paid? :iono:

:biggrin:

[gwballin]

Originally Posted by MikeT

Uh, the cap on the deduction refers to the interst on $1 million in mortgage DEBT not $1 million in interest.

Yep.

[TESLAASTRO]

Originally Posted by steinkek

TESLAASTRO you seem to have a great deal of advise and know what you are talking about.

I just finished college and will be starting a new job in the Insurance field. I have taken lots of finance classes from very knowledgeable people and know that buying a car outside of my means is not the best decision financially for my future, but i really want one Buying a house is on my to do list also. This is a perfect time for those who have the means to buy, buy, buy!!

I plan to have a 135i with in the next year. To me the car(BMWs) is a hobby and is what i like to spend money on.

Good luck in your new job....Insurance is a great field....My FIL owned a Nationwide agency for 30 years....he did very well, and loved his job.....

[Garrett]

Originally Posted by TESLAASTRO

So Garrett, your moral compass says its ok to drive up huge debts vs saving for retirement?....not everyone shares my ticket to success(which isnt mine BTW), but the one you outline above is strictly for narcissistic sociopaths.....

No, I am saying that your values are not the values for all... I agree with what you say about income brackets, but your so steadfast on who can actually own a bimmer!

Which I find laughable, simply because of my previous post. Your worries are not everyones, even if I don't agree with them, I do recognize them. I don't like to impose my beleifs on everyone around me... like you do!

I know people happier than most that make a 3rd of what I do, even if their financial decisions are made irrationally! They don't care about a 401K nor do they care about retirement. They own bimmers and enjoy life.....now!

Sometimes I envy my friends!

[ibeam81]

Originally Posted by Garrett

I know people happier than most that make a 3rd of what I do, even if their financial decisions are made irrationally! They don't care about a 401K nor do they care about retirement. They own bimmers and enjoy life.....now!

Sometimes I envy my friends!

That's why it's often said that "Ignorance is bliss". And I agree that being responsible can be a drag.

[kurichan]

Originally Posted by needanewcar

man waht do you guys do, making 150k+???

Private equity.

[MrRoboto]

^^^Part of the problem these days is basic personal financial planning is not taught in high school, at least not in my area. I believe it should be a mandatory course to teach kids how to plan their financial future. There is far too much debt these days.

[UJackM]

Seems to be touchy subject. I won't say anything about anybody's choice. All I can say about myself is that if I cannot afford it in cash I won't do it. Never have had a monthly car payment and never will.

[TESLAASTRO]

Originally Posted by Garrett

No, I am saying that your values are not the values for all... I agree with what you say about income brackets, but your so steadfast on who can actually own a bimmer!

They don't care about a 401K nor do they care about retirement. They own bimmers and enjoy life.....now!

I don't care who buys a bimmer......I really don't....It won't change my life one bit....I enjoy expressing my opinion, albeit a polarizing one, that many on this board shouldnt be buying one based on their financial status....an opinion Garrett.....one I'm passionate about.....

it's really sad that the same people who dont care about a 401k, which in many cases an employer matches as much as 50%(!), or retirement in general , are the same people who will be bagging groceries when theyre 65....thats a fact, because theres no such thing as lifetime employment anymore...not when a company can hire a kid at 1/2 the salary and twice the techhnological know-how.....its true now, and will be true 30 years from now....

if it takes a BMW to enjoy life at the expense of saving enough for retirement, that's pathetic.....I really hope that's not your game plan Garrett, you seem like a smart guy.....also Garrett, if youre not happy, maybe another BMW wont be the answer.....

[TESLAASTRO]

Originally Posted by MrRoboto

^^^Part of the problem these days is basic personal financial planning is not taught in high school, at least not in my area. I believe it should be a mandatory course to teach kids how to plan their financial future. There is far too much debt these days.

oh but high school kids and college students and first jobbers know everything .....that's what I've heard from them, so it must be true.....

[Garrett]

Originally Posted by MrRoboto

^^^Part of the problem these days is basic personal financial planning is not taught in high school, at least not in my area. I believe it should be a mandatory course to teach kids how to plan their financial future. There is far too much debt these days.

Thats the job of the Parent and not a school. Good parents teach good fiscal responsibility..! Lousy parents leave the government to teach their kids!


Tesla,
Btw, I know a 67 year old greeter on the golf coarse thats a millionaire... he just doesn't like to sit around! So, again, if you don't want to be a "bagger" or if you ignorantly think your going to make it to age 65... then live your life contsricted. Some people don't wait till retirment to live life and some people don't have too.

And that is all I am saying.

[TESLAASTRO]

Originally Posted by Garrett

Thats the job of the Parent and not a school. Good parents teach good fiscal responsibility..! Lousy parents leave the government to teach their kids!


Tesla,
Btw, I know a 67 year old greeter on the golf coarse thats a millionaire... he just doesn't like to sit around! So, again, if you don't want to be a "bagger" or if you ignorantly think your going to make it to age 65... then live your life contsricted. Some people don't wait till retirment to live life and some people don't have too.

And that is all I am saying.

if it's the job of the parent, then all the economic data shows theyre doing a miserable job...stupidity begets stupidity...where do you think kids learn poor financial habits?...schools have classes like economics, why not personal finance? I'm sure there are already some schools teaching this...it should be made a curriculum standard....actually Garrett, teaching fiscal responsibility in schools could and should have a positive impact on the economy, and ease the pressure of government to have to constantly adjust monetary policy - your pseudo conservative viewpoint about too much government is tedious and ill informed.....

Once again Garrett, you just slightly miss my point....When I write about someone being forced to be a "bagger" at 65, it is an example of someone who "has to" work to make ends meet....Clearly, your friend the millionaire greeter is doing what he enjoys Garrett....

And also Garrett, life expectancy now for men is like 76 or 77, and will be well over 82 in 30 years.....you actually think it's ignorant to assume you will live to be 65?...is that an excuse Garrett?..."I won't live to be 65, so f*** thinking about retirement"......or "I'm going to live past 65, so I better not live it up now and constrict myself"....thats horsesh** Garrett....

[MrRoboto]

Originally Posted by Garrett

Thats the job of the Parent and not a school. Good parents teach good fiscal responsibility..! Lousy parents leave the government to teach their kids!


Tesla,
Btw, I know a 67 year old greeter on the golf coarse thats a millionaire... he just doesn't like to sit around! So, again, if you don't want to be a "bagger" or if you ignorantly think your going to make it to age 65... then live your life contsricted. Some people don't wait till retirment to live life and some people don't have too.

And that is all I am saying.

What an unbelieveable statement. You can be a great parent and not know how to balance a checkbook. Get off your high horse man.

It is up to the parents to give the children the tools to learn. One of the tools may be a government or private run school.

[TESLAASTRO]

Originally Posted by MrRoboto

What an unbelieveable statement. You can be a great parent and not know how to balance a checkbook. Get off your high horse man.

It is up to the parents to give the children the tools to learn. One of the tools may be a government or private run school.

Garrett fancies himself a right wing conservative.....that's what all the rich, well connected, informed people are.....

[bimmerfile]

Originally Posted by UJackM

Seems to be touchy subject. I won't say anything about anybody's choice. All I can say about myself is that if I cannot afford it in cash I won't do it. Never have had a monthly car payment and never will.

I'm with you on that.
Never had a car I couldn't pay cash for - and earlier in my life that often meant postponing getting a new car or getting something less than I would otherwise like to buy.
If only our Governments had that kind of discipline, eh?

[TESLAASTRO]

Originally Posted by carnut

I'm with you on that.
Never had a car I couldn't pay cash for - and earlier in my life that often meant postponing getting a new car or getting something less than I would otherwise like to buy.
If only our Governments had that kind of discipline, eh?

I agree with you also, and it must be a great feeling to pay cash at time of purchase....but, i just dont have 40k that isnt locked up in a 401k, IRA, college fund,or emergency cash reserves....with financing as low as 5% however, i do feel comfortable doing a 48 month loan......my emergency fund earns 5% taxable, so i would consider that almost offsetting the loan % rate...

[bavarianbutcher]

A touchy subject indeed. . . I just have one question: how long would 35K-40K last you after you retire? Or a more refined question the extra 10k you spend on a bimmer versus a toyota or even honda? You gota drive something!

[bavarianbutcher]

tomorrow tesla will be telling all the college grads to buy a horse and buggy because they cant afford any car period.

[imported_MPower]

Originally Posted by TESLAASTRO

Garrett fancies himself a right wing conservative.....that's what all the rich, well connected, informed people are.....

Finally, someone understands!

:biggrin:


(Yes, it is a joke; do not read into it more than that)

[TESLAASTRO]

Originally Posted by bavarianbutcher

A touchy subject indeed. . . I just have one question: how long would 35K-40K last you after you retire? Or a more refined question the extra 10k you spend on a bimmer versus a toyota or even honda? You gota drive something!

35-40k not that long DURING retirement....40k invested without adding another dime NOW, earning 11% interest per year (fairly conservative) will yield you $ 915,691.86 after 30 years....

Foregoing the BMW for the Toyota NOW and investing that 10k will yield you $ 228,922.97 in 30 years assuming 11% rate of return.

[TESLAASTRO]

Originally Posted by bavarianbutcher

tomorrow tesla will be telling all the college grads to buy a horse and buggy because they cant afford any car period.

You are Karnak the Magnificent...How did you read my mind?....the cost of oats, sugar cubes and carrots is far less than 93 octane.....