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Made 700k last year, when do I start feeling well off?
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Poast new message in this thread
Date: February 20th, 2020 6:14 PM Author: Green domesticated state half-breed live in bay area. own a starter home and dont make enough to upgrade to a nice house. 1 kid, probably end up with 2 or 3.
should i put it all into crypto and hope for a big run up? |
Date: February 20th, 2020 6:21 PM Author: Laughsome Kitty Cat Shut the fuck up. (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39625900) |
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Date: February 20th, 2020 6:45 PM Author: Green domesticated state half-breed (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626029) |
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Date: February 20th, 2020 6:46 PM Author: Henna charismatic queen of the night (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626035) |
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Date: February 20th, 2020 6:59 PM Author: Beady-eyed navy hall prole (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626104) |
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Date: February 20th, 2020 7:00 PM Author: comical anal set (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626107) |
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Date: February 20th, 2020 7:04 PM Author: Maize Aphrodisiac Garrison People Who Are Hurt (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626126) |
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Date: February 20th, 2020 8:29 PM Author: ebony corner (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626487) |
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Date: February 20th, 2020 9:11 PM Author: supple community account (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626651) |
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Date: February 20th, 2020 9:12 PM Author: pink school (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626655) |
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Date: February 20th, 2020 9:33 PM Author: exciting dingle berry (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626709) |
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Date: February 20th, 2020 9:34 PM Author: big halford (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626718) |
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Date: February 20th, 2020 9:35 PM Author: buck-toothed headpube elastic band (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626720) |
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Date: February 20th, 2020 9:37 PM Author: bisexual dun nursing home (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626738) |
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Date: February 20th, 2020 6:46 PM Author: hideous electric furnace What's considered a "starter home" in the Bay Area? (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626033) |
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Date: February 20th, 2020 6:47 PM Author: Henna charismatic queen of the night brother, he's flaming. he does this every few months. and he's been doing this way before cslg. this is a very old very mentally ill poaster. (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626043) |
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Date: February 20th, 2020 6:48 PM Author: Green domesticated state half-breed mods
edit: also not flaming |
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Date: February 20th, 2020 6:49 PM Author: hideous electric furnace Damnit (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626057) |
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Date: February 20th, 2020 7:00 PM Author: Painfully honest gaped therapy hospital (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626110) |
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Date: February 20th, 2020 9:34 PM Author: big halford (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626719) |
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Date: February 20th, 2020 6:47 PM Author: Green domesticated state half-breed <2M (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626050) |
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Date: February 20th, 2020 11:44 PM Author: bisexual dun nursing home Just rent. It is 1000x more reasonable than buying in the bay area. Examples:
https://www.zillow.com/homedetails/1833-Mezes-Ave-Belmont-CA-94002/15548196_zpid/
https://www.zillow.com/homedetails/837-Oregon-Ave-San-Mateo-CA-94402/15526338_zpid/
https://www.zillow.com/homedetails/3845-Mumford-Pl-Palo-Alto-CA-94306/19508440_zpid/
https://www.zillow.com/homedetails/Washington-Ave-Redwood-City-CA-94061/2081081967_zpid/
If you make $700k/year you just realize you'll pay a decent amount in rent, avoid committing to a mortgage on a $3-5 million house, and save a ton. Eventually you'll leave to somewhere less shitty with a pile of cash. |
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Date: February 21st, 2020 1:42 PM Author: Sick ceo bbw CR (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39629807) |
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Date: February 21st, 2020 1:54 PM Author: brindle striped hyena gas station ? Unless you have horrible timing luck, buying Bay Area real estate is a great way to increase net worth. You can buy an asset that grows at 8-10% per year with 80% leveraged at 3.6% over 30 years. https://www.bayareamarketreports.com/trend/3-recessions-2-bubbles-and-a-baby |
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Date: February 21st, 2020 4:03 PM Author: Cordovan fantasy-prone office fortuitous meteor (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39630559) |
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Date: February 21st, 2020 5:15 PM Author: bisexual dun nursing home I personally believe that it isn't going to last. One reason why is the disconnect between the rentals on these properties and the mortgage. You can rent nice houses for reasonable prices and save like crazy. Or you can throw most of that $700k into RE and hope the ride doesn't come to an end with you holding the bag.
I'd bet on the S&P 500 than CA RE. It has done pretty well too. |
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Date: February 21st, 2020 5:34 PM Author: Cordovan fantasy-prone office fortuitous meteor it's called prop 13 in CA. prop taxes dont go up, so people who owned houses before big runups pay far less prop tax than expected, so their cost to hold is lower, so they can rent it out for lower (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39630971) |
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Date: February 21st, 2020 5:38 PM Author: bisexual dun nursing home That's a part of it but not the whole answer. Even if you added $12k/year in taxes to each property (so add $1k/month in rent) it would still be MUCH cheaper than buying. IRL, this is speculation so people are buying into it on the theory that it can never go down. So people that are generally wealthy throw all in to buy some $5 million house in CA because they think it might be worth $10 million in a decade (after all, it was worth $300k a decade or 2 ago).
My view is that this is a path to feeling poor in SF and riskier than people think. Over the past several decade the tech industry was founded in the area and exploded. However, tech is spreading out and less localized and CA has a ton of serious problems. And if that $5 million house ends up being worth $2.5 million, then you're fucked even if you make $700k/year. If you've been renting and throwing in the S&P 500 and it declines by 50%, you're still fine. |
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Date: February 21st, 2020 2:04 PM Author: wonderful zippy old irish cottage gaming laptop Terrible advice.
The only way to riches for highly paid wagecucks is through RE appreciation. |
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Date: February 21st, 2020 4:02 PM Author: Cordovan fantasy-prone office fortuitous meteor (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39630556) |
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Date: February 21st, 2020 5:13 PM Author: bisexual dun nursing home Then find that $700k job somewhere else. If you believe that long term SV/SF RE is a great investment then go for it, but personally, I would just rent. (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39630893) |
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Date: February 20th, 2020 6:50 PM Author: Floppy claret meetinghouse chances are you will never feel well off (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626061) |
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Date: February 20th, 2020 6:52 PM Author: Green domesticated state half-breed I think 2M a year would cut it (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626072) |
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Date: February 20th, 2020 6:54 PM Author: Floppy claret meetinghouse what would you need to buy to feel "well off"? (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626081) |
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Date: February 20th, 2020 6:58 PM Author: Green domesticated state half-breed really, a nice house in a good school district (so $3-4M in bay area) while not being house poor (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626098) |
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Date: February 20th, 2020 7:18 PM Author: Floppy claret meetinghouse you could swing a $3m mortgage if your income is stable. rate are ridiculously low right now. (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626214) |
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Date: February 20th, 2020 7:29 PM Author: Green domesticated state half-breed yes, I think that gets house poor though. at 1M+ i would feel more comfortable (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626262) |
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Date: February 20th, 2020 7:02 PM Author: adventurous hairless international law enforcement agency philosopher-king You'll never feel rich in cali or NY (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626118) |
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Date: February 20th, 2020 7:13 PM Author: Green domesticated state half-breed i think sadly this may be the only CR (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626184) |
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Date: February 20th, 2020 8:33 PM Author: metal fuchsia whorehouse hissy fit First year I felt rich was when I made 3 million. I didnt even feel rich when I cracked 1 million. (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626502) |
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Date: February 20th, 2020 11:47 PM Author: Multi-colored drab shrine jew (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39627520) |
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Date: February 20th, 2020 9:35 PM Author: buck-toothed headpube elastic band leave california if 700k doesnt do it for you jfc (http://www.autoadmit.com/thread.php?thread_id=4449539&forum_id=2#39626726) |
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Date: February 21st, 2020 4:44 PM Author: Cordovan fantasy-prone office fortuitous meteor Blankfein, who has an estimated net worth of $1.3 billion, told FT that he is not rich, but "well-to-do." "I can't even say 'rich,'" said the former banker. "I don't feel that way. I don't behave that way." |