am I missing something here or is everyone else?ea1060 said:Does it really matter when you can only invest $6k/year in a Roth IRA? Thats not much to a HNW individual.not hedge said:
I'm amazed of the different business owners and HNW individuals who don't know of the backdoor
The Debt said:
This thread is awkward for me.
ea1060 said:Does it really matter when you can only invest $6k/year in a Roth IRA? Thats not much to a HNW individual.not hedge said:
I'm amazed of the different business owners and HNW individuals who don't know of the backdoor
not hedge said:
That's the mega backdoor
Sandman98 said:
I think we're seeing wealth and asset transfer from boomers beginning to drive the lifestyle of a heck of a lot of people. People don't usually tell you about that source of wealth.
Ag92NGranbury said:
smart money has been stashing cash and keeping the powder dry... we are on the precipice of buyer's bonanza and it will be glorious
stocks, land, real estate, boats...etc
ChoppinDs40 said:
If both people work it's not hard at all for 2 professionals to be pulling in $300k plus in Texas's big cities. Locked in mortgage at prepandemic prices? That's a lot of discretionary spending available.
And when debt has been so cheap, why not use it? Obviously need to use it intelligently. My mortgage is 30yr at 2.5% - I'm not paying that down "sooner" to save on effective interest rate of 1.8%. But also put back ~65k/ year in 401k/HSA/other investments and have a decent emergency savings fund in cash.
Leverage away!
Probably a little presumptuous to assume somebody grew up rich and doesn't see 95% of the country because of something like that. Its true that it's not hard for two professionals to pull in $300,000. It's also true that it is rare.gig em 02 said:ChoppinDs40 said:
If both people work it's not hard at all for 2 professionals to be pulling in $300k plus in Texas's big cities. Locked in mortgage at prepandemic prices? That's a lot of discretionary spending available.
And when debt has been so cheap, why not use it? Obviously need to use it intelligently. My mortgage is 30yr at 2.5% - I'm not paying that down "sooner" to save on effective interest rate of 1.8%. But also put back ~65k/ year in 401k/HSA/other investments and have a decent emergency savings fund in cash.
Leverage away!
When people say things like this I know they grew up rich and haven't spent much time around the middle class. $300k combined household income is less than 10% of the population. According to the link I posted below $227,000 puts you in the 95th percentile in Dallas.
Parents with large retirement accounts that are sending money to their kids before they die is probably less than 5% of the population. I'm jealous of people that see the world this way because it means they've never even recognized the existence of 95% of the country.
Look at the actual statistics on savings and income. If all these people are so financially savvy why are 72 month car loans standard? It's not a bunch of millionaire next doors driving those raptors you see everywhere.
Disney world has been operating at full capacity. Who is voting for Biden if that many people are that financially well off?
https://statisticalatlas.com/metro-area/Texas/Dallas/Household-Income
you're not paying attention then. Real Estate has cooled significantly and demand is way down in most markets.Ghost of Bizbee said:Ag92NGranbury said:
smart money has been stashing cash and keeping the powder dry... we are on the precipice of buyer's bonanza and it will be glorious
stocks, land, real estate, boats...etc
Can you elaborate?
Genuinely interested in your opinion.
I keep telling myself this and see nothin but rising home values, inflation, and demand still not being satiated for real estate
Diggity said:you're not paying attention then. Real Estate has cooled significantly and demand is way down in most markets.Ghost of Bizbee said:Ag92NGranbury said:
smart money has been stashing cash and keeping the powder dry... we are on the precipice of buyer's bonanza and it will be glorious
stocks, land, real estate, boats...etc
Can you elaborate?
Genuinely interested in your opinion.
I keep telling myself this and see nothin but rising home values, inflation, and demand still not being satiated for real estate
Disagree. I grew up solidly middle class and not rich at all.gig em 02 said:ChoppinDs40 said:
If both people work it's not hard at all for 2 professionals to be pulling in $300k plus in Texas's big cities. Locked in mortgage at prepandemic prices? That's a lot of discretionary spending available.
And when debt has been so cheap, why not use it? Obviously need to use it intelligently. My mortgage is 30yr at 2.5% - I'm not paying that down "sooner" to save on effective interest rate of 1.8%. But also put back ~65k/ year in 401k/HSA/other investments and have a decent emergency savings fund in cash.
Leverage away!
When people say things like this I know they grew up rich and haven't spent much time around the middle class. $300k combined household income is less than 10% of the population. According to the link I posted below $227,000 puts you in the 95th percentile in Dallas.
Parents with large retirement accounts that are sending money to their kids before they die is probably less than 5% of the population. I'm jealous of people that see the world this way because it means they've never even recognized the existence of 95% of the country.
Look at the actual statistics on savings and income. If all these people are so financially savvy why are 72 month car loans standard? It's not a bunch of millionaire next doors driving those raptors you see everywhere.
Disney world has been operating at full capacity. Who is voting for Biden if that many people are that financially well off?
https://statisticalatlas.com/metro-area/Texas/Dallas/Household-Income
Diggity said:
Since rates doubled.
Prices are still way up from pre COVID levels but demand is down in most markets. Just ask anyone trying to sell a home right now. Very different market from this time a year ago.
YouBet said:Disagree. I grew up solidly middle class and not rich at all.gig em 02 said:ChoppinDs40 said:
If both people work it's not hard at all for 2 professionals to be pulling in $300k plus in Texas's big cities. Locked in mortgage at prepandemic prices? That's a lot of discretionary spending available.
And when debt has been so cheap, why not use it? Obviously need to use it intelligently. My mortgage is 30yr at 2.5% - I'm not paying that down "sooner" to save on effective interest rate of 1.8%. But also put back ~65k/ year in 401k/HSA/other investments and have a decent emergency savings fund in cash.
Leverage away!
When people say things like this I know they grew up rich and haven't spent much time around the middle class. $300k combined household income is less than 10% of the population. According to the link I posted below $227,000 puts you in the 95th percentile in Dallas.
Parents with large retirement accounts that are sending money to their kids before they die is probably less than 5% of the population. I'm jealous of people that see the world this way because it means they've never even recognized the existence of 95% of the country.
Look at the actual statistics on savings and income. If all these people are so financially savvy why are 72 month car loans standard? It's not a bunch of millionaire next doors driving those raptors you see everywhere.
Disney world has been operating at full capacity. Who is voting for Biden if that many people are that financially well off?
https://statisticalatlas.com/metro-area/Texas/Dallas/Household-Income
If both of you have degrees and get into corporate and stick with it, it's not that hard to be making that kind of money in your 30s and 40s. My first job out of college paid me about $25K and I got there. It's actually a pretty easy formula if you stick with it. Most people either don't stick with it for various reasons or they do stick with it and then just blow all the money they make.
heh... my kid's daycare teachers are both college educated and one has a masters in early childhood development. Some people in this world do things for their passion and not money.Diggity said:
Man. Who is talking care of everyone's kids?
HH income of $300K (minimum of course, we went to A&M for crying out loud) and let some $15/hour flunky raise your kids.
American dream baby!
Coming to defend my original post - thanks everyone for piling on the naysayers.gig em 02 said:ChoppinDs40 said:
If both people work it's not hard at all for 2 professionals to be pulling in $300k plus in Texas's big cities. Locked in mortgage at prepandemic prices? That's a lot of discretionary spending available.
And when debt has been so cheap, why not use it? Obviously need to use it intelligently. My mortgage is 30yr at 2.5% - I'm not paying that down "sooner" to save on effective interest rate of 1.8%. But also put back ~65k/ year in 401k/HSA/other investments and have a decent emergency savings fund in cash.
Leverage away!
When people say things like this I know they grew up rich and haven't spent much time around the middle class. $300k combined household income is less than 10% of the population. According to the link I posted below $227,000 puts you in the 95th percentile in Dallas.
Parents with large retirement accounts that are sending money to their kids before they die is probably less than 5% of the population. I'm jealous of people that see the world this way because it means they've never even recognized the existence of 95% of the country.
Look at the actual statistics on savings and income. If all these people are so financially savvy why are 72 month car loans standard? It's not a bunch of millionaire next doors driving those raptors you see everywhere.
Disney world has been operating at full capacity. Who is voting for Biden if that many people are that financially well off?
https://statisticalatlas.com/metro-area/Texas/Dallas/Household-Income
MAS444 said:
" It's not hard, you just have to perform at the top level of a top major at a top university, then perform well enough to go to graduate school, then devote your entire life to your work, then hope that you work for a company that actually rewards hard work or that there is a perfect opening for you to get the necessary promotions, then marry someone who has done the same thing, then have kids but not actually want to spend time with them."
Oh give me a freakin break…
gig em 02 said:
It's not hard, you just have to perform at the top level of a top major at a top university, then perform well enough to go to graduate school, then devote your entire life to your work, then hope that you work for a company that actually rewards hard work or that there is a perfect opening for you to get the necessary promotions, then marry someone who has done the same thing, then have kids but not actually want to spend time with them.
Not to mention having an upbringing that puts you on track to be able to do those things in the first place. Sounds like I was wrong, it's simple to be in the 98th percentile of earners!
The interesting thing is that you acknowledge many people from your small town are buying things they can't afford and living off the government. So to the ops point, yea lots of debt.
jja79 said:
The ex wife is the ex.
