- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How do $40k a year millionaires pay for these swimming pools?
Posted on 7/30/16 at 3:34 pm
Posted on 7/30/16 at 3:34 pm
Do people finance these $50k plus swimming pools? I'm ignorant on the subject to be honest. I'm just wondering if financing that type of thing is commonplace?
11
Posted on 7/30/16 at 3:37 pm to BehindtheWoodshed
Yeah they probably take out a HELOC for it
Posted on 7/30/16 at 4:03 pm to BehindtheWoodshed
Had a buddy that made 65 to 70k and had a $400,000 house with a 50k pool. His wife's father died and left them 150k and she sold her old house she got in her 1st marriage with about $100k in equity. They put around 150k down and did an interest only loan. They ended up walking away and doing a short sale after the 08 housing market collapsed and the Higher mortgage payment was going to be due.
You never know how people get their money and it doesn't have to be their 40k jobs.
You never know how people get their money and it doesn't have to be their 40k jobs.
This post was edited on 7/30/16 at 6:00 pm
Posted on 7/30/16 at 4:12 pm to Rize
Heloc after their parents buy the house for them give them 3 year old luxury cars they don't want any more so no house or car payment.
This post was edited on 7/30/16 at 4:13 pm
Posted on 7/30/16 at 4:29 pm to BehindtheWoodshed
Hey some of us make more than you believe it or not you miserable prick
Posted on 7/30/16 at 4:37 pm to dabigfella
quote:
Hey some of us make more than you believe it or not you miserable prick
he specifically asked how people do it who make $40K.
For the billionaires like yourself the question wouldn't apply.
Posted on 7/30/16 at 4:45 pm to WG_Dawg
well does he know their incomes off of their tax returns? The whole concept of $30k millionaires is silly because its just a way for people to justify the ridiculousness of what other people buy without knowing specific financials about them. Whether its family money passed down, money earned, money financed whatever it doesnt matter how someone got whatever it is they have. This is more of an OT lounge question than a money board question just off how ridiculous and petty it is. Money is so cheap today I dont think anyone is rich anymore who buys anything. Brand new Rolls Royces lease for under $2k/month...... I have an interest only mortgage out at 2.75% in florida, how ridiculous is that? For $27,500 a year you could buy a $1M home.....
2016 Rolls Royce Lease For $30,000 down $1,795/month....not quite the beacon of wealth is it?
Literally anyone who makes $150,000 a year could buy that rolls royce, yet as a society we perceive something like a rolls royce as something for the elites.... $1795/mo? Thats elite? A $50,000 swimming pool financed is not that big a deal to a 2 income family where both parents are mediocre and make $30k/year if financed at super low rates.
2016 Rolls Royce Lease For $30,000 down $1,795/month....not quite the beacon of wealth is it?
Literally anyone who makes $150,000 a year could buy that rolls royce, yet as a society we perceive something like a rolls royce as something for the elites.... $1795/mo? Thats elite? A $50,000 swimming pool financed is not that big a deal to a 2 income family where both parents are mediocre and make $30k/year if financed at super low rates.
This post was edited on 7/30/16 at 4:50 pm
Posted on 7/30/16 at 4:49 pm to dabigfella
Some of you read way too frickin much into a post. How do people who aren't writing a 50k check paying for swimming pools? Seems as though HELOC is the answer..,.
Apparently my 40k millionaire comment struck the nerves of some 40k millionaires.
Apparently my 40k millionaire comment struck the nerves of some 40k millionaires.
Posted on 7/30/16 at 5:01 pm to BehindtheWoodshed
Using an interest-only HELOC at 3.5%, a $50k pool would cost $146/month and is deductible for income taxes.
Maybe they cut the cord on their cable bill? It's hardly baller status.
Maybe they cut the cord on their cable bill? It's hardly baller status.
Posted on 7/30/16 at 5:16 pm to BehindtheWoodshed
quote:
I'm ignorant
Most cogent statement by OP
This post was edited on 7/30/16 at 5:17 pm
Posted on 7/30/16 at 5:45 pm to dabigfella
quote:
well does he know their incomes off of their tax returns? The whole concept of $30k millionaires is silly because its just a way for people to justify the ridiculousness of what other people buy without knowing specific financials about them. Whether its family money passed down, money earned, money financed whatever it doesnt matter how someone got whatever it is they have. This is more of an OT lounge question than a money board question just off how ridiculous and petty it is. Money is so cheap today I dont think anyone is rich anymore who buys anything. Brand new Rolls Royces lease for under $2k/month...... I have an interest only mortgage out at 2.75% in florida, how ridiculous is that? For $27,500 a year you could buy a $1M home.....
2016 Rolls Royce Lease For $30,000 down $1,795/month....not quite the beacon of wealth is it?
Literally anyone who makes $150,000 a year could buy that rolls royce, yet as a society we perceive something like a rolls royce as something for the elites.... $1795/mo? Thats elite? A $50,000 swimming pool financed is not that big a deal to a 2 income family where both parents are mediocre and make $30k/year if financed at super low rates.
I think his point is that sure you can leverage yourself into whatever you want to buy.
Just don't be surprised when they foreclose and your property value drops because they are dumb with money.
Personally I think far too many people think that because they can get credit for something that it's a good idea. Financial security is worth not keeping up with the Jones.
Posted on 7/30/16 at 5:50 pm to BehindtheWoodshed
You may be surprised how much some folks make.
I had no idea some accountants can hit $1million plus annually. I'm talking bachelor level CPAs at the big firms.
I had no idea some accountants can hit $1million plus annually. I'm talking bachelor level CPAs at the big firms.
Posted on 7/30/16 at 6:05 pm to CharlesLSU
I'm speaking about people I know their salary. It varies so much on how people want to be strapped on money. Some people live paycheck to paycheck and have nicer things than I have but I would rather have 3 years worth of bills sitting in my emergency fund and live in a house that my wife and I make more per year than what our house is worth. I'm so cheap I don't even have a side by side and my truck is an 08. I love to hunt more than work so those two things are really important to me.
This post was edited on 7/30/16 at 6:06 pm
Posted on 7/30/16 at 6:06 pm to Porker Face
Posted on 7/30/16 at 7:09 pm to BehindtheWoodshed
youd be surprised the debt some folks are carrying around.
or maybe you wouldn't be.
or maybe you wouldn't be.
Posted on 7/30/16 at 10:47 pm to Bayou Tiger
How many years??
Posted on 7/30/16 at 10:48 pm to East Coast Band
I'm interested in building a pool...
Any banks worth checking into for HELOC?
Any banks worth checking into for HELOC?
Posted on 7/30/16 at 11:54 pm to Tigeralltheway
I used Western Federal Credit Union LINK. The draw period is 15 years to pay interest-only.
Posted on 7/31/16 at 12:21 am to dabigfella
That Rolls lease deal is terrible. The website says it only comes with 2,500 annual miles. Not a very good deal for $21,540
Posted on 7/31/16 at 12:50 am to Serraneaux
I will say that the friends that I have had since highschool that had their parents buy them vehicles have all done well. They get new vehicles in highschool or college and get a new vehicle or help once they get married.
For the record I think my parents are stuck on $1500
I got $1500 for graduating highschool, $ 1500 for my wedding, and $1500 for my 1st house purchase which bought me my blinds.
I thank them for every penny and don't hold nothing against the folks whose parents who can afford to buy their cars until they are 25 and pay for their down payment on their first home but my folks weren't one of them.
I'll trade all that money from my folks for when my Dad and I are sitting around a camp fire at the ranch and he tells me Son I am proud of you for what you have done for yourself.
For the record I think my parents are stuck on $1500
I got $1500 for graduating highschool, $ 1500 for my wedding, and $1500 for my 1st house purchase which bought me my blinds. I thank them for every penny and don't hold nothing against the folks whose parents who can afford to buy their cars until they are 25 and pay for their down payment on their first home but my folks weren't one of them.
I'll trade all that money from my folks for when my Dad and I are sitting around a camp fire at the ranch and he tells me Son I am proud of you for what you have done for yourself.
This post was edited on 7/31/16 at 1:00 am
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News