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re: How do $40k a year millionaires pay for these swimming pools?

Posted on 8/1/16 at 8:29 pm to
Posted by lilsnappa
Red Stick
Member since Mar 2006
1793 posts
Posted on 8/1/16 at 8:29 pm to
quote:

, the list goes on and on for engineers


I agree that competent software engineers can make good money almost anywhere in the country.

Just like a master electrician or welder does.

But in the cities you mentioned, $150k/yr doesn't go as far as you'd think.
Posted by Breauxsif
Member since May 2012
22290 posts
Posted on 8/2/16 at 12:21 am to
Trust me brah, I know. I live in Seattle where the cost of living is outrageous. I work at one of the best companies nationwide and make very good money for my age with an EE degree. 6 figures doesn't get you much here.
Posted by Breauxsif
Member since May 2012
22290 posts
Posted on 8/2/16 at 12:27 am to
So your in tech? What experience do you have with salaries and so forth, haha
Posted by LurkerIndeed
Fat Guy In A Little Coat
Member since Nov 2008
842 posts
Posted on 8/2/16 at 6:43 am to
quote:

 I work at one of the best companies nationwide and make very good money for my age with an EE degree. 


Thanks for pointing that out, wasn't quite sure on that point.
Posted by BeerMoney
Baton Rouge
Member since Jul 2012
8362 posts
Posted on 8/2/16 at 7:51 am to
I'm about 90% sure it's HELOC. One day the wife asks "so we have a HELOC right?". I have a HELOC just in case shite goes totally sideways and the wife is always eyeing that thing for a pool or patio project in the $20-50k range. She got the idea from her $40k millionaire buddy who used one to get their pool. Those people got it from some other $40k millionaire.

Not this guy.
Posted by lilsnappa
Red Stick
Member since Mar 2006
1793 posts
Posted on 8/2/16 at 9:22 am to
$40k millionaire spending habits is the reason Dave Ramsey is a national brand by teaching simple (almost 8th grade level) financial principles.

If you read any of the Thomas J. Stanley books on his research of Americans with >$1M net worth you will quickly understand that what someone can afford and what someone is worth are 2 very very different things.
Posted by sbr2
Member since Apr 2011
15012 posts
Posted on 8/2/16 at 9:59 am to
Man, money board has had some interesting threads the past few days.
Posted by MusclesofBrussels
Member since Dec 2015
4448 posts
Posted on 8/2/16 at 10:22 am to
Breauxsif brags and probably also exaggerates or lies on here constantly, which is amusing to me because even the amounts he claims aren't very impressive for seattle. There's also no need to show up in random threads to drop how much he makes or brag about amazon stock in a Nintendo stock thread. Bigfella is annoying, but at least he's boasting about actual wealth rather than a salary which can barely afford a single family home in seattle
Posted by TheIndulger
Member since Sep 2011
19239 posts
Posted on 8/2/16 at 11:29 am to
I don't think having a low six figure salary in Seattle is anything to brag about
Posted by HeadyMurphey
Los Santos
Member since Jan 2008
17183 posts
Posted on 8/2/16 at 11:29 am to
Of course I am in IT, been sold for 16 years. From development, engineering to senior management. I have hired plenty of engineers, developers, etc. Worked for large companies everyone has heard of to small ones that no one has. The salaries you speak of are exclusive to certain areas and not the norm across the nation. I saw it as you just wanting to state what you made while trying to make it sound like the norm, which is far from what is reality
Posted by JayDeerTay84
Texas
Member since May 2013
9847 posts
Posted on 8/2/16 at 2:52 pm to
I don't like this thread title. It implies someone who makes 40k can't be a millionaire.
Posted by lilsnappa
Red Stick
Member since Mar 2006
1793 posts
Posted on 8/2/16 at 3:17 pm to
quote:

It implies someone who makes 40k can't be a millionaire


If they finance $50k swimming pools while making $40k/yr, statistics say they will more than likely will not become millionaires.
Posted by EA6B
TX
Member since Dec 2012
14754 posts
Posted on 8/2/16 at 3:17 pm to
quote:

Trust me brah, I know. I live in Seattle where the cost of living is outrageous. I work at one of the best companies nationwide and make very good money for my age with an EE degree. 6 figures doesn't get you much here.


One of my kids is a ME, lives in Seattle, no idea what he makes, but he and his roommates rent a $900K house for $3800.00/month and say it is a great deal, the house would probably be valued around $275K in BR.
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