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re: Are most posters on this board very financially well-off?
Posted on 6/16/21 at 10:17 pm to Zachary
Posted on 6/16/21 at 10:17 pm to Zachary
I’m in my late 20s and have gotten to the point where I don’t wonder or worry about bills and expenses being paid for, and I also have more money than I’ve ever had, so however you define that.
My only real gripe is that I’m not a homeowner, but that’s only because buying a house in Bozeman right now is basically impossible. Anything worth a shite sells before it’s even officially on the market, and the values are so wildly overinflated that buying one now would be equivalent to buying into GME when it was at $400 and expecting to double your money from there.
My only real gripe is that I’m not a homeowner, but that’s only because buying a house in Bozeman right now is basically impossible. Anything worth a shite sells before it’s even officially on the market, and the values are so wildly overinflated that buying one now would be equivalent to buying into GME when it was at $400 and expecting to double your money from there.
1
Posted on 6/16/21 at 10:27 pm to Zachary
Most of them are like my Mamaw used to say:
They ain't got a pot to piss in
They ain't got a pot to piss in
Posted on 6/16/21 at 11:57 pm to Zachary
I think it all depends on what you mean by well off. My take is most posters on here are upper middle class and doing smart things like saving for retirement while a few are very well off. When I think very well off it’s making north of $350k a year (top 1% of earners starts around $400k). Top 5% of earners starts at $180k which is probably still a minority of actual posters here.
Posted on 6/17/21 at 8:23 am to Drizzt
I generally don't correlate salary with financial stability. There are lots of people who make a fortune and don't have a fortune. There are lots of people making relatively little, but with huge balance sheets.
Posted on 6/17/21 at 8:35 am to nolaks
quote:
I generally don't correlate salary with financial stability.
I know plenty of physicians, probably making around $200-400K, who still haven’t started saving for retirement in their mid 30s, and it isn’t because they’re aggressively tackling debt. It is pretty sad to see.
Posted on 6/17/21 at 12:21 pm to Hopeful Doc
quote:Right.
I know plenty of physicians, probably making around $200-400K, who still haven’t started saving for retirement in their mid 30s, and it isn’t because they’re aggressively tackling debt. It is pretty sad to see.
The old adage being, "Doctors are great at making money, and terrible at keeping it." That's always been hard for me to make sense of, frankly. But it's often true.
After one of our practice's larger business deals, a colleague bought a collection of very expensive toys, including a yacht berthed in West Palm Beach, and a jet he flies to and fro. Invested very little. The lack of insight as to financial planning or ROI expectations was/is breathtaking. He'll be working until he dies or physically has to quit.
Posted on 6/17/21 at 12:22 pm to NC_Tigah
Exactly right. Lots of them have mistresses on the side as well.
Posted on 6/17/21 at 3:07 pm to SlidellCajun
quote:
Anyone here with net worth more than 5mil?
MrLSU is probably the wealthiest guy I’ve personally met. His yacht is worth over $5 mil alone.
Posted on 6/17/21 at 3:59 pm to ihometiger
greygoose has 2MM in AMC alone (we think)
Posted on 6/17/21 at 5:09 pm to Hussss
quote:Just the poor ones
Lots of them have mistresses on the side as well.
Posted on 6/17/21 at 5:45 pm to Zachary
Depends on how you define well off.
Mrs. ColoradoAg03 and I live comfortably with our incomes and no kids, both have excellent credit scores with basically no debt outside of my new truck (50% DP, will be paid off early) and the mortgages for the 2 properties we own. My property is a rental (26% ROI/mo), we live in the one she owns, which will soon be our 2nd rental property (~50% ROI/mo) when we buy a new primary residence after the market calms down a bit. We don't have to worry about paying bills, we regularly add to our savings and investments, and in general can afford to do/go where we want when we wan. Are we wealthy? Definitely not. Are we financially stable and independent? Yes.
ETA: This could all be said about each of us before we met, so it's a little more so being together with our financial situations combined. The good Lord has blessed us both and we are thankful for it every day.
Mrs. ColoradoAg03 and I live comfortably with our incomes and no kids, both have excellent credit scores with basically no debt outside of my new truck (50% DP, will be paid off early) and the mortgages for the 2 properties we own. My property is a rental (26% ROI/mo), we live in the one she owns, which will soon be our 2nd rental property (~50% ROI/mo) when we buy a new primary residence after the market calms down a bit. We don't have to worry about paying bills, we regularly add to our savings and investments, and in general can afford to do/go where we want when we wan. Are we wealthy? Definitely not. Are we financially stable and independent? Yes.
ETA: This could all be said about each of us before we met, so it's a little more so being together with our financial situations combined. The good Lord has blessed us both and we are thankful for it every day.
This post was edited on 6/17/21 at 5:49 pm
Posted on 6/17/21 at 5:48 pm to ColoradoAg03
quote:
Are we wealthy? Definitely not. Are we financially stable and independent? Yes.
wealth is relative, piece of mind is not
that should be the goal
Posted on 6/17/21 at 5:49 pm to cgrand
quote:
wealth is relative, piece of mind is not
that should be the goal
Indeed. Peace of mind we do have.
Posted on 6/17/21 at 5:59 pm to cgrand
quote:Wisdom. (after replacing 'piece' with 'peace')
wealth is relative, piece of mind is not
Posted on 6/17/21 at 6:24 pm to Zachary
I used to be, but built a money pit house.
Posted on 6/18/21 at 4:33 pm to Zachary
As compared to the national average I would think without question. Then again the financial status (to say nothing of the health and educational attainment) of the median American individual isn’t particularly impressive.
Just completely guessing I would assume the overwhelming number of active posters on here fall somewhere between the 75-95% percentiles of income and assets. Essentially folks with careers and investable assets but not quite into the ultra high net worth ranges quite yet (although no doubt there are some)
Just completely guessing I would assume the overwhelming number of active posters on here fall somewhere between the 75-95% percentiles of income and assets. Essentially folks with careers and investable assets but not quite into the ultra high net worth ranges quite yet (although no doubt there are some)
Posted on 6/18/21 at 5:29 pm to ned nederlander
quote:Prior to this thread, I'd have made similar assumptions. Except based on thread criticisms here, I'd have elevated that majority to the 85%-99% level.
Just completely guessing I would assume the overwhelming number of active posters on here fall somewhere between the 75-95% percentiles of income and assets...
Posted on 6/18/21 at 6:05 pm to Zachary
quote:
Are most posters on this board very financially well-off?
Probably so. Money begets money and most here I assume are not looking for more money. They are looking for more time.
I can do pretty much anything I want in this world. Can I tell my boss to go frick himself? Nope.
Need a little more time for that.
Posted on 6/18/21 at 6:11 pm to Upperdecker
quote:
Considering a majority of Americans could not come up with $1000 if an emergency came up
I can do this but I'm nowhere near where I would like to be at 31. I have nothing useful to contribute to this board so I lurk a lot.
Posted on 6/18/21 at 6:44 pm to Zachary
I'm working on my 2nd million only because I gave up trying to get my first million.
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