re: How? Just how do so many people afford 2+ mil secondary homes in florida?

Well, when you're in the c suite of a multi billion dollar Fortune 100 company that runs the healthcare industry, shits easy. It's like buying a new bike or something miniscule. I currently see this now.

I highly doubt an everyday baw is doing this without being in serious debt.

quote:

---

Even if I could afford it not sure I would want the pain with dealing with hurricanes and renting it out of occasionally. I’d rather have a 1000 acres with a simple house on it.

---

I mean personally I probably would prefer your scenario as well, but take a look at how the value of those beach communities has changed over the past 20+ years. The beach house is typically a great long term investment.

Source - family built a pretty normal house in Carrillon Beach in 2000. Sold in 2019 for 10x the basis.

Naples real estate is insae and people are buying it.

quote:

---

If you want to get there on your own, fact is as long as you work for someone, you have virtually no chance. I won’t say no chance, as you could become a high level executive at a big company, but chances are if you aren’t self employed you will never have the kind of money to touch that realm of life.

---

realized this. trying to start my own business but the barrier of entry $$$ is keeping me working for the man for now. And the barrier of entry is purely $$$ for various licenses and such. I'm in the spend money to make money area now.

quote:

---

Well, when you're in the c suite of a multi billion dollar Fortune 100 company that runs the healthcare industry, shits easy. It's like buying a new bike or something miniscule.

---

I saw a video that said a billionaire spending $250k on a submarine expedition is the equivalent of someone who makes $50k/year buying a $12 lunch.

Have you ever go down the diversion canal???? You will see where all the money in south Louisiana is at.

I have a close group of 5 friends from college. 4 of us are about the same level of financial success/security. Then there’s one who married a guy who ended up being an oil/gas trader. Dude scored a bonus a few years ago that was upwards of $30 million. For one year. They now have 3 vacation homes in different places.

I like my job and I make decent money and my husband does well, but fuuuuuuuccckkkk. $30M in one year just isn’t in the cards for me. My friend got lucky. But if you talk to her on the wrong day, sometimes she would give it all up for a more attentive husband.

Family wealth is some of it. I worked with a girl whose grandma owns like 5 houses in 30A. She literally would catch flights with a rich neighbor in Buckhead on his jet. Her grandad bought the kits in the 50s

quote:

---

Just how do so many people afford 2+ mil secondary homes in florida?

---

Mine’s not in Florida, but I got it by starting a business with some partners, running it for a few decades and selling it.

I’ll make this point about wealth, though: If you are able to accumulate $700,000 in wealth that is neither in your 401k, nor your primary residence it makes sense to me to convert it to renewing short term bonds, or something like that, then wait for the market to tank, as it does every 15 years or so.

When that happens, go buy your $2 million place in Florida. Put down $400k and use the other $300k to help pay the mortgage and fees for five years. By that time, the market will have recovered, you can sell at a profit, and you will have enjoyed the hell out of your place for five years. You’ll probably be tired of it by then anyway.

The point is that with a little hustle you can leverage your wealth into something that enhances your life instead of leaving it in the stock market.

quote:

---

Factor in investments he’s made, he’s probably sitting at a net worth of $20 million+. If not more.

---

Just think about it if you had a 401k that started 20 to 30 years ago. You would have etf's / stocks that have shot up 1000% percent or more. Think microsoft/apple/nvda at 5.00 a share. You own 1000 shares of each . They are now 1000 @share after splits. Yeah I'm talking i'm rich money. Unfortunetly for me i missed investing at that time .