Are you in the 9.9%?

[digitaldeath]

Oh no I'm not

A fairly typical SF couple with a net worth of $1.5 million owns a $2.5 million house encumbered by $1.2 million of debt plus $300K in savings. A fairly typical Kansas City couple with a net worth of $1.5 million owns a $450K house with $150K debt plus $1.2 million in savings.

These threshold qualifiers would make more sense if they adjusted for home values.

Not quite. The article is about the 9.9% having political influence and power. The KC couple in the above example has real potential power and influence -- indeed, households with $1.0 - $3.0 million net worth pretty much control state and local politics in flyover country. By contrast, the SF couple are middle class schmoos.

This is the problem. Ur into deep.

[Bobby Stainless]

2.5 is really the meat of the group. 1.2 just gets you in the door.

[Benny Profane]

So there's this region of CA that roughly starts around Palo Alto, and runs down through San Jose. Maybe you've heard of it?

They ain't buying groceries and weed with equity.

[Benny Profane]

Zuckerberg doesn't buy groceries or weed. He's a fucking tadpole like alien who only needs insects from his garden to survive.

[Bobby Stainless]

1.2 doesn't seem like a lot.

[MontuckyFried]

Fuck I hope you're right, I would totally dig dying rich.

I dunno. A few months back I was hanging out with this old man who imparted some wisdom on me. He said his hope was that he can blow and go toward the end, and then time it juuuuuuuuust right so that the last check he ever writes bounces. Said that was his ultimate financial goal. Hahaha.

[VTeton]

What do you think of this 2 bds • 2 ba • 1,350 sqft home I found on Zillow? https://www.zillow.com/homedetails/80843439_zpid/

When I was there 4 years ago, I found the RE super cheap compared to almost any top city. (LA, SF, NY, DC, Bos, Sea)

What's a 2br within walking distance of the train? Not arguing, just used CHI as an example. It's obviously a spectrum & not a black/white issue when it comes to location. Same goes for quality of life. My main thought there is to use commute & stress as proxies for quality. Without affordability stress and commuting drain you're free to focus on what enables enjoyment, regardless of what that might be. And it's a given that happiness/enjoyment isn't a constant outside or inside the high cost areas. Just trying to portray the scale as an exercise in prioritization, which is inherently personal. With the salient point being how one prioritizes doesn't affect status.

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[Iowagriz]

What do you think of this 2 bds • 2 ba • 1,350 sqft home I found on Zillow? https://www.zillow.com/homedetails/80843439_zpid/

When I was there 4 years ago, I found the RE super cheap compared to almost any top city. (LA, SF, NY, DC, Bos, Sea)


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Did you miss the HOA of $974 monthly?

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[VTeton]

Did you miss the HOA of $974 monthly?

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Still not bad. That hoa would be 1,500+ and the unit would be 600+ in those other cities

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[Iowagriz]

Too rich for my blood.

I keep looking at condos for retirement at mountain towns. Can't justify over $400, but I'm cheap.

But then again, cheap will allow me to retire early (if I can figure out the medical side).

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[St. Jerry]

1.2 doesn't seem like a lot.

If you contributed the max to your 401k since 1990 (assumes no company match and no withdrawls) and owned your own home during that time (assumes you paid off the mortgage during that time), you are easily at the $1.2M level or above. (assumes no other major liabilities).

Easier said than done of course, but not that difficult if you make sacrifices ("delayed gratification") in order to max your 401k and pay the mortgage.

Edit: Stanley & Danko agree

[jackstraw]

I have a carbon Santa Cruz bike and carbon layup Praxis skis. Winning bitches!

[hawkgt]

So there's this region of CA that roughly starts around Palo Alto, and runs down through San Jose. Maybe you've heard of it?

very aware of that area, I know at least 10 businesses that closed their doors or had to sell out since they had no cash to pay the bills.

[liv2ski]

Our game plan is to rent out our home in Coronado, plus our other rentals. With my wife's pension and my little pension and SS down the road for me, that should put us in a great "cash flow" position.
Health care is a big consideration in anything we do. We could move to Canada, but I am thinking we would enjoy various countries in Yurp more. From looking into health care / dental insurance over there, it looks much lower in cost than what we would be looking at in the USA.
As I want to move around every 3-6 months, we will just rent until we come back home.
We have the assets, to me cash flow is king, if you want to have a fun retirement.

[PassTheDutchie]

Chicago is cheap as shit, fuck, providence is probably more expensive than Chitown...

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LOL. You don't know much about Chicago.


FWIW, my mom's favorite dictum: "It's much better to be young and poor than old and rich."

[Peruvian]

Edit: Stanley & Danko agree

Taking financial advise from Owsley & Rick seems like a poor decision.

[Benny Profane]

Yeah, but it totally sucks to be old and poor.


And old and rich can buy pussy, in various ways.

[El Chupacabra]

Yeah, but it totally sucks to be old and poor.


And old and rich can buy pussy, in various ways.

Sig-worthy quote.

[Bobby Stainless]

Yeah, but it totally sucks to be old and poor.


And old and rich can buy pussy, in various ways.

Benny is killing it.

[DJSapp]

Assuming price stability*, leverage always wins.
*famously popular late in the economic cycle

That 5% annual appreciation is good for the long term, both ups and downs. Just gotta ride out the massive swings.

Figures as presented, the SF dude would lucky if he could even make his 30 year mortage, let alone eat.

Dude would be just fine. 300k is 180k after taxes (30% fed, 10% CA). 180k is $3461/week cash at the . 1.2m 30 year fixed jumbo at 4.25% is $5,903/month + 2k for tax and insurance. That leaves 6k/month for everything else. Dude is fine as long as the job holds out.

This is the problem. Ur into deep.

SF dude is in deep and it's all hinging on that big salary, sure. But given 10-15 years working for the man and the market not totally shitting the bed dude can pull the plug and buy a compound in Kansas and have a massive nest egg.

[Benny Profane]

Yeah, but, c'mon, no way you're moving to Kansas, right?

[SkiCougar]

https://www.theatlantic.com/magazine...ocracy/559130/

most in the usa are much better off than that. if you look at global rich list, 1.2 mil net worth puts you in the 1% easily. you can't live well in cali or the northeast on that but most of the rest of the country; you can.

unfortunately, mass consumerism keeps most in debt over stuff that's depreciating and they never realize it.

[Bobby Stainless]

Yeah, but, c'mon, no way you're moving to Kansas, right?

I go to KS quite a bit. It sucks.

There is a good deli named Cinnamons. That's about it.

[Ted Striker]

Zuckerberg doesn't buy groceries or weed. He's a fucking tadpole like alien who only needs insects from his garden to survive.

I actually laughed out loud.

[skifishbum]

here i was thinkin gettin to ski or fish more days a year than work a nice crib a great wife and a new goofy newfy fur kid every decade
was livin well
next youll tell me the bums never win