Thai discussion is ridiculous. People have different definitions of wealth. What exactly is high net worth? What may be a life time of savings for someone to buy might be lunch money for someone else. Just live below your means- don’t get into stupid debt and save as much as you can without depriving yourself of some fun in life.

300k might be a lot of money for some, it might be barely enough for someone to pay the monthly nut. It’s all relative.

 

Agreed. I lived in SF when I was making 80k 10 years ago out of school. I make low 7 figures now. Never once felt poor when I was making 80k because it's about lifestyle choices. If you don't eat avocado toast everyday, you'll be fine.

 

Exactly. I agree that living comfortably is relative, but I think most people, even the most of those on RL, when being truly honest would concede that even a $2500-$3000/mo car while a splurge isn't TOTALLY crazy, if it makes you happy. Happiness is key for my wife and I. After my daughter was born, my old man asked me, what/where do you want to be in 20 years? Answer: HAPPY! That may mean a pied-à-terre in Paris hanging out at bistro. That may mean a compound in Ubud or a beach house in Koh Samui. It may mean a garage full of prancing horses, P-Cars and Bimmers. Who knows.

 

Not now, but I have lived there. I was born in Monterey, went back to Monterey for grad school and also lived in the bay area twice. I know what it's like to live there.

According to Zillow, the median asking price for a home in San Francisco is $1,299,000. Not the price for a luxury mansion or an expansive estate — that's the price for the average home, including single-family housesand condos. And none of us are "average", so that is just a "50 percenter" home price in SF. In NOLA, it's $349k and the median income is $26k. Add in the huge tax burden in CA compared to where I live and $300k is dirt poor in SF (on a relative basis) for the same standard of living. Yes CA is gorgeous and I can rant about NOLA too. I've lived and worked in 12 states including living in Honolulu and Washington DC and visited 49 of them. I think I have a good understanding of the pros/cons of each region of the country.

The point is that making broad statements on an international forum about the ability to afford a $200k car is really nonsensical. There are many many factors at play to be considered.

P.S. Waiting for Lexvan to show another dog picture......lol

 

A well-diversified portfolio is unlikely to return what the S&P 500 does because a well-diversified portfolio has an allocation to fixed income. 9% a year is a very lofty return target.

 

 

I really dont know what is with this website where people take a generic comment just trying to make a point and analyze it to death. If you want to get super analytical then put your money in QQQ and forget it.

According to Investopedia:
"The S&P 500 Index originally began in 1926 as the "composite index" comprised of only 90 stocks.1 According to historical records, the average annual returnsince its inception in 1926 through 2018 is approximately 10%–11%.[[url=http://www.moneychimp.com/features/market_cagr.htm]cite] The average annual return since adopting 500 stocks into the index in 1957 through 2018 is roughly 8%."


Here is another citation for you if the time frame above is too long: https://www.businessinsider.com/pers...-market-return

• The average 10-year stock market return is 9.2%, according to Goldman Sachs data.
• The S&P 500 index has done slightly better than that, returning 13.6% annually."

Feel free to now criticize those numbers because people only invest on Tuesdays and now we need to look at all the returns on Tuesdays to make sure that that the statement is correct. Let me actually rephrase my comment so that my intentions of trying to make a point are clear: "The general concept is that if you have a **** ton of money of money in the bank, excuse me, in an investment portfolio, earning a decent interest rate, you are likely more able to afford a GT car than someone making a decent salary but has a **** ton of other debt and obligations and a high monthly nut to fulfill".

Generic enough for you?


Lexvan- Can we get another dog pic please.

 

 

I guess I’m the only one on this forum that doesn’t make 7 figures that drives a Porsche.

 

I live in NYC. $300K nets someone $12,500 per month. $5,000 per month ( or more) for housing, $750 per month for the garage, figure $1,250 for miscellaneous expenses, leaves $5,500 per month. I don’t think many would consider a $2,500-$3,000 car payment a comfortable situation….

 

I can't believe they let you in this forum.

 

+100

Exactly...

At the risk of sounding like a total douche... I’m honestly surprised how many people on here buying new GT cars are making 300k salary or less. I just think that’s crazy but YOLO I guess lol... I actually read a statistic the other day that the majority of Ferrari owners make less than 500k annually... So this must be more common then I originally assumed.

Again, absolutely nothing wrong with making 500k, 300k, or even 50k a year if you are happy and fulfilled. I just personally think some purchases (primarily toys) are crazy unless it’s beyond comfortable financially.

 

I feel left out. I don't have a dog. Or a GT3 yet for that matter....

 

This would honestly take you 5 min to Google... 300k a year falls into “upper middle class”. The average net worth of the upper middle class is 161k... Go ahead and round it up to 200k if that makes you feel better.

You think 200k is a high net worth?

 

I have friends that make $750k+ that are living paycheck to paycheck. I also have friends that make $300k and can buy a $500k car in cash.

Income means little. Discretionary/savings/liquidity/debt decide affordability.

I'm a wealth manager of 10+ years and I still get surprised to this day at how much or how little is affordable for people who make **** tons of money. I always advocate to spend money on the things that make you happy, within reason. I allocate way more of my income/net worth than I should to cars. And I have zero regrets.