What income level is "wealthy" to you? (job, payment, definition)
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I chose 225k-350k+. At that level, my wife and I could afford a $1,300,000+ home. Max out our retirements, have two new cars, either leased or bought. And take awesome trips 2 times a year. That amount of money would give us the freedom to do literally whatever we wanted.
Nota bene: These are the types of people who promptly go bust when they win the lottery.
Google is your friend. Give him a call. But keep in mind that the biased nature of the sensationalized document set he has to work with will need to be corrected for. Filters for source-reliability will need to be developed lest you become a victim of the very disease you are trying to investigate.
So what you are saying is that you have nothing credible to back up your assertions? That's kind if what I figured and your google response is simply a cop out instead of owning what you alluded to is simply something you believe but couldn't prove
Someone making 225-350K likely has a substantial amount of money saved for a downpayment. Also, probably already owns a home with equity in it.
That was not what the person said. You could say the same thing for a lot of people. Would you say it is a good idea for a couple making 125-150k to buy a 6-700k home? After all, they could have a substantial amount of money saved for a downpayment and probably already own a home with equity in it.
A couple making 225k maxing out their 401ks and living in a state with an income tax would likely have a take home pay of 5k bi-weekly. Even if they put down 300k on a 1.3 million dollar home they would be looking at a mortgage payment of ~4.8k/month (assuming 30 year fixed rate and 4% interest). That doesn't include property taxes and insurance. Would you want to pay ~50% of your take home for a mortgage?
I personally would never pay more than 2-2.5x our yearly gross income for a home. Nothing better than being house poor. If you think mortgage + property taxes + insurance of 40-60% of your take home is reasonable then go for it.
So what you are saying is that you have nothing credible to back up your assertions?
What I'm saying is that no-finger-lifted requests for special spoon-feedings of relevant information will be denied. I do not owe you the education that you have failed to provide for yourself. Your silly SWS theory is puerile economic poppycock. There is no real world basis for it. It is a creature of stupid anecotal citations. It was a significant mistake for you to have brought such a flimsy thing to the table.
What I'm saying is that no-finger-lifted requests for special spoon-feedings of relevant information will be denied. I do not owe you the education you have failed to provide for yourself.
Or simply put you don't have anything to support what you pulled out of your butt
I work in a field that deals with this all the time and you couldn't be further from reality with your made up stats
What I'm saying is that no-finger-lifted requests for special spoon-feedings of relevant information will be denied. I do not owe you the education that you have failed to provide for yourself. Your silly SWS theory is puerile economic poppycock. There is no real world basis for it. It is a creature of stupid anecotal citations. It was a significant mistake for you to have brought such a flimsy thing to the table.
It's typical when one brings an argument into a debate for that person to back that argument up with facts and data. You don't present a reason and expect others to do your research.
If you had already researched your position you would have the facts readily available and it would be no trouble to supply them.
Most debaters do that voluntarily because it strengthens their argument.
That was not what the person said. You could say the same thing for a lot of people. Would you say it is a good idea for a couple making 125-150k to buy a 6-700k home? After all, they could have a substantial amount of money saved for a downpayment and probably already own a home with equity in it.
A couple making 225k maxing out their 401ks and living in a state with an income tax would likely have a take home pay of 5k bi-weekly. Even if they put down 300k on a 1.3 million dollar home they would be looking at a mortgage payment of ~4.8k/month (assuming 30 year fixed rate and 4% interest). That doesn't include property taxes and insurance. Would you want to pay ~50% of your take home for a mortgage?
I personally would never pay more than 2-2.5x our yearly gross income for a home. Nothing better than being house poor. If you think mortgage + property taxes + insurance of 40-60% of your take home is reasonable then go for it.
yes, I agree! I love my vacations, travelling in general and too many other things to be house poor. That house would be a prison to me. I was at about 2.1x when I bought.
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