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Not true, tons of idle rich. Many who own multiple homes all over the globe. In the case of SF city limits, they found 61,000 homes in SF are vacant. That's 15% of the city housing stock, most of which are just part of real estate portfolios. It was at 40,000 in 2019.
This is part of the reason it is so expensive. Removing 15% housing stock totally warps the supply side economics of housing costs.
Plenty of burglary calls from alarm companies to homes that were totally empty. Owner out of state or country. Keep in mind my first job in my career was out there. LOL
Yes, I understand this, but I'm talking about the majority of "millionaires"(lower case M) here that have to scrimp and save just to make ends meet---that might sound laughable to out-of-towners, but it is what it is.
Yes, I understand this, but I'm talking about the majority of "millionaires"(lower case M) here that have to scrimp and save just to make ends meet---that might sound laughable to out-of-towners, but it is what it is.
I was surprised when my friend who lives in Marina District, whose kid goes to private school and whose husband owns an airplane, told me they don’t eat out often and don’t drive anywhere more than 20 mins. I don’t think they are “saving to make ends meet”, I am more surprised (other than her being so candid with me) and impressed (even admire) that they are disciplined in their spending. Another friend whose husband works for Elon Musk’s A.I company, making $500k a year but complained they have to carefully plan their spending. Additionally with the urban saga my sister who lives in Saratoga has been telling me about life in Silicon Valley…..makes you wonder behind every supposed high income how much you really take home (net) and how much you actually save/invest.
I was surprised when my friend who lives in Marina District, whose kid goes to private school and whose husband owns an airplane, told me they don’t eat out often and don’t drive anywhere more than 20 mins. I don’t think they are “saving to make ends meet”, I am more surprised (other than her being so candid with me) and impressed (even admire) that they are disciplined in their spending. Another friend whose husband works for Elon Musk’s A.I company, making $500k a year but complained they have to carefully plan their spending. Additionally with the urban saga my sister who lives in Saratoga has been telling me about life in Silicon Valley…..makes you wonder behind every supposed high income how much you really take home (net) and how much you actually save/invest.
500k in the Bay Area definitely ain’t rich. In Kalamazoo, yes. If you have kids who need to take ballet, play sports, instruments and you’re in a circle of friends that vacation and eat out often, 500k doesn’t stretch that far especially after taxes
I know people worth 8 figures plus that drive Hondas and take Uber X
500k in the Bay Area definitely ain’t rich. In Kalamazoo, yes. If you have kids who need to take ballet, play sports, instruments and you’re in a circle of friends that vacation and eat out often, 500k doesn’t stretch that far especially after taxes
True. They couldn’t even find sitters/nannies easily because Bay Area is so expensive the “help” aren’t readily available. (probably live too far.)
Although IF the families diversified their portfolio and had enough equity many of the expenses such as kids’ extracurricular activities can be covered by dividends, interest income, passive income (rental property)…..etc. Compared to mortgage (in particular in places like SFBA and Southern CA) those extracurricular activities are relatively little. Tax (both income and property) and mortgage are probably the most costly expenses.
Although I recently met a Mom in Irvine who paid $80/hour to hire a tutor for her Kindergarten kid. Kindergarten!
I know people worth 8 figures plus that drive Hondas and take Uber X
And that’s a great virtue. My parents were/are definitely upper class high net in both cash and equity, both went through the WWII (indirectly) so the frugality and pragmatism are in their generational DNA.
True. They couldn’t even find sitters/nannies easily because Bay Area is so expensive the “help” aren’t readily available. (probably live too far.)
Although IF the families diversified their portfolio and had enough equity many of the expenses such as kids’ extracurricular activities can be covered by dividends, interest income, passive income (rental property)…..etc. Compared to mortgage (in particular in places like SFBA and Southern CA) those extracurricular activities are relatively little. Tax (both income and property) and mortgage are probably the most costly expenses.
Although I recently met a Mom in Irvine who paid $80/hour to hire a tutor for her Kindergarten kid. Kindergarten!
Wow last part is madness. But hey it’s an investment in your child’s future
Medians are always more instructive than averages, especially in "knowledge economy"-heavy metro areas where the top earners contribute to the most gaping wealth disparities in the US.
Correct. But people like to see their city/region rank highly in impressive metrics. That's kind of what general-US C-D is all about no?
$80 an hour isn't much for freelance work. Typically you charge 3x what you'd make in a regular job -- 2x because you might only bill 20 hours a week in many scenarios, and an extra 50% because you're paying for all your own "benefits." That equates to $26.67, a poor wage in a coastal city.
$80 an hour isn't much for freelance work. Typically you charge 3x what you'd make in a regular job -- 2x because you might only bill 20 hours a week in many scenarios, and an extra 50% because you're paying for all your own "benefits." That equates to $26.67, a poor wage in a coastal city.
A few things to consider here:
1: tutoring for kindergarten doesn’t take much high(er) education nor specialized skills-unless the child has learning differences/disability/neurodiverse which isn’t the case here.
2: given it’s for kindergarten kids, I’m positive it’s a side hustle instead of full time. A tutor can have more than one client at once.
3: many cases like this tutors get paid cash, no tax needed to report. The tutor doesn’t need to pay any agency so net in the pocket $80/h. Not bad for practicing alphabet/phonics and sounding words out for enrichment.
4: I shared this more because of the level of pay for tutoring kindergarten, as many more advanced education and complicated learning can so commonly charge up to 3 digits per hour.
That’s all. Not a big deal but thought I’d clarify a bit.
Last edited by achtung baby; 11-18-2023 at 03:28 PM..
Reason: Typos
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