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Old 04-01-2024, 12:26 PM
 
Location: OC
12,805 posts, read 9,532,543 times
Reputation: 10599

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Quote:
Originally Posted by MKTwet View Post
What I don't like with the market is that so many lenders and experts will just lend people ridiculous amount of money to fuel the appetite for blowing the bubble up. Just a few years ago I see a bungalow going for $270k before covid and it sold for $625k this year. Who giving the buyer the power? Lenders.

I can't see how a so called desireable part of town go up this much in value which the young couple are probably paying over $5k/month to live there and they could only afford a Mazda SUV while most of the homes nearby are driving BMWs and Mercedes and most of those homes were acquired far below $400k

The problem is that how sustainable is a $5k mortgage? In order to qualify for that much, both couples have to rake in above $70k+ and need a 140k combined salary minimum to get in and live a frugal life because the mortgage will likely consume more than 30-45% of their take home income. If one person loses their job, which is likely for most Americans in 30 yrs there has to be atleast 2-3 job losing events on avg.

Again the market is setup to bubble and pop cyclical. If this bubble doesn't pop yet, it will get so large I'm afraid it can be very devastating for our economy and our currency.
Lol. Quite a few rich people are ok driving Hondas. A lot of poor people have misguided priorities. They want the flashy nice car to impress their friends and neighbors
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Old 04-01-2024, 12:28 PM
 
Location: PNW
7,478 posts, read 3,219,325 times
Reputation: 10633
Quote:
Originally Posted by Berteau View Post
25% in cash is a waste of money. Only good as insurance against a stock crash for me, but you have that much fear you wouldn't have the guts to invest during a crash anyways
I was 100% equities in 1998 through 2012. Then, I could not stomach it anymore.
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Old 04-01-2024, 01:27 PM
 
Location: Columbia, SC
10,966 posts, read 21,972,507 times
Reputation: 10659
Quote:
Originally Posted by Gaylord_Focker View Post
Lol. Quite a few rich people are ok driving Hondas. A lot of poor people have misguided priorities. They want the flashy nice car to impress their friends and neighbors
Many rich people got rich and stay rich by living like they're poor. Many poor people stay poor by living like they're rich.
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Old 04-01-2024, 01:49 PM
 
366 posts, read 104,089 times
Reputation: 578
Quote:
Originally Posted by Gaylord_Focker View Post
Lol. Quite a few rich people are ok driving Hondas. A lot of poor people have misguided priorities. They want the flashy nice car to impress their friends and neighbors
Car guys buy nice/fun cars, regardless of income. Non-car guys buy appliances to get them to and fro, regardless of income. If a rich person isn't into cars, he probably won't have a nice car, but if he IS into nice cars, he can have some REALLY nice ones. I mean, poor people aren't buying Bugattis and new Rolls Royces or Aston Martins or Ferraris.

And as a corollary to that, that rich person you know that drives Hondas may have private jets, multiple fancy houses or a yacht. Or a watch that cost 2-3 times what that Honda did. Or you may only see him driving that Honda out shopping or whatever and NOT see the 10 car garage full of McLarens and Porsches.

So can we knock it off with the "rich people don't buy fancy things so they can stay rich" bs already?
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Old 04-01-2024, 09:03 PM
 
Location: OC
12,805 posts, read 9,532,543 times
Reputation: 10599
Quote:
Originally Posted by H8PJs View Post
Car guys buy nice/fun cars, regardless of income. Non-car guys buy appliances to get them to and fro, regardless of income. If a rich person isn't into cars, he probably won't have a nice car, but if he IS into nice cars, he can have some REALLY nice ones. I mean, poor people aren't buying Bugattis and new Rolls Royces or Aston Martins or Ferraris.

And as a corollary to that, that rich person you know that drives Hondas may have private jets, multiple fancy houses or a yacht. Or a watch that cost 2-3 times what that Honda did. Or you may only see him driving that Honda out shopping or whatever and NOT see the 10 car garage full of McLarens and Porsches.

So can we knock it off with the "rich people don't buy fancy things so they can stay rich" bs already?
Seemed to have touched a nerve. I know rich guys that also nly take Uber x, won’t pay the 20.00 a month for trash service as they think it’s frivolous and will bring their own wine to the restaurant to avoid the markup.

That guy or gal you see driving that lambo on south beach, possibly rented, may only have 5k in the bank
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Old 04-02-2024, 11:24 AM
 
5,341 posts, read 14,134,112 times
Reputation: 4699
To those who INSISTED we were in a RE bubble that was set to pop at any moment and those who INSISTED that home prices and values drop lockstep with increasing mortgage interest rates, what is your take today?

Last edited by TimtheGuy; 04-02-2024 at 11:45 AM..
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Old 04-02-2024, 12:44 PM
 
366 posts, read 104,089 times
Reputation: 578
Quote:
Originally Posted by Gaylord_Focker View Post
Seemed to have touched a nerve. I know rich guys that also nly take Uber x, won’t pay the 20.00 a month for trash service as they think it’s frivolous and will bring their own wine to the restaurant to avoid the markup.

That guy or gal you see driving that lambo on south beach, possibly rented, may only have 5k in the bank
Sorry, but you're wrong.

As an example, my friend and fellow sports car club member Darryl Havens was getting some track wheels for his Ferrari F40 and while at the dealership paying for them, realized he didn't have a convertible in his stable, so paid cash for an F355 convertible and drove home in it. Similar to my friend Neil Konzon (who works for Magnetti Morelli now) has a nice collection of Ferraris and Porsches and his coworker at MS, greg Whitton has a really nice collection of Ferrairs, including a Ferrari 250 GTO and another F40, as well as an original Ford GT40 that he brought out to a few events. I got to drive his F40:



Point is, after hanging around with a lot of sports car and exotic car people for decades, I KNOW what you're saying is BS.

I mean, who do YOU think is buying houses like this? Poor people?

https://www.zillow.com/homedetails/2...38593841_zpid/

https://www.zillow.com/homedetails/2...46962607_zpid/

With car collections like this hidden away in them?

https://hips.hearstapps.com/autoweek.../305069995.jpg

Sure, there are people that are misers, but saying that's how rich people GET rich or STAY rich is BS. It's a Dave Ramsey perspective and it's simply untrue in general.
Attached Thumbnails
How is this not a bubble ready to pop?-tomspagani.jpg  
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Old 04-02-2024, 01:57 PM
 
Location: OC
12,805 posts, read 9,532,543 times
Reputation: 10599
Quote:
Originally Posted by H8PJs View Post
Sorry, but you're wrong.

As an example, my friend and fellow sports car club member Darryl Havens was getting some track wheels for his Ferrari F40 and while at the dealership paying for them, realized he didn't have a convertible in his stable, so paid cash for an F355 convertible and drove home in it. Similar to my friend Neil Konzon (who works for Magnetti Morelli now) has a nice collection of Ferraris and Porsches and his coworker at MS, greg Whitton has a really nice collection of Ferrairs, including a Ferrari 250 GTO and another F40, as well as an original Ford GT40 that he brought out to a few events. I got to drive his F40:



Point is, after hanging around with a lot of sports car and exotic car people for decades, I KNOW what you're saying is BS.

I mean, who do YOU think is buying houses like this? Poor people?

https://www.zillow.com/homedetails/2...38593841_zpid/

https://www.zillow.com/homedetails/2...46962607_zpid/

With car collections like this hidden away in them?

https://hips.hearstapps.com/autoweek.../305069995.jpg

Sure, there are people that are misers, but saying that's how rich people GET rich or STAY rich is BS. It's a Dave Ramsey perspective and it's simply untrue in general.
None of that is what I said at all. I’m saying there are some broke arse people that drive nice cars but live at home with mommy. I’m also saying that a lot of wealthy people still watch what they spend on trivial stuff like trash removal, wine , travel etc. you’d be surprised
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Old 04-02-2024, 02:44 PM
 
Location: Columbia, SC
10,966 posts, read 21,972,507 times
Reputation: 10659
We aren't talking uber wealthy that can drop 6 figures cash on a whim that possess generational wealth. The point is if a person blows through disposable income to live above their means instead of saving and investing, unless they hit the lottery, they'll stay poor. Even if they hit the lottery, they'll probably end up poor again.

We are talking about the people that became millionaires by working hard, saving, investing wisely, and not living above their means. So in this instance, what your saying and what Gaylord and I'm saying can both be true as we are talking apples and oranges.
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Old 04-02-2024, 03:23 PM
 
Location: OC
12,805 posts, read 9,532,543 times
Reputation: 10599
Quote:
Originally Posted by Brandon Hoffman View Post
We aren't talking uber wealthy that can drop 6 figures cash on a whim that possess generational wealth. The point is if a person blows through disposable income to live above their means instead of saving and investing, unless they hit the lottery, they'll stay poor. Even if they hit the lottery, they'll probably end up poor again.

We are talking about the people that became millionaires by working hard, saving, investing wisely, and not living above their means. So in this instance, what your saying and what Gaylord and I'm saying can both be true as we are talking apples and oranges.
Very true. But even the generational wealth types can be thrifty. And of course on the flip side how many athletes go broke?
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