80k is good money man.. Don't listen to the haters.

now the plan for a 3k sq. foot house, suv and the porsche could be stretching it a bit.

I don't think that's feasible on 80k a year. Maybe if your wife pulled in another 50k, then you could swing it, but "speaking from experience"
80 will be a stretch if you're trying to move into an 700k dollar home, 40k suv and 35k used p-car.

80k/12=6,700 a month. *28 % TAX = 4824 TAKE HOME

Motrgage on 700k (lowball) - 4600 a month.

Property tax - 7000/12 = 583 a month

Insurance on 2 cars and your house could be reasonably 3k a year (with that porsche) 3k/12 = 250 a month


Like I said.. 80k wont cut it, but a second income will do the trick. The Mortgage will be the killer. if you're buying to keep, a 30 yr fixed is still roughly 6.5-7% for a jumbo.

Good work on ballin at the new job though!!! I'd get rid of the golf and get the p car now!

 

yeah that works out real well if you plan on never putting any money into investments or retirement. So yeah go ahead and think 130k combined income will be enough to live that lifestyle for more than a short term. Then when he retires he can live off of social security and food stamps because he wanted a 700k dollar house a porsche and an SUV instead of a secure future.

 

with a decent second income and smart investments, its possible. difficult, but still possible.

poor people are stuck on saving. they save and save and save, and hardly ever get to spend it all and enjoy their savings until theyre too old.

spending as much as you save. thats the way to do it. werd.

 

investing money > just shoving it into savings accounts. I am not saying it isn't doable, but stretching yourself that thin is never a good idea. Espcially if wife/kids are invovled. When you are on that strict of a budget to maintain if something goes wrong that costs $$$ you are super fucked because it is all tied up in material goods. The house is the only good investment, the SUV and Porsche are depreciating assets that are only going to go downhill in value. I am sorry but 150k a year combined income with a kid isn't enough money to live that lifestyle and not be kicking yourself come retirement.

 

I JUST started making 50k (15k raise) yet i'm still going to be somewhat humble with things until i see where my money can take me. That's why im not going to go out and buy a brand new Acura TL that i really want, i know i can afford it, but what if something bad happens and i end up wit hospital bills...and wide range of other expensive bills...then comes stress, then comes the break in the marriage...all over what...a car..pfft....no thanks...but fuck you...and i hope everything works out for the best :bigok:

 

it won't be a stretch, it will be flat out impossible.

and i don't think most of the "haters" are saying that 80k gross is shit money. but with a wife and kid, his plans not well thought out, plain and simple.

hell, my fianceé and i make well over that, we have next to no debt (the remainder of her college loans only), and we have no kids. we are planning on a buying a house (currently looking), but buying a house, AND two cars, a porsche at that, AND all this other shit, in 2-3 years?

:lmao:

 

HAN is now a financial consulting forum? :rofl:

you can talk about investing this and that all you want. you can talk about saving this and that all you want. you can talk about when to spend this and that all you want. and how certain things are "depreciating assets" all you want. bottom line, most of you kids dont make squat and live at home with your parents and driving $10k cars, yet try to give out financial advice.

 

pot kettle black....your financial "advice" is "spend it all fuck the future, poor people save too much" I would look at that as advice, and shitty advice at that. Also I am pretty sure Reno isn't some kid in a 10k dollar car living at his parents. Oh wait neither am I. Just because you want to live your life trying to look like you have more than you do.

 

Exactly.

I never knew HAN's avg. individual income was 100k /yr.

I'm def. below average then. Thank god for my retirement plan aka Mar01k profit sharing.

 

Saving is for pussies