Reply to Ok can we stop saying $300k is "rich" in DC?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Funny how folks quote HHI. I worked on Wall Street 30 years before taking a job in the D.C. Area.[b] Folks always would rate rank on your income alone[/b]. Spouses income and investment income etc don't count. I say a guy making 350k starts a good income, 500k is next level and a one million salary is holy grail. HHI is not a good indicator of how well someone is doing.

Also middle class is a lifestyle not an income level. My old CEO lived in same house he always lived in since his 20s and gave 90 percent of income to charity. Most of rest was a trust for kids. He lived a blue collar lifestyle complete with a small split level on a 69x100 plot. Nice guy. The year we did IPO he made more than Oprah Winfrey or any pro player or singer. Still drove a minivan. His pay was around 100 million that year. Most stock as he founded company that did IPO.

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That's just because most people in Manhattan spend ALL of their money.  All of it.  You can easily blow through a million, as you know, when your lifestyle requires a nice classic six, private schools, hamptons rental, winter ski trips, etc [/quote]

I spent way way less on housing in NY. When I lived in Manhattan had a rent stabilized apartment when the first kid came move to a small house in surburbs with low taxes. And it depends on your age my cousin made Partner at 40, two years later firm IPO'd and bought a nice Gramercy Park Browstone in 1993 for one million cash from his Partnership pay out. My other cousin in 1979 bought a Brooklyn brownstone for 40k cash. My beach house I paid cash. Bonuses ebb and tide on Wall Street in good years we buy stuff cash. As bad years you get canned.

I was actually surprised house hunting recently in the D.C. Maryland area all the mortgage commitment letters needed to bid. In NY it is assumed you have the funds or they ask for proof of funds. I am treasure of a condo association in NY where I have an investment property and I say 60-70 percent sales are cash. In NY jobs are far less secure and higher paying. So folks like me are scared of mortgages [/quote]

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