Reply to How do people afford 5 million + homes?

Forum Index » Money and Finances

Reply to "How do people afford 5 million + homes?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Own 2 homes, combined worth about $5.5M.  How did we get there?  Living below our means for many years, bought first home as one we could afford on only 1 salary (either of ours), and continued to save for retirement and life.  Did not upgrade that home for 7+ years, until we relocated. Then bought a home for 50% of what "we could have". 
Had that $500K+ home fully paid off by time we were 40.  
But made the jump to $5M+ once we were able to cash in stock options.  But without that we would still be at the $2M+ as affordable to us.  Thru savings and living below our means and having a [b]good salary[/b] to start with.

[/quote]

How much is that though?[/quote]

Salary of $300-400K, with bonus possible up to 100% of salary (which typically is only 50% on average).

Key was in our 20s, we made 200K combined, and chose to buy a home of only $200K.   Then we worked to save as much as possible.  Soon after the combined salary went to $275K. We didn't take over the top fancy vacations, we drove a Nissan Sentra and a Honda Civic for 10+ years, when we could have easily afforded something newer, larger and much nicer.  
So while that alone didn't get us to $5M homes, it was a strong start.  
We also didn't have a dining room set or living room furniture in that $200K home (4 bed/2.5 bath typical family home).  We didn't see the need to spend $4-5K to furnish those rooms that would hardly be used.  so it was a mindset of not wasting $$$ and living comfortably but well below what you could easily afford.

Whereas, everyone else I knew bought a house based on both salaries (not 1) and then had to furnish it all with new stuff in first 3-4 months.  They drove newer/bigger cars and everything else so many do to "keep up with the joneses".

[/quote]

LOL. Frugality doesn't get you a $5 million house; millions in stocks options/grants does. This post is so out of touch and so arrogant. [/quote]

hahaha +1000  and a salary of 300-400K is absolutely not able to afford a 5mil home. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics