Anonymous
09/27/2011 14:39
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Anonymous wrote:I love how all the people who make less money need to rationalize it by saying they *must* spend more time with their kids or *must* prioritize family more.
What a load. Some of us just happened upon jobs, through luck, education, smarts or whatever, that pay us more. You all come across as extraordinarily bitter.
Listen, we have a $1M home. We also have high incomes. We have dinner pretty much EVERY NIGHT at 7 pm as a family. We both volunteer at school (public) and have flexible enough jobs to take off for lunches with the kids, etc. We just simply MAKE MORE MONEY. I don't begrudge my friends who work just as hard, if not harder, at their jobs. Some are in teaching, journalism, etc. They work their asses off, spend LESS time with their kids, but have rewarding jobs...that pay a lot less.
It isn't that hard...
But you're bragging. (It's anon. So you could be lying.) You represent many on this thread who feel the need to praise how they've "made it" and just how flexible and wonderful their schedules are - all while spending major quality time with their kids.
I simply can't believe it's true in all honesty. Even to feel the need to brag anonymously is a cover up for insecurity.
I have rich friends. My father's friend just cut HIS DAUGHTER a check for over half a million for a condo in VA. She's one of 6 kids, btw. Yet you'd never look at them and realize how wealthy they are. And yes, I suppose it's "new money," as they aren't descendants of the Rothschild family. But they (all 6 kids and the parents) live in modest homes, shop at "regular" stores, and don't talk about money. (I know b/c I'm a close family friend.)
So again, this need to brag is brought on by some inadequacy.
Anonymous
09/27/2011 14:38
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:I love how all the people who make less money need to rationalize it by saying they *must* spend more time with their kids or *must* prioritize family more.
What a load. Some of us just happened upon jobs, through luck, education, smarts or whatever, that pay us more. You all come across as extraordinarily bitter.
Listen, we have a $1M home. We also have high incomes. We have dinner pretty much EVERY NIGHT at 7 pm as a family. We both volunteer at school (public) and have flexible enough jobs to take off for lunches with the kids, etc. We just simply MAKE MORE MONEY. I don't begrudge my friends who work just as hard, if not harder, at their jobs. Some are in teaching, journalism, etc. They work their asses off, spend LESS time with their kids, but have rewarding jobs...that pay a lot less.
It isn't that hard...
But you're bragging. (It's anon. So you could be lying.) You represent many on this thread who feel the need to praise how they've "made it" and just how flexible and wonderful their schedules are - all while spending major quality time with their kids.
I simply can't believe it's true in all honesty. Even to feel the need to brag anonymously is a cover up for insecurity.
I have rich friends. My father's friend just cut her a check for over half a million for a condo in VA. She's one of 6 kids, btw. Yet you'd never look at them and realize how wealthy they are. And yes, I suppose it's "new money," as they aren't descendants of the Rothschild family. But they (all 6 kids and the parents) live in modest homes, shop at "regular" stores, and don't talk about money. (I know b/c I'm a close family friend.)
So again, this need to brag is brought on by some inadequacy.
Anonymous
09/27/2011 13:33
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
One thing that helped us was that we didn't live in DC when we first graduated from college. We spent two years in Texas, and lived in the nicest house either of us had ever owned -- and it was under $150,000. We paid off all our student loans and car loans during that two year period. We are lucky to have a high HHI now and a big house -- but we spent many years living beneath our means and saved lots of money. Not everyone in an expensive house had help from Mom and Dad.
Anonymous
09/27/2011 01:39
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Anonymous wrote:"my husband and I both work, make a combines gross income of $185K and can not afford an $800-1mil home
have 1 child."
Because you don't have 20%? I just refinanced an almost 900K house on a 175K salary. And yes, we save for college and retirement.
How much of that 900k did you refinance? Because unless it was $720k, then you're really not making a fair comparison. Our mortgage is $400k; we make about $250k; I can't imagine nearly doubling my mortgage payment. Of course, on top of retirement and college, we're also paying daycare right now, but still, a 720k mortgage on a 175k salary seems pretty steep.
Yes, it does. I have a 3.25% ARM, have our mortgage down to $500K and we have a HHI of just over $200K and I can't imagine increasing my mortgage. We do save for retirement and college. Wow...talk about house-poor.
Anonymous
09/26/2011 23:01
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:"my husband and I both work, make a combines gross income of $185K and can not afford an $800-1mil home
have 1 child."
Because you don't have 20%? I just refinanced an almost 900K house on a 175K salary. And yes, we save for college and retirement.
How much of that 900k did you refinance? Because unless it was $720k, then you're really not making a fair comparison. Our mortgage is $400k; we make about $250k; I can't imagine nearly doubling my mortgage payment. Of course, on top of retirement and college, we're also paying daycare right now, but still, a 720k mortgage on a 175k salary seems pretty steep.
Anonymous
09/26/2011 22:03
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
HHI $400K. We paid $1.8 MM in 2007. Mortgage is $700K. Rest came from stock options from my DH's former employer. We got really lucky.
Anonymous
09/26/2011 21:24
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Not all well-paying jobs require a lifestyle sacrifice. My DH makes way (WAY) more than I do and is much more flexible and can be home with the kids a lot more than I can. He's a lobbyist, and he put in his time for years working his ass off on campaigns and in the government, but now he's in his late 30s and has a pretty relaxing lifestyle while still making over 250K. I'm sure he could make more if he was willing to go to more dinners, receptions, etc., but he really values being home with us. He travels some but really not too much. We also got lucky with the Capitol Hill real estate market, traded up a few times and recently paid $900K for our "forever house" in Arlington.
Anonymous
09/26/2011 20:38
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
We were able to do it (two high GS salaries, but I'm only PT) partially because we stretched in 2000 to buy our first house which doubled in value (we weren't high GSers then). And partially because we don't spend money on the one thing we've noticed a lot of people here spend a ton on -- our cars.
We are driving two six-year-old cars we purchased used and with cash. Every other car around here is a decked-out high-end luxury something-or-other. For us a car is simply a utilitarian purchase (note NOT an investment as it will NEVER appreciate). We chose to save our money instead and were able to get a solid down payment (between savings and gains from the other house) and now live in a house worth $1.5M. We also don't go out to eat often, which saves more money than most people think.
We are driving two six-year-old cars we purchased used and with cash. Every other car around here is a decked-out high-end luxury something-or-other. For us a car is simply a utilitarian purchase (note NOT an investment as it will NEVER appreciate). We chose to save our money instead and were able to get a solid down payment (between savings and gains from the other house) and now live in a house worth $1.5M. We also don't go out to eat often, which saves more money than most people think.
Anonymous
09/26/2011 19:02
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
I made the humanities PhD comment but none of the posts there after. I think that people who have high paying jobs, flexibility, nice homes, and time with their kids have it made. I hope for my kids to have the same and wouldn't begrudge someone a great situation. It's good to find out more about just how people have done that on this thread.
Anonymous
09/26/2011 16:50
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
"my husband and I both work, make a combines gross income of $185K and can not afford an $800-1mil home
have 1 child."
Because you don't have 20%? I just refinanced an almost 900K house on a 175K salary. And yes, we save for college and retirement.
have 1 child."
Because you don't have 20%? I just refinanced an almost 900K house on a 175K salary. And yes, we save for college and retirement.
Anonymous
09/26/2011 16:43
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Hello Dorothy; you're not in Kansas anymore. Lots of high earners in this town.
Anonymous
09/26/2011 14:05
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Sr manager at a very large defense contractor, and a sr manager in sales for Microsoft. COmbined HHI just shy of $500k/yr. We also bought yrs ago and kep trading up.
Plenty of people in our neighborhood are lawyers, IT professionals, Congressman, doctors. All houses are are in $1.2 - $1.6m range.
We (and neighbors) are late 30s, early 40s.
PP where do you live? Your neighborhood sounds ideal.
Anonymous
09/26/2011 12:32
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Yes, but you still have your soul. The lawyers and MBAs sold theirs.
Why do people say stupid things like this? Oh, yes, someone who is well-educated must be absolutely TERRIBLE and have sold their soul. Ridiculous.
You think a law degree or an MBA makes you "well-educated"? Ridiculous.
By your measure, having a PhD in the humanities doesn't make you well educated. All of these degree holders know a lot about one topic, which doesn't necessarily make one well educated.
Signed,
JD who at least knows how to use the quote function on this site
Evidently not.
Anonymous
09/26/2011 11:23
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Even without buying and selling at peak, simple year over year inflation provides quite a boost to the balance sheet. My inlaws live in buttfuck nowhere in Virginia, bought their house for 20K in 1969. Worth over 300K now (never was a bubble in their town). They paid it off sometime in the early 80s. If they sold now, that's a ton of cash to plop down on a new home.
We've had a few years of down prices, but no one can seriously argue that housing inflation is over. It isn't, in fact it's up--look at rental inflation. One of the smartest things you can do for your personal balance sheet is lock in your housing costs with a fixed rate mortgage, especially now.
But its not smart IF inflation rises considerably (15% 30 years ago) making home loans unaffordable, forcing down housing prices again. Then if you are sitting on a $500,000 at 4% and can't sell for $200,000 at 8+% - that's your debt to shoulder.
Anonymous
09/26/2011 11:21
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Yes, but you still have your soul. The lawyers and MBAs sold theirs.[/quote]
Why do people say stupid things like this? Oh, yes, someone who is well-educated must be absolutely TERRIBLE and have sold their soul. Ridiculous.
You think a law degree or an MBA makes you "well-educated"? Ridiculous.
By your measure, having a PhD in the humanities doesn't make you well educated. All of these degree holders know a lot about one topic, which doesn't necessarily make one well educated.
Signed,
JD who at least knows how to use the quote function on this site